Newspaper Page Text
FINANCIAL
SITUATION
Monetary Consideration As?
suming Dominant Influence.
THE RAILROAD OUTLOOK
Heavy Traffic is Reported On All Lines
And Monthly Earnings Show Qon
?ral Increase. Labor Outlook
Has Considerably Improved
(Special to Tho Times-Dispatch.)
NEW YORK, May, 2.-Although mone
tao.* consideration? havo played un( Im?
portant part In shaping tho course o? tho
?took market during the last f?w w?ok?,
they aro again assuming tholr old position
of dominant factor in the futuro of tho
situation. Too' much ?tros? cannot bo
laid on the fact that tho next elx month?
Will tax the reaourcoa of tho bank? to an
unusual degrco; the hoavy disbursements
incident to tho Panama payment and tho
notation of vaiUoue bond Issue?, tho
maintenance of trust company roserve?
and the large crops have already boon
Clscussod In theso column?. The o
penditure? necessitated thereby may or
may not be exaggerated, but tho fast re?
main? that tho resource? of flnanolal
Institution? aro being fmtlfled to
creator extent than 1? usual at thl* ?ca?
non. Bankers aro a unit against a general
extension of oredlto during tho coming
?i-inmur mouth? and stock market specu?
lation .cannot therefore assumo the pro?
portion? that it did laat August, whon.
doaplt? tho entrance of the crop moving
period, It was permitted to pass beyond
the control of thoso who fostored tho
movement. Bankers and speculator? alike
have learned a lesson from the resultant
depreeslon of tho fall and winter month?
and It 1? not MlMly that conservative in
terraita will again bo compelled to meto
out tho aevero punlohment that waa In?
flicted upon the leaders of the ill-timed
bull campaign which ended ?o disas?
trously.
SHIPMENT OF GOLD.
Considerable Interest centred In the
?hlpment last Tuesday of ?500,000 In gold
for the aooount of a Philadelphia bank
whloh It waa ?aid wa? forced to cover
?omo of It? exchange transaction? by a
gold nhlpment. The recent rise In the
foreign .exchange rate led to considerable
discussion as to the probability of fur?
ther shipments within th? next few
week?. Foreign exchange broker? are In?
clined to the belief that a further ad?
vance will be followed by heavy drawing?
of finance billa and sterling loans, which
will ?erve through the offering of bills to
prevent ?hlpment? of the yellow metal.
The rise In London'? ratio of bank re?
serve to liability to .the highest figure
reached at this period In ?evoral years
will be likely to prevent a European de?
mand for. gold. On the contrary It affords
assurance of the ability of English bank?
to assist ua during tbe ensuing months,
when our own surplus fund? muat be
carefully husbanded.
TAX DECISION.
The decision of the New-York Court of
'Appeals In declaring valid tho special
franchise law, had but passing effect on
tho stock markot, even tho shares of tho
local traction companies being but tem?
porarily depressed. Thl? decision sus?
tains the constitutionality of the law ne a
whole. The Appellate Division decided
that the law was unconstitutional In that
It gave tho State Tax Commission instead
of tho local assessors authority to ?aseas
tho local franchise?. The Court of Ap?
peal? holds In brief tha{ the Legislature,
In creating a new ?yatem of taxation,
embracing a new kind of property, nover
taxed before, had tho right to entrust the
power of making th? assessment to .State
D'llcera, and that tangible property, euch
%g rails and polas, which had been for?
merly ttxed by local assessors, was mere?
ly inciden Ul to the ?pedal franchise?, and
hence that thoro waa no infringement
upon local self government. The decision
wae not altogether unexpected, and al?
though It will mean a los? of more than
15.000,000 annually to New York City cor?
porations alone, preparation? had been
uiado to meet the necessary outlay. It 1?
unlikely that the paynieht of dividends
will be Interrupted, or that tho payment
of tho hftek taxes will ?a??? the several
manAgements any embarrasiim'ent.
Tho railroad outlook Is very encourag?
ing, heavy traf fio bolng reported on all
lines and monthly camlnRe showing goti
eral Increases In net and gross earnings.
