Newspaper Page Text
THE REPUBLIC a SUNDAY. MARCH 5. 1UU3.
STOCKS ARE DEMORALIZED;
BANK SURPLUS VANISHES.
MARKET CRUMHLIXG DAN
GEROUSLY AT CLOSE.
SEVENTH AND CHESTNUT ST.
Capital, - $2,000,000
Surplus and Profits, - - - 1,675,000
A. A. B.WOERHEIDE. President.
CEO. F. DURANT, 1st Vtoe President.
CEO.W. LUBKE. 2dV. Pros, and Counsel.
J. H.AUC. MEYER, 3d Vice President.
CHAS. HAIYHLTON, Secretary.
JULIUS C. CARR ELL, Treasurer.
H. 8. OAULFIELD, Attorney.
HARRY E. SPRAQUE, Trust Officer.
W. H. FOSTER, Loan Officer.
KENT JARVIS, Bond Officer.
DAVID P. LEAHY, Manager R. E. Dep't.
CEO. P. POTEE, Mgr.Safe Deposit Vaults.
Acts In AM Trust Capacities. Pars 2 per cent Inltrnt
on Chech Accounts. 3 per cant on StTlnt ind Tlmi
Deposits. Loiif money on Real Estate und Collateral
Security. Bonds nd other lnTatmnt ecurltle
bocght nnd solrt. Manages, Burst. Solln. Rents. Ap
praises Real Estate, Safe Deposit Boxes for rent.
The ooiect o the company Is to furnish a plan of Investment that will afford
an opportunity for Investing large, or small sums In weekly, monthly or annual
The contracts are participating contracts, the Investors share equitably In
the'rrcflts of the company, thus making the Investment a mot profitable and an
absolutely safe one
Mluonrl Stntc Deposit,.? 170.S71.iri i Reserve to Investors.. J0(!..-l.4!)
rnitl Investors Over... riltS.OOO.OO Snrpltis 100.G0S.U7
For Portlier Information, Call or Address
Tontine Loan & Security Co.,
823-831 Lincoln Trust Bide., SI. Iculs, Mo.
407-41C Holland Bulldlnf, St. Louis, Ho.
202-204 Benols! Building, SI. Louis, Mo.
DORIOVAR! COftAMBSSION CO.,
GRAIN, PROVISIONS, STOCKS, COTTON.
Grsltrs executed on 1.000 bushels Grain. 0 barrels Pork; 10 shares Stock. 25 bales Cottoa.
, .Writs for our book of statistics and Dally Grain Letter mailed FUME.
.1X7 PIMT. ST..
I' WILL '-BUY
:3'C!tWe A. TreaiitfaE. W."
tea Sunset Mining. -
1000 Gola Tunnel
ltO) Ethel Ohpir. . '
6Y Ore 'Western Gold California.
& Black Diamond Anthracite Coal.
io Black Diamond Copper.
Mo MaeUa Copper.
lono Mine LaMotte Lad and Smeltlnff.
lo Brltlpli American Dredging.
1M Tonopah rractlcn.
1"0 McKlnler Mining ord Smfltlnj.
10 Standard Lad and Zinc
1(V Tasmania Copper,
lino Willow crk Mining.
1W De Forest Wireless
100 Old Teirlbie Mining.
10) Marconi Wireless.
fi!0 Horseshoe Mining.
ll Oro Hondo Mining.
ina California Nriada Preferrel.
1W0 California Neada Common.
300 Cblumbus Consolidated.
60 Black Diamond Anthracite Coal.
11 dram A. Treadwell.
1") Black Warrior Copper.
1000 CracKer Oreeon.
loon Tumagaln Ann Mining Co.
loo-) t'nited Tonopah.
10) Tonopah Fraction.
aw Tonopah and Salt Lake.
NM0 Colonial Copper.
600 Majestic Copper.
IV) Cal. King Gold.
MO Hidden Fortune.
601 Black Diamond Copper.
1009 liny sound Copper.
S0O Bed Hoy Consolidated.
1000 Golconda consol'dated.
ltwi Ventura Oil.
iw rthel Conner.
3000 Mlzinh nxten'ion Ccmmo-u
WM British American Dredging.
101 Olalla Corner.
SO) Mergenlhaler Basket.
And many others. Send for list.
C. F. SESINGER,
Deeler In CXMSTED Sr.CtlHlTIP.S,
Drexel Ilnlldlnir. Philadelphia.
Up-to-date Mining paper (fully
Illustruted) containing all the
latest news from famous gold
IF THUNDER MOUNTIIN
V.S. Mining Journal, 150 Nistau(t..N.Y.
Bearing 4 to 6 per cent per annum
HVOO Benton County. lUsouri. Refunding 4s
JliOOO City of Snett Springs, Mo.. Water and
S15.0() Kast St. Louis and Suburban Company.
i20,Oii) St. I-ouls and suburban Hallway Co.
10.o) V. S. Mexico Government Consol
110.0CO Klnloch Telenhone CnTnnnTiv let -
IWm. C. Little & Bro.
III and 21J N. FOUIITII ST.
Dealers In municipal bonds, local stocks, bonds
and notep. Orders at other exchanges promptly
executed by private wire. Monev to io.in.
I'honesKlnloch A 1S16; Hell Main 1SS3.
A WORD TO INVESTORS.
SIV SIAllKlIT LKTTEU rrpirdlns Wt
ern stocks Is Ju-t oft" the press, in It oti will
learn a great deal at-out Slti:;, WASJI
I.MiTM.N AMI IDAHO Investment-. Per
mit me to quote you any Wesurn Stock be.
fore vou purchase elsewhere. IK) lOL'Il
ii'srKs TiiitnK.ii v ii:vrKu
IlIUIKKItl IT WXI.l. PAY ltV. In
Aiitlnir. tell me what Flocks you are Inter
ested In. I answer all letters personally.
