The evening world. Newspaper, August 27, 1902, Page 2

SEE AT IRA ATM LO aa THE WORLD: WE DNESDAY EVEN G, AUGU T 27, 1902. KEENE FORECASTS | oe Wall Street Leader Declares Higher Values and! Better Returns Are Near at Hand. | Reading a a Revie of the Market and Over| JAMES R. KEENE’S COMMENTS ON | ‘pesltin MEN, MONEY, CROPS AND HORSES. |, i “The fundamentals of the market are solid. “Tnere ic no false bottom to this period of good times. James It. Keen the future outlook s roveate views as to f the market caused : A buoyant opening, with prices above “Prices are relatively lower and stocks Intrinsically more valuable Sentennal Ber WIL CHET (eam than cix years 5 volume of reallgfne sales caused “I know of railroads earning 12 per cent. and paying @ conserva- one In many issues. tive dividend of six. A current report that Mr. Keene had discovered evidences of bad falth on “Apprehension fs an clement in the stock market which must the part qf powerful Interests supposed de dealt with, > be associnted with him in the South ‘We will lave good markets abroad for our crops. ern Pacific campaign abruptly checked “America is the paradise of earth. Here the greatest return is its advaner In the same unconfirmed story it was offered the man who has muscle or brain to market. set forth that there was str would spend their t the world ha roads in America money ever home we would have on, and the “It American the richest countr; “Let us have good everlasting. “The uncetainty of a horse race is a thing T have come to under- stand fairly wei “When I bet on # horse it is because Iam fond of the animal itself, | pronounced “My betting operations are not large. Sometimes they do not | Reading Ratlroad stock was the fea- at to Se OU nid sencon”’ [ture of the market. It was dealt in to ES Pei |the extent of 100.000 shares The special attention paid to Readinw Was susceptible of two explanations, one that the directors might to-day dls- solve the voting trust at the meeting In Philadeluhta and the other that the coal strike might come to an end soon. yiilty that the responsible factors in the alleged breach of faith would be brought up with a round turn. The Co a puthern Pacific's boom was halted hy these stories, and the as consilerabl realizing before the me benefits will be Jere Gp recession b the ‘The stock market operator is by; turbed by training a close observer, and James R. Keene, the King of Wall Street, who has spent three months abroad, sults brought to prevent industrial and railway f rations “It eeema that the market 1s not af- fected by that sort of business. Bup- » the nment should win all {t| Because of the strength In the other naturally came home with an inter- Ra for in the action against the [anthracite coal roads it wan generally esting batch of opinions, He waited|Northern Securities Company, Why, | belleved that new developments In the thon, of the compantes pass | strike were Impending until he had cayght up with the tr London led off to-day in giving an im- of events at home before giving again arate corporations and no vi e departs from them."* i petus to American stocks, a 6 heavy: publicity to his ideas, but, at the re Keene saw sumetiving of the tte {purchasing ce an a Gages J. Taylor & Co, he|f the laborers tn Continental F e. | Yor! S ened chen offices, of Talbot y “The condition of the laboring claaaen| Acre (before the market opened here discoursed freely on men and mar- were Influenced by the good crop. re. {n Hungary, Austria and af Ger- kets from a financier’s point of view. |many is really MLA we eala f oe ports and the market talk of Mr. Keene. Mr, Keene betrayed a bullish ten-|rate wf wages barely admits of exis Day for Bargain Hunters, 100,000 Shares Are, ALL THE LATEST NEWS OF THE BUSINESS WORLD, Morgin in Berf, | It is understood that J. P. Morgan, assisted by a powerful underwriting ~uyndloate’ compoued ‘ot! New York and Chicago bankers, will finance the big Beef Trust combination, which 