Newspaper Page Text
.,1 STOC MARKE I N
FEYERIS STAT E
Enormous Tirade With Many a
Special to The Journal.
New York, Dec. 2.That the Rock
Island is to suspend dividends on its
preferred stock is pretty well accepted
as a fact, and were such action to be
announced it is unlikely that the stock
would decline much, if any further. A
great deal has recently been said about
the difficulty of holding the Rock Is
land system together, harmonizing the
various interests involved and the like,
all of which is no truer than it was two
years ago and not as applicable to ex
isting conditions as it was then. It is
reasonable to expect that if the divi
dends are passed now the company will
be in a position to resume them at least
as soon as some non-dividend stocks,
now selling as high as Rock Island pre
ferred, begin to yield anything. Brok
ers who claim to know say that the
Moores and their associates have not
lost one whit of their confidence in the
possibilities of the property, while they
have become reconciled to the fact that
it will take years longer than they
thought to realize them. Should the
controlling interests abandon this prop
erty, it is obvious that they could not
get into any other railroad with .any
thing like the same present magnitude
or promise for the future.
A prominent international banking
house loaned $5,000,000 upon call this^
week, representing French funds. On'
a smaller scale there have also been
loans for English account. With, the
discount rates around 3 per cent it is
not surprising that Paris, now that the
Russian loan has been postponed^is tak
ing advantage of the opportunity for
piofit, tho in the case of London, with
a 4 per cent rate, this is not so appar
ent Of course, Berlin, where the rate
lules 4% per cent, is in no position to
furnish New York with funds, that
center on the contrary having recently
received money from Paris. The $125,-
000,000 Japanese loan promises not to
disarrange the international markets,
since $62,500,000 was taken by the
French, $31,500,000 by the English and
only $15,625,000 respectively by Ger
many and this country. In other words,
Pans, which has some $62,000,000 more
gold than a year ago, bears the brunt
of the burden, while the money centers
in a less satisfactory condition are less
.1. J. Hill disappointed the street by
refusing to tell anything about his pur
chase of the Missouri, Kansas & Texas,
which property he was expected to
bring home in his steamer trunk, neatly
tied up with a pink string. As a mat
ter of fact, Mr. Hill told the few pub
licans and sinners who broke into the
august presence that he had bought
nothing. But Wall street remembered
that Mr. Hill has figured in several
technical denials in his time and cheer
fully concluded that this was more of
the same. One broker interpreted Mr.
Hill's words as meaning simply that he
had not bought the road out or his own
pocket, or for his personal use. St.
Paul's extension reports are carefully
watched from day to day. Inasmuch as
the St. Paul management has always
been liberal with its shareholders, both
in the matter of regular cash dividends
and in the allotment of new stock, it
is believed "that valuable rights on a
large scale will be offered to the share
holders from time to time in connect
tion with the new Pacific coast exten-
The short interest is so large that
every attempt to cover causes wild
movements upward. According to some
of the best operators, the short inter
est cannot possibly cover anywhere near
present levels, and in its fight to extri
cate itself it will turn the affair into
a genuine bull market of broad propor
tions and wild activity. At.the first
signs of weakness some worried bears
start covering. The movement is de
tected, pools rush in to prevent escape
of the captives, and^ in"a ntote' the
been seen before recent years. There
is beyond doubt a great deal of gam-,
bhnjr pure and simple going on in
great works, are carrying $10,000 000
lines and are shifting around thousands
of shares a dav. There are absolutely
liunous differences in prices not over
forty-eight hours apart and even less.
When a room trader can make a single
turn of 7 per cent on 2t000 shares in an
hour, the market price is about as rapid
as it can be. No man can tell, no ."judge
of human naure foresees the duration
and the extent to which a speculative
fever will bo carried. When specula
tion becomes feverish, it never stops
at a reasonable basis of valuations.
London has been selling heavily here,
and incoming steamers are carrying
heavy consignments of stocks, but Lon
don's influence is powerless to hold the
market back for an hour.
THE RISE IN SILVER
The continued rise in the price of
silver is causing much comment in silver
mining circles, where the profits as a re
sult aie being materiallv enhanced.