Adrliui C. Hnnaner, Spokane, AVnsli,
Nesr Tork. March 7. Go ernment bonds
T'ntted States refunding , registered,
t'nlted states refundinc ;. coupon....
United States 3s. registered
United Stab's 3s. coupon .
United States new s, registered
Unite! States new 4s, coupon i
United States old 4s. registered
United states old 4s. coupon
Unite.! States Is. reglsteied
.'Veiled States 5s, coupon....,
Reported ly Whltaker -. excliane Iroktrs.
100 North rourth street.
27eT York .
....par Mc prem
....par 10c prem
201-203 De Sola Building, St. Louis, Ma.
507-5D9 Holland Annex Bid?., St. Louis, Me.
233-234 Arcade Building, East St. louts, III.
ST. LOOS. MO.
EXTREME BEARISHNESS IS
DOMINANT-IN WHEAT PIT.
SELLING IS GENERAL AND
. TRICES PALL PAST.
Corn Is Inclined to Be Bullish, but
Grows Weak in Sympathy
With the Leader.
Chicago, March 7. Extreme bearishness
pervaded the wheat pit to-day and the mar
ket experienced a sharp decline. Hay closing
lKJjlUc loner. May corn was off c and
oats were down USftc Provisions closed
about steady, the May products being from
2Ac lower to 7Hc higher.
Scattered selling by the tired holders on
a market that lacked any signs of tup
port was the cause of a severe setback in
the tprlce Of Wheat and the mnrket ruled
j deciaedly weak the entire session with the
exception oi a temporary Ilrmness
at the start, due to Arm cables and the
strength in corn. Mav onened unchanged to
I Uc higher at i6g75sc. but the firmness
I wa9 only momentarv and Influenced liv tho
I mild weather throughout the whole winter
! Wh-at belt with nn Kitma nt tnnph snider
J whoat belt with no signs of much colder
i weather In sight and with prospects of
i bearish statistics Monday, the selling be
I came quite general and prices declined rap
j Idly with now and then a short half, "due
I to covering by shorts. Weakness in out-
side markets aio aided In the decline. The
I bottom was reached at 4c and the close
i was at 7J'S?5c, a net loss of l!i&lHc.
v.iearancts oi wneat and Hour were equal
to as.COO bushels. lrimary receipts were
413.GCO bushels, against 7.7u0 bushels a year
ago. Minneapolis and Dututh reported re
ceipts of 2S2 cary, which with local receipts
of thirty-one cars one of contract grade
made total receipts for the three points of
313 cars, against 3H cars last week and 332
cars a year ago.
In spite of a generally bullish sentiment
In the corn pit, the market was a little
easier. Influenced by the break In wheat.
The opening was strong on higher cables
and on the unfavorable weather, but when
wheat started on its downward course the
selling In corn became quite pronounced
and tne market was unable to resist the
strain and prices eased off, but steadied at
a little under yesterday's final figures, the
close being easy, with May ic lower at
47KC after selling between 47c and 47T4c
Local receipts were 278 cars, with 2 of con
Oats were actio and firm early in the
session, but weakened In .vmntw wi,ti
other grains and closed easier, with May
'ifasC lower at 3!c after rsnpinp Htn-A.
jitc anu Mij.-fW. commission-houses were
bw cciiiriB uiiu -uuie ut ine leading shorts
bought. Local receipts were 237 cars.
RANCH OK FUTURES.
Wheat-May .75 (7e,
Corn May 47,gi7'
Onts March ... 1
May A. ..35 K3SS
RECEIPTS AND SHIPMENTS.
Flour, bbls i?S
- - 251.t1i)
Com. bu ..
Oats, bj .
ItJ. bu ..
There was a good trade In provisions and
the undertone was firm, opening prices be
lng strong on smaller receipts of hogs ani
.. iiT . uiu j 10 juc at tne yards.
Later .there was some realtring in' u gen
eral wav In avmrnthv n-ith ),- - ?"
'" Klns an Pf1 declined VomVwhat.bSi
h close was steady. May pork closed 2UC
"...' . Jiay laru was 7ijc higher
at J10.1S and ribs off 2Hc at J9 'i? nlner
Estimated receipts for Monday: Wheat
head!1 Crn- 2W): ats- M0: hogs. S
Imparts and Exports.
New Tork. ll,nh T Tk. .,, i . .
ftftWiwfkmn! valued at Ju.iS4.tii . YnTt
poiw.ot Fpccle tt the port cf New York for this
JSIV W"". U:.' tlU?r 8nd -K65.3I3 cold. TTl"
trtsl exports ..r jcle fnim the port of New
Tmk for this wk were 8812.4 silver and J29.157
The Coaarnorrureal-bli Trust Cora
paay of St. Loiais accepts th.o ac
counts of Banlca, Eanlssra, Firxaaa,,
Corporations and Indi-trid-uals, and
all obits a. liberal rate of interest on
tlae daily "balances resulting tlxere-frono.
SUMMARY OF ST. LOUIS MARKETS.
After opening with a show of strength, the wheat market went to pieces yesterday.
It takes the strongest kind of bull arguments to bolster future prices on a Saturday,
when outside speculation Is light. The most favorable Item of early news was a pre
diction of cold weather, but this was not borne out by later reports from the winter belt.
Liverpool and other European markets were slightly higher, but there -was not much of
an export demand, and commission-houses had few buying orders. The Inevitable Satur
day liquidation followed when other domestic markets began to ease off. targe quanti
ties of long stufT came out and the market was hammered until more than a cent was
knocked off the price of the May option.
Corn was much stronger than wheat on the basis of a good cash and shipping de
mand and wet weather, which threatens to Interfere with the movement to market.