1s { practically completed, The new Meat ‘Trust will have a capital probably In excess of $200,000,000, Its securl- ties will soon have to be placed on the market, and Mr. Morgan, through his company, is expecied to do the work. Chicago representatives of the tem Tobacco Compromise. The American Tobacco Trust mag- | nates, who started in a year ago to capture the Brtish market, and who spent millions of dollars in the at- tempt, have abandoned what w proving a losing game, Aft® a sen- sational trade enmpaign, in which prices were shattered to mere recol- lections and money was wasted like ater, President Duke and his as- sociates have decided to compromise with their British competitors. Stead\of the cut-rate war, which has for a twélve-month, the defeaced American millionaires will meekly sell their product on a price seale to be mutually agreed upon. Of all the trade wars which promised world- wide importance that of the Ameri- can Tobacco Trust in England uad the meekest ending. Gemy.in every. sentence. He aces tence, When 1 saw the workmen of an annainisenint that New York was : jose countries I wondered what we{@Kain shipping money to Chicago and ponies atest but a pane eae would do without a tarifr. that « transfer of $20,000 had been or- for can prosperity al “America ts the paradise of earth [dered to-day alded the sentiment in fully suggests some now neglected |ifere tx the greatest return offered tu/favor of profit-taking, which eventually ways in which this prosperity may|the man who has muscle or brain ta|Pesulted in practical recessions in a ma- salahetared, market. Here ts the place for the man|Jority of stocks, of ambition to discover that energy and| Although houses with Western wires “The fundamentals of the market are sold,” he said. “I never was more positive in my life than I aim in the opinion that stocks will reach a higher range of values. Agricultural condi- worth tnd thelr way to the top more suddenly than any Where else‘on earth,” were flooded with selling orders tn long stocks, and one house alone reported a Haquldation of $1,500,000, the lonwes in the steady issues were not sensational Naturally the scramble to get Should Stay at Home, Though Mr. Keene has just come from rotits DRELRRS. DUR DSRA LAS EIYLLY, auch jee) Se (tires: anata in Europe he had|}resulted In a decreased volume of trad- have enjoyed and have reason to expect} this to say about home and foreign| img and lower levels tn ni ‘ made‘a firm found on for stock value® | travel °' lhut the strength of the marl Wé have the products ant the markets} “Ir Amoricaua would stay at home {pitt While thls was Kolny on ther @rauepen to us: And spend here the money that they Haye been rane t No False Hottom, apend abro in five years we would nRGUIVG: BOB {ox “Phere is no falso bottom to this|HAve the richest country the world hus SON perlod of good times. We have had six |®Ver seen. Lot Americans develop thelr ntest WAS again years of business prosperity to put the porta concerning, farmer and the railroad, the merchant ec ae vel andl tron, which made t and the workman on firm grounds, Our roads will bring to Amerioa tidently ass crops.are good and maryellously abun degree of prosperity. All the will apnly fora fdent Os; 1 this is primar ving In the pri unless: e, now, ar our roads In Central Park, dant. as good as to “Although prices may look high now Ath The gross earnings of the Norfolk & AVestern Railway for the third week in August were $988,965, which wae an in- crease of 302,98. From July 1 the earn- ings have been $2,687,070, an increase of $523,713. Bad for Optimists. Every now and then the extremely optimistic element in Wall street receives a sounding hint that all gonditions are not entirely rosy and that the high level Must be reached some time. At the momént when speculators and the public, as gvell, are scrambling to buy railroad stocks—whether grangers, coal car- riers or cotton belt lines—the Goy- in contrast