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The World of Finance and Trade Sober Element Rightly Judged Schiff's Speech. ON A MONETARY REFORM Bemarks Not Intended to Apply to Present Conditiona. THE STOCK PRICES MAINTAINED London Market Showed Generally Ir regular Tendencies?Price Changes Ignored in Future Dealings. ?p^c!al Dispatch to The Star. NEW YORK. January 5.?Wall street dis covered before the opening la the stock market today what the sober element of the speculative community took foe. granted yesterday afternoon, that Jacob H. Schiff's address before the Chamber of Commerce on the necessity for a reform in our mone tary system was not Intended to apply to present conditions In so far as his predic tion of an inevitable panto was concerned. The more extended accounts of this ad dress, which were printed this morning, to gether with the speaker's supplementary explanation, made this fact sufficiently plain. There Is no ocoision at this time for dis cussing the subject of Mr. Schiff's allocu tions further than to say that It has been ateadily e.ssuming more Important propor tions In the considerations of the financial community, and that while opinions differ as to the methods to be pursued and the measures to be adopted to provide cor rectives and preventives which will spare the country any such calamity as Mr. Sehiff predicted as the outcome of an uniform ed money system, there will be no dispute as to the importance of the subject. Securities Not Impaired. Leaving time to do Its work, however, the speculative and investment community de cided this morning that the fundamentally" strong conditions of the securities market had not been impaired by the dismal con tingent future which Mr. Schiff portrayed. The stock market took heart of the grace allowed and rapidly recovered In most di rections the ground lost by the precipitate decline in the last hour yesterday, when Ill digested reports of the Schiff address , caused such a helter-skelter outpouring or j ?tocks. The London market, which showed gen erally irregular tendencies under continen tal pressure for gold, sent over a lower range of prices for American stocks before th? local opening. The price changes were, however, ignored In the initial dealings. The opening was at an advanced level, and under the leadership of Amalgamated Cop per. Anaconda, which sold ex-dividend of 3% per cent; Reading, ITnlon Pacific and Steel common, the whole list moved up ward more or less steadily throughout the forenoon, and around midday the price level was up to about the highest of yesterday. Minor Features of Interest. Minor features of interest were Kansas City Southern, Western Maryland and American Locomotive. Concerning Kansas City Southern. It Is slid that control of the railroad had passed to the St. Paul, al though no official Information In that re spect was forthcoming. At one time during tho afternoon it was reported on the floor of the stock exchange that control of Mis souri. Kansas and Texas was also passing, presumably to Hill or Harrlman Interests. Apart from these reports, the chief novel features of conjecture and gossip related to the forthcoming dividend declaration price and to the probable cause of the strength of American Sugar Refining stock and the confident bullishness manifested concerning it. In some quarters expecta tion as to the t'nion Pacific dividend are for a disbursement which will bring the distribution for the current fiscal year up to 7 per cent. No authoritative information was obtain able. however, other tuan that the action of the directors will be satisfactory to the stockholders. As for American Sugar Re fining, the annual meeting of the company next Wednesday may produce something of Interest, In view of the rather unusual and pressing Invitation which has been sent to stockholders to attend that meeting In person. New York Stock Market. Furnished by W. B. Hlbbs & Co.. bani.ers and brokers. 