There was enough sympathetic selling at the close to cause a slight decline.
May wheat opened He up and closed l'4c off.
May com opened He up and closed HSUc off.
May oats closed He off.
Receipts of produce were light and prices for top-grade fruits and vegetables were
Local securities had better support and values were only slightly lower for the active
Yesterday's bank clearings were $.,S07,6S5, balances S?S5,116. Discount rates were steady
between and 6 per cent.
Spot cotton was unchanged In the local market.
BEARS CONTROL MARKET
FOR WHEATAND CORN.
LOXGS SELL FREELY OX THE
Wet Weather Sustains Corn,
Which Closes With Only a
A Slight Loss. "
Wheat was again sharply on the down
turn. In addition to the usual Saturday
liquidation on the part of scalpers, several
of the big longs tried to sell out. The at
tempt was disastrous to the future market.
Most of the early news was rather favora
ble to the buying side. Uverpool and other
European markets opened on the upturn
and there was some outside speculative In
terest, based on predictions of cold weath
er. Later rising temperature and heavy lo
cal receipts. In addition to general selling
In other markets, caused n break of more
than a cent in the Dec. option.
May wheat opened He up and sold, at:
70c. TOSc. TOUc. 70Jc. 7';o. T04c 70Vc, 70c
Mc cs-jic. opsone. giic e;c. fo'ic. osc. ei'i,
Thoughi corn closed lower. It was easily
the strong spot of the market. Wet weather
and a continued good cash demand sus
tained future prices until wheat broke. Liv
erpool ana otner ioreign marKetfi were
strong and there was a fair export demand
May corn opened Uc up and sold at:
41HC 41Sc 4Hie0, W.S41C. 41c, 414c, 41c
Receipts of wheat at St. Louis were 40,509
bu.. of which 33 cars local and 12 cars
through, as against 21.C00 bu.,of which 22
cars local and 2 cars through, in 1S02.
Receipts of wheat at primary points were
43J.013 bu.. against 421.U0O bu. in 1902, and
shipments 1W.122 bu.. against lM.uOu bu.
Northwest received 232 cars, against 313 cars
In 1902. Chicago received 2S.600 bu. and Kan
sas City lO.O. Clearances 304.0K bu.
Receipts of corn at St. Louis were 87 cars
local and 47 cars through, against 39.110 bu..
of which SSI slcs. and :a cars local and II
cars tnrougn, in 19U2:
Receipts of corn at primary points were
519.S62 bu.. agalnt 215.0CO bu. In 1902. and
shipments were 1C0.OJ0 bu., agalntt 149,0.0
bu. Chicago received 233.9X) bu. and Kan
sas City 02.800 bu. Clearances 304.0CO bu.
Exports of corn In Europe the past week
were 3.817.0) bu.. against 2,1'S.OCO bu. a week
ago and J32.C00 bu. in 1DC2.
Receipts of oats at St. Louis were 65,150
bu., of which 31 cars local and 18 cars
through, against 47,250 bu., of which 21 cars
local and 14 cars through. In 1902.
Receipts of oata at primary points were
461,863 bu., against 220,000 bu. In 1902. and
shipments were 370.019 bu., against 150,000
uu. Clearances la.wu Du.
AVeeli's Ilank C'lenrlntcs.
Testerdaj'a Clearing-house statement showed
clearings J5.. 6Sj. balances J3(5 11$. Clearlnss
for the week w;ere J.il,3S2. b J lances 113 6 541.
I. oral Money Mnrket.
Clearings were small and transactions at the
banks were moderate. There was a fair demand
for call and time loans, with discount rates
steady, between 5U. ana's per cent.
STOCKS AD UO.VDS IX BOSTON.
Boston. Mass.. March 7. Closing quotations on
money, bonus, stocks and mining snares to-day
vere as follows:
Call loans Gfioif per cent; time loans 5354 per
Do. tfd 37,
Boston & Albany ..25
lloston Malm. ...1S7
Boston Elevated ...IIS
S. T.. N. II. A H..215
Fltchburg ofd. ....lll4
Union Paelnc t)K
Mex. Cen'uTil ;6t
Am. Eucar 125 Hass. Electric 3IU
Do. ofd 1204 United Fruit ltcsl
Am. TeL & Tel. ..11 u. S. Steel 36U
Bom. Iron & S 544 Do. pfd. SCiZ
Gen. Electric 130
Santa To Copper ... 14
United States siu
Calumet & Hecla...
c:onper Ranre .
r.5',5 I)alv West 31
Dominion Coal ....121
Winona 1.... 7
Is! Itoale 134
Mlnlnsr Stocks in Xctt York.
New Tork. March 7. Closing quotations on
mining stocks to-day were as follows:
Brunswick Con. .,
Con. Cal & Va. .
leadvllle Con. ..
lUttle Chief ..
3 Standard ".
tt York Curb Stocks.
Reported by G. H. Walker & Co., No. 210 North
American Tin Can com
Do. prd ,
Ttflv fitflte Gas
llrltlsh Columbia Copper
Con-olldated Itef. Us;, Co ,
Electric Boat com
Elctrlc Vehicle com ,
Green Conciliated Copper
New Ami"nim uas 1st 5 per cent,
.r Jt J.. 1118.
New York nice. Veil. Trans....
Otis Eleiator com
Do. pfd ,
Rortl llaklnc; Ponder pfd
fabcard Air Une com
...10M, ::: if
Standard Oil of New Jereey....
Pt. Lou's Transit Co. com
United . Ry. cf Ft. Louis pfd..
Do. U ,
fnited States of Mexico 5s
Union Corner ,
White Knob Copper. ,
New Tork. March 7. Bar silver 4Stc per
ounce. At London, uncertain. 22H'l per ounce.
