The evening world. Newspaper, November 8, 1902, Page 7

‘STOCKS SLUMP THE WORLD: SATURDAY EVENING, NOVEMBER 8, 1902. "ALL THE LATEST NEWS OF TAE BUSINESS WORLD. WN BEAR RAD. Entire List Runs Off in Drive Against Values, with Gold Ex- ports and Bank Statement as Scares. BIG WHIRL NEAR THE CLOSE. Delaware, Lackawanna & Western Loses 19 Points in Move and Sugar and Steel Fall—The Rail- roads All Weak. The organized bear contingent in Wall street led a concerted raid on the mar- ket at the opening, in an evident effort to depress prices. Signs of Uquidation at the opening were lacking, and the haste with which the selling was carried on indicated that behind the movement was a strong bear party. Expectation of gold exports next week and an unfavorable bank statement, were the arguments ,used by the bears. Nearly all the prominent stocks were mold heavily, gid the declines were Sbout the same in all of them, In the rush of carly selling Tennessee Coal and Iron lost 2 per cent. on three quotations. Reading declined a point before the poo! steadied it. Quick Decline im Steel, Liquidation in Steel common, which was heavy at the start, caused a quick Gecline of over a point in the preferred stock, the latter golng as low as % 7-8. American Sugar was again the storm pivot of the opposing factions in the Sugar war. It sold below 115 and was made heavier by the announcement of another cut of 10 points in the com- mercial price of granulated sugar. » ‘Without exception the reilroad stocks were weaker. Missouri Pacific held firmer than the majority of the grou| Dut it, too, sustained losses of over a point. Delaware & Hudson, Lackawanna & ‘Western and others of the closely-held high-priced issues sustained losses of from & to 10 points each in the first hour. Union Pacific, Southern Pacific, Atch!- eon, St. Paul and Canadian Pacific were all notably weak. They sold off from 1 to 2 poins under the heavy “selling pressuro of the first hour. West Men Sell. After the first ten minutes {t was geen that most of the heavy selling or- ders came from Chicago. The Western group led the attack and sold heavily in nearly all the issues. A selling order for 6,000 shares of United States Steel preferred at the opening, which came from the Western crowd, sent the price down to 84 7-8 be- fore any buying orders reached the market. A sale of 20 shares of Delawere, Lackawanna and Western at a deoline of 19 points caused considerable com- ment. This was the sensational decline ef the day. ‘The selling pressure was aggravated by the apeparance of the bank state- ment. Heavy blocks of various stocks were thrown over with somo appear- ance of diorder, giving rise to rumors of financial difficulties, The break in Reading reached 43-8, St. Paul 3 1-2, ‘and in many important standard stocks to 8 Delaware and Hudson dropped 7 1-2 and Hoe ng Vey 4 ‘Room traders put out contracts freely on the decline, and thelr buying Tallied Sugar to yesterday's level an caused recoveries of a point in other Jeading stocks. The selling was re- newed at the recovery and the closing was active and weak, EXPRESS COMPANIES LIABLE Supreme Court Says Liability Is Not Limited by $50 Clause. la decision of great importance, con- cerning the Mability of express com- panies for goods lost whlist in thelr custody, was rendered by the Appellate Division of the Supreme Court to-day. _ ‘The Court decided that the declaration printed upon the receipt that the com- any ‘would not be ilable for more than $o'dia not prevont Jacob C. simon’ from Sovering #60 from the Dunlap Express Company for the loss of a palr of lac curtains, The principle laid down by Justice Mactean was that the clause in Question did not protect the company against its own negligance. The Wheat Market, + Mhere was nothing in early news this morning to promote material chango in ny grain market, Wheat started at Jast night's prices and corn @ shage opening prices were: P bid; December, 78 6-8. 