Predictions are heard in New York that
silver is going to 70 cents because the
surplus production is limited, while the
demand is constantly growing. An of
ficial of a Mexican mine said that the
annual production was only 175,000,000
oz., over 60,000,000 oz. of which were
consumed in the arts. During the past
vear it was estimated that 60,000,000
"oz. were shipped to the far east, leaving
the surplus, about 55,000,000 oz., avail
able for the subsidiary coinage of Eu
ropean and American nations. Stress
has been laid upon the fact that the
American government is out of bullion,
and unless it obtains the permission of
congress to remelt silver dollars aow in
the treasury, to provide additional sub
sidiary coin, it must enter the market.
It was, moreover, pointed out that silver
is at very near the level at which Mexi
can dollars can be profitably melted into
bullion. It is said, however, that Eng
land can force down the price of silver
at any time she sees fit to do so.
WANT COPPERS LISTED
The boom in copper stocks has
started talk of agitating a movement to
have the principal copper shares listed
on the Chicago Stock Exchange. The
addition or copper stocks of the ex
change list would fill a much-needed va
cancy the Chicago market and serve
to furnish a volume of trade which is
lacking in regular industrials and rail
whole market is boiling. These shorts opened with all gradeds sellinrg
are found largely in the ranks ot old _.Jf las aolr ti-ma with
traders, but mostly among the 5,000-
Speculation is now cnaracterizea oy "Wednesday the advance
an intensity the equal of which has not
8d week Nov $131,800 $95,400
Minneapolis & St. Louis
MinneapoUs, St. Paul & S ,7 M.
St^WAM/?Y of the'WEET
A short week in cattle trade, due
to the Thanksgiving holiday, cut down
receipts to 61,500 head, a decrease of
5,900. Finished beeves sold 25c higher,
while common and medium classes
were up 10(3)15c. Exporters were active
buyers of choice kinds and paid up to
$6.25, while shippers also competed
against packers for desirable steers. A
new top for the fall season was estab
lished at $6.75, and the proportion of
sales above $6 was liberal, while the
bulk of the good fat dressed beef and
shipping grades landed at $4.90(5)5.
Only common and plain short-fed steers
sold under $4.50, and these ranged
down to $3.25. A run of 7,300 western
cattle found an outlet at 15fo25 ad
vance over the week before. Tops
brought $4.40 and the bulk of good
steers $3.85(5)4.25, with tailings down
to $3.25. There is every indication of
a good market for fat beeves in the
near future if supplies can be held
down to moderate volume.
Cows have advanced largely 10c this
week and heifers 10(o)20c, while the
bull trade showed 10c gain. Prime
heifers landed up to $5.40, with most
good lots at $3.65 and $4.25, while the
bulk of the beef cows brought $2.85(5)
3.60 cutters, $firstname.lastname@example.org and earners
$email@example.com. Bulls sold at $2.15@4.
Calves were steady to 25c higher than
a week ago, a prime class bringing
$7.50 and bulk $5.75(5)7.
During the past week conditions sur
rounding the hog market have been
in favor of the sellers, and the pre
vailing average cost price of packers'
since Nov. 27, and 22c above the low
dav of the season, which was Nov. 16,
while showing 17c higher cost than at
this time a week ago and 36c above
that of a vear ago. Moderate receipts,
and the high provision market which
scored $1 advance the best week, made
the above possible. MoBt of the pack
ing hogs have gone at $4.00 to $4.95
lately, with the bulk of shipping grades
selling at $4.95 to $5.05, while fancy
lightweight butchers were taken by
Armour at $5.07%. Packers have been
fair buyers at the higher range of
prices, altho speculators and shippers
set the pace on most days.
There is a more bullish feeling in
trade circles here than for some time,
tho there is fear that under very lib
eral receipts buyers for local concerns
will be able to carry prices to a lower
level. However, under moderate re
ceipts, best-posted sellers here are con
fident of pretty well maintaining pres
ent prices, as there is excellent fresh
meat demand and a better outlet thru
shipping and export channels.
Marketing of sheep this week was
broken into by the Thanksgiving holi
day, fell down to about 65,000 head,
against 78,000 last week and 99,960
one year ago this week. This reduced
supply has given salesmen a chance to
further repair the broken scale of
prices, and values have been put up
50(5)65c above the Tange of late sales
last week. Prime 'fed western wethers
averaging 106 lbs sold late this week
up to $6, a prime class of hardy
weight yearlings at "fcO.85 and the best
106-lb western fed ewes from a feed
ing point near Chicago landed at $5.75.
