The evening world. Newspaper, August 21, 1902, Page 2

The proposed tho.» zsh , made his losses on paper over Boum rn Railway ve. |a8 people have never dreamed of in the history of the world. “There are certain times when combinations are useful and beneficial. tinued the combinations will some day result in financial ruin not only to those interested but to the country. system. THE WORLD: ‘THURSDAY EVENING, AUGUST 21, 1902; ‘ gemini Or) e FWS OF DEALS ‘GOL. FUEL COST RUSSELL SAGE’S NOTE OF MILLIONS SENT TO BELMONT CONSULTS ‘ 0 ; F f . New York Banks Ship $10,-'Chairman of the Board of : * r ae . , ” . Reports of Vast Trans-| Declinein Stocks Bears! Lhe Aged Financier Declares that the]] MORGAN’S BELIEF IN 000,000 as a Starter and) Directors of the Road Calls actions Soon to Be) Heavily on Deteated Adoption of the T t idea Will’ THE TRUST FUTURE. Much Greater Sums Will] on Financier and They Con Made Affect the; Gopi Pluncerand puoe rus © Soon Be Forwarded. fer for an Hour. “4 Icago Flung' E tually R It One f th | In conversation with Mr. G. A. Parkin on the voyage to this city, — Trading His Friend ventually Result in ne o e » 's Friends. a ‘ am J. Plerpont Morgan gives his views on the trusts. The crop money movement has been| August Belmont, chairman of the Greatest Financial Cataclysms the “Mr. Morgan’s word picture of the ideal indus- J inaugurated. New York banks have ve: | Roard of Directors of the Loulevilie & VOLUMEOF TRADE HEAVY.|TOTAL ABOUT $3,000.000. eo) H Yet E : d trial development is so vast that Iconfess I could } South to move the crops. Co.'s this afternoon, and for ountry as et vx perienced, het 55 ‘Thus far it is estimated that not more rly an hour was closeted with the | not adequately comprehend it,’’ said Mr. Parkin. than $10001000 have been gent trom this |Feturned financier on Opening Was Stron; Fol-| Fight Now to Go On in the ——— “ t centre, but grain and cotton prices are|_ Jt {8 asserted that at this meeting Mr. i qe Fi Repeaters 4 He) but (Gatesia (Fi Russell Sage, for more than sixty-five years one of the closest observers Combination is the keynote of, his idea. He claims high and both will probably be sent to/Morzan told “Mr. Belmont what his bose at ee CUES e Me cameo ne eine eae 4 : the idea of combination will progress, growing wider J market as raptity as possibie. plans for the future of the property are, : : sions, Except in Colorado] Announces that the Battle|% finance and tho temper of the American people, does not agree with J. , ITNeY Gaba oral obt cae tnyaity endive aul that (io lnttar|gavelniarahinenwane { Fuel, Which Fell Off 3 Points| Has Only Begun Pierpont Morgan regarding the combination and consolidation of all the|| and greater all the time. The steamship trust he | New York to wend about $15,000 to|t© them. } i Me r Mr. Sage believes that the comt ed ilustratic ing th t pl. Chicago, nearly haf of which has been| How soon the details will be giade § i great industries. Mr. Sage believes that the combination of all the great used as an illustration, saying the present plan was Ji yeig there, ana which is computed tn |P*DHe 18 not known, but It is sald that a ine ant 1eber industries will enevitably result in one of the greatest financial crashes only the beginning of an ultimately vast combination jthe amount estimated. ied ae caMigcAbT TOSS, cae a . The resi Ati: hn VG i a | 8 7 quickly: ssible. ¢ _ aaa te eaciely ware the|ohn gcamteenell a Gate | ever seen in the United States, and that, too, at no very distant pertod, of shipping interests. His idea is so great that it has to make an catinate of the, ean tea | otmejopuon ne Held om the Shon shares | Lambert as directors of the Colorado Mr. Morgan returned from Europe with his mind fixed on but one aay | will be needed, {t will run away up in| 7. Haw n exercised, it le as- faptors held out by the bulls to-day) ny cna tron Company followed so completely enthralled me, and I ashed permission to the mittions corted, so that In his plan for the future ) “a Wee af cot thing—the combinati f all