The evening world. Newspaper, November 15, 1902, Page 7

ALL THE LATEST NEWS OF THE BUSINESS WORLD GOOD BANK STATEMENT SENDS STOCK VALUES UP. Liquidation Ceases When Clearing House Figures Are Issued and Trad- ers Put Faith in Statement of Con- servatives that Bad Spell Is About Ended. The bank statement to-day was much better than had been expected. ‘The figures compared with last week show as follows: Reserve on all deposits...... Reserve on deposits other than U, 8, Loans.... Specie Legal tender.....+++20+. +++ Deposits, including U. 8, deposits Circulation.......+-++++ United States deposits.. steceeseeeceveesessdmerease — $476,000 deposits. Increase —-319,900 Decrease 5,056,400 Decrease 1,174,100 Decrease 265,600 Decrease 7,662,400 Increase 804,300 seecees 40,259,700 ‘The statement shows that the banks hold in excess of legal requirements the sum of $18,328,350, as compared with $10,000,000 at the corresponding time last year and $7,669,000 two years ago. The reserve amounts to $239,322,900, as compared with $237,883,200 a year ago, a decrease of $1,439,700. MARKET RECOVERED LOSSES AFTER AN EARLY SLUMP. Contrary to general expectations, the; telegraphed to Wall street: "It's ho use tank statement was fairly good to-day and the stock market, that has been in e Uquidation coming to a halt. ‘Phe tone shifted from wavering to strong, and traders, encouraged, went in to buy. ‘The statement showed an increase in the reserve, a decrease in loans and deposits and an increase in circulation. When the figures had been studied, some could not quite make out their real value and prices went off fractionally for a few moments. 7 ‘There was another recovery, however, and the closing of the market was strong. ‘The lossex in stocks through this week's liquidation were about $70,000,000 ‘and the losses since the slump began jast September ere totalled about $700,- 000,000, ‘This week's disastrous routing of the bull forces by the skilfully directed on- slaughts of the bear element has been acoomplished only by repeated costly drives. Yesterday's culmination of these sav- age onslaughts, which alone cost pools and ‘public at lenst $20,000,000, left the market !n a semi-pantcky condition. Soundnens Proved. And yet the intrinsic soundness of the situation was shown in the better prices at the opening, the general be- Jef that next week will see a turn in the situation and that this week's enor- mous losses have really made the gen- eral market position better. At the opening there was an active selling pressure, but enforced liquidation was nob so noticeable. The prices held firmer at slight ad- vances over last night's o! for the first ten minutes, Then came recessions, ‘The selling orders exceeded the buying orders, Pressure increased in many insues. Baltimore and Ohlo opened 981-2 to 98 3-4, with sales of 3,000 in the first five minutes. John W. Gates was re- ted galling it from Chicago. Befnicn Padtiic, against which a severe drive was made yesterday, opened up at par and three-elghths, with sates of 400 shares. The Harriman-Kuhn, Loéb combination was buying. It broke to par in the early trading. Rock Island was very active during the bear movement. After opening up 1-4, at 481-4, the stock broke sharply to 421-2 on heavy selling. Brooklyn Rapid Transit alone retained its strength, Southern Pacifico Sold. Southern Pacific, against which such a terrific drive was made yesterday when it was learned that the James R. Kenne cate no longer held a majority of the setae, sold off heavy after the Heed orders, gating 10,000 shares were enough to break the price from 63 1-4 at the ‘opening to below Gl. Ai nis nelaives wen seviveds only Bel 9 be one more emphatically denied by rt further, “Blease say for me I am not with my stocks,” he said, “and myore have no Intention of no doing, ‘The up of gikerers trom the various, uns gortea cei Yesterday, held ae that J. H. Moore, of who ‘is no an. i gent tn buying Ne orders for 10,000 shares of Rock Island