3-8 to B12. rices were: if) +2 Cor Beoember, t1 to 60 SHIPPING NEWS. AY. oon ‘poten, 11.64 , 42 18; January, 43 6-8. AO FOR, .6.36|8un vets.. 451 THE TIDES. $10,000,000 LOST SO FAR IN BATTLE ROYAL OF SUGAR MEN GOESOSOHEHELGHEH0H-HHE OOF EHHEHHOHHHGH EHTS HOHOOHOOHGGGD ME OUror NEWYORK 0OG9FFO9O8EE9H9OHTHOCOGOHOETIOOESHEDGHEGHOGHCIOOOHGHII- 9 OOOO EO GOD ‘The plgmies of Wall street have stepped aside to watch a dattle between those two lusty giants, the Cane Sugar ‘Trust and the Beet Sugar Trust, It 1s a battle of millions with Milljon- alro Henry O, Havemeyer leading the cane sugar forces and Millionaire Ox- nard marshaling the hosts of beet sugar. The preliminary round was fought yesterday in the arena of the New York Stock Exchange and the bout will be continued from day to day until the contest is decided. ‘A battle of this sort makes the John W. Gates-Drake-Field exhibitions look Uke mere curtain raisers, This is a contest between millions and no “stage money” is allowed on exhibition. In the warming up round somebody Jost $2,190,000 yesterday, and after the second round was fought to-day $10,000,- THE CLOSING eS SESESSss! brea aGsqeies o8-Sr-' cS 322525528 Baek ictet Beek = = ee FReR Peglsenstiveanst! a4 eee SEED: oF ie? Ee ee EERE oon! 333 eral ‘Nort! look int i11Mols Central *; oa a3 a3 FEE = Be eze3: NBSSRSES Lyi muy eaySSene FFF FR ER FREES eoBseaes were 225s gassetes ee FR ase BANKERS OFF 10 THE CONVENTION, Special Train with Big Delega- ‘Yokohama ‘evens tion Which Left To-Day Is Due In New Orleans Monday. — XY TY VM NAR | Ta taw6 RS 000 had gone up in vanishing profits on American Sugar Trust stock. ‘The cause of the fight 46 the action of the $20,000,00 American Beet Sugar Company tn ship es: to the New York market the product of Its Western fac~ orien, Some of the sugar sent from Call- fornia, some trom Missouri River points and more from the beet-sugar Wactories in the Michigan Peninsula. One consignment Is coming to New York via Cape Horn, i | When President, Havemeyer and his directors of the $78,000,000 American Bu- gar Refining Company ascertained what the Oxnard move meant they retaliated by. cutting prices first'at Missourl River points and now at New York. Thousands of dollars of profits on products have been lost by_ both ‘side: and in addition the Cane Sugar Trust | 4 losing millions in the crumbling ot stock values. | ‘There was another cut of ten points forday, the | smnerican 8 Renning, tom pan; ‘ing the lates! o! the Arbi«xles and bringing granulated down to 445. QUOTATIONS. High. Low. Clos, ER z 2% 24 2M GN ik GN Gy Gh gh 36% mk Hy BK ee a Tu 200 m% 2 7 00 a) ea ee a 800 60% 0% 2,000 HX BK 436 Ei [Be By Be 900 & ae woh ea 78 7% TI mi 103% 102% 102% ‘400 1% 94 91% 3 Les WS} 18% 13% 13% 1.000 90” 89RD 100 he a ely 190 54h Bh 23.800 393% TH 2.190 8 RIN 85 6% 6 65 5,000 x ay 2 300 73 72% Be 200 82% 32% 2 ‘800 AT% 40% 46%, bed So Soe 90K 200 26% 28 to Sin 100 SL 50m OBL 2 wales of stocks were 642,00 hares, Consolidated Exchange Sales, . High. Low, Mm 6% 1M ‘Att top, Bait, & Ohio. FY Brooklyn Rapid Transit Canadian Pacific, 133% ‘Chon. de. Obio. 4 Chie, Gt. We Eras mt PEER 2SERz: Fe eae? irs ee 833 pt yeMiiars tamoreunt notan meen ant World will be discussed. “> ‘ee Snanctal jelegation on r train, ‘There are also