ind » Mor- - government of the d Mr. 3 I to induce @ continuance of yester- Guickly their defeat by President Os nInG Ste combina on’o ndustries in the anne manner as he has Mor. yisit him at his office and hear him more fully de- The crops are larger this year than have’ to consult no GE AL day’s spectacular advance in the! food that it disconcerted their following. | ganized the shipping, steel, railway and coal interests. He frankly admits |} | last, but the country is more prosper-|, The interests of the Rothschilds are \ Pivone wre livert ita velop his idea for me.’’ ous ’and there ls more money. toe taken care of in the Morgan set- i stock market. anothen move on the nat ie the ates the era of gigantic trusts has only begun, and that In the near future even . i es Uoment, and, there will be no, friction i The news was lacking official pall S to put themselves in position more gigantic corporations than the Billon-Dollar Steel Trust will most | ,; LONDON MARKET STRONG. |? X0s8 Stn? san veviaven’ afin tenes pepyal ts in patient the| avers further step made by the Oxgoud CoMalnly reault, one great corporation, the embarrassment of which would mean the ruin | Sane Ries ene eae eavonie wae ths (general Deties thet ie. | menasen , Mr, Sage bases his bellef that combinations and trusts of the kind de-| of all. PCRS 1 ORG erin) Tt) {ME Moran, and the general financial world is soon to know de-) priends of Mr. Gates estimate that he | gorihed by Mr. Morean will ° tolerate i , “Industries conducted along individual lines have many safeguards, | Advance in American Department. i thellnies cto suiyeunrwntes or Reereeicricesiaportance thet the| nas : y Mr. Morgan will not be tolerated on his observations and knowl- of prime importance Niegpe ns gic te contre CB) ORAL CUS) ye tite eh uractoror (hevA menlcan) reanie: Inetead of but once source each individual has several separate and dis-| At Condon to-day the market for Boat Air Line, te aatianals | eee wee strong Aad the) volume Ob) sted out catnrow Prestaent Oss! fie oer tinct frome the others to which to apply for aid during any great trouble, | American Railway shares 1s strong, | (Coase Line dinectiy, Gn thee Sans trading almost equal to yesterday's. | coq and hls faction out of office. To ‘ombinations of all great industries are a menace to the government,” Rie rene coaleye: leading: Heading its | Hallway (indlrantly As urual, the bullish news conred| he successtuh, he acquired. a majority | aeelared Mr. Sage In his private offe to an Evening World reporter, “Such COMBINATIONS BECOME MONOPOLIES. oan tO eb lary advance ot a2) per ident drovel tt down: cour polnual eaten a 2 about Mr. Morgan ani his plans, and/ot the stock, or 200,00 shares | combinations are not only a menace, but are the oppressors of the people. “If a combination is continued after the industry 1s well established it) |" seccearpreter sae aoe reer highest. was due chiefty, to j ia sae IR Deere | Paper Losses 82,000,000, AMERICAN PEOPLE WILL REVOLT. peers a qonppoly: ent a menace to its own commercial life as well as to Vania to 1) 12, and Ontarlo & Western shake out some of its fol- j 1 . a pected ail igeutscs . ‘ ate a ae i, . e : a e Governmen’ to an adv of 1-2 per cent. Se- i > i the # S pertesinsnics eff spon the gen-| vera peneenaatie ee re Sreud wm oes cama on oe he American people will cer- “The American people will most certainly revolt at no very distant cuzites, generally peaking! were at al | gir {a aa Sia etl he Toad | ay | | : v E em, and if they do there will be flnancial ruin such] time against the enormous combinations of the various industries. If con- n stocks. “Rio ‘Tintos. figured At] will tus have coming Belmont Board ] faea outlined tente: 1 insyired| In addition, he has spent money freely @utlines of the Morgan o!ars, induced | and paid high prices for a great deal of investment buying to-day in a volume | hls stock. sufficiently large to rob the market of} Thus far it has been a costly experi- its recent professional tinge. Ment—this contest with the nimble: | ip balng Waslktrong, witted President of the company. Under the stimulus of early buying | Tfeslident Osgood charges that the oMers from London the opening was | Gates auimus ts directed toward him Strovg, but as the day advanced such « | D&c#use he refused to let Gates sell the flood of realizing orders was encoun- | “MPAany to the Steel Trust, tered that the upward tendency was Eaplanation by the Firm. Be checked, Charles G. Gates, of the fir raw 8 ‘m of Har- pres Hans Se ee onerae, ee] ris, Gates & Co,, tent this telegram t0 the Dea icas Pash Aion, oO N-) his case. house before the market and 5 ‘opened: % ‘Under stress of defeat after defeat tor ‘The break in C. F. 1. has cleaned § the Gates party In the Co orado sult for} the strect of weak holders. ‘People control the stock broke 8 points below | have read the airing given in news. A sharp rally in the anthracite coal earrierr, led by Reading and Ontario and Western, lef to a renewed hope that some action would soon be taken to end the trouble at the mines, Among the general railroad issues the Gould group Was somewhat weaker on zenerss that the corn crop was not yet to come, as I do not see how any- thing can happen now except for the better. Less than an hour after this was written Colorado Fuel and Iron broke over 3 points, making another paper Joss to the Gates contingent af $600,000. Gates Starts for Chicago. DENVER, Col, Aug. 21.—The resig- nations of Messrs, Gates, Mitchell, Blair London Buys Steel. Tm the industrial list, American Tele- e and Telegraph scored an advance paviay paretlctivest rday and wae un- Bapes Theedlogs about the Gates | will extend to every fleld of financial! George Gould's latest copartner- Vaterloo c | “ee g Hey hey Sreibiegee me had mie nays ony, Started. Think worst | pleasing to Wal street. Every COn-| New jersey, As a ale ree is over am that break yesterday vr & depressing effect upon allied tssu Will be the low point for come tim, [S0lidation of business —_interests,' with the county and State in the en- When several industries are beginning business it is well for the Individu- |! als to combine for mutual protection until the business is gotten on its feet. When the business is firmly established the combination should be disrupted and conducted along individual nes. The embarrassment. of one indl- vidual would not then mean the wrecking of the industry. It is better to have such industfies divided among sever al individuals than combined into “The success attending the combinations of some industries has led to the belief that the same success will mark the organization of other great combinations. This will not prove so, and before many years every one Mr. Sage said Mr. Morgan was a close friend of his and they agreed upon many matters of husiness, hut not upon the question of combinations. GOSSIP IN AND ABOUT WALL STREET. Wall Street Wants More Trusts J. Pierpont Morgan's interpreta-| tion of the trust question—that it| George Gould's Little Road. | soll thelr holdings last spring may take up the reorganizatio: terprise of building a ten-mile road {to run from his estate at Lakewood to Point Pleasant Mr. Gould will have to pay $18,000, which is one- third of the cost construction, The financing of the $54,000 enter- prise is said to ‘nave been already accomplished and no underwriting syndicate will be necessary to supply every combination of b g companies, every merger, is foliowed by a new issue of bonds and stocks, This means new business, new possibil- ities, increased chances for big profits to the speculative world and! for that reason fs eminently satis- factory. The more new isucs there are to attract the public the larger | 7,200 Wabash THE QUOTATIONS. 100 Wash. F 98,800 West 9,100 Wheel & High. ") Amal. Copper... 64 ‘ oy 100 Am. Bicycle . 