common, past, he ecougnt it gutright and paid Shree int mae is, the early tradi le! interest in 16 inj in centred around St. Paul, ‘Pha if “Dank group toward the Mier that “rosson Wes, closely” tole ‘At the outset {t was the strongest stock on the lst, selling over the Lon- don, quotations; belng one of two sasues fon the list to do tet opened at 271, It wan nota- bly under pressure, howev and lost fractionally, op on early sales’ of from 000. to 10, trying to bull the market wh bulls and bears are Jumping on Baltimore & Ohio broke to 96 7. after Jump all the week, felt the influence, } opening at 983-1, but rallled after the first pressure of liquidation was re- move: Amaigamated — Copp continued weakness was sald to be entirely due to the speculative contest that is raging between ‘Thomas W. Lawson, of Boston, and the Standard Oil group’ of million: aires, ‘The Boston man has been @ thorn In the side of the Standard crowd for two years, and the “ for him this time ‘has been earnest. In the rest of the railway list there were dips and rallies with no particular iftcance following any of the moves, he industrial lst was also without sensational feature, although an attempt was made to raid United States Bteel preferred on the story that J. P. Mor- gan would not be able to get down for several days. The loss suffered by thi clk fractional and the manipulators gained ttle by the attack, er's. un intensely here (was an aatenkive covering “In my opinion money will be easy in the United the appearance of the bank wtatomany | States after the January disbursements have been made St. .aul was lifted 21-2 over yesterd a andotnolechive fin t generally Romain te and the crop movement is over. Eiipeueral “Blectrite al uieacned [should fad capital In plenty available for the most ex- eaterny 4 1-4, a0) neap- & gills, St, Paul and Saulte ste Marie pre. | tensive operations, fers ealizing sales followed is: le ese) enR the appearance sot) the eta emeccea Thie present period of depressed prices and low quo- formpta wera made to support the mar-|tations was brought about chiefly because from four Teacted 13-4, and other stocks’s Inaes| quarters came simultaneous demand for money. fraction, “The commerce of the country demanded that the he market rallied etrong! firm at about the top ey 224 closed! iron ore of the Mesaba range, the cotton of the South, THE CLOSING QUOTATIONS. Shares. Bhar Clo 12,100 Amal. Copper 1.000 South. Ratlnay pf oY Mary Ose 200 Am, Bicycle , 1 " 20:84, Jo, Sh 400 Am. Car @ Fountry., M3934 me ph 52 bk BY 70% 46 45, 46 n 10% 9% 10K Hy | % 87h Sh 3y Wh 10% 10% B66 318 3TH ST ie 1 2% 2% I hy % 23% 25 biti} A a a 43 13} UBM 1144 1154 tai | 116% 16) 118% | $3 WK 13% 13K | 7 8 | Be fl Be 2% 06% 90% i MK BN HK $8 88% Gee Be] BBL 12% UT 1284 | S00 US, Red. & Ref. pt ry 1 By HE By} 197 us Rovder 28 i 50394 : st 173% 110% 178% ry 10% 90 aH Hy mt ee 5 ty ee ih itd 1b% 15° 15% 190 3K Ti AIH 20% oo a 69 200 28 235 Ba% 88% 300 &., Fae a Hit Bt i Ma mm 27 200 Cot, 1 70% 200 Co! 48h 1.000 01 Su at 200 Co ss" ie 1.400 Coneo|idated a4 212 age '300 Contin. i tise Corn Prod, 7% int Ja 100.Corn Prod! G SL iE GEM en Leek. a ETE WETS 300 Deleware & Hudson. 165% a Be Be he et 204 x me Re Ue at ak 4k 1% ae 1K 1G% 1% 1% it 7 on Oh F i) He Be Hy fe Hy i 5 8 99 OH OD HY bay Brooklyn Echt 4% Canadian ofnsite 128% 129% 136K 120% 20 “eG UG Bu ss 3 1TH 170% 178% g. 2 Bg By BB . He 42 Ftd 4% eos BOB ; am OM 138 12M 124 182% 1346 186 1p Be) eM 04% 10814 104% 106% 6, att of Mexico,, 1% 16) 16% 800. Metro. St. ha oN poh THE WORLD: SATURDAY EVENING, NOVEMBER 15, 1902. DEACON WHITE DISCUSSES THE FINANCIAL SITUATION. Veteran of Four Decades in Wall Street, Who Admits Present Pace Is Too Swift for His ‘‘Three-Score * Sounds Encour- agement for Rising Generation. Years and Ten, After forty years of ripe experienc life of Wall street, and all that time citing scenes, “Deacon” Stephen Van the eve of his retirement from the summarized for the future magnates of