Tho excellent crop condition?, the activ?
ity In manufacturing are primarily re?
sponsible for thoeo favomblo reports,
whloh havo led to the circulation of ru?
mors 6f Increased dividends. It Is proba
Wo, however, tliat the Increasing surplus
accounts will bo UBod for beltermenuj
than dividend purposes, tho extensive Im?
provements planned by most of tho big
syetoms and tho numerous bond Issues
flotttod within the past year waking
necessary the malntunanoo of largo onsh
assets. Among the. Important railway
earnings roportod during the week were
the following! Minneapolis and St Louis,
gross decreased $03,800 and not decreased
?.'13,837! "Big Four," gross increasod $261,
040 and net Increased $i4, 810; Lehlgh Val?
ley, gross tneroased (1,023,401 and net ln
eroasod 1080,371: Peor?a rm? l?asturn, groes
Increased 16?,310 and not Increased $0.079?
Bouthorn Railway, gross Increased, $608,
416 and net Increased $143,1341 Rock Isl?
and, total loes, $3,080,485? total net, $1,
?fl.Hll.
The labor outlook has Improved consid?
erably during tho past few weeks, many
of tho largo strikes, that hnve disturbed
the harmony of the Industrial situation
having been declared oft and a truce ar?
ranged In others. Powerful-Influences aro
at work for the establishment of moro
amicable relations between capital and
labor, and It Is hopod that tholr offorts
will be rewarded with succose.
THE MARKET
IS LIFE
(Continued from Tenth Page.)
DARK TOBACCO.
Common lugs .$ 8.'
Medium lugs. 4.50i
Good lugs . 60Qi
Common leaf. e.00
Medium leaf. ?.???
Good leaf . 8.00<?
Fine leaf. 10.60!
Wrappers .....,-. 16,
BRIGHT TOBACCO.
Green lugs.$ 3,
Good bright lugs. 7.60?
Common bright lugs.?. ?.???
Fine bright lugs . 8.6"
Common cutters . 7.0 _
Good ?utters. 9.600 11.00
Fine cutters. 11.00? 12.61
No wrappers ottered.
PETERSBURG TOBACCO MARKET.
Petersburg, Va,, May 2, 1903.
The quotation?! for this market are as
follows:
Common to medium lugs....$ S.(
Good1 lugs.-.. 4.0
Poor short leaf .....'. 6.0
Medium short leaf . 7.0
Medium to good wrappers.10.( ..
Good to line wrappers. 15.00? 25.00
Fine shipping . 8.60? 15.00
MISCELLANEOUS MARKETS.
HIDE) AND TALLOW MARKET.
CHICAGO, ILL.. May 2?(Allen-Miles A
Co.'s Hide and Letter Leather).?The
packer hide m&rkot continues extremely
dull for February and. ? March native
steer hides, butt brands and heavy native
cows. The receipts of cattle at Chicago
for April were nearly 70,000 larger than a
year ago, and were about tho,largest on
record for. April of any 'year; The tan
nera are willing to buy April hides at the
prices the packers are holding February
a?<1 March, but the packers are holding
the poorer hides Arm to moke the price
look favorable as compared with April.
February and March native steers offered
at 1114 c, butt brands,, 10%c. and January
?heavy cows offered at.lOc.-Large^Bupplles
of all. Eight hundred heavy and fight
native oows, mostly .April, sold at 10c.
The only buyer In the country market to?
day woe tho American Hide and Leather
Company, who bought a few care of buffs
at 8%c. and 7%c., but with only small ??G-.
centage of No. L Cows and extremes quo?
table at eamep rice. No orders from the
East to-day; decline causes tanners to
hold off.
PEANUT AND PEA MARKET.
NORFOLK. VA,, May 2.?The peanut
market Is quiet to-day. The only change
In prices Is Spanish nuts, which have
dropped In price to 77^4c a bushel. The,
prices are as follows:
Fancy, quiet at 3a ? strictly prime,
I?4e.; prime, 2V?a: low grades, 2c; ma?
chine picked, 2?2?4o.; Spanish, TTHo. per
bushel. Blockeyo peas, $2.25 bag-, black
and speckle peas, $1; clay and red peas,
BOc. Peanut bai;s In bales-68 In.. 7 4-10a
PETERSBURG, VA,, May 2.?PEA?
NUTS?Spanish new, market very firm at
77UC-? sellers asking more. Virginia's?
quiet at 3c.
DRT GOODS MARKET;
NEW TORK. May ?.?The weok in dry
goods closed quietly with trading restrict
Make Comparisons
of Our Valuer.
...CREDIT FOR EVERY ONE...
$12 ones for $7.09.