1419 F street, members New York stock exchange, Washington stocK exchange and Chicago board of trade. Open. High. Low. Close. Amalsamate'iCopperlO'%-106 10 )% 103% 109% Am. Car JL Foundry S % 40'-; 39% 40-i Am. Car A Foundry. pM 99', CO3., w', <>y% American locomotive. 76% 77% 76% 77% American I.ooo., pfd American .->meltln? 1:>4 165% 164 166% American Sineltln?.ptd 128 lav, 127% 127V. American tease 131% 158% 151 |M& American looacco, pfd I ft". >4 ]05'.J 105% 10f>'i A tell., Top. A if 91% 92% 91'9-'% Atcb., Top. AS. F. pfl. 10!% 103% I08y, iqs^ Atlantic tCMt i.ine 158% 15*% 151 15S faitin ore 4 Uhlo. 112% US% 112% 113% Brooklyn KaoidTrarmt. r6% rfl ft; % sp/. Canadian Pacific \VJ% 174% 1 72% 174% Central Rr of N. J 223 223 22.1 223 Miesa peaKe ,v UUio. 5> <5% 54% 66% Corn Products 19 19% 19 19;^ Corn Products, pfd. GO CO 60 60 CLicaeo Great Western. *0% SI 20% 21 CD.. Mil. A St Paui 179% 181% J79% l?l% Uu.Ter.AT.Trusl.pfi. .... ...... _..... Colorado Fuel A Iron ? 66% 67% 5?i 56% Colorado Southern 29% :s>'-4 29% S0% tcn?, mlatea <ias 179 179 179 179' Belaware A Hudson 220% 223 220% 2i,1 1>. L. A W 4<0 460 460 4C0 trie, (on,111011 .17% <8% 477' 4*1' trie, lit pfd ,.0^ 81% tos W'< Jrie. idpjd 73 73',i 73 7% btueraj tlectric 17u 1M)% 175% 180' illiauj* uaim 176 175 175 l7>, Ureen Copper so% 80% 30% M Kansas City Southern... :?7? 37% 36% 86} Kan?u> Cur >0.. pfd 69 71 69 C9} LotUst ille A Nashville.. 152 152% 151% 15-J, Manhattan federated ...... ....... Metropolitan seca Cu._ 72% 73% 72% "Hit Metropolitan at. tty m 123% 123 128^ mcsicsu central 24% 2a 24% 2ft Me.,Kau A fex., com.. 36% 37% "K% 86? Mo.. Ivau. A lex., pld... 69% 70 6*% 70 Miuouri Pacific 99% 1C0% 99V, ICO1. national Lead ?l 83 ?0% W ?ew toricentral 150 152 150 IK R.Y., ont. A Western.. 61% 51% 61% 61?i Jorlolk A Western fc& t5% 86 ISoJ. Northern Securities Pacific Mall Meaiushlp 41 4?% 43 Fennsyivsnia R. R... _ 142% 143% 142% Korthem Pacific 199 204% 199 rsoplesua* oiiaieafo. 100% 101% 100% JriesKd steel tar 53% 64 53% Keadins 142 143% 141% Railway steel Springs? 60W 61% 80% Repubuc.-Wel A lron_ >^% 33% 32% Rep.teei A Iron, pfd.. 105 106', 106 atock laiandcorniBoa 23% 24'-, 28% ?a*k n.iail p:d 62 ?*% 62 Rabbertioods ....... it L. A S. F? 2.1 pi i fcloss-Sheffleld Steel.... S6% 88 *8% St. l.ouls S. W? pfd 54% 54% 53V, Ijsuttiern l'aciflc 66 6#% 66% aoutlieru Pacific, pld 118% 118% 114% loutiicri' Kallwar 86% 3?% 86% AcutPern Kaiiaay, pf.l. 10(J(% 100% 100% Tenn.CoalA iroa 130% 1S2% I2?l^ TeXasPacltic 32% 33% 82', Onion Pacific 148% 153% 148% Central l.uat.ler 44", 45% 44% Central Lsatner, pfd... lO:-)'-, 108% 10?% l/Ditad state* Kabber? 51% 62 euueu Maui -?eel 42% 48> C.S..-toel, pfd 105 Va. Car. Cae.ulcal Co? 5i,, .... w_ * abash, 20% 20% 20% 20% Wa6a?ti. pid 40% 41 40% 41 Wheeling A Lake Erie.. ?.. _ ...... blesteru uuiou. 98Ji 93% Wfyj, 88% Wuaonatn Central 28*4 29% 28% 29% Wisconsin Central,pfd? BONDS, American Tobacco 4's_ 80% 80% C0% 80% Con.Tob. 4i _ ,,,, Rock lsiand4's 7?% 7tk 79% 79% D. Pac. Conv.4'a 150 150% 150 160 l.k steel 2d a"! 