6% + oom O8N | 100 Am. Bicycle pt 5 ‘The total sales of stocks were $61,200 1,900 Am. Car & Foundry. shares, and of bonds 00. n Oil. rass Twine °. ——<——— DEALINGS ON THE CURB. 0. Plies motive lb Niet Northern Securities Again Feature Tel, & Tol, Co of Outside Market, Meo aainine: Northern Securltles was again the fea- Tow Ann Anbor a ture of the outside market. It was in- 14,4000 Aten. clined to fluctuate at the opening, but quickly gained firmness, The rest of the market was active & Ohio pt 400 Biklya Rap. Tra 10,600 Can, Pa: 100 Gan 2.000 and steady, Quotations for the active stocks at the opening were: Bouthera Bid. Arked. ay 100 Chi 1,300 Chie 200 Cte 700 Chie 1) Chie. 700 Chi common & Le 6 1 Der cent, and the sicel issues were buoyant, and Lambert as directors of the Colo- i 5 weak ies Avfeaiure, In the steel, transactions |rado Fuel and Tron Company were aont |the volume of business done in Wall the funds. When the road ts com- bine: LA Ree ig wees ae Hee aa jt the headquarters of the company |street, and correspondingly the prof-| pleted Lakewood folk will haye a) 1 . shortly n seirents a ‘ tenon, Cine ARR Be TORY Yee Ria ERs te tae eGr Ae annual its are increased. direct route to the seacoast, 8 oducts, i The features of the monetary situation | Board, ag there was No meine ele! ye Ome) Te ; a Se STEEL TRUST ABSORBS PLANT. | today were a decrease in call money p . . « rate of dis-! For the second week in August the| Lar. & Whee! ‘i j , | Fates to 83 1-2 per cent. and the transfer | It 18 the opinun of attorneys that un-| ‘The Bank of England's rate of digs) ) Dl Tie Tumut woul ot mul Og Fuel & In he United States Steel Corporation é Of $100,000 in currency to Cincinnati. deh the law orlGolorade cn count was unchanged to-day at 3 per! Chicago, a 3 Southern» tid to have closed a deal for the pu This is the first transfer since Aug. 6, X theitour (mon:| 2? | Louls Railroad reports gross earnings Southern tat ‘pt chase of the Pittsburg plant of Spans | and pera ly. Indicates the initi pared ave ay pute as ie is not neces- cent eee | of $68,067, an Increase of $4 om, avo iCal, (Bouthern: 30/1 Chalfont re aa works are on the fi ‘ment money West specifically for | #2ry for any further action to be taken | ay = 8 Es were 88,846,)| 1 shiG ¥ Allegheny side o! comprise transporting crops to marke y on the reestnations Cash Flows in from Country. pean ae eatin gaaw.ene: 62,35%/8 4s three tube and st fs. Their busi: ete, foreign exchange ket was ra und his party lett for Chicizol an oad feature of the money mar-|*" Mcrease of $271,780 | nea wan, tect competition with that rmer and there was a better decand von und the fight will be lett] 4 i ea? | of the big Trus aqule worbe parses, SHEEN Lea easte ANNE ket at this time is the enormous of-| Wey Colorado Southern Plan ; the company and al its plants GEN, FRANZ SIGEL’S LONG LIFE ENDED, } Famous Soldier Politician and Edltor Died To-Day in TWOBADLYHURT I TROLLEY COLLISION One Passenger Broke Two Ribs and Another May Have Fractured His Skuil in Col- — =| Ane alee hig Seventy: lece|Rointaccia of getting higher rates before the pee ea a eae H rs . ege on ccl nt. 7 e rere » | 8eCON pre es i 4 i eight Years 8 cident money was needed for crop moving | rC0Ne Pan to ee ee a 4 - purposes, jt was sent here, Call per cent, dividend on the first pre= i County trolley car}money rates have broken from 6 per| ferred, It is believed that the plan hed into « plumber's wuck $n Col-| vent, to3 1-2 per cont. this week. will be accepted. lege Point to-day wo engers were | oS ————— j t and one n ‘The Cotton Market. \ Whitestone, was me x Faeranh Cannanes steady to-day with prices one to three points lower GEN, FRANZ SIGEL. ix ——— . to America in 1862 and lo: | OHINA'S TRADE MAY BE OURS, Louis, At the oytbroak of BT. PAUL, Aug. 21.