The evening world. Newspaper, June 27, 1903, Page 8

4 ' MIELS ALREADY CLOSED. “ @he theory that the cotton belt of the South was not producing as much 7) meet payments on the new Penn- PLUNGER BROWN LOADED WITH MMLLIONG IN COTTON Vast Deliveries of Staple Made to Swamp Daring New Orleans Bull Are Coincident With Closing of Many Mills and Threats to Shut Down Numerous Others. {What is Cotton King Brown, who came up from New Orleans cornered the market here, going to do with the $10,000,000 worth of baled cotton that is being delivered to him if all the big cotto: mills of New England shut down? How will he meet the demands for the cash needed to pay for these deliveries? These are the questions agitating the men in the cotton market, in the great cotton mills and in the dry goods interests. All are concerned. To Mr, Brown the answer is a matter of vitaVinterest. MILLS THREATEN SHUTDOWN. Facing a threat from the New England spinners to close their mills rather than pay an -xorbitant price for raw material, Mr. Brown sees the millions he hoped to realize from his great bull movement slipping away. The threat of the manufacturers comes at the critical stage of Brown's deal, ‘when cotton brokers all over the country are hurling deliveries at him in the hope of swamping him and breaking the market. For twenty-four hours an avalanche of cotton has swept in on she New Orleans cotton manipulator. Eighty thousand bales were hurled at him Yesterday and he accepted them. As many more will be tendered him to- day. If he takes care of them he will have to have $10,000,000 in cash to @ettle o1 July L His partisans say he has the capital back of him to ac- eept every bale of cotton produced in the United States this year. With his July deal completed Brown will have on his hands two-thirds ef the 200,000 bales of cotton which constitute the present visible supply of the commodity. HIS PREDECESSORS LOST, With this mountain of cotton unloaded on him, what will he do with mo market to sell it in? Manipulators of many former corners have been @wamped by just such situations, The situation increases the general estimate of the shrewdness of former Cotton King Daniel J. Sully, of Providence, who closed out his bull ovement with the June option, having cleaned up profits for his syn- dicate of $2,500,000. As Sully retired Brown came intc the fleld, backed by a syndicate of| New Orleans speculators. Iie had the reputation of having never fatled to garry through a deal, and he procveded to boost the market far past the gensational figures forced by his predecessor. He still has the speculative side of the market woll in hand and there ts a hard reckoning coming for the shorts in the July options, whom he has squeezed mercilessly, He bore well the brunt of the heavy deiiveries hurled at him to-day and yea- terday, and probably has sufficient capital to save himself from being swamped. Tis profits all depend on his ability to dispose of the com- modity. Many New England mills have closed down, Other manufacturers are | lying low and saying little outside of the effective threat to hold back until | normal prices again prevail. The exact situation from the manulacturer's standpoint is thus tersely put to-day by C. D. Borden, president of thé American Printing Company, whose immense mills are located at Fall River, Mass.: “This sensational advance of five to six cents a pound during a few months does not mean thet the actual vilue of the commodity has ad- vanced that much, It is the speculative value that has been marked up by the pool in control of the surplus suppiles. Its members have been able to take advantage of the selling by those who did not have the cotton to! deliver.” - “Not very mauy mi!is are paying 13 cents a pound for any cotton,” said Mr, Borden, “wich they will manulacture and sell at the going prices of the manufactured staple. Cotton is not being bought at the present prices ‘Dy the mill owners, The prevailing prices are tho result of spoculative tac- ties, in which the manufacturers are not concerned. I do not think that THE WORLD: SATURDAY EVENING, JUNb 27, 1008, COTTON KING BROWN HAS BOUGHT $10,000,000 WORTH OF COTTON AND ALL THE MILLS THREATEN TO CLOSE. STOCKS ADVANCE IW