with past quotations, I be- ake the of the farmer, He| ‘The pronounced Interest of the publle Mlewsithat prices, aro. relatively how carries a ton of grain on a wagon|{n the market Ted to LE eae ‘ i d > © horse: f puneton, he volume of tra h and stocxs intrinsically more valuable |drawn by two horses. WIth good road | eee ie oeenene oe aaa ene than they were six years ago. he could moye four tons with the same | added for to the profit-taking wave “Barning capacity has increased, and | uttit.” which swept over the market, the success of the crops has made divi-| Mr. Keene likes to turn from business | .,henney ania, Hand ©. and Unton Pa- dends certain, 1 know of no faiso divi-| chai to talk about his horses. He will | GC Were sory’ Aron Tl Se toca dends declared for stock-jobbing or other| 4Ve three, possibly four, entries in] were in great demand. purposes, but I do know of railroads that | Saturday's Futurity. They will be| In the foreign exchange market there have been earning 12 per cent. and pay-| Dazzling, Whitechapel and Flying | (4% tm active inguity for nate on ing @ wonservative dividend of 6." Prince, with possibly a maiden, which} with the London settlement “Do you seo any menace to a con- or. A London cablegram asserting that . chance,” said | American bankers were nogotlat!ny tinuance of good ‘Imes fared as dec! er let the the purchase of gold there “Outside of some great and unex- zing to win by Wall street to be rank nonsense, but peoted calamity I can see nothing wh! Pisa thing |{thad an effect on the market. might disturb the upward trend, exce nd fairly 1] Cull money was 31-2 and 39-4 per cent, Hl An nal) tho tra to-day & possible mon eney. There Will wih and 1 ly | no reason why nuld have ven 1 do bet-on a horse | stringency, but It might come from the Tam fond of the animal) THR = UOTATIONS lack of money to handle the ¢ 4 | ¢ es which are to be brought to the m, bs | The Treasury Department 5 the aaammaimeaael ararmse, meet this altuation, he Enigilt horses are better than ours | Copper vant 1 Good Market th ux a falr conclusion, All Amorl: | Miegete pretty well taken care of | Dicyele pt “We will have 0 there. ‘The ar rot crops. They wi!l sare hand Sten herons tn England, " re welght than they ure Grass, Twine and Austria are poor. ‘ on fine plane. the lower than in previous y f wners (7? “Are stock valu k 7 Tot! sa he nt tha 1 & Ite! TM WORRIES WOR SOR OT ERE, © ernment issues a distinctly unfavor- able cotton report. To those who 6,000 Mex Central We 24 29% 1a) Minn, @ StL may 2 M8 P&S 8 MOR Mist P@ SSM. pt ltd Mo., Kan. & Tox a Mo. Kan, & Tex pe. 67% 06 Pacific is 1th 4s Lead pf ER. of Mex RN. of Mex. pt rfolk & Weat Y. Airt Dak? Lis YC @ BLL of pr N) Ontario & Weat Pacific Coast Pacific Coast Int pt. 104 Ww Puctfe Coant 2d pt a2 82 200 Pacte Matt Ae 43 90,000 Pennay lwania WIG WIN 1024 1) People's Ga» WAN LOM 101, 100 Peorta & See eT yor, ¢ L PAN OR OR 1,00) Preated Stee! IM Preal steel. pe tee! Sprink Steal pf Hubber Goods Hubler Goods pt * Shemeld Brome pt ¥ italtway Rallway as Routh. South std Loule 8. WW St. Loule ® W. pe "s 1 & iron Land ‘A Wort TAA Unton wid) Union Paclt lho 8. pt Wat Wabar Went Wer Wee Wheel ab nd of bonds § SHIPPING NEWS, ALMARAC PORT DAY 5 21i8un acta TIDES, Water me) 21 6 Sun rises THE Hig AM Sandy Hook... 1.40 Governors Island 1 Ill Gate Ferry PORT OF ABW YORK, ARKIVED, mauiaville ane Nashville and Report Held that Spain Was MG wee 5 4 che @. We jou ern ailway Merger in Negotiations with New Ne Gg We ry Plans Ready and Kentucky York Bankers for a Big M atatie ys Inquiry May Glock Action, Loan. | anche avin aor | _ ‘ ne eA Beckham, of Ke 4 iy NCH 2 hy" faniane ; ‘3 7 Wlewr Madrid on Spain's i 1 metger of the + nwt York bankers for) 140 Rallway t t f Per ban itu) Bul of the plan ARN OF BMD AN Aa es pea 4 ince his retu mY ‘hs Sy t be officlaliy vert ‘ pont Morgan has no eteadily w lee ‘ > onthe Jong-pending fered | Waa dicate had) sin & i for the future of