SIOUX CITY LIVESTOCK
Receipts of cattle have been curtailed
this week, due possibly to the holiday
on Thursday. The runs of hogs were
moderate on the first three days
which nothing but blue chips^ are em- Commonn grades
ployed. Men who are speculators,.who ^jg'f
have no pait in permanent ownership of
even with week's best time, with
cases of a dime higher on the most de
sirable quality. Later there was weak-
0 im rove ment. Thee
an 00 pou
$ 3 ste
2$3.40. $ 3
hav $3 6 0theirYards
and have verym fedw
A. J. CUMMINGS
Member Minneapolis Chamber of Commerce, Du
lutb. Board of Trade and Winnipeg:
PBOVISIONB STOCKS BONDS
OfficeMain Floor Dispatch Building,
Minneapolis Office110 Chamber of Commerce
Building, Oround Floor.
THE: Established 1887.
P. B. MANN CO.
GRAIN COMMISSIO N.
Orders for future delivery executed in all markets
Minneapolis Duluth Chicago
Mail samples for bids. Ask prices for Feed and
Ship and send orders to
H. POEBLER OOIPANT
"Our private market letter sent upon
PAYING MINING.* OIL, TIMBER. SHELTER.
AND INDUSTRIAL STOCKS making possible
U^BGE INIJEBEST and PBOFITS, listed mid
unlisted, our. specialty. Booklets giving full in
formation mailed free oif^applioation.i^5j6r^
DOUGLAS, LACEY & OO.,1"*^*
THE MINNEAPOLIS OPTIONS
i ts sold from $2.50 to
I Bankers & Broker^ W ^roadwaj^ ^w York^
THUS, I?ZZI. *5AT.
-*^7 ,A7 AY
SOUTH ST. PAUL LIVESTOCK
Receipts of livestock at the South
St. Paul market for the first days of
the week totalled 6,043 cattle, 538
calves, 16,977 hogs and 5,106 sheep, as
compared with 14,373 cattle, 751
calves, 23.010 hogs, 26,918 sheep last
week, and 12,754 cattle, 686 calves,
16,860 hogs and 22,951 sheep, in the
corresponding week last year.
The situation in the fat cattle mar
ket is very much similar to that of a
week ago, except that valueB have ap
preciated about a dime, owing to the
falling off of receipts. Demand re
mains strong for cattle with good kill,
?rain-fed stuff being especially wanted,
'ractieally everything on sale was
grassy, there having been nothing in
the way of finished beef received.
Prices for dressed beef here compare
favorably with those prevailing at
other points. Good to choice steers
have sold from $3.75 to $4.25, with com
mon to fair stuff $3 to $3.50. ^Good to
choice cows and heifers sold readily at
$2.75 to $3.25 and fair to medium butch
er cows at $2.35 to $2.65, while cutters
and canners have been moving at $1.50
to $2.25, with exceptional'sales of very
common stuff under $1.50.
Stock and feeding cattle commanded
strong prices thru the week. Common
to medium stuff, while, not showing
much gain, was in ready sale in fact it
moved more readily than at any time
during the fall. Owing to the holiday
there was a scarcity of outside buyers
toward the latter part of the week, but
the supply was light, and the strength
of the early days maintained. The
fair to good stock steers sold from $2.25
to $2.65. Good to choice yearlings sold
at $2.65 to $2.90, with some at $3.
Heifers sold around $2. Good fleshy
steers are quotably'high, buyers being
willing to pay $3.75 for anything with
right quality. Feeding bulls have been
quiet, with price* $1.75 to $2.25.
Instead of going down this week, as
has been the program during the past
month, hog prices took a turn and in
stead of the packers having it all their
way the selling side had an innings.
The expected increase in marketings
did not materialize. The bear element
was in control on the opening day, but
conditions changed, and jprices turned
strong and higher. A big nickel was
put on Wednesday, and Friday another
big 5c was added. Finally $4.65 $
$4.70 was reached.