—James J price vere; war he organized a roximent |Presiaont of (hoe Nowiern. Bevuriier | shipments neve Devea and @ battery, The Ger- Pines nadrennen te a rans ileal * 8 * bid, | Sept 3 pl ngtess on Trade wh 0 1 78 bid fo Bim and ho ts credited | Orient. "He told how he had induced) ce Trust exports Lielleve that a re ae paved Mispoyt) to the ithe Japanese to buy American cotton|organigation of the trust ls impending, siecle clowlng prives were: Bep- wa he i» Jou ane Hage "with had buen ‘han and that it will be carried through be- + 1S to 7) 6-6; Decem- by 'e taut alli”| fore the close of tho aewson, ‘he prom. pers, @7 68 Stay. ie fe corm Bi inont men of the original trust who fered; May, 40 offered iy riven t Profit taking by smaller longs, whe were made uneasy by weakness In dation plan is explicitly pool yesterday, Was met by stubbor Mem Unlan “Ln teros! Wall street buyin, which suon ane | jpaton taimtocke market tal prices upward to the closing figures of 5 rive ig i, finding the i re ip STARTS WITH Bi BIG CAPITAL. | Aved by Wheat Figures. ane, Ken rable ai there ara expe yho spend their en- im Parilen (sian ineors | GtAiN exper + who spend thelr Beta ate anni \tive time figuring for the benefit of en meres. AMahat ALBANY, N She 'P: |speculative Wall street, have left off| 7 y ys Das Machine ork Clty, {reckoning the millions of bushels of| Tis to 7.88 tal) wheat ry “ite: Franz Sigel, famous as a sol- W|now giving their undiviled attention | . r Lana a pad esses Ol at ay Aye |to what shall be done with the crop. ; " ome, > BS e, ‘Onx, ane ] to-day and forBay, of general debility. He was In their search for figures they have ie ea ©) weventy-elght yeare of age. discovered that there Is less whrat Northwest, S He wae torn in Germany ana eau, GIVE AN EXTRA HOLIDAY, [inane ne ine begiuning of the tating | by Seated at tho military achoo! at Caris jin existence at the begiuning of the fram yee: | / guhe. While in the German army ho Stee Bachanwe WAL Be Closed (current season than there was a year \ OCAADE ana fo the revolutionists jn the insur Saturday Before Lubor Day, lago, The conclusion reached is that \ whieh a don Sep " % 4 : ember and ne bof, iW, became thelr Minister At a spacial mm etl of _ G ra | the world’s requirements for the com-| stant anon fuvatahing the impetus Yn and finally ied tho remnants of | <HiHey, held tia aftern Ieowa Ing crop year from Aug. 1, will not) york prices olutionary troops, which at that | {he Satandae hefore Lake en ) fall short of 440,000,000 bushels, wnat rT 8 bids Doce Buabared 5,000 men, through Ay nie wit ive the : Heern atl that America, Southeastern Europe ra 14 saath -|a)5' bo'lday to precede the Bepter| ning prices were Bren enone TOYA! Army to Rwitae | Doi yo eay 0 peer) ina North Africa will be called upon | Dace ferings of country funds here. The| pjang are afoot for the early ter- continued discussion of the monetary] mination of the voung trust In Colo situation and outlook has led capital-|rado Southern. Edwin S. Hawley, ists, banks and financial institudions| George Crocker aud Mrs, Collis P. from the interior to ship to Wall! Huntington, the new owner of a ma- street their unemployed balances. | jority of the stock, want to control The same idea seems to have struck] it absolute and without hamper all the country financiers at once.|from other sources. The plan they ‘The result is that the Wall street call|have submitted for the termination | loan market fs glutted with millions | of the trust and a return o1 the man from the interior, In the expectation | agement of the majority siockhold~ ers includes a proposition to put the were! Be December, that have | United States this year cn saised in the] They are! 1 Devem: to contribute 388,000,000 bushels, or red % 89 6-3 to 39 Bed. within 24,000,000 bushels of Inst year's | De 1,600 0 i ‘ So) Ren & Rio G HW) Detroit South HO) Nat. RAM. ) Norfolk dW So N. 2 nN Mos, * L 4 twin Clu he Tan 0) U, B, Cant 1, Pipes. 0. 8 Hed. & Ref. Co, 11,90) Walon Pacite 2.bO)Unlon Pacific pf.. Will Offer To-morrow, Friday, Exceptional Value in A Walking Skirts # New Fall Waists. | Walking Skirts. ‘ ‘Medium and heavy. weights, in Meltons, Cassimeres and men’s wear Cheviots, made to clear the ground one inch, perfectly tailored, at | 4.75, 6.75 and 7.98 New Flannel and Silk Waists. New designs and shapes in French Flannels, guaranteed Taffetas and Peau de Soie; correct broad shouldered models, perfectly tailored, all colors, including black and white, 4.75, 5.75 ans 6,50 SIXTH AVE., 20TH TO 21ST ST. a