L ‘ an red t to An Bel! a Hud “ex diy which Southern t i ve Fat Vest! 140) Beivelt maaties ee dominant tgur r ' A. Vand aulonal ty 1) Dy nation of 5 ways Bun a tia Kotlar ona fot the ay nal at par t was not contivmed ee var The plan in 1 to pra asAfiand 6, F, Moraun & Co, hav CURB STOCKS STEADY. Aaily expected (0 wake {t publi Taftvential yanclal interests whieh Oreus 7 Were in Goow De bloat vf fip¥e.bad mililons ted up in L. und with Northern securliten, Piller Co! Wf BiG since the market coup wi the wide narket Was steady 1 ruber pt Wobh W. Gates ad wdwia Hawley wreat- | Mwy 46, si) 4 trol of ther from Augue it ‘ i ; Stand bis ws and tur 1, Quouat Min par h Beokham in hiv order to the Ken- Y futher, MG ay Be BeBea of Haliroad Conimlasioners ) wee ee BN BF Bttention to the weclion uf 18 Hae, See Moline Bh BR y his 1X) Lake Brie & Wost 10,000 Lowleville Ae ae: 1 SO) Met. Bre ii iB 4.600 Manbatian HR Mauhatian Weash’..., BY Metre At Mike's AT aM dh ial Gianaow Gesrnetown, Bee OUTGOING STRAMSHIPS AML pay Deeanic, Lave Denver, Galverton Philadelphia Bi Alba, New. Orleana outhampton Comanche, Jacksons tile saa Jameniows, "Norfolk. ee, Turk’ Island INCOMING STEAMBHIPS. DUB TO-DAY, Pudk, yore Majeatls, Liverpool, ni eee ‘ In- | been ‘the delight of English smokers | | | o1F ‘GOSSIP IN “AND ABOUT WALL STREET, have been buying heavily of South- ern issues on the theory that traffle would increase and dividend posst- bilities be enhanced by the bumper cotton crop, the showing of pro- nounced deterioration In cotton prospects 1s ‘a serious blow. It shows how quickly things may change in the speculative field. Wall atantly whieh he are Involy street tak! Jers who are com- p ble enterprises In of millions of dollars st less annoyance from They latest ollossal aggregation of com- | obstructive Hitization in the future bined industries have been in New [27* fiving ail the assistance they an [York recently conferring with the {ties s teil States sive! Corporation, men who are to form the under- [RRO af sentiluting the processes 0 writing syndicate, ‘ee oe ae Favor Higher Markvt, Face coargen Leading financial interests—which road ani the « gement anq|imelude the Standard Oil group of control of it ha y been turned) capitalists, the Morgan group and eves te Gboree Gown eyciel )the First National Bank party—are NCA GuaIY URtei hararoee enilnae stanchly enlisted in favor of a Importance in the Gouldy’ Kastern sya-| broader and higher market. This attitude of the combined interests which in themselves represent dom- inant factors in the street, is openly In favor of rvatism, While monetary conditions are sound and the market js seeking higher levels | without adventitious aid no check | will be called. But pyrotechnical | campaigns by spectacular pools will | be frowned upon and the members | thereof chastened with high money rates if they prove obstreperous. ©: Earnings of the United States Stoel ration for the present month will 00. Kor July the net re- ).00, and for September and October the contracts assure earn- Ings equal to those of June, which were the inrgeat In the history of the corpora tlon, {tur $1 Fight Among Bears. Surface indications point to lively hostilities soon between the Wall street element which looks to James R, Keene for a market leadership and the Western group which fol- lows the flag of John W. Gates. ‘Tne | erratic movements of the Cafcago Speculator, “ho is a bull in the fore- noon and a bear in the afternoon— and at all times a seller when the prices suit him—are sald to be re- sponsible for the Isck of harmony For many years the acknowledged bear leader, Mr. Keene has for the lust two years been recognized as the market representative ef the most powertul as well as the most conservative group of financiers. They dislike the tactics of the Chi- cago man. “Kangaroo” trading— jumping in and jumping out—is a Western practice much condemned by them. READING KEEPS. VOTING TRUST. Directors Declare A Dividend of | Fer Cent. and Smile on Both Factions. (Special to The Evening World.) PHILADELPHIA, Aug. 21.