Sheep marketings were lighter than
for any wejk this fall, and so short was
supply that buyers were unable to se
cure anywhere near enough to fill or
ders. Good to choice feeding lambs
are in demand and stuffwith sufficient
quality would find an outlet at $6.
Breeding ewes, while not so urgently
wanted as a short time ago, would find
quick buyers at steady prices.
to carry over the week end, and pros
pects are for moderate marketing the
The fat cattle market has shown a
gradual tendency toward higher prices,
and with a good demand for the moder
ate marketing,, each day's receipts were
cleaned up readily out of first hands.
There has been a large sprinkling of
warmed up steers on sale at $3.50(5)4.20,
but nothing choice* In butcher stock
the best of the offerings sold from $3
to $3.50, and the bulk of the cows and
heifers at $2.40(5)2.85. Canners and
cutters ranged from $1.50 to $2.25.
Heavy receipts of hogs were looked
for at this and other points, but they
failed to materialize. Last year about
this time the marketing was heavy and
thruout the month packers expected to
get hogs down around the $4.50 mark
at this point. In place of the lower
value hogs have shown a sharp advance
and with sales today at $4.80(5)4.95
the market is fully 25c higher than the
close of last week, and 40c to 45c high
er than last year at this time.
There is a keen demand for fat
sheep and the trial shipments made the
past week have been entirely satisfac
tory to the shippers. Lambs sold this
week at $7, yearlings at $5,50(5)5.75'
and ewes at $firstname.lastname@example.org.
THE DEPOSITS OF THE SECU-
RITY BANE OF MINNESOTA
NOV. 9, 1805 (LAST BEPOKT
TO SUPERINTENDENT OF
HIGHEST IN THE HISTOBY
OF THE BANK.
I SELL MINING STOCKS
Mount Union Consolidated
North American Gold
Panhandle Smelter Snap
Empire Tunnel, Georgetown .a........... .86
Parry Sound Copper 04
Jobnscn Nickel 88
Cuyuna Iron Lands ........Cheap
Bullfrog Extension 38
Silver Pick 17
Nevada Queen Bee 08Vi
Alaska Central pfd 6.50
Arizona Copper Mt .06
And all of others at Bargain Prices.
B. B, HIGBEE.
410-411 Germania Life Bldg., St. Paul.
i Grain Commission?
Minneapolis W^4?: Ouluth
A DAT 0r_BIG FIGURES
This is a period of active speculation
in stocks, marked by ihe prominence
of the pools. It is an age o pools in
stocks. Wall street has its changes
from year to year, even in its methods
of price manipulation. All things shift
about in commerce and finance, as in
society or politics, and from time to
time new phases appear. Were the
Washingtons or Jeffersons to come
back upon earth they might view with
some surprise the political methods
now operating. If Howe, Whitney or
Fulton joul witness the working of
inventions, wonderful, but now so
common as to be passed almost without
notice, while everywhere in evidence,
their own efforts, great in their genera
tion, would appear but feeble. Equally
certain it is that if the great financiers
of a generation ago, or the market ma
nipulators of even a decade past, could
come back to their old haunts, they
would find themselves facing condi
tions different from any they ever
Principally this difference would be
found in the magnitude of tho opera
tions. Once, not so very long ago, a
million stood for something big in
Wall street. Today It is as a unit only
in the counting of the Taig things.
are very common. Billion-dollar corpo
rations are not unknown. Mr. Dill, the
noted corporation lawyer, says we have
reached a time of reaction from the
creation of corporate creatures so
prodigiously large that they are un
wieldy and break of their own weight.
Yet the concentrating and piling up
process goes on, in one form or an
We find the speculative end of the
market taking its cue from the in
vestment end, and following the prin
ciple that in unity there is strength.
Here the principle takes the form of
the pool. Pools are nojt entirely a new
thing, but th big pools of today are
unlike any ever seen. Instead of 100
men buying 100 shares each, for specu
lationwhich individual trade would be
no mean commitment in itselfthese
speculators are now more than likely
to join a pool. One man will represent **j
them. Their holdings of 100,000 shares
will be moved on or off the market in
such quantity as judgment may dic
tate. They have th power, thru oper
ating together, of putting a weight
upon the market, or of making a com
parative scarcity of a particular stock
at any time. Thus we hear of the Bead
ing pool, the Union Pacific pool, and
Millions in securities are now handed
around in a manner to make the trans
actions of the ordinary little speculator
look very small and unimportant in*
deed, and we begin to understand the
power that these modern speculative"
pools may wield in shaping the pripes
of the day. iDf coarse,%^h pools are
not .necessarily successful in all cases.