the bourse a terse code of business rules, Mr. White's retirement as a member of the Stock Exchange, after thirty-two years as marks an epoch in the street. His candidid confession that he fin pace too swift for a man of more than seventy and the brief enumeration of the few rules which every young aspirant for wealth, success and prestige in the fleld of speculation should bear in mind, are Mr. White's career in the arena of speculation is well- in the forty years he has spent in the busy known. centre around Broad and Wall streets pleasant—and only a few bitter memo: A man who witnessed Black Frida; day and all the parti-colored days cades obtrud, is qualified to spenk of financial con thereof and the outlook for the futur But ‘Deacon’ White was always little when he was caught in the collapse of his “corn He was equally reticent when success came, and now, as he {s preparing to step from the arena, corner” fn 1891, he deprecates loquacity. “National prosperity,” said Mr. White, “has not yet The culmination will not come while the great American Nation {s working, pushing, advanc- reached {ts apex. ing, developing. “The financial power of the country, on the contrary, Everything will adjust itself {s well up to the lit. before long. The normal level will need not surprise any one if, when th’ it is found to he higher than former normal levels. “The magnitude of modern trans pendous now, in comparison with transactions thirty, twenty, ten—even five years ago, that the proportions. “The present decline in prices, which {s indeed severe, is doultless more conspicuous now because of the im- mense activity of trade, which has used up innumerable! millions. themselves upon a Wall street operator, The spring months e in the strenuous a factor in its ex- Cuten White, on active stage, has one of that body, ds the Wall street: alike typical “DEACON’ WHITE are crowded many ries, y and Blue Thurs- which in four de- “DEACON” WHITE’S BUSINESS RULES FOR BUSINESS MEN. 1, Lave up to the letter of your promise, verbal or written, though it takes years to fulfil the pledge. 2. In speculative engagements remember that the twentieth-century traders are giants compared to the traders of old, and that ons henceforth must be conducted with itions, uccess fn Wall street, as in all other ean be achieved only by literal hard work in keeping abreast of the ern and keen perception of the psychological moment to take a profit or suffer a loan, 4. Make your word as good as your bond and be as awift ax the swiftest In greeting opportunity when if knocks or evading dis- aster when it casts n shadow, 5. Remember how swift ix the pace and do not enter a long-distance competition when trained for short dashes only. ditions, the causes e. reticent. He sald soon be found. It is level is reached, actions is 60 stu- it is hard to grasp: be sont to market. | five speculation, “The mevitable result was the temporary sidetrack the signs in time. Ultimately the wheel will turn, orably and energetically conducted. “Every man's word should be as good-as his bond,| of the street. avoid deep water.” D. Rockefeller and his associates mee Mreported a# selling the new stocks Tiaue of St, Paul and holding their old che. aeoe they get the new stock at par and are pelling it a thelr profit therefore Bree a share, wid and his associat ork £0 Mlssgurl Pas % stock so firm: who sold it in erent bl ‘yen! could not get out to-day except at a taal the police in which John W. Gates oO be interesteg wee si detest eae ‘oredited. with ‘hi bay ae cee, Sees exce, age as las EEE oa markets were very dull, tle changes In prices from e tone belng steady on at ang corm in'the si ow Se tA opent tices were: Wirt "ATR to 19: December, BOND TRANSACTIONS. Am Hide & 1 6 Col F & I conv Un Pac 1 10000... fon. 103% 1a Wi The total sales to-day were $2,139,000, GOVERNMENT BONDS, Rt Anke. Bid, Asked. UW. & Ber, 108 1ODHIU, B. dee. 110 NT u ° Ioedlu: fee dar ar cht UL r 10) |U. B. dao 196 137 1 v. 100 |U! 