delegates from tates, New York vanta and New Jersey. The Cotton Market. The local cottun market opened firm to-day with prices 5 to 9 points higher. Low temperature dn the Northwest and bullish Liverpool cables’ gave good strength to the early market and prices went up steadily, Smaller shorts were ‘About @ hundre@ bankers left New | Ueasy and Invited quite general buying ‘York this afternoon for New Orleans! on the reaction theory, Europe and ne attend ith were buyers the cal, bet Neca) baghs dig meet cay Sommission hous "wero talely well wup- meeting of the American Aa orders, The were: Hed with supporting ‘openiug prices big | New York Stock Exchange, LITTLE STORIES ABOUT James R. Keene, once the greatest bear in Wall street, but who has been for two years a potent factor on the hull side, will be a free lance again April, His contract with the United States Steel Underwriting Syn- dicate will expire at that time. Mr. Keene ts then expected to show John W. Gates what a real Wall street bear looks like and how he comports himself. J. P. Morgan's personal interest in having decided at an early date the question of legality of his $400,000,000 Northern Securities Company has had more to do with hastening the Itigation than any other cause. Ever since he was made the target on tho witness stand for the opposing attorneys In the Peter Power case, he has used every ef- fort to expedite the decision, As a re- sult the long inquiry willend Monday or Tuesday and an opinion will be handed down soon after. Frank M. Cronise, of the firm of ‘qT easurer of the Columbus & Hocking | Coal and Iron Company until the recent court decision. “It will take anothe |decision or a new election to fix my | status now," said Mr. Cronise. “The | situation {8 muddled to the extent of belng hard to explain.” Henry Glows, the banker, upon whore banking house an unknown, named George Duncan, has been drawing checks without the formality of cren- \from the chick kiter. “I heravtth ask that you withhold procaaays against ;me," he writes, “I intend to make complete restitution for all moneys I have obtained.” Mr. Clowes Ix still walt- ing for the first instalment, of /con- clence money.” a President Rudolph Keppler, of /the ho stands jost digni- six feet four, ts one of th fied members of that body. Indulges in any of the levit: the’ younger, membets white moments and the ragtime mel which exuberant brokers sometimes ua- wault the Produce Exchange atmspher do not melt him. . mh HS A decided coolness exists between Edward H. Heteriman, the railroad king, and the individual members of the Stoc! Exchange firm of Talbot J. Taylor & Co., who have been lauding Bouthern Pacific, The boom for Southern Pacific was based’ on its great earnings. the fact that it would soon issue $100,000,000 BIG PEOPLE IN TOWN. James R. Keene to Be a Bear Again—End of Northern Securities Litigation—Henry Clews's Long Wait, Lathrop & Smith, was Sexretary und) {ing an account in advance, has a letter | [of bonds and that these would put the rod on a dividend basis, Mr. Harrl- man, president of Southern Pacitic and chairman of the bourd, has just dectced that the bond Issue must be Inde‘nitely postponed. John F. Harris, board member of the | shange ‘firm of Harris, Gates C is & Missourlan of rugged phy- | sique, with a rate quality of saying It tle and doing a whole lot. He has all the dash and nerve of the special part- ner of the firm, Jahn W, Gates, but he accomplishes his ends by a much smail- er expenditure of super-heated ozone. Spprome Court Justice Glegerich, who if Myer on Old Politicians’ Row, on Viast Niuth