The rule of strength in unity is not
inflexible. There is such a thing pos
sible as a little too much unity.
We learn, then, that a certain pool,
holds $10,000,000 or $20,000,000, or
even $50,000,000 in stock of certain
corporations, and we see the greatejr
difficulty of forecasting the course of
the speculative market. The little
speculator is like an eggshell against
a sledgehammer. We hear that this
very week a Wall street man who hap
pened to get wrong on Reading lost
$950,000 in a dav, and nothing is
thought of it. The little speculator does
not line up very well in that sort of
If Daniel Drew, OT the first Vander
bilt, or Fisk, or Gould could come back
into the street today no one of them
would venture far in the market until
he had first familiarized himself with
the new conditions. Things that looked
mighty to them would not appear so
big, and manipulative shrewdness that
stamped them as leaders and put thorn
among the successfull Wall street men
of their time, would be found today to
be the common possession of many a
clerk or broker in the street.
WATSON & GO.,
STOCKS AND BONDS.
MEMBERS N. Y. STOCK EXCHANGE.
New York Office24 Broad St.
Chicago CorrespondentsJ. H*Wrenn
Private wire, Chicago and New York.
N. W. Main 4492. N. W. Main 4493.
Twin City 184.
420-421 Chamber of Commerce.
Branch Office131 Guaranty Loan Bldg.
E. S. Woodworth & Co.
CHAMBER OP COMMERCE
GRAI N COMMISSIO N
Receivers and Shippers of Wheat, Coarse Grain
and Flax Seed. Orders for future deliveries exe
cuted in all markets.
Members of All Exchanges.
Georse F. Piper
Walter D. Douglas
Ellsworth C. Warner A IF* 4%
Denman F. Johnson %0 %Jm
Stocks and! Bonds
Brain and Provisions
400, 410, 411
Chamber of Commerce I
Phones N, W. M.
3421-3422 T. C. 322
Whallon,Case&Co. STOCKS, BRAIN, PROVISIONS
New York Stook Exchange.
Chicago Board of Trade.
Minneapolis Chamber of Commerce.
Private wire to New York and Chicago.
58 CHAMBER OF COMMERCE
NEW YORK LIFE ARCADE.
GrainCommission Receiving a specialty. Advances made to
Farmer*, Shippers and, levator gom
D. A. M'DONALD
GO! Board of
DULUTH.Co. W*m- DairympleTrade
THE CHICAGO OPTIONS
Corn, bushel* 2,708,000,000
Wbeat, bushels 683,000,000
Oats, bushels 989,000,000
Barley, bushels 133,000,000
Bye, bushels 80,000,000
Buckwheat, bushels 14,700,000
Total, six leading cereals.* 4,507,700,000
Potatoes, bushels 260,739,000
Flax, bushels 26,779,000
Hay, tons 61,498,360
Sugar (Louisiana) tons 320,000
Sugar (Porto Rico) tons 170,000
Sugar (Hawaii) tons 870,000
Sugar, beet, tons 265,'8O0
Sugar, total tons 1,125,000
Apples, barrels 28,000,000
Cranberries, bushels 910,000
Cotton, bales 10,500,000
Tomato pack,'case 6,000,000
Shoe shipments, cases 4,560,000
Steel rail production, tons 8,000,000
Iron ore shipments (lake), tons 33,000,000
Pig iron production, tons... 23,000,000
Coal, anthracite shipments, tons... 62,000,000
Bank clearings, ten months $115,625,024,866
Railway earnings, gross, nine months 1,145,493,000
Foreign trade, merchandise, ten months $2,236,938,066
Money In circulation Nor. 1 ,,_....... $2,653,181,578
The scarcity of turkeys cut down
the volume of trade in the produce
district this week. At the same time
the demand for fruits and other special
lines was fully up to and possibly ex
ceeded that or a year ago. No shipping
business of importance was transacted
on Friday, but the day following mat
ters settled back to their usual basis.