BETTER FEELING APPARENT
IN SECURITY MARKET.
TRACTIONS ARE WELL TAK
ES. ON DECLINE.
Bank and Trust Company Issues
Are More Finnlv
Though trading In local securities was
moderate, there was a better feeling
throughout the. list and more active issues
had fairly good support. Recent losses were
not wiped out, but as a rule stocks were
firmly held. Tractions were well taken,
with sales of Transit at J2S.12H and 2S, pre
ferred at K1.75 and the 4-ptr-cent bonds at
Bank of Commerce was again wanted at
S372.50 and a small lot sold at that price
NafloUM'" 'W& &S3
St. Ixiula Transit
United Railways pfd ..", '
St. Louis and Suburoaa
St. Iuls Union Trust"".'."""
.ermanla Truet ....
American Central Trust"""
Missouri Trust- .
Mississippi aly "f ru'st".".'"."
Rank of Commerce ..."
Third Xatlonal . ..
National Candy com .".";.""."i
Central Ccal and Coke ...."."
CTlcagu Railway Equlnmeiltl"'
MIssourl-Edlson pfd ... .
io. com '
, Do. ss ;
Klnlocn Telephone '.'.'"' '.'
f) St. Louis Transit at
,?.L,UI" Transit at
UD United ltallwar. m ..
. I United Rallwairs dm. si
7ivkni;i ;,""-" ."": " k.)
' oiVSTniT .." y" " at mm
, ..irrrir . zs.i
,v viciminia a.i ............. ,,
15 Mercantile Trust at :...'.'.',
25 Missouri Trust at
i Kn,c of Commerce at '.
M Third National Bank at
Candj' com. at
2.KK) City 3.65a at
1.000 City 3.65s at """'
STATEJICJiT OF BASK A.-ERAGES.
Loans Have Been Dorrrased, bnt De
posits Hare Fallen OS More.
New York, March 7. The statement of aver-
roV'theVeiek ,Chow.?B-hU; """" ' cl"
J)ns I939.M3.3O0; decrease. I10.561.ttl0
Depolts. J958.6S.7C0: decrease. J19.566.70O
Circulation. 112.919.500; decrea-e. J359.9X)
Igal tenders. JM.16S.300; decrease. 12.114.800.
i-pfcle. J16S.658,600: decrease. M.04i,f00
Reserv-, J231.82S.900: decrease. J10.176.600.
Hcsere required, JS4.159.923; decrease, H.SJI,-
Surplus. JC66.975; decrease. J5.2S4.J23.
13.2?-' To" 8tatea deposit". J10.720.125; decrease.
The Financier this week says:
The decrease of J3.254.s5 In reserves reported
in the bank statement for the week Just closed
brlnrs the excess surplus down to J366.975. by far
ins smallest recorded at this season for many
ear and tho lowest actual figure, with two ex
ceptions, noted within twelve months." Tho
banks Iwrt in cash llo.17t.600. or almost twlos the
sum Indicated by the known movements for the
t'JnZi ... th previous statement, however,
failed to show the total loss In cash. It Is cults
lUely that the current exhibit reflects a belated
The decrease of 110.563.000 In loans reveals tbs
llQUldatlon which Is being forced by bsnks. In
order to maintain their position as respects re-f-erves.
and the heavy contraction of 119 566,700
in deposits Is thus accounted for In the. chuures
lust noted. The feature or the statement Is of
eouwe. tho less In cash. The greater part or'tlw
inrlnkago Is traceable to operations with the
bubtreasurv. which ealned heavllv nn hani, nK
eratlons last week, cu-toms payment and Inter
nal revenu- collections. The movement of money
to the Interior on balance was Inconsiderable
With such a statement as the one lamed Sat
uruay the mony market assumed a position
which may be described as delicate. The New
lork.banks are loaned to the limit sjid under
the circumstances firm rates must prevail. It Is
also worthy of note that loans sgaln exced de
posits, a condition of affairs that was last r
ilouely reported In Sept.. when the crop move
ment period was at Its height. "
As against this. It might be proper to add that
the banking capital and surplus of New York
City, counting both banks and trust companies
SIR been In,,.,. within fh In.. .. .. L
J75.OJO.000. Taking everything Into consideration 1
the future seems to Involve harder money, cou- 1
pied with a consequent Increased attraction of
foreign credit and Interior loans to this center
Both seem certain under existing circumstances
Chlcnjro Stock Market.
Reported by O. II. Walker Co., No. Jio North
a uui in irrei.
Diamond Match of Illinois
National Biscuit pfd
American Tin Can com
Do. pfj -
Box com ,
Xew York. March 7. Time tnonr flrm t0
rtayn 5H per cent: W days 5H: a!x months &4SC
Money on call firm; call loans at 4 per cent
closed offered at 4. Prime mercantile pacer &fi
In bankers' bills at 4 8CT5 for demand and at
4.fTi54 S3C3 for 0) davf: ported rates 4.M5 and
4.875454 JS: commercial bills 4.S27S&4 8325 Merlcan
dollars SSVlc- Government bonds steady: railroad
Pln.tnnaM f, Stan.!. ? flenrtno 4,n.-x.
mencr. 4SG rer cen:. New York exchanre.' 25c
to Mc discount.
Ta"kTtaSSL MsvaIi v . B7MVaafSnss-alBl
snees. J2.0f 9.032.
Philadelphia. Pa . March 7. Clearings. 818.260 -S35:
balances. J2.247.718. Mon-y. 4463 per cent '
New York. March 7. Exchanges. 82M.4SS.83S
balances. (9 574.424. "
Chlcaro. March 7. Clearlnirs. J25.222.859; bal
ances. 22.215.04. New York exchance offered at
10c discount. Forelun exchange unchanged. Ster
llnc exchange posted at 4.84 for CO. days and at
4.875 fcr demand.,
Baltimore. Md.. March 7. Clearings J4.2M.7X1.
balances J32I 240. Fir the eek: Osrlngs 827..