86% 90% 86% 96U Wafcaan Ueb. B 74 74 ? " 74 Releued on BitiL Heinrlch Becker, Indicted for embexxle ??ent, haa been released on ball In t'b* aum t 11,500. THE COTTON MARKETS. NEW YORK, January 5.?The cotton mar ket opened steady at a decline of 2a5 points on active months, but unchanged on the new crop position, which was much better than due on the cables. Liverpool futures were about ? to 7 English points lower than jus tified by the New Vork close of yesterday, but the English spot market was steady and private cables again reported a good trade demand. Trading here wa3 moderately ac tive during the early session, and seemeu largely in the way of evening up prepara tory to the national ginners' report, expect ed this afternoon, which caused covering by some recent sellers and rallied the market during the middle of the morning to prac tically the close of yesterday. Fluctuations were comparatively narrow and the ton# nervous. _ ,, Futures opened steady. January, lloo, February. 11.49 bid; March, 1 !???>; May, 11.80; July, 11.90; August, 11.90 bid; Septem ber, 11.00; October. 10.05. At midday the market was quiet but steady. with prices about net, unchanged. Si-ot cotton quiet; middling uplands. 11. middling gulf, 12.20. Estimated receipts at the porte toda>, Ai - 000 bales, against 49,530 last week and 29,576 last year. For the week. 152,000 bales, against 215.7S0 last week and 200.1KM bales last year. Today's receipts as. New Orleans 0,942 bales, against 5 7N1 last year, and a. Houston, 4.509 bales, against 0,037 last year Spot closed quiet, ten points lower; mid dling uplands, 11.85; middling gulf. 12.10; sales, 1,300 bales. Today's Cotton Summary. Quotations furnished by Atwood \lulett A Co., members New York and New Orleans cotton ex* chances. Washington office, 713 14th St. n.w. NEW YORK COTTON EXCHANGE 2:13 Net Open. High. Low. p.m. cbgs. January 11.80 11.44 11.31 11 30 ???? March 11.65 11.72 11.63 11.65 .... May 11.80 ll.? 11 75 11 77 .... July 11.80 11-81 H?- H-84 NEW ORLEANS COTTON EXCHANGE. 1:13 Net Open. High. Low. p.m. chg*. January 11.63 1163 11.61 11.81 .... March 11.?> 1196 H-87 'J,?? May 12.fKl 12.08 12.00 12.01 .. July 12.15 12.15 12.15 12.15 ... Npt changes, 6 points lower. New York spots, 10 down, 11.85. NEW YORK CLOS1NO, 3 P.M. January J}-jg March May " ? July 11 ?88 NEW ORLEANS, 2 P.M. January 'J'oo 3S: 1207 Liverpool Prices. LIVERPOOL, January 5.?Cotton?Spot in fair demand; prices two points higher; American middling fair. (5.75; good mid dling, C.41; middling, 6.23; low middling, 0.07; good ordinary, 5.89; ordinary. 5.73; The sales of the day were 10,000 bales, of which 500 were for speculation and export and Included 9.3<10 American. Receipts, 56. 000 bales, including 37.900 American. Fu tures opened easier and closed barely steady; American middling g.o.c. January, 6 10; January and February, 6.10; February and March. 0.13; March and April, fl.li; April and May. 0.20; May and June, ?.23, June and July, C.24; July and August, 0.20; August and September, 6.17; September and October, 5.92; October anfl November, 5.fi?; November and December, 5.82. THE GRAIN MARKETS. CHICAGO, January 5.?Active selling by leading commission houses and pit trad ers depressed May wheat to 83% here today. May corn, on fair demand, sold up to 447b May oats were Arm around 32^4 May provisions opened active, pork at 14.00, lard at 7.62%, and ribs at 7.55. The wheat market was weak for the re mainder of the session, the feature of trad ing being sales by prominent commission houses. The low point for May was reached at 88. The close wa3 easy, with May off. at 881i. The slump in wheat caused a reaction in the corn market, May declining to 44%. Offerings were well taken, however, and the market became firm. May selling up to 4o. The close was firm, with May up %, at *Close: Wheat?May, 8.8%; July 84%. Corn ?May, 44%a45: July, 45%a45%. Oats?May, 32%; July, 30%. Grain and Provision Summary. CHICAGO. January 5.