Prices on turkeys held very even during
the first of the week, but buyers had
a large influence in holding matters
level. When above 17 to la cents is
asked for the very finest birds the call
gets a sudden set-back, so that the
turkey trust of the east, which is re
ported to have held prices up to 30
cents a pound, would have received a
jolt on the local market. The high
turkey market caused a better than
the usual holiday demand for chickens,
ducks and geese and the market is not
in a bad way this morning, so far as
an over-supply is concerned. The call
will be still more active for another
week or two, as consumers of turkey
at Thanksgiving will now want some
The butter market held up on tops,
but weakness continues on low grades.
There is still an over-supply of cream
ery firsts, but they are moving out
better than a week ago owing to the
lip-lit offerings of extras. More or less
rolls and prints are arriving and going
out quickly to the trade at 18 cents
if sweet and in neat, clean packages.
Buyers of packing-tock are apathetic
and lines of not really fresh-made goods
cannot be moved out at quotations.
Some shippers are also making the mis-
The six leading cereals show a gain of 10 per cent over last year, and
owing to the corn crop being a record one, the yields of cereals this year have
never heretofore been equalea. Wheat yields are next to the best ever recorded.
The oats, hay, sugar and flax yields are all very large. Apples and cranberries
are in rather straightened supply, and potatoes show a large decrease from a
larger supply and prices slightly lc
decrease from the enormous output
of a year ago. Agricultural products as a whole return more in money to the
Cotton will show a heavy decrease from the enormous
country's farmers this year than ever before.
Large and profitable crop yields are not the only important feature. Owing
to our wonderful progress as a manufacturing nation, there would appear to
be a vastly greater volume and percentage of increase in iron and coai produc-
tion, in railway earnings and in bank clearings than in the products of agri-
culture. In fact, the year has been more emphatically a record-breaker in
industry of all kinds, in the varied lines of general trade, in the volume of
bank operations, and in building in all its branches.
Finally, it might be added that while labor has been employed as probably
never before in various industries, an inevitable result of abundant work and
wages has been continued high prices of all the staples that are a part of our
HOTTER THAN COAL.
$4.00 Per Share Par Value $10.00
The few remaining shares of the capital stock of the Northwestern Peat
Fuel Manufacturing Company will be sold at $4 per share, in blocks of $50
and upwards. All stock fully paid and non-assessable. Books will Be
closed as soon as this allotment is sold. We control the 'greatest peat fuel
deposits in the world. Call or iwrite for booklet with full description.
Northwestern Peat Fuel Mfg. Co.,
Suite 35 Eastman Block. 412 Nicollet Avenue.
Give us orders to sell to arrive on the bulges
C. WYMAN & CO
Duluth. Grain Commission. Minneapolis.
Wheat, Oats, Corn, Barley, Flax, Live Stock
Bought and sold on commission by experts
The VAN DUSEN-HARRINQTON GO.
MINNEAPOLIS DULUTH SOUTH ST. PAUL
D. A. MCDONALD & co.E.
006*807 Chamber of Commerce
WOODWARD i^^ CO.D
BBANCBfcS-CWcago and Milwaukee. Orde**for future delivery executed in all markes
Classified Section. 5v
A GREAT TEAR IN C0HIERCE
Crop Production and Trade Activity Represented by
Figures of Magnitude in Bradstreet's
The following table* prepared by Bradstreet's, presents a summary for the
year now drawing to a close in leading lines of American agriculture, manu-
facture^and general trade covering such movements as are readily accessible.
Some figures are estimates and subject to final revision:
Gain or Loss.
Increase Increase Increase
Increase Increase Increase
552,899,517 894,893,552 139,748,958
145,000 855 000
8.968,303 4,820,000 2,284,711
21,822,839 16,497,033 57,492,000
10 21 14
39 12 22 83
81 51 89
take of reworking jar stock into rolls,
which is a money-losing venture.
The egg proposition holds to* an un
changed basis. Fresh goods have the
call and are bringing a large premium
over storage stock. Keceipts from
country points are larger than a year
ago, but it is the large percentage of
held good* that operates to keep values
on fresh-laid up to an extreme basis.