118 one? for $11.29.
$25 one? for $15.09.
PORCH ROCKERS.
. 08o. for a Large Arm Rocker,
worth $2.00.
69o.. for a Fino Poroh Rocker, In
natural oak, red or green.
28-Piec*^ Bedroom Outfit,
??75?
10-pleco Solid Oak Bedroom Butt,
I Pencil Weave steel, aprimi,
1 Cotton-Top Mnttrens,
lO-pieco Toilet Set, decorated.
2 Feather Pillow?.
1 Feather Bolstor,
1 Beautiful Rug.
2 Handsome Picture?,
28 pieces, all for $38.75.
???
China and Japan Mattings...
The largest Ime of Mattings shown. . Many exclusive patterns
and designs in every grade, and tho Jest values ovor f?^/tC
offered, Prices rango up from, por yard.
7 und 9 West Broad Street,
The Cheapest Cash or Credit Store in the City,
g*H?a!ggg|U!?gSWXW
P^??*999z??999999??W59S9!S!f?3l^Z3&xxs?
RICHMOND MAY FESTIVAL )BR0AD ST PARK
.??. MAY
.....EXPOSITION......)i8thto23d
IfTTIltg.
TRAIN THE YOUNG
MIND TO THINK.
14 Prizes free to The Children.
ist. Ladles' Chatelaine Watch. V
ed. Young Gentleman's Watch.
3d. Sanford Fountain Pen.
4th. Sanford Fountain Pen.
And io Prizes, Each Valued at |x.6s.
How to Obtain One of These
Prizes.
During week of May 13th, the Chhn
boraso Hospital will have a large benefit
performance, to be known as Richmond
May Festival and Exposition. It will be
conducted upon a grand sosie, and will
cost about $10,000 for the week's amuse?
ment. The proposed new hospital Is s
very worthy cause, and should hare ,th?
undivided support of th? entire commu?
nity. The Festival and Exposition win
be advertised vory extensively through?
out Virginia, and axerarslons will be ran
from all parts of the State. It will be of
great value to the business Interests of
Richmond, and the chance of a life?
time to amusement lovers, and to gfvo
the Festival and Exposition further pub?
licity, we offer 14 prises, to be grrsn as
follows 1
-?WW4I -
ON
THE
SQUARE !
IT
WILL BE
THE LARGEST THING
THAT EVER
WAS.
JESxSxfiSL
TAKE THE WORDS
CHIMBORAZO HOSPITAL
and (rom th? letters found In, them make
as many words as 70a can, turine each
totter no more times than It Is found In
Ghrmboraso Hospital. To the girl thus
PTf*?"4r the largest list ot words we will
award first prise; to the boy making the
largest list, second prise; the next two
largest Usta, third and fourth prizes, and
to the next ten largest llstu, eaoh a prias
valued at ?L63. Prepare roar Itst and
In plain furore? state number of -words
yon have formed. Enclose same tn un?
sealed envelope and leave at No, 12-16
SoUth Eighth Street, or put on a 1-oent
stamp and direct it
Bateau tf Publicity, la-tu So- 8th St,
Train tout mind to think and tall all
your friends about this ountest; they
can help you to make up words.
All lists must be In by Friday, May
loth, and winners of prises will appear
in News Leader May 10th and Tlmes
Dlspatoh *f Afay 17th.
0. 0. XJTT, \
Chief of Publicity.
??^?^? ll?llllf?~'"M"M''?
NEW CUSTOM HOUSE
FOR ELIZABETH CITY.
Raleigh and Charlotte papers say Elizabeth City, N. G, is playing in luck, as
shown by the new custom house, which recently passed through the proper channels
of government appropriation. It will cost $140,000. The efforts of Hon. John Small,
in the House, increased the appropriation by $20,000 on the morning on which it
finally passed. It will occupy the Greenleaf Square. This square recently was
offered the government at $25,000, and will no doubt be taken.
ed at both flret and second hands. With
ootton In lie present condition there is lit?
tle likelihood of manufacturers weakening
unless It la absolutely necessary to run
their machinery. Offer? at low figure?
havo been made and refused, and buyer?
seem to take the situation philosophically
and are not worried about tho future,
NAVAL STORES.