-Grain: Open. High. Low. Close. Wheat-May ' 88% 89-Vi 88 88V* July 84% 84% -8-Hs Corn-May 44% 45 45% July 44% 45% 44^ Oat#?May 32'-a 32% 32V* 32% juiy30* 31 30% 30% CHICAGO, January 5.?Provisions: Open. High. Low. Close. Pork-May 13 87 14.05 13.82 13.85 Lard?May 7.62 7.65 i.60 7-fU Ribs?Maj.. <50 7.5o THE BALTIMORE MARKET. Special Dispatch to The Star. BALTIMORE, Md.. January 5.?WHEAT?Duil: spot, 85V&a85%; January, 85,/ia85%; re<*eipts, 5,732 bushels; southern by sample, 72a77; Southern on grade, HOaHSV*. CORN*?Firm; spot, 49,.-sa491.i; January, 49%a49%; February. 49*^49%; March, 49%a4994; May. 50'4a 50%; steamer mixed, 471,?ii47%; receipts. 262,138 bushels; exports, 190,283 bushels; new southern white corn, 42a49; new southern yellow corn, 41fca4&V OATS?Firm: No. 2 white. 88a38%; No. 8 white. 37a37%; No. 2 mixed, 3ti%a37; receipts. 7,387 bushels. RYE?Steady; No. 2 western, 73 export; receipts, 13,155 bushels. Government Securities. BI<1. 2 per cents, registered, 1930 102% 2 per cents, coupons, 1930 . . 1027% J per cents, registered. 1908-18.... 102'4 3 per cents, coupons, 1908-18 103 3 per cents, coupons, small, 1908-18. 102V4 4 per cents, registered. 1907 103 4 per cents, coupons, 1907 103 4 per cents, registered. 1925 130^4 4 per cents, coupons, 192.~> 130% District of Columbia 3.05s. 1924.... 118 4 per cents, Philippine, 1914-34.... 109^4 110% London Closing Stocks. LONDON, January 5. 4 p.m. Contois for money 89*4 Consols for account 89V Anaconda 12 Atchison 94' Atchison pfd 109 Baltimore and Ohio 116 Canadian Pacific 178% Chesapeake and Ohio Chicago Great Western _ 21% Chicago, Milwaukee and St. Paul 185*4 De Beers 17% Denver and Rio Grande 39 Denver and Rio (Jraude pfd... 90 Erie 49V* Erie 1st pfd 82% Erie 2d pfd 76'4 Illinois Central 180 Louisville and Nashville 150 Missouri, Kansas and Texas 87^ New York Central 155 Norfolk and Western S7% Norfolk and Western pfd 96 Ontario aud Western 52% Pennsylvania 73% Rand mines 7 Reading. ^rrT 78% Reading 1st pfd 47% Reading 2d pfd 49 Southeru Railway 37% Southern Railway pfd 103 Southern Pacific <J7% Union Pacific 154 Union Pacific pfd 101 United States 8teel 43< United States Steel i>fd I Wabash Wabash pfd 42 Spanish fours.. 91% Bar silver, steady, 29 13-16d. per ounce. Money, 2a2\ per cent. The rate of discount in the open market for short bills is 3 ll-16a3*i per cent. The rate of dlscouut In the open market for three months bills 1s 8 ll-16a3?& per cent. Admiral Glass to Retire Sunday. The Navy Department today announced the retirement of Hear Admiral H. Olass from active service on the 7th Instant. It stated that the admiral will be continued Indefinitely In his importarrt duties as com mandant of the PacMo naval district, with headquarters at San Francisco. He will also continue his connection with the court martial of Ensign Wade until that case has been concluded and the flndlngB reviewed by the department. Judges Pro Tern. The Supreme Court of the District of Columbia has designated Justices of the Poses Samuel C. Mills sad Lewis I. O'Neal to serve this roar as Judees of the Police Court during the abseooe of the regular Judges of that court. local tikahoiaz. nn It is expected bf Mr. T. W. Stubblefleld.' who tea promoted the ?(ul?t)oa of what U to be called the fourteenth and U Street Savings Bank?deriving its name from its location on the northeast corner o< the equare indicated?that it will be possible to open the doors of the new Institution about the middle of February or the first of March. By that time it Is hoped the new building which is now in course of construction will be ready for use and in tbat case the or ganisation of the bank will be completed and business will be begun. Mr. Mitchell, the president of the copper mining company that bears his name, is to be in the city tomorrow and will meet a number of the stockholders and tell them what is going on at 'the mines in Mexico. There is quite a good deal of the stock held in this city and the owners are