427.0M balances 83,251.25$. Money C0J4C
Bears Aid the Precipitate Decline
by Hard Hammering of
New York, March 6. The slock market
was thrown Into n condition of demoraliza
tion to-day by the disclosure of the fact
that the surplus reserve fund of the clearing-house
banks was practically wiped cut.
Excluding Government deposits, this item
Is now ;c:c,073, compared with $3.9:3.4:5 at this
time last year, and JIO.917,273 two years ago.
The severe loss In cash reserves was about
as much above the preliminary estimates as
last week's loss was below it. thu dlsclcdn?
last week's discrepancy. The JIO.COO.COO loan
contraction fulfilled the expectations that
the stock-market liquidation of the week
und the shifting of loans to foreign money
markets would be reflected In that Item, but
the loan contraction must have been near
J40.000.0u0. to keep pace with the rate of de
piction of cash reserves. No reader of the
bank statement could be left In doubt that
further calling of loans wou'd have to be re
ported to by the banks next week, and op
rrators threw over stocks In all directions
to prepare fcr this emergency Some futll-3
efforts were made to check the decline by
mpporting orders, bjt these proed too
flimsy for the purpose, and prices broke vio
lently, to the lowest of the week. Prices
were crumbling dangerouply when the mar
ket closed at about the lowest and on very
Fierce raiding tactics by the bears were
a factor In the slump. The speculative con
test In Union Pacific was mnde evident by
the extreme break of Z In that stock.
Losses In St. Paul. Canaaian Pacific, Man
hattan. New York Central and St. Louis
and San Franclco ran from 3 to 3'i- The
hank statement appeared to be the sole fac
tor in the market and before itt appeat
nnce the trading was languid and slug
gish. Trc assignment of Dresser & Com
pany was not announced until after the
close of the market. The money situation
has forced considerable liquidation In the
stock market this week and prices have
made wide declines. The knowledge of the
financial embarrassment of a wholesale
commission house was not sufficiently defi
nite to prevent credence being given to a
swarm of alarmist rumors which i?nt Intiv
circulation on Thursday and resulted in
acute weakness In the stock market
throughout the daj
Wnll street has rested strnnelv nn the
conviction that Its money troubles were pe
culiar to itself and that the commercial po
sition In the country as a whole Is Indis
putably sound. The suggestion rarrlpd In
Thursday's rumors that mercantile estab
lishment credits possibly were overextended
and likely to have difficulty In money mat
ters had a notably di'-quietlng effect. It
became evident also that a powerful and
well organized bear partv had undertaken
a campaign against values. The undertone
of firmness which has been evident for a
long time, even through periods when ef
forts were unavailing to advance prices, has
been attributed In no small desree to the
belief that the aggressive and successful
bear leaders of past movements have been
committed to the protection of prices, either
by a large long-Interest in stocks or by con
tracts cf engagements with syndicates for
the market guardianship of certain securi
ties. , HEAVY SELLING.
The Indications of large Belling orders
served to shake this confidence and awaken
the fear that the market would have to
face a skillful and hostile campaign directed
toward forcing prices to a lower level. The
declining reserves of the banks and the loan
contraction which resulted were the deter
mining factors in the situation. But. tip
to this week, this factor has not been large
ly effective In shaking the confidence of. a
large speculative party In a spring advance
In prices. Selling has been grudgingly done
and only when forced by restriction of
credit facilities. Sentiment this week has
changed and has become bearish, as shown
by the ready attention given to all unfa
vorable developments and the entire lack
of consideration given to anything of a
kind promising well for values. Great dis
appointment was caused by the showing
of net earnings by such railroads as report
ed during the week for January. The De
cember showing had been better than that
for November and the fact that many ad
vances In freight rates had become effective
In January led to Ihe hope that the Inroads
upon net earnings due to increased operat
ing expenses would be corrected during Jan
uary. The January returns show that Increased
grofn earnings of railroads are generally al
most wiped out by added expenses. Union
Pacific snowed a decrease of over 20 per cent
It net earnings in January, and for St. Paul
the grore as well as the net earnings fell ofr.
The gross earnings for l'ebruary. on the
contrary, showed some handsome gains.
New York Central gained over 79 per cent
gross. The average rate of increase of all
railroads thus far reporting for February
reached to nearly 17 per cent. This showing j
The wholesale expenditures contemplated
for Increased facilities and betterments and
the enormous capital Issues projected to
provide means, meet a gloomy reception in
the financial world. The promise of an In
crease of earnings sufficient to pay charges
on these Issues is not effective in relieving
the fears caused by the rapid absorption of
available capital, the glut of new securities
and the slow market for them, and tho
dread of money stringency the coming au
tumn. The failure of the AJdrlch financial
bill emphasized this feeling, as some relief
from the drain of surplus revenue collections
rrom tho money market had been hoped for
from this measure.