WILMINGTON. N. 0? Muy 3.?SPIRITS
TURPENTINE?Nothing dolngi receipt?,
ID casks. Rosin?Nothing doing! receipts,
00 barrel?. Crude Turpentine?Quiet at |3,
?3.2q?j'3.60? receipt?, 87 barrels. Tar?ITlrra
at ?1,65: receipt?, 189 b?rrela
BAVANNA??, GA., May ?.-TURPKN
TINE?Steady at 46o. ? receipt?, 1,700 oask?|
sales, 202 oaeks; export?, 970 cask?. Rosin?
Firmi receipt?, 1,244 barrel?; sales, 626
barrels: export?, 661 barrels.
CHARLESTON. S. C, May ?,?TUR*
PBNTJNE? Quoted at ?o. Rosln-Noml?
nal,
COTTONSEED. OIL MARKET.
NEW YORK. May 8.?Cottonseed oil
quiet, but ?toady at aid prices. Prime
crude, f, o. b, mills. 84@36i4o.i PHme ?unv
mer yellow, 48^@43%c. ? off Hummer yel?
low, 37W38C.: primo-whit?. 46?47o,| prime
winter yellow, 40@tfo.; prime meah. 137?
27.60 nominal. _
MARINE IN?EUIGE?iCB.
port o?r Richmond, mat ?, jbos.
ARRIVED.
Steamer Berkeley, Guy, Norfolk, mer?
chandise and passengers, Old Dominion
line. , 1
fUeamex ?agio??, Xwia?ll. IrbUttUk *
phia, Pa., merchandise and. paeeonger?,
Clyde Una _?
Steamer Pocahontaa, Gray??, J*me*
River landing? and Norfolk, irerohandlse
and passenger?. Virginia Navigation Co.
Barge Sharon Hill, Batterby, Baltimore,
ooal, S. H. Hawes & Co. '
SAILED.
Steamer Berkeley. Cuy, Norfolk, mer
chandta? and passengers, Old Dominion
To Sail May 8d.
Btearoer Saglnaw, Tunnel!, Philadelphia,
Pa, merchandise and passenger?, 0>de
line, _
PORT OF WEST POINT, MAT ?, 1903.
ARRIVED.
Steamer Charlotte, Murphy, Baltimore,
paaenger and general oargo.
SAILED.
Steamer Charlotte. Murphy, Baltimore,
passenger? and general cargo.
PORT NEWPORT NEWS, MAT ? 10O3,
SAILED.
Steamer Francis C. Leggett, San Fran
Stoamor Soeetdyk. Roterdam and Am
6tBtoamor Lord Robert, Bejfaat.
Sohewer John Twoby, Providence.
Schooner John Procter, fjalem,
AUCTION,
16 Highland Park lot?, beautiful ' loca?
tion, 6o car tare, Monday 4 p, M.
R?A& ESXA?B ?8US& CO. ?*
ESTABLISHED 1806,
W, Minor Woodward,
Stewart Al. Woodward,
&
YELLOW PINEp
White Pine, Hardwoods, Mahog?
any, Rough and Dressid.
SASH, BUNDS, DOORS. ETC,
River, Arch, Bragg, Seventh, Eighth,
Ninth and Tenth Streets.
Main Oftloo: Cor. Ninth and Aroh SU.
MANCHESTER YAREO)
Deoatur.. ptookton, Everett, Maury,
Third, Fourth end Fifth Street*.
Branch Office: Cor. Fourth and Stock?
ton street?. -
WRITE, 'RHONE OR CALI?.
QIRLS RETURN
Factor Brings Them Back from Peters
burg Where They Had Gone.
Through the efforts of Captain Tomltn
son, of the secret service department here,
and Chief Ragland, of the Police Depart?
ment In Petersburg, the two girls, Maude
Clarke and (Bessie Pasaday, who ran
away last; week, wer? reurned to their
parents yesterday.
The girls lived In Falrrnount and ex?
pressed regret at hawing left the parental
roof, and said they would not do so again,
and they were forgiven^
The police know of no other, coses in
whloh girls of th? sari)? locality have
disappeared aa has been reported.
Save the Fish.