enthusi astic over what has already been done and the prospects for the future. There was some trading done at today's meeting of the stock exchange in the bonds on the list, the most active being the bonds of the Washington Railway and Electric Company. Quite a blocK was for sale and a market was secured by letting them go at fractional recessions from the prevailing rate, which is lower than has been the case for some time past. The level of the range of the selling today was from 88 to 88%. The hid at the close was on the last level, and the bonds were to be had at an eighth advance. It might have been expected that the dealing in the preferred stock of the company would have shown a falling away in price, but instead of that there was a slight advance over the prices of yesterday. The trading was no larger in volume. For some reason which is not apparent, about the same relative ratio in the prices of the bonds and of the stock seems to be maintained, so that when one goes oft the other either sympathetically or for some other reason does likewise. Today, how ever, that rule was not observed. There was no change of significance In the common stock, and the trading was not of importance from any point of view. Capital Traction stock continued Its downward course, which apparently was approved of by the broker who is thought to be largely Interested In the stock. He did be largely Interested In the stock. He toward lower figures by keeping his bid down to 145. That level, however, was not reached, and the little trading that was done was at better figures, but still considerably lower than before the re cent announcement of the change in the official board of the company. However, that stock has never been noted for receiving at all times what Is known as strong support on the board, as it appears that those who have it are willing enough to let the market tako its course, evidently because they do not have to dispose of their holdings, what ever the current quotations may be. Nothing of special moment occurred dur ing the call of the rest of the list. There was some trading In the stock of the Amer ican National Bank, and also some blocks of the National City Bank changed hands. A single share of telephone stock sold again today for 60. There Is an inclination to give better prices for quotation lots of this stock, but there does not seem to be a great deal on the market. The impression is. of course, that the company Is rapidly getting into a position where the dividends on the stock can be resumed, and it is also expected that some plan will be announced for refunding the floating indebtedness which has been contracted In making the extensive improvements throughout its ter ritory. Exactly what is going to be done, and when. It not definitely known. A reminder of former days was found in the sale of a small block of gas stock for 60. It has been some time since this notch was passed, but ever since then the stock has been hanging below that level, but never getting much below It. As a rule there has not been very much stock brought out. as it Is apparent that those who hold It are both able and willing to continue their grip. i Today's Government Beceipts. National bank notes received today for j redemption, $1,258,304; government receipts from Internal revenue, $9fl4.974; customs, j $997,271; miscellaneous, $102,657; expendi tures, $1,750,000. Washington Stock Exchange. Sales.?{tegular call, 12 o'clock noon?Washington Rtvy. and Elec. 4s, $1,000 nt 88, $1,000 at 88. $1,000 at 88. $500 at 88. $2,000 a.. 87% $1,000 at 87%. $1,000 at 87%, $1,000 at 87%, $2,000 at 87%, $2,000 at 87%. Metropolitan II. It. 5s. $1,000 at 117%. Columbia It. K. (is. $500 at 116. Washington Gas cert.. $140 at 117%. Washington Gas 4s, $400 at 103, $40o at 102%, $100 at 102%, $400 at 103. Chesapeake and Potomac Tel. 5s, $1,000 at 104, $1,000 at 104, $1,000 at 104, $1,000 at 104. Capital Traction. 