The decision of the United States steel
Corporation to proceed with Its projected
bond Issue and preferred-stock conversion
was followed by a drop In the price of new
bonds when Issued, from above 9i to below
88. This incident had a notably disquieting
effect upon financial sentiment. Th.r. ,.
been a recurrence of uneasiness over the
. u"gu' uuc lu tne dispute Deiwpn
the Wabash 'and Its employes There is
dread that the dispute may spreads nd in
volve other systems. The Judicial Injunction
Issued against the labor union has come in"
11 Interested discussion on account of far
IVFW" .8C0.pe' and tne outcome of the le-
Th.d.h,PeiiS Uted wlth llw'y Interest
Ine slump In cotton was not without its ef-
fo?ttS?.0ck8' ?wlnR ,0 the liquidation
for the purpose of protecting Interests in
)rnmc Ht,on. mket- The money iltuatloS
VS5iJ?Y ,t0 d?y was "fleeted in the ad
vancing interest rate.
a-S.!i5.5uS?. Turves in the bank last
??iaJ..2t.tl lowest figure for a dozen
Mt rrtrrlhf,iS!!8 IraC"Ca"r at the hlgh-
Hf??l5vflgm?. toZ the New York aslo-S,.,?..b-nks'
.wlth th8 Subtreasury with!
drawing nearly a million a day front the
mo"ey market and with Interior exchanges
holdlngr against New York. It U not ur
prislnr that loan contraction by the Vnks
has been followed and that money rates
SSXf U1Up' notwithstanding resSrt to for
eign money markets for v i. iiS
No accurate estimate of this foreign bor
rowing: can be made, but the break In for
eign exchange and the rise In interest rates
at Parte anS Berlin, with the necessity fir
the Bank of England to retain its 4 rr
cent .minimum discount rate to protect the
London market, are all unmistakable indi
cations that It has been large
Bonds hvae suffered In common with
?tocks In the week's selling movWent.
United States & coupon and Is coupon ad
vm,5?,tl ,.and the & "Kercd decided
caller ?ae3tlekC.0mPared W"h the clMi"S
Kcvt York Stock Quotation.
& Co bond
reeled d.lly for The nexmbllc hvep551- S"
. bonus and stock-. No. 211 North Fcutth
Am. Car A Fdy.
' 55 Ht. ". .
Am. Cot. Oil
Am. Ice Co.
Am. Linseed Oil...
Am. Loco. com....
A. C. P.
I F. I
Cent. Tob. Is
Corn Products com
Nat. Lead com...
100 104 ...
200 37 J?
4 28 2.S4
2S0 9IK ua?
4.S00 4?, 49"i
fi, n,.. ..."
,2128.,, ,25 ,27V
100 nn .:.. .. J; ;,''
300 210 210 aoiu nsC :
ran el 3,; rau
M 31 31 J14
1904 190 1!4 IJ34
- 99 ii
254 25 r,; 25;
N. Y. Air B-ak..
People's Gss -
Rep. I. & S
T. C. I
1 81 601.
54 20i 20 20 20T,
110 79 79
1.200 C34 (3
U. S. I.-ather com 1.400 124 12
V. S. RIty. 00 24tJ 24J
U, 3. Steel 8.40) 37lJ 3714
Do. pfd 8.300 SSi IC'
Va. Car 400 3 ....
24 211 1
3S JJX 37
86 8S 874
..... S3 82
884 884 89
tot; t h
west union ' m", i
sa.ryt i; tz
TOO 3SH SSj, J7", J7M sS
100 PER GENT ADVANCE,
The reports from the Thunder Mountain District in Idaho arc so glow
ing and reports of rich strikes so frequent that universal interest is taken in
the development of th; field.
Orrvulua of $1,300 fer ton have been discovered in the same zone awl
on the same ledge as the Liberty Gold Mining Co., in the Bij Creek District.
Our stock is now scl.iug at He fers.'tire, par value 31.03. The amount of
stock to be sold at 6; is about exhausted, and the price will be advanced on
March 0th to 10c a share.
Don't wait until the last minute; you may be too late. We will reserve
stock by request.
1,009 shsrss, cash SSO.OD, or $10.00 dawn an! $5.09 a mnlh far eight rnsnllvs.
2,000 slmes, cash $103.00, or S20.Q0 down and $10.03 a mon!h far eight months.
5.000 shares, cash $250,00, or $50,00 dawn and $20.00 a mcr.lh for eight months,
Letters and telegrams must bear date of March 9th or earlier to secure
stock at Cc per shar-r.
LIBERTY GOLD MINING COMPANY,
Suite 3)1 VainwrI3ht Building:, St. Louis.
Oflice open till O p. 111. Lonqr-dlntanr? phone, Mnlne 40,15 M.
mt- - i" t.i.ns jsus wu :
We now say, boy Shamrock Gold and Sliver ntock. 25c per share,
pnr nlne 91.00. We are iinjln O.N'E per cent monthly dividends on
par Aalne. Thl eqnalft -IS per cent annually nn your Investment
Mlnew In ew Mexico now tn operation. SMELTER and STAMP .MILL,
hnth nt the r.tlne. liny now before the advance. This ! the opnor
tnnlty of a lifetime. IIUV O.V.
.Market letter free. Write. for It.
T. S. HE?. DERSON & CO., 506-7 Gcmmercial Bldg St. LoqIs.
INDIANA GIL PROPER! IES AND LEASES FOR SALE.
If 70u are looking; for oil .properties, Indiana Is tho place to Invest. We have for
"sale good produclnjr properties from a dally production of 30 hbls. to 300 bbls; also
have 4.C00 acres good leases for sale, located In Huntington, Wells, Blackford and
INDIANA INVESTMENT CO., Montpelier, Ind.
STOCK OF GOLD TUNNEL MINING CO., Nevada City, Cal.
On of ths ereat mines of Southern California, rirf t dividend payable March 31st on stock
bought now. Solid Investment with haJitlome late of lntfiMt and Drobable Increase. Trice rr
share 25 cnts. Will be withdrawn from ale March 12th. Customers protected against loss upjn.
plan of exchange of stotks in Trust Fund.
KM.1QTT" W BOUOIjAS. Manager Douglas Larry & Co. Security Building. St Iyiuls. Mo.
n. & o. io.e sss 934 s:u 92it oiv;
U. It. T l.X trS Si's 6j4 04 t'j
fan. Pac 6.W0 129 irsu 127 u;u 130',
c. & o ,
C. Ac A. com.
C & St. W..