street, often has strange callers in the night time, One evening lant week a servant informed him that oth apparently \and T assure ext looking pair I had ever. sean. Inches 1 ta! could not he. woman. t |hand, wae a little more than halt his helht, but made up for the InefMclenvy in An enormous girth, j_"“White T stood marvelling at the contrast, the man purst out e'Chudge, ve wish to get unmarried. ¥en, ve are too big a difterrerce. Ve were married a year ago b , chudge, Now, as you jyou can make us ap: it the quicker the-ssoner. “Then T endeavored to explain that they would have to bring the matter fm Court rogulagly, ut they would net ‘Wnderrtand, and both went away mut- j a fooled. He is not such a fnudee, Vo will go to Simon Sta nd avenue und happily separ- yor of Beco! make us \ When John A. McCall, President of he New York Life Insurance Company, ‘a clerk In, the State Insurance Kepartment at Albany, his brother, Kd- ward C., then a small boy In knicker- bockers,” often called on him tt the Capital and asked to be taken through the courts, One day as they were pass- Ing through the corridors a judge, who had often noticed the little fellow in his court-room, stopped and patting him on, the head, sald: “For, a small boy you seem to take a great interest In the dry goings on of a court-room.” J “Well, Your Honor," sald the lttle fellow sober) 4 T intend to be a Judxe some I think I ought to be- kin to learn what to do and what not to do when T get on the bench, and you never gould guess how many mis- takes T have seen. you and the other judges make, This same Judge was one of the first to send Mr. McCall a mesange of con- gratulation upon his election to the Su- preme Court Bench, 01 BOND TRA ses 101 Col F I conv ja 76000. 96% 8000. 4 27000. 96%, ahi is 15000. ‘ Col So ‘ay Con i 10000. 60%, Heiss Gs 10000. 8% . 10000. 6 18000. + 66 100. _ 7K NSACTIONS. 4 Ore sh Line 4 pe prtopts 12000. + 100% Bouth 2 L div y Be Tex Pao iat hoo ‘The total sale of bonds to-day GOVERNMENT BONDS. ess 8. . 8 8. 8, STEEL TRUST IN RATE-CUTTING WAR Makers of Tubes to Feel the Full Force of the Big Corporation’s Opposition. The United States Steel Cc: which heretofore has puraued a cone: Jatory policy toward {ts business com- petitors, is to inaugurate a new de- parture. Henceforth tt will war on the inde- pendent companies which have been ralsing the prices of finished products to the trade, Its first contest will be with the pro- ducers of steel tubes. Tt has already annolinced a reduction in the price of this production and make mo important reductions as the fight grows warme) Some of the tubing mills claim that the War started on them means thetr extermination, but officials of the Steel ‘Trust say other’ A and to, protect our customrs we cut the prices. IT’S MIRACULOUS. Catarrh, Colds, and' Headache can be Relleved in 10 Minutes and Cured. Dr. w's Caterrbal Powder isa Wonder Worker, “Thad Catarrh for 1 he Catarth for Glrector of the Steel Trust said: | LONDON MARKET QUIET. ‘The London market to-day was eteady In tone with trading on @ very limited scqle. The feature of the market was the buoyancy in Grand Trunk shares on reports of the probable listing of the stock on the New York Exchange. | South African mining securities were practically unchanged, but displayed an upward tendenvy. In the department for Amerioan rail- way securities the trading was Nght and hesitating. Prices were down frac- tionally throughout the list with a ten- dency toward a further depression, Musical, AA-The Nationa} Founded by Conservatory MRS, JBANNETTS of Music of Eset eld eal America. speciat act of Congress, 198 RAST 11TH ST., NEW. YORK. SPECIAL, EVENING EXAMINATIONS in all branches of Muste for TYPEWRITERS, STENOGRAPHERS and others occupied during the day, MONDAY, Nov. 10, from 8 to'9 P. M. LEOPOLD, | CHE, LmO ‘SCHULZ, (OREN, CHARLES | | INFORMATION WANTED of Sarah Taube; et Kngiand March 2). 