Cheese is quotably steady, but there
is an undertone of weakness on some
mates that was not noticeable a week
or ten days ago. Jobbers are offer
ing inducements on five- and ten-box
lots, but it is not expected that there
can be much of any slump. The weaker
tone is undoubtedly caused by the fact
that holders of stock in storage desire
to clean ap before the new storage
season opens Jan. 1.
Since the freeze-up the price of frog
legs has advanced. Receipts are mod
erate and the demand ample to care
for all coming.
Green and yellow dried peas are
higher. There is but slight change in
the vegetable listpotatoes.^ cabbages
and onions holding steady, with an up
ward turn to a few lines of green
In fruits, decline is noted in oranges
and lemons. The demand is of good
proportions on the former, but lemons
aie slow. Bananas are active, with
no changes in price. Cranberries are
firm. Eastern barrel and keg pears
are out of market. Sweet potatoes
c're advancing. Very few Concord
grapes are offered, but there are gen-,
erous stpplies of Almerias, Delawares
and Catawbas. Apples show increased
firmness on some lines.
ROUN TH E TICKER
AN I N TH E PIT
GossipOf the Trading Floor
and About the Broker's
"WALL STREET watching Washing
RATE REGULATION now a Uv
CONGRESS expected to disturb
BANK STATEMENT much more un
favorable than looked for.
RESERVES decreased heavily--^,.
591,725 loans increase $11,594,000.
BACHE estimates the cotton crop ot
the country at 9,966,000 "bales.
NORTHWESTERN mills shipped
110,000 barrels of flour for export last
ERIE net earnings for October show
up fairly well, gaining $129,000.
SPEAKER CANNON says there will
be no tariff tinkering allowed this ses
HARRIMAN will spend about $8,-"'
000,000 for new lines and extensions
READING makes an unfavorable
showing in net figures for October, d
J. A. PATTEN bought big lots of eorn*
last week, and late reports say that,
he covered shorts.
NEW YORK banks lost $8,648,200 toil
THIRTY-EIGHT roads for Oetob?|]
show average net increases of 10.99 pt
cent for four months 10.26 per cent.
COPPER for future delivery is ad*
vancing. Dealers were bidding as high
as 18 cents yesterday with little of* i
MISSOURI PACIFIC directors wffl
meet early next week to act on tho
dividend. This may affect tn stook
CUDAHY appears to be an uncompro
mising bear on the whole provision list,
and sold big lots yesterday.
WHALLON'S New York wire says
the people in New York and Boston a*s
talking nothing but rate legislation.
HARRIMAN *S office wired Lewis
that in best opinion Steel preferred is
the cheap stock of the whole list.
SLOAN of New York wired Piper
that the bad bank statement has been
fully discounted and will bo forgotten
BELEN mining stock quoted yester
day $50 bid and $60 asked. No sales
and none offered for sale of late.
BULLISH article by Valentine in one
of tho Chicago morning papers is ex
pected to have some effect in wheat
EXPORTING house received a eable
from its Berlin correspondent to the
effect that there are no wires working
to Russian points. The Berlin bourse
LOUIS T. WATSON says that those
who claim to have a line on the presi
dent *s message say it is calm and con
servative on the subject of trusts and
PIPER had the following from New
York: "We don't think there is any
reason for uneasiness over this bank
statement as there is naturally an in
crease of loans and a tightening of
money over the first of the month, and
we cannot be more than thirty days
away from easier money conditions."
P. P. FRAZIER says: I am a bull
on provisions. We will have to have
hogs and plenty of them. Tho people
are eating, and they don't propose to
stop eating, even if hog products
should advance 2 cents a pound."
WILLIAM H. BARTLETT says:
"We are reaching the close of navi
gation, when it is reasonable to look
for a smaller flour output and larger
accumulation of wheat. I believe that
wheat is a sale on all the hard spots."
The mission ot forceful, honest financial jov
nalism is not only to express a studied opinion
on all current Investments, hat likewise to
warn all readers against indifferent and crossly
Inflated securities, whether they are beinf dis
posed of to the public hy either a fool, who.
Ignorant of the Immutable laws at economics,
enthusiastically promises to make his clients
rich while he remains poor, or the knave,
who follows his criminal insthurt whea preyta*
on the public
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THE FINANCIAL WORLD
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