C & o. W
L O. T.
1.300 4S; ", tiV, 45H
600 32-n tS's R 32 224
900 1SU 155 1M 1S5 lv;
1.4M 2m 21H 23"i 23's 21U
:0.V) 171 17m 1SS Ids' 1111,
Hit 274 27', 27 27 274
HW 391 JS'i 2S,
3 171 1714 1704 1Ivj Ill's
C. M. & St.
C. C.. C. a St. I
I. ic 11
I).. U. & W.
1). & R. G
Hccklng Valley ..
Illinois Central ...
Ion a Central
K. ti. . s.pfd..
K. C. So. com
400 s; s: tt4 ks
15,vm wi i;s H" zf,
III) li , (I 51
2C0 lOt 191 13 va
l.J 13S?i 139i 129 1
29V. 394 I9tl 2JK J9J,
m zi" il" :o" i't" in
1 UK M X
1. & IV
2,100 119 120"4 US"4 11U W)!
Man 10.1M U34 113 140V, HJ' Ill's
Met 1.791 135 13Hi i&l 133', 14
Do. Is. 7'T 118 IIS 117 117 1174
l.en) 2i 27U M 26', r;s
M.. St. P. S. M...
St. tc St. L.
M lv. T.
Mex. Natl .-..
Jf. Y. Cent. com..
N. J, Cent..
N. 1. C. St. U...
N. Y.. O. 4 W...
N. a TT
P., C. C St. L...
St. U & S. F.
St. L. u S. W....
Vf J4 d ,d" ,47 II
J 28 28 26H
1.5- 7J S7 67J, .174 Mi,
50.400 109-s, 110 107 108 10
If, 17Ti 17' Kt 1?
2,"0 liJvi'lis'i,' lliii 14N4 142
4.500 J0i, 31 20 20H 31'4
6.9 72 72 71 71 "2S
t.Wl 14i"4 HjX 144i 144H 14w
t.vm C9VI 5J'l s:i S' HTi
1W 71 1
1T.) 4t 424 42Vi ;
1.900 76i 78t 754 "54 "4
2.5W Sl4 Sl't IS 79
lvi 71 71 72
11 25 S
200 59 59
15.9-tO E9S 69 584 5i
3.5.4 324 32', 32 32
1.8C0 SS4 284 58 38
300 T. 274 27 27tj
5N 42 424 41 41
TI7UO 93 9JV 89'i 90
U. Pac. com
Do. deb Bs
W & 1 E. com...
Wis. Cent. com....
Nat. Lead pfd....
U. S. Leather pfd.
C. & A. pfd
103V, 103', l'4 l'OVS l'',
SW 2S 284 2S4 24 29
S!l "H " gH
"ioi 334 ".'.'.'. "V.. jj'4 33
2OT 25', 734 3-H i "
504 M4, 494 4'j
62" S2" tin Hk
It. I. 41.
Vi 844 M'i 81'i
U. rac pfd 300 91
Total sales. 378.500.
Jfew Yorlc Bond Sales.
New York. March T. Bond sales:
10.000 Atch Gen 4S.102
7.000 B & O. Cv
deb 4 103
7.000 B 4 O S-W
10.000 K C S 3s.... T04
5.C00 L. & N uni
5.000 Manhat 4s... 100
20.OC0 Mex Cent con
12.000 Mex Cent 1st
1.000 M KiT 4S.101
MOO Do 2d 4s ... Sli
10 000 N Y C-I. S
col tr 34s .. 31
1.000 N T C & St
L. 4s 104i
t.000 Nor ft W 4.101
HlWOre S L.
19.000 Pa com- 34
C.OOO Peoria t U
4.0(0 Readlnr sen
COCO fat la I M Is 114
UO.OOO St la & 3 F
ref 45 ...S6UBT7
7.000 Pan A t A
P 4i . 13
1.0OS Seabrd A la
M 49 81
1.000 So Ry Cs ..117
t.000 Toledo. St. la
& W M 4s .. 71
10 000 U P 4S.1024S102
2C9.OO0 Do conv 4s..
LOOO Wabash lst.118
270.000 Do deb sers
dlv 3fcs ""
? OflO fen lis
2.000 C & A 3s 8.-4
40.000 C. B & U
1,000 C. B ft Q. Ill
alv 34s 94i
3.000 C, B & Q.
Neb ext 4s.. .1034
4 00O C M st r.
C P 5s 117!i
129.000 C. R I & P -
It R 4s SCO SI
27.000 C F i I Cv
deb 5s.. ..8SXS8S
l.ww COlO sso 48... VJ
75.000 Con Tob 4s..
5.000 D & R O con
5.WO En oas s:
Fuel of Ch
l.wu L.ne rrior
Uen 4s 98
(.000 Gen Uen 4s. 85
1.000 Gal Hi 11
2.000 Hock Valley
19.000 111 Cen Cairo
Bridie 4s ...10S4
1.000 la Cen 1st 5.11(.
6.000 K C. Ft S &
M ref 4s 874
Ths total gales of bonds to-day were $1,218,000.
Wachtnston. March ?. Available cash balancs
8222,(79.794: gold 3118.575. 08 J.
HOTEL- THIEF- ELUDES- POLICE.
Burglar of Palace and the Califor
nia Were One.
San Francisco. March 7. The police ara
certain that the thief v.-ho climbed Into
Ceptaln W. W. Greene's room, in the Cali
fornia Hotel, from the fire escape, on Thurs
day night, and stole a watch north I5C0 anl
JIS In gold co.n after bavins cnloroiormed
the steamship master. Is the fellow who re
cently vlsltea a room at the Palace Hotel
and stole money and Jeweliy from F. S
Johnson. a guest at this hostelry.