190 ‘be Information will be | thapktully received’ by ber busband, GEORG [TAUBE, 264 E. 4th ot, “3 : Patents, BEST FACILITIES for procuring U. eign Patente; 20 years’ oxporii ita ton, advice, G0-page Book ou Patents sent free. Good, patenis wegotteted. Stephens & Co, 386 Help Wanted— Ma’ ne RSS liable persos In each BAN § Loss Qtite as‘ Expected and Not Responsible for Steck Slump. The bank statement . for ending decreases, was not much behind oxpecta- as the showing made was not Uons, considered really bad. ures sh legal resecve $1 plus one surplus two years a HOWS DECREASE, year ago of $3,689,925, and Of 94,105,059. banks is In no slump in to- 1 readily be fol- n. To-day's lows: Hank rererve on all deposits. deposits other United Statesceccsseevn stock market, | Reserve on | i | 8) Legal t Depoattr. U Clreutation in Reserves, but Figures oetnnnaant CURB STOCKS WEAK. . Outside Brokers Had Little te Do and Prices Lower, ‘The curd market to-day was weak, but quiet, and prices were lower, Quotations for the active stocks were: the week | to-day, while showing resorve | Comparative ng- jow the banks holdein excess « 39 Out of Who Accept My Offer Get Well. No Money is Wanted. 40° s e Task only a pustal card naming some one who fs sick. Tell me the book to send, I ask it as an act of humanity. Write it to-day, and I will do all the rest, I will even do this—I will mail the sick one an order—good at any drug store—for six bot- tles Dr. Shoop’s Restorative. He may take it a month at my risk. If it succeeds, the cost is $5.50. If it fails, J wll pay the druggist myself. And the sick one’s mere word shall decide it. Don't think that too fair to be possible, for I do just ab Tsay. I do it to convince those who don't know me, and so that every one who needs hely will accept it. 1 hyve learned that the cured ones are fair, I have fur- nishyd my Restorative to hundreds of thousands on just those terms, and 39 ont of each 40 have paid gladly, be- cause they were cured. 1 have willingly pald for the rest. And T spent a Jifetima in perfecting the remedy before I ever offered it to any one. At thousands of befisides, in hos- pitais and homes, I have watched it cure the most difficult cases that physicians ever meet. T learned that it does not fotl, save Where some canse—Iike cancer—makes a cure im- possible. My success comes from strengthening the inside nerves. My Restorative brings back that nerve power which alone operates every vital organ of the body. Common treatments merely doctor the organs, and the results at best are but temporary. My remedy restores the nerve power that maker these organs a¢t. No other treatment does that, ard there is positively no other way to make weak vital organe well. My book will oxpfain this. It tells about the only rem- ely so sure that any man dare offer it on such a plan as mine. Won't you tell me a friend who needs it? Book No. 1 on Dyspepsia. Book 2 on No. the Simply state which book ts hook No. 3 the Kidne: wanted, and nddreai Dr. Bhoop, |] Hook No. 4 for Womens Box 740 Racine, Wis. Book Ni for Men (sealed), Book No, 6 on Rheumatism. ‘Mild cases, not chronic, are often cured by one or ‘two bottles, Dr. Shoop's Restorative is sold by all druggists. Banking and Financi: Banking and Financial, NEW YORK CITY 32% GOLD EXEMPT BONDS $6,500,000 Payable