8 at 149, 13 at 140, 3 at 149, 20 nt 140, 20 at 148%, 20 at 148%. Washington Kwy. and Elec. pfd., 5 at 89%. 10 at 89%, 5 at 69%, 5 at 89%. 10 at 89%, 10 at 89%, 5 at 89%. 50 at 89%. 50 at 89%. Washington Kwy. and Elec. com., 50 at 42%, 100 at 42% American Security and Trust Rights, 24 at 2%, 10 at 2%, 100 at 2%. American National Bank, 6 at 180, 10 at 180, 2 at 180%. 2 at 180%. 3 at 180%. 10 at 180. 10 at 180, 3 at 180, 5 at 180. 10 at 180^, 10 at 180%, 10 at 180, 10 at 180%. 10 at 180, 10 at 180, 10 at 180%. National City Bank, 4 at 137%, 10 at 137. Chesapeake and Potomac Tel., 1 at 60. Washington Gas. 25 at 69%, 10 at 59%, 10 at 59%, 3 at 60. I.austou Monotype. 100 at 14. 100 at 14. Greene Copper. 100 at 30%. 100 at 30%. After call?American Security and Trust Rights, RAILROAD BONDS. Bid. Asked. Capital Traction 4s 105 Metropolitan 5s... 117 118 Metropolitan 5s cert, lndebt.. A.... 101 Metropolitan cert. Indebt., B 101 Columbia 6? 115 ..... Columbia 5s 105^ 107 City and Suburban 5s 104 Auuc-tstla and Potomac 5s 104 Washington Rwy. and Elec. 4s 87% 87% MISCELLANEOUS BONDS. Washington Gas 4s 108 104 Washington Gas cert 117 118% U S. Elec. Lt. deb. Imp. 6s 101 U S Elec. Lt. cert. Ind. 6s 101 Chesapeake and Potomac Tel. 5s... 104 104% Washington Market 1st 0s 106 Potomac Klec. Lt. 5s 103% 105 Nor and Wash. Steamboat 5s 109 1}? Bristol Gas and Elec. 5s 90 SAFE DEPOSIT AND TRUST STOCKS, National Safe Deposit and Trust... 10O 195 Washington Loan and Trust 218 220 American Security and Trust *t283 Union Trust 149 160 Washington Savings Bank 106% 112 Home Sa rings Bank 230 Union Savings Bank 275 300 ' American Security and Trust Rights 2% 2% RAILROAD STOCKS. Capital Traction 147% 149 Washington Kwy. sud Elec. pfd 89% 89% Washington Kwy. and Elec. com... 42% 42% Bristol Gss and Elec 42 NATIONAL BANK STOCKS. Bunk of Washington 500 540 Metro poll tan-Cltl*ens' 340 845 Central 333 Farmers and Mechanics' 333 Second 175 Commercial 185 195 Columbia 270 Capital 188% American 180 180% Traders' 189 Lincoln 135 150 Rlggs 636 700 National City Bank 186% 140 INSURANCE STOCK8. Firemen's 25 80 Franklin 50 Metropolitan 85 Corcorau 73 Potomac 30 31 Arlington 29 81 German American ? ? 240 ..... National Union 7% 8 Columbia 10% Rlggs S ft People's 5% Commercial 9 6% Colonial 100 115 TITLE INSURANCE STOCKS. Real Estate Title 80 Columbia Title 3% 4 Washington Title 4 TELEPHONE AND GRAPIIOPUONK STOCKS. Chesapeake and Potomac 54 American Grapbopbone corn 4% 6 American Oraphopbone pfd 8% 0 GAS STOCKS. ? Washington (Us 5B% l>9% Georgetown Gas 65 72 TYPE MACHINE STOCKS. Mergenthaler Linotype 101 l#l% l.uustou Monotype 14 14% MISCELLANEOUS STOCKS. Greene Con. Copper 30% a0% Washington Market 17% Nor. and Wash. Steamboat 275 285 Realty Appraisal Agency 21 ..... Mitchell Mining ?% 10 ?Kx-dlr. fBx-rights. | When informed that President McCall of 1 the New York Life Insurance Company had resigned. W. D. Yandtver, superintendent of Insurance in Missouri, stated that ho is not ready to announce his future action i in regard to the ouster proceedings whlih be has instituted against the New York lUte. Sp*cl?l Dispatch to Th? BUr. NEW YORK, January 5.?Men of conser vative minds refused to sell stocks yester day afternoon in company with the specula tire mob that tumbled securities overboard merely because Jacob Schiff in his chamber of commerce address predicted a panic In the future unless the reform of the mone tary system of the country were Immediate ly accomplished. They considered that Mr. Schiff would not have spoken aa he did