8. Barn dot 105 v = |U. & Ge c.. 104 105 vu ut . Be Oe 12 — LITTLE STORIES ABOUT BIG WALL STREET MEN. Gates had their contest last September for control of Colorado Fuel & Iron Os- The twenty employees of the banking / house of Speyer & Co, think very high- ood Won and Gates lost $2,000,000, Now ly of the custom of celebrating the ffth| fre"chicago plunger is standlig out. of Wedding anniversary. Mr. James Spey-| harm's way W IMs old enemy Os- er, head of the house, recently gave pod pitas ty i ey y apalnat the com- tons 9 i every ‘one connected with It a full) Bined inition of kde “i Month's salary Afth anniversary of his marriaj amount It cost him was about In Selebration (Of the | he “present contest ke ig THE and it bas thus far cost about $1,000 0! Henry C. Frick, who has joined his ja-|, Thomas W. Lawson, fonaire, whore fight with the © t , aroets with the Rock Island group of |r ty Atorgan, have. be operators, has planned, it is sald, to pale in railroad bullding ead aperating reat @ reputation aa he in the circle, He is a member of the new Rock Island Bourn of Directors and is to be @ member e exeoutive poard, hat mperament with having lost. from $1,000,000. to. $3,000.00 this. week in the Copper slump, but he Is still contending for bigher t Lawson 14 cred- {ted with@unusial sag in discount Ing his own predictions when market exigencies require. It 1s paid that Edwin Gould, President of the Seventh National Bank, who Is also head of the Bowling Green Trust Company and the &t. Louls Southwest- ir benypheeed yootilhy Tyke) pay peeing John W, Gates sold about $15,000,000 as he is mall to have £10.000.000 more, some of Nquldation. He had enough in te Lous Ville Wis foases Nashvijie Sa$°Rs | WANTED sno he site how the these fellow: FS Ml show. these y s ee TS! the wheat of the West and the great Northwest should “At the same time Wall street demanded money for the financing of great deals, the carrying forward of ac-) ing of stock speculation as the least necessary of the four, and consequent losses to those who could not reed “As to rules of success in Wall street, there are none, except those which apply to all business ventures hon-! and he should closely study the ever changing phases) It is a different game and a faster one, than when I first knew it, and small factors should the Boston mill- | Boga of stocks before the recent slump | £ LONDON MARKET QUIET. Americen Railway Shares Hardes After Fiat Opening. ‘The London market to-day was dull jana without featura In the home de- partments. The genera! tone waa in- [clined to heaviness and the dealings were mostly of a profewstonal nature. | South African mining shares were tirm } but aniet, and retested the covering of | short sales, in the department for American ratt- way securities, trading was quiet. The st started fat, but latar there was a ency to harden on new buying and 3 Went considerably above the open- here has bi Grand Trunk abares. re The Cotton Market. The locai cotton market had a steady end fairly active opening at unchanged prices ty an advance of 2 points, De- cembor firat sulling at 7.95, and January these being the more active pe- After the call a further 1 to 2 ance Ww corded, ‘The tar ue chiefly to encourag- ot xoellent buying eltions, point a provement was ing cables, tter foreign securities f that the New York Stock market was over its demoraligas April, rH s January, 7.92 to 7.03; F i Maron, 7 89 to 7.88; 7.90; June, ; August, 7.75 to ing prices were: NovemLer Desember, 7.99 to 4.00; Jani patent tl i. Apri 7.89; June, 7.90) to rt to 7,82, no ICAL ‘The latest story 00 bushels of December Joseph Lelter, ‘There e than two cents a bushel, and houses connected with the bull side sold millions, information In that the De- Id by several interests, ood. Reld & Gago have been long of | mber for a good while REMARKABLE SUCCESS Railroads. NEW ENTR THE FOUR-TRAGK TRU VIA NIAGARA F, Of a New Catarrh Cure, A large and constantly incroasing major- ity of the