—The diree- tors of the Reading Rat ad met to-day in this city @nd declared a dividend of 1 per cent n the first p ‘erred stock, This dividend is a reduction of 1 per! cent. from the last payment and pro- | onge tho voting trust for two more ness th urte intorvene, The Pp r. mpoxed of J and George voting trust is Morgan, Cha Lanier 700 wion Baker , Had the dividend bee 2 per cont, the voting ur been at an end under the provision that the property sh vert iy the contrat of ite shareholders when dividends at erate ot} the rate of 4 por cent per annum shall hay wn pald for tWO HucceaHlVe youre. The last three semi-annual dividends each 2 per cent, and to-day'’s would ive completed che necessary period h he directors di upon a 2 per cent. dividend silat al — “ The Cotton Murket, Th Deal oo om” marker opened easy a-day, With prices 8 to 10 ponts lower. Heavy Hquidation and bear selling sent prices down with a rush at the all. The selling was based on wean Dies and rain news from rt of the belt. ‘The bull! ts of the ¢ ral belt, ‘Trading war Very active during the entire eur.y boa. The openin ew were; August, 80 to 862 Sentembor, 8.4 to | sib; October, £23 to. £42 Navember © 17] 18; Decem 8.19 to 8,20; January, 20; February, 8.10 to 8 ity March to B10, April, 812 bid; May, 411 to were es at 2.90 P.M 3 8.88; January 8.39; November GREAT CLEARING SALE NOW ON, 50, 000 YDS. OF CARPETS, Oilcloths and Matting, slightly damaved by water, must be soll REGARDLESS. OF COST, to make ioom for my new Fall stock. Also a large assortment of high-grade | ; Furniture and Bedding sold at a great re- | duction, JOHN EARLY’ | preser | his stock was not vo quiedy bid’ the whole | H.“being influence D reports fiom Ae end $1,400,000,000 IN STEEL TRUST The Corporation Tells Property Value and) Earnings in Court! Answer. INTON, N, J., Aug. 27. Steel Corporation to-da filed in rt of Chancery an swer to th 1 bill of of J. Aspin- Bernard Smith and William 88 19 restrain the proposed con- cent, pre- per cent. —The United ferred stock Into $250,000.00 6 second mortgage bonds. The answer denies that the the corporation show Curtiss to owner nooks of the the concern of any stock It Is averred, did not ow of record until June 24, 1902, e plan of conversion had been adopt- and that the stock now recorded in th's name was voted in favor of the plan. si ~ | Hote Hlinitied owns 100 shares f stock, but It is alleged that he was not at the stockholders meeting when the plan was submitted and that d-either by him- Hodge ¥ tis self or by p It Is dented that fire en or more of the tore of the steel corporation are members of the syndicate through which the preferred stock was to be converted Into bonds. It is ad ne Of the tors are me: syndi- cate but that nmuni+ cated to rina circular of April 17 The that the dire in a minority ons the ey Board but that” the lange s sand favored th version ause they belle jt cous ‘to them as stockholds Tt is denied had been offered tion with converting th ‘k into affirmative ban onde In order to s y for the plan I additional capl- is denied that the $).000.0 tal it Proposed to. obtain, Was murposes that were charge #8 of the company takes up t of alfidavit of man of the Fi- ser thy Worth §1,100,000,000, he answer says the earnings of the corporation for the ¢ Murch 142, Were S11 onth April $19,120,390; dine, July,” estimated, $11, 900,000, or ut the rate of $10,000,000 a year, An inj ‘y is filed to show that the company” ty 18 worth $1,400,900, 000 or more than the combined par value of the preferred and common stock. It is stated also that the company’s surplus 1s_now $95,004,000, The answer ‘emphasizes the point raised by Mr Perkins to the effect that the conversion plan would reduce th fixed charges of the company and be ad- vantageous to all stockholders, both preferred and common — The Wheat Market, In the locai