If the danger were immediate and that, rath er, he believed the situation good enough now for it to be the right time to take measures to prevent panic at some F.ubse quent day. Money conditions are undoubtedly work ing toward the normal and Mr. Schiff's idea Is evidently to paraphrase a sound maxim of public pcfllcy, that In times of ease prepa ration should be made for trouble. More over, It was pointed out by the conserva tives yesterday, that if the foundations of i r./"Lock market were sufficiently well es tablished to endure the shock of Mr. Van derlip s warning' early In October on the 0,*?e of the tightest money markets mat Wall street has ever seen and to make substantial price advances all found through the subsequent period of strin gency, there was no reason to regard the securities outlook with apprehension be cause Mr. Schiff spoke as lie did at the end I or the stringent period. I /act also that Mr. Schiff made very much the same kind of a speech before the chamber of commerce on November 0, 1902 al! street had the last wild money ^ t0 one Just ending, goes Ihnnlrt r.nf h prophecy of disaster -t0uaUonn?ttoday.aPPlied t0? d,rectly to l"e ? * * Views of men competent to form and ex press opinions on the subject of Mr. Schiff's address will be found to range all the way from practical agreement with the ideas hesxpressed to almost complete opposition. hat eventual agreement the financial doc tors may try to reach will In the end have 1 ?the t0 Co"?reSH "" reform of ??netary system Is attempted along finhii 'rM31cate<J by Messrs. Shaw and nttF" ? J"?4 at Present the disposition or the financial community is to urge con gressional action. j could do a great deal themselves 15. ? tn?'n{alned larger cash reserves, but the difficulty of reconciling individual Interests with the good of the whole seems to be nsuperable by voluntary effort, o 1SS. L f Interesting to note that Mr. I Schiff whacked Mr. Shaw unmercifully for n?t doing a thing?making treasury de posits In the banks?which would certainly be regarded In many quarters as a measure of doubtful legality, and apparently an extra legal measure, anyway. It Is true that Mr. Shaw has heretofore Invited criticism of some of his acts as without warrant hi law, but nevertheless the fact remains that If he should take money out of the treasury now and place It in the banks on his own Interpretation of the law governing his act, he would In vite, and probably cause, un Immediate congressional inquiry Into the matter If such an inquiry could be made to bring home to Congress the necessity of some new monetary legislation Mr. Shaw might however, be justified in making a target of himself. * * * Conjecture and gossip about the forthcom ing dividend declaration on Union Pacific are plentiful, although nothing of authori tative origin seems to have appeared. Opin ions are expressed in some good quarters that 2hi per cent will bo declared for the half year and 1 per cent extra, making 6 per cent for the year. E. H. Harriman Is notorious for at least an alleged Illtberallty in the matter of divi dends, but it is said that in the present case he Is not averse to an extra disbursement. The true and rather striking statement con cerning Harriman is made by a Wall street news bureau that he "Does not absolutely dictate the policy of the Union Pacific, but there Is no desire on the part of other in- 1 terests In the company to override him." I * * * Persons of geographical bent have amused I themselves lately with railroad maps show ing how the Union Pacific system could be linked with the Illinois Central (in which E. H. Harriman Is an important factor), the Louisville and Nashville and the Atlan- I tic Coast line. Omaha, Chicago, Cairo and