DULL MARKET Bank Statement Adds to Good Tone of Dealings and Helps the List to Best Values of the Day. There was a cheerful sentiment evi- dent in the stock market to-day and {prices showed gains, the Ust being at its best in the final dealings when the good bank statement sent values up, ‘Trading, however, was at a minimum, what activity there was being contined to a small number of issues. i held Its lead as the most manufacturers could pay 111-2 cents a pound for the raw material and sell irennky ees cal ee phe new the finished product at a profit without advancing the price of their staples, | issue of the company ping it to the “I ao not see any reason why there should be any permanent change| front 4s a trading factor, The price reached 124 1-2 and closed at 124 3-8 a fm the price of cotton,” Mr. Borden said, when his attention was called to e@otton as it formerly did on account of the reporetd luck of cultivation by he cotton farmers. D. J. Sully, one of the former bul leaders in the gotton movement, stated som> time ago that he based his campaign in the cotton market on the fact that the fecundity of the cotton seed was fampaired by the neglect and lack of proper cultivation,” Cotton opened from 4 points up to 1 lower in the market to-day, but @rere were no noteworthy signs of bull support, most of the demand being @rom shorts. Offerings were freely made as trading advanced and prices eased off. July, which gained 4 points, lost the advance, the quotations |! being: July, 13.10; August, 12,95; September, 11.92; October, 10.50; Novem-|\ tee December, 10.02, and January, 9.97. re was little change in prices during the session, the mark . ‘et cloein, heavy, with these quotations: June, 13.05 to 13.07; July, 18,10; August, 2.8 bo 12.96; September, 11:89 to 11.90; October, 10.48 to 10.49; November, 10.05 bo 10.07; December, 9.99 to 10.00, and January, 9.96, é GOOD GAINS IN BANK STATEMENT. Expectations of Wall Street Optimists Fully Realized in the Showing Made Expectations of a good bank state- sylvania stock ment were fully realized in Wall street | for this. to-day, solid increases being noted in ne figures Issued by the Clearing: the & substantial showing | Loser jmrecc, marking the gain in surplus. i apparently accounting reserves, A de-'# cided increase in loans was not re- | Le Barded as an unfavorable feature, the Money drawn from the various banks —_— a gain of 1 1-4, Canadian Pacific realized an advance of 11-4, at 1233-4 Amalgamated Cop- per waa conspicuous, selling up 1 point and closing with a gain of 3-8. Atchisun was up 1-2, as was American Sugar preferred, Illinois Central, New York Central, Tennes ‘oul and Tron, Union Pacific ‘and United States Steel.” Baltl- more closed 5-8 and the lo- Missourl Pacific was up 5 y over with Bro cago Great Western lasues were 3-4 over, While the ries closed with gains of 14 to 8-8 per cent. St, Paul wag up 3-4 and Louleville & Nashvil's the same. Denver and Rlo Grande preferred de- clined 3 1-2 per cent. at Sl 1-4. Norfoll and Western, Ontario and Western, Pennaylvanta rights and Wabash and preferred were over fractionally. d= ing advanced 1-8, as did Southern Pa- cific. Rock Island ftined 3-8, while United States preferred closed down 1-8. American Sugar and Wisconsin Central ‘were unchanged. The total sales of stocks were 150,500 shares and of bonds $199,000. The Clos! To-day's highe closing prices wing prices Amalgamated Copper Am, Sugar oo. Am. Sugar pf... +4ttt+ BOSTON BROKER FAILS. @, Francis Brown Lost Through De- Trading Continues 1 lines in Dominion Shares, : Otitmide BOSTON, June 27—The faliure of the] Dulness again marked the dealings { Wirm of J. Francis Brown & Co., of No. |curb stocks to-day, The bid and anced | 25 Congress strect, was announced on} prices of the principal outside seay 4 floor of the Stock Exchange to-day. | ics were: Ae Phe firm-consists only of J. Francis MWho has been a member of the change since 1880. State sireet that the failure is not im- Bid. Acked. | sry 8%) Bh and Boston, one of ie Properties, and 4 ‘to the recent de- iy Mai 5 ty Low Manha’ Metro. Sto, Forres cescerie eerescsc 2 coe HEL +ttst ttttsests titel L4+++++ | weesrrcerre res the exception of | Metr an, whlch as 1 point