The coat from the pocKet 01 wnicn me
man who took Johnson's property made hit
haul was found on the roof of the Palace.
Captain Martin, head cf the detective
force, has not been convinced that chloro
form was used. He Is Inclined to think that
Greene slept natutallv and that the thief,
be'nft an expert, well understood how to
move around without waking the sleeper.
KING EDWARD MAY NOT
GO TO THE MEDITERRANEAN.
SPECIAL BY CABLE TO THE NEW TORK
HERALD AND THE ST. LOUIS REI'URLIG
London. March?. (Copj right. 1901 Truth
announces this week that It Is probable that
the King will now abandon nls projected
cruise In the Mediterranean. In which case
his Majesty will Join the royal yacht Vic
toria and aUbert nt Portsmouth toward the
end of this month for a crulie In nearer
From the Riviera comes some confirma
tion from certain fashionable persons who
up to quite recently expected to see his
Majestv- on tho Ccte d'Azur. but who now
say that he Is not coming.
The KlntT greatly enjoyed, his cruise last
spring along the coasts of Devon and Corn
wall, and may very likely follow the same
course. Including another visit to the Scllly
wvu'ii liwui n,w..iin,'mnJLi j .I
PHILIPPINES TO BE
"GLEANED UP" BY WOOD
Assignment of Former Governor
General of Cuba Given That
WILL ABROGATE ZULU TREATY.
Friends of the General . Believe
That He Will Ultimately Be
uiven supreme oommaoa
in the Islands.
Washington, March S. The- "twin relics"
of barbari-m, slavery and polygamy,
which we annexed with a lot of other
things when we retired Spain from her Pa
cific colonies In 1S39. are now to be wiped
out In the Asiatic United States, as they
have been In the United States of North.
That is the real purpose of the assign
ment of General Leonard Wood to duty In
the Philippines. In all the official refer
ences to his new duties, the Impression has
been conveyed that he was to go Into tbs
Moro country to "clean It up and put
things on a more wholesome civic and hy
gienic baeis. as he, did In Santiago after
the clora of the Cuban war; and It Is fur
ther known that his ultimate destiny is the
supreme command In the Philippines, which
Ms friends hope he will be able to make the
stepping stone to the head of the army at
General Wood will not go to the Philip
pines by the most direct route. He will pdsa
slowly through Europe and make one or
two stops by the way. even after he reach
es Asiatic waters. This Is with a view to
picking up Information and suggestions
from Kuropeans governors of experience In
such matte's, as to the management of
polygamous and slave-holding people.
.Meanwhile, It will be recalled that the
Moros were excepted from the proclama
tion of peace and amnesty of last July, and
that Colonel Frank Baldwin had made" r-n
expedition in Mindanao In the sprlng'to
discipline the petty potentates there. It Is
broadly hinted In some military circles In
this city that Baldwin could have kept
those peopI from any outbreak by the uss
of a little tact, but that he was willing to
let what began as friction end In an out
break for the sake of the opportunity it
would give our Government to demonstrate
by an object lesson the strength of Its mili
.That demonstration was expected to im
press not only the minds of the Moros. but
those of the Sulu group. Some time ago, t
may be recalled, there was talk of the
forcible abrogation of the Bates treaty
with the Sultan of Sulu. This was when an
Insurrection had broken out against .the
Sultan and we had demanded In vain that
they suppress It. so as to keep us, as the
soverlgn nation, out of trouble with Euro
pean Powers whose subjects had gone into
These events win undoubtedly be made thi
basis for the new negotiations and the Sul
tan will be shown the Impracticability of
continuing his anomalous lelatlons with tho
United States and the folly of resisting a.
change. Tie whole empty treaty business
will be done away with and the Moros ev
erywhere will be put upon the same foot
ing as the other Filipino tribes.
It is probable that General Wood wilt de
vice some arrangement whereby the "tw'n
relics" will be dissolved gradually and the
slaves and the surplus wives provided for
and saved from suffering as a consequence
of their altered condition.
TOT DRANK CARBOLIC
Child Was Left Alone and
Found Poison on a Chair.
Hartfcrd. Conn., March 7. Little Anile
Xowsch. 2i years old. the daughter of Mr.
and Mrs. Max Xowsch of this city, was
the delight of her parents. She was a pret
ty child, whose prattle only ceased when
she slumbered. Mrs. Nowsch was rprtnkllni;
n cloth with carbolic acid preparatory to
hanging ever the foot of a bed In which
was another child ill with whooping cough.
She did not know that Annie rras ne.ir.
and she placed the bottle of acid In a chair
for only a moment.
The baby spied it and toddled over' to
where It was. Seizing thr bottle she drank
the contents. Her shrieks as the acid
burned her Informed the mother of what
had happened and terror-stricken she cried
for help. A messenger was dispatched for
Doctor Carton, but there was nothing ho
could do to save the life of the little one.
He was able merely to alleviate her suf
ferings. Annie died an hour after the ter
Mlssonrlnns In Sew York.
REPUBI.lt. SI'XriAIa. .
New York. March ".Among the arrivals
at the hotels here to-day were the following
St. Louie Miss Thompson. T. R. Rice anj
Mrs. Rice. J. O. Butler. F. G Nledrlnghaua J.
II. Smith, G. D. Markham ard Mrs. Markbam.
It. E. Pierce. Waldorf: N. Frank. R. Hart. Ilcff
man: D. B. Turner. Manhattan; J. D. Vi::
and Mrs. Wh'te. Imperial: C. L. Plunkett. Mor
ton: E. Sheehan. rark. Acnue; H. S. Schnetjer.
ICaasas City D. O. Saunders. D. G. Ej'jndra.
Jr.. Holland: C. J. Schmelxer, D. Dunlan. Imperial.
S83fcs&,..-i .-, - ecjjrSiMn'sdm.