Louisville loom up as important points In these travels of fancy, and since the South- I ern railway divides control of the Chicago Indianapolis and Louisville with the Louis- ! vllle and Nashville, why the Southern rail way too, Is included in these interesting imaginings. ? * ? * A well-Informed writer on Wall street matters says of the Schiff address: "Similar remarks have been made ever I since the enactment of the present laws ' governing national bank note issue and re demption and the Bland law governing sil ver certificates. The defects of the cur rency system are the same the year around but they become glaring at the end of every year. 1 his Is the time of year when they are thought most about. Some of these years, unless there Is Improvement there might become a stringency at the end of December which would create a panic, and no small panic at that. It matters very little whether money rules at 100 per cent for a week or two, provided there is enough to go around. "Some very big men sold stocks and bought rights last month. They sold stocks and bought London calls for the same rea son to insure that there would bo enough money to go around. It Is well to call at tention now to the need of Intelligent legis lation on money, but there seems no rea son to apply such need to the present sit uation as far as stock speculation Is con cerned, when the danger Is all over and money is going back to a 4 per cent basis as fast as can be reasonably expected." * * * Rather interesting but not otherwise worthy Is the characteristically cynical view expressed by a portion of the finan cial community of Mr. Schiff's address. It runs something like this: "All the warnings, Vanderlip's, Harri man's (about competition railroad build ings) and Schiff's, come from the same quarter. Philanthropic advice and hints in Wall street should be coppered. When money Is tight It means that the big peo ple want to buy stocks and that the lltle people can't have any money until the campaign of distribution is ready." It is this skeptical habit of a certain kind of speculative mind which fills Wall street wth shattered hopes. Traders who think In this way are usually the first to join such a rush to sell out. as occurred yes terday. The weighty reflections Just Illus trated are usually the after thoughts of those who have lost their stpc-ks and are watching a record of rising Quotations oa the tape. ? * * Commission house literature distributed last night was very largely devoted to Mr. Schiff's address and Its significance. Per haps the most Interesting comments were made by Bartlett, Frailer & Carrington. whose opinions are thought sometimes to reflect the views of very well informed In terests. They said: "We have a great deal of respect for Mr. Schiff. but it seems to us that he did not cover any new ground in his speech, nor Is it likely to serve any particularly good purpose. The ideas presented are by no means novel, and they have been treat ed In a variety of ways by eminent speak ers and writers recently. Recent develop ments in finance and insurance ^nd a quiz zical interest to the present Awertatlons on the accuracy of financial methods "We believe that very much higher "prices for stocks will be seen within a compara tively short time and that Jt Is very likely that monetary conditions will right them selves quickly. Thpee is something \nore or less sensational in his statements but we doubt that Mr. Schiff expected any such result from his speech." * * * This Is a vision of railroad empire which might we?l appeal to a man of Harrtroan's reputed ambition, but the conquest of such an empire by Harriman would seem to Me without the limits of possibility to mr nothing of probability, a^wwer./f