Nov., 1952 $1,000,000 Payable Nov., 1942 TO BE SOLD TUESDAY, NOVEMBER Il, 1902 Seutok par waiue bia for, in cash ge'cerified dent mu State or National Tirned aay of sale, (0 fect! biddere WP called tor. "For fuller Information see PGity" stecords or address ‘ EDWARD M. GROUT, Comptroller City of New York Hat | Retablishea + Main Office, 1890, co. 53 Bway, N. ¥- STOCKS, BONDS, GRAIN, COTTON. New vr { Brookiyn IVATE WIRES PR iit 280 Broadway, New York GHT & FREESE For Sale. Clothing for Lad| No references or security requ No Inguirtes or deliveries mad 0 your purchase, pay the first payment and “THE FASHION CREDIT HOUSE 1 West 14th at, N.Y. Sth and 6th aves, on 08. 1181 BROADWAY) 1-92 WEST BROADWAY, 2 EAST ORTH ST. 147 WEST 125TH ST. { 44, COUNT ST. Cromple Ber, 3 WALLABOUT MARKET. TO PRINCIPAL RTHERN CITIES. EASTERN AND 5 2 agp . a jeter and financial re- sponaisiity ot your ‘Brokep, Is aa important ‘as EVERYBODY. selection DR.GEO.W. McNULTY New York’s Painless Dentist, Dentistry. CLOTH MEN AND WOMEN ON EASY W AY OR MONTHLY PAYMENTS. 1239 THIRD. AVI TH ST. S81 COLUMBUS 4 OTH BT. BUSINBSS CONFIDENTIAL, OPEN RVENINGS. B36 SIXTH AVE CREDIT CROWN AND BRIDGE WORK A Watches and Diamonds eee cealtien” peceatear discovery applied to F Lowest Prices. Reliable by co | Dut with fret-e Houre—8 A.M.to 8 Lost, Found and Rewards, 5 sito aA ba Sate teune! more wa ¥ t my ow TRANSACTIONS CONFIDENTIAL. Full Set $ | American Walch and Diatsoos Con of Tecth, 19 MALDEN La TARE ELEVATOR o $2.50 GOLD GLASSES 31. ‘This Week our opticians will and gent you a palr of P Warranted $ sin, KEENE OPTICAL 00., to 6, Sa 1 heve thie chan: 109 Breetver Balt thelr prices, #10 A.M.to 4 P.M. ee NDT) ‘001 ie 4 . | B a rand CEnseal Station, a eral & HUDSON RIVER @, art reel, Ni ‘York. Ba ‘velow: ad bound ry fosnbound” apzceot the: Pee Se ‘ i4 tre at xpress” G2 will stop at ia5en St. ten moimutes f A time at Grand Central tat fi THE FOUR-TRACK TRUNK LING | | VIA Rada ee pars Bt, 121 At EMIDNIGHT EXPRI Sp su fy 7.54 ot LE ry LoeAL. 30 & Kpoortant stations, Burau tet AAS Ay Me 20 be 2 Rae Mehseara 4 YAY EXPRESS. viote: Dun atte Tie AL ae OL —tRUTLAND EXPRESS 8.45 =——— > >: Noo 38s Pome ta is 6.45 P. "CHICAGO LIMITED. Chicago vis Lake Shore, 37 ies M.—*""THE 20TH CENTUR' ou Cory &s o 525 re Eiect hoe na vue AInany 6403 toy 1.00 Po Mase eR bas AND PRO MER) DETROIT OPwwo vy = BBS Wows oue 888s Ci i} Sebel ES 5 po Okey oO oo ONAD =) i) Py oon SNOT RNase se etree 11.30 “Daily, 908 A, Maun Fitisgeld and Pullin ct way, 2 Uni ‘West 125th ton wt. ‘Telephone Central Cad, Service, Ge ervie,, DARING, Shek NEW YORK’ CENTRAL RO! BET eM NEW YORK, BUSION ‘AND NEW ‘Via syringteld and the BOSTON ASD Axis, Tock conttat a tueos hives Grand Cent t EST SHOR York omens iH presente ML, ty. rf ater chy Po nit 13.59. P. Mh RAILROAD.- Tau DessaCaSis ang CORTLAND Stee and DS 2 Sarthe leaving ine "trom ot Cortlandt ota, ie Ave minutes later thea Alven below for Twoaty-third st. station Sk MT PAST MAIL —Littareed ta. rarlor ‘Camm New York to Pittsburg. “i Gar Pittsburg to Chicago. No BEA. PAST LINE—Pittsvune ant ¢ 9.55 A. M.—PENNSYLVANIA iment piecolng, | Pt ch Indlanopiia, a ‘Toledo, ‘Cinelasatl, Feels pia, Male Bt Lo Dining Car. tadoat wally Rote Comeece ae ah Mc Exrress—por tinsatt Plitoberg.: Siebel ind Cortland (Ditiag Car) (Desbrose: “Congressional fare) 338 ) ivaag as Engrene: i os igh! had sovrit P.M. A. it and rot aay Express, 9.254, ight. daily. ORFOLK AND WESTERN | Rarity, Memphis and Now Orleans, 3.25 p. CHESAPEAKE | AND. OHIO ‘week dara, LENS tic co Ftandard Coaches. 0a weak ing Car. Parlor Cars. Din Couehen on Sundare efi!