under attan an nel The Chi-| f BIG FIRM MAY COME TO GREATER NEW YORK Possible that Gimbel Bros., of Phil- adelphix, Will Decide to Open a Store Here. Another great department store for this city, tt !s sald, may be the outcome of the Incorporation yesterday ut Har risburg, Pa., of a stock company ing for its basis Gimbel Broth Priladelphia and Milwaukee, Messrs. Guggenho!m, of New Y steck of the new concer will be held by the two firms Tt was in 18(2 that Adam augurated the business family's name has been nec ever airce. He developed a chain of stores | in Indfana and Tlinots, and each sons, upon coming of age, took uy work with him. The Milwaukee » an institution that now occupies ten acres, was founded In 188%, It w course, on @ much smailer acale ti than now. Nine years ago the firm openeg its stere at Ninth and Market s 8, Philadelphia, and building after ing has been pureha and ad the salesrooms. f1¢ day there ie a twenty-thre> acres. ————$_$__ LIVERPOOL COTTON MARKET REPORT. LIVERPOOL, Jun Following are the weekly cotton statistics: my import Amertoan. Stock of all, kinds. Total sales to. exporters: Steel Bar Price Unchanged, PITTSBURG, Pa., June 17.—The asso- ciated m hufacturers of steel bars, in session here, unanimously reaffirmed the present price of $1.60 per 100 pounds for Bessemer steal bars, f. 0. b., Pitts burg. The manufacturers reported or- ders plentiful and trade conditions good, LONDON STOCKS FIRM. Americana Improve in a Market! Marked by Dalness, LONDON, June %.—Money was in, good demand to-day end supplies were short. On the Stock Exchange the attend- ance was unusually meagre and there were few deallugs, ‘The undertone was sls were buoyant, owing to Amerl- 01 closed quiet and firm. ‘The Wheat Market, All of the markets opened partially one cent lower-on September, and the Northwest market subsequently in- creased this to 1 1-8 to 11-4. Corn had a weak « x, it declining 7-8 here, influenced by the break !n wheat to- with che bad weather, york's 10.90 4. M. opening pricos heat—July, 86 3-4 offered; Sep- December, 82 7-8. Co&n— 4 opening prices 5-8 to 79 1-4; Corn—September, -4 to 30 1-2; De- JAMES McGREERY & CO. SILKS, On Monday, June 2oth, Annual Summer Sale lof the season’s accumulation of short lengths,—of fine and novelty silks, Suitable for waists, skirts, fancy coats, trimmings, etc, at one-half usual prices, Twenty-third Street. JAMES McCREERY & CO; On Monday and Tuesday, June 29th and 30th, Sale of remaining Stock of China, Glass and Bric-a-Brac, including household and decorative China, Clocks, Curios, Porcelains, Bronzes, Marbles, Pedestals, Cabinets, etc., at prices so greatly below cost as to effect its disposal, Department will close early in July rst and reopen August, Twenty-third Street. ‘ |Status Now That They Are Divorcees ? A MAGAZINE OF EXCEPTIONAL INTEREST AND BEAUTY. Mrs. Osborn’s Famous Fashion Page. Harriet Hubbard Ayer’s Talks to Women, The Great School of Physical Culture, and a FUNNY SUPPLEMENT FILLED WITH THE BEST WORK OF THE BEST COMIC ARTISTS. mere ~ iv Li: fi = a7 Newport’s Wives Without Husbands. iD nie Beautiful Society Leaders Who Have Thrown Off the Matrimonial Yoke and Will Try to Go It Alone This Summer. What Will Be Their Social (A Page in Four Colors.) ——s =—* ———= { n ade ——— tr (pve a torr raeeorenl ‘Mamma, I Never Even Saw the Jam!” A Very Interesting and The New Theory that Lying Is Permissible. Important Subject Treated in Many Phases. The Geisha Girl Who Followed a New York Millionaire Around the. World for Love. A Remarkable Romance Containing a Meeting in Japan, an Elopement from Madison Avenue, and, Perhaps, a Happy Ending in Alaska.’ A Double Page Printed in Five Colors, PN Unga! Sad Sea Yarn of Ten Pretty Maids and One Chaperon. How the Bold, Bad Men Passengers Were Foiled in Their Attempts to‘: Ensare the Bevy of Beauty. John D. Rockefeller, Jr., on Athletics.—A Sensible Talk on the Benefits to Be Derived from Systematic Outdoor Exercise in To-Marrow’s Sunday World. Pittsburg Phil Gives the Secret of His Success at the Races.—A Talk That Will Interest Everybody. Kate Carew Talks with Sir Thomas-Lipton and Sketches Him as He _ Tells How He will Lift “Tat Bloomin’ Mug.” bs 5 ’ et fi TRAY $ i AN “y a”