American people are catarrh suf- ferers. This 1s not entirely the fesuit of our changeable climate, but because modern investigation has clearly proven that many diseases known by other names are really eatarrh, Formerly the name catarrh was applied almost exclusively to the common nasal catarrh, but the throat, stomac liver, bladder, kidneys and Intestines subject to catarrhal divenses as well as the nasal passages. In fact, wherever there fs mucaus mem- brane there 1s a feeding ground for ca- tarch, The usual remedies, inhalers, sprays, douches or powders have been practically failures as far as anything more than tem- porary relief was concerned, because they “imply dry up the mucous secretions with- out having the remotest effect upon the blood and liver, which are the real source of catarrhal diseases, It has been known for some years that tat pe Geir tt eae BP ving Dew Cy Grand Central Stat DNIGHT tigate Due ae tho radical cure of catarrh could never come from local applications, but from an remedy acting on the blood end! 10.30 expelling the catarrhal polson from the| ] 7,; system. 12. A new Internal preparation which bas 7. been on (he market only a short time hax met with remarkable success as a genuine, radical cure for catarrh, It may be found In any drug store, sold under the uame of Stuart's Catarrh Tab- lots, large ploavant-tasting lozenges, eom- posed principally of nativeptlc ingredients, Pee po op S88 &S Sss Blocd-ront, Red Gum and similar caterrh ye specifics, i Dr. Alnalee, in speaking of the new ex- 8 tarrh cure, says: ‘I have tried the new catarrh remedy, Stuart’ on thirty or forty patients with remar! katinfactory Ferults, and throat ingly than any avo ever seen, Qwo ono and although be what x called @ patont medi by druggists I do not hesitate to Reo ias AF mend them, as I know them to be free from Ten cocaine and opiates, and that even a Iittle if child may use them with entire safe es ‘Any sufferer from nasal catarrh, tiroat or, bronchial trouble, eatarch, of the stom 8a 8 OOO ONAD on ‘er! and tell you they are absolutely treo {nfurious drug. The Hayes Removable prines the very best matert ‘Ou prices con ¥ P. Banking and Financial, As Others View Us! Us! ("Town Topics,” October 30. 1908.) “The Haight & banking and omission busliess built up by that firm at their New York addre: and various branches clues throughout the country, It was incorporated in Ma; a uuider the laws of the bcm ‘or! Tho operation of Hal he & Freose, Company are cor Nued strictly to a com brok- erage business, and they iif recognized listed securities and staples. At they operate some seventy branch cae In the larger cities of the United States, 2 England aud fare connected located In New York City by direct and exclusive private wires, It would appear that the public appreciate the maxim which always appears in the adver- tisoments of tho Rompany, to wit: ‘Determining the ter and Financial Responsibility of Your Broker In as Import- ant as the Selection of Right Stocks.’ Its largo clientele Is proof of th fact. The company display markod enterprise in the preparation and gratuitous circulation of many expensive publications, which are+ specially prepared with the view to aldiug thelr clients {n either the selection of an investment or the proper stocks to buy and the proper time to do so,"* We offer to the public our services, as brokers, for either cash or marginal trans- actions in Bonds, Grain, Cotton, | Stocks, Purchasing upon ecirently moderate margins stocks in multiples of 10 shares upward; grain in lots of 1,000 bushels Os wards; cotton in lots of 100 bales upwar Every ‘convenience at any and all of our offices for the prompt and efficient hand- ling of orders, Let us present our 400 page cloth bound, illustrated “Guide to Investors,'® and our **Dally Market Letter."* alike. Correspondence solicited, Haicut & FREESE Eatablished co Main Office, 1890, ‘eo 53 Bway, N. ¥. 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