Editor of Th? Tlmee-Dispatohi
Sir,?The people of the State are anx?
ious for some one to show to the Legisla?
ture the,importano? of utilising the waste
water in the State. You are the man
that should oo-me out on the cause of the
scarcity off fish. Your paper has the
widest circulation, and an Important
spectator would say that you are due your
patrone that much. The Legislature DM
made a ?traddla Tear? ago fish ways
were apoken of, bnt that ended the mat?
ter. Canals around . or fish way? err?*?
the dama Is, the only way to stock th?
waste streams. Canals are cheaper ?n?i
better, and can be protected against high
water by levees. - Two.hundred dol?an '
will construct a canal ?round the blgr?
gest dam In the State. It ledas l?gisla?
tion to allow the dani owners to destroy
more fleh thaa al the pot hunters in thai
State, and that, too, legalised. As ta
protecting flab, where there are compare?
Uvely none is a matter of nothing.
JAMES B. BROW?
Keswlck Via.
Question of Taxation.
Editor of The Times-Diepatoh:
6ir,?In section IBS of the Virginia Con?
stitution. I read this: "No other or great?
er amount of tax or revenue ?hill at
any time be levied than, ?nay be required
for the necessary expenses of \the gov?
ernment, or to pay tbe .Indebtedness at
the Statp." What doe?'this mean? 'It
lo?los to the common reader that some
are playing the Hon. Timothy CampeU
with the Constitution. _?,,,,?.
J. H. McGAVOCK.
Max Meadows, Va.
AMERICA'S GREATEST
SHIPBUILDER,
CALVIN B. ORCUTT,
President ol the Newport News Shipbuilding and Dry Dock Company?
r^|OR MANY YEARS the late Col- ,
Us P, Huntington oherlshed the '
Idea of establishing a great I
Amorlcan shipyard where oould
_ _^ be built the greatest of battle
ship? and equipped with mammoth dry.
docks whloh oould take In for repairs the
leviathans of the deep. His work was
taken up at his death by bis widow, Mrs,
Arabella Huntington, his nephew, Henry
E, Huntington, and the president of the
company, Mr, O. n. Oroutt. Tho result
I? the Newport News Shipbuilding and
Dry-Pooli Company's great shipyards ut
Newport News, Va., the greatest and
most perfectly-equipped yards In the
United States.
Descriptions of vessels built at these
yards would read like a pago frem the
Marine Register. Cruisers and battle?
ships for the navy and great steamers
for the merchant servio? are always being
built aldo by side, Recently the armor?
ed cruiser West Virginia glided from the
ways ami uearby. her eleter ship, the
.Maryland I* rapidly approaching corupler
tlon, |n March the Korea, built for the
Pacino trad?, glided on to the deep waters
of the yards and In Octobnr, the Siberia
wns launched. Durine th? Spanish-Am,r,
lean war, v?asela bullt by the company
for morohant survtca wor? found by th?
government to be specially valuable a?
fast cruisers and gur.boats, among them
were tho Nashville. Helena, Yankee,
Prairie, Yosemlto, Dixie, Buffalo and Bo
L-laioe, litre to* ??? ImUt .ffc? lUlud?*
Kearsarge and Kentucky,
Now building are tbe armored cruise?
Maryland, the protected cruiser Charle??
tan, the monitor Arkansas and the bat-?
tloship? Missouri, Virginia and Louisiana
(16,000 ton? displacement}, end among th?
merchant vessels, the Monroe, for 'the Old
Dominion Steamship Company.
A great feature of the yard are the dry
dock?, Whenever a ahlp on the Atlantla
coust from Jersey to tho Gulf needs re?
pair she makes for the great dry-dock?
at Hampton Roads; one 1? 600 feet in
length, the other 89T feet long, 103 feet
wide and a depth of 80 feet. Two battle?
Bhipe can be docked In It at one tima. it.
U the largest drydock In the world end
cost over a million of dollar?.
Mr, Orcutt, who manage? the affairs of
this great oomptiny, with Its twenty tuli?,
lion' of coirh-aou and It? army of ?9??a
thousand workmen, le a practical man ol
business. Seen at the lauoohtng?, be im?
presses ?11 with hie chartn of manner, M?
usability and courtesy at th? banquet?,
he presidas a? a graceful to?stmasi#i\,
saying many pUaeant, cheery word?.. in,
the management of the great bustneas, ha)
?how? exiofiy the ?am? plee?%nt nunnes,
He InstlUe in all the ?nthualaem that li 1?
necessary to make a great ostaHishm??!
work with oiock-like preeisloc When Um
late Mr. Huntington determine* o* sull*.
mg the yard, the first thing ha ?14 was
to ?aoure Mr. Orcutt, who. bww wN
famous at the rf^JW?aiW',M *?*?*.,