market to-day wheat open- ed weaker on fine weather abroad and in the Northwest. Offerings of Decem r forced the price down from from which It raliled to so had A weak opening with Se off 11-4 At and Dec Mreotes mn tember 8 down, weat cul York's tember, 6 Chicako's one Septembe to 67 1-8: tombe foago's closing jiric ber wheats 70) 7-8) 1s Prevented by shampoos of CUTICURA SOAP, and light dressings of CUTICURA, purest of erhollient Skin Cures. This treat- ment at once stops falling hair, removes crusts, scales, and dandruff, soothes irritated, itching surfaces, stimulates the hair follicles, supplies the roots with energy and nourish- ment, and makes the hair grow upon a sweet, healthy scalp when all else fails. Millions of Women Use CorICURA SOAP, assisted by CUTICURA OrmrMENT, for preeervin purifying, and beaut fying: the skin, for cleansing the scalp of crust scales, and dandruff, and the stopping 0! ling hair, for softeniny whitening, avd sya red, rough, and sore hands, for baby ras {tohings, and chufings, (n the form of baths for annoying irritation: {nflammations, and ulcerative weaknesses, and for many sanative, Antiseptc purposes which readily suggest themselves to women. CUTICURA Soap, to cleanse the skin; CUTICURA OINTMENT, to heal the skin, and CuTICURA RESOLVENT PILLS, tocoolthe tlood, A 'SINGLE Set in often sufficient to cure the most torturing, disfiguring, itching, nd blood humours, rashes, itchings, aud. else fails, rterhouse Bq. Lcxdon. French Coeh beie Fropes Bovons auld Gericyna isso vane Stwalles eel 3 ‘ide plood purtters and humoureures. 8 pocket vials, 00 doeek. ase, oevocscccoseveecesooeveseeseoocesec OTRO OOOO. GMPLETELY raiip $123 G0 8N THE ABOVE FIVE-PIECE PARLOR SUIT, $19.98. PARLOR. BEDROOM. Fine Votour Pa: Golden Oo These roora are on exhibition 4 ovr * | and the goods show exactly wld appear In your home, WE ALSO FURNISH THREE ROOMS COMPLETE AT $98, CASH OR CREDIT. Holzwasser & Co., exe 1401 & 1498 THIRD AVE,, 80th and 84st OPEN EVENINGS UNTIL 9 O'CLOCK. OPEN LABOR DAY > Freigat and RR. fare ale lowed on all © t-of-town THREE STORES ADDED to Our 014 Established Wholesale Business in, DlAmUNvs, WatbHby, JEWELRY, A NEW CREDIT SYSTEN to Suit Everybody, ONE PRICE CASH OR LIBERAL CREDIT. No Employers’ References Required, CONFIDENTIAL. CALL, WRITE OR TELEPHONE 37-39 Maiden Lane, City, 258 Sixth Avenue, City. 467 Fulton St., Brooklyn. L.W. Sweet & Co. LEADING CREDIT JEWELLERS, ‘Mia Che je Pen Jate Peppermints, Blackherry Fruit Bo: ” Chocolate ered D SOR CHUA WHY iROWS—A_ proved suprema For 66 461-463 Bth Ave., cor. WTADLGUED ON THUD MAK at ¥ cae Jim Dumps would look with envious eye At many things he could not buy. He longed for money that others spent, But, presto! his season of discontent Has vanished !—’twill never return to him, Force” has made him “Sunny Jim.” braces like a brisk morning walk. t and malt—eaten co! Sweet, crisp flakes of w Wee Troubled with Nervousn: “Thay 4 this ayraaer ond, have found it very good for vous Learned wel hg sat T wae troubled also with sour ir stomach constipation and found Voros’ very tw over respect, — Dressing Case and pees | KITCHENS | Warnstana, ote - pier MIr ry? cant brass telmme ‘ citohe! French bevel plas OG LIDLILM Ne ee enameliod Parlor Table Closet, lass 40278; } Bed, woven wire feet), dandsom | years’ guarantee’ | <tichen Range oF | Bet Spring, voft- Lam ead Giod: | Leather, CSuGb 6 | cergeraor, thre | 20. Mattromen pte Pk Tey "Oat lalae | oven chats. ae | Peeeees | Pillows total Rug, %6x| Bogiiia Te sf Brae ea ays ny er | Rengsme, Tarte] en Table, 32 934, | Gin dish ‘Tole pairs Curtains, Matting. Onteloth. let Bet, 10, pieces ON SATURDAY EVENINGS UNTIL 10, CANDY SPECIAL FOR WEDNESDAY. SPECIAL FOR THURSDAY. -Ib. 106 54 BUROUYST COR WEST BWA 2ICORTIAMT SE. | WORLD ADVERTISING | ens of thousands in New York City | lally circulation tells the tale. farlabed os oppicaion) i DD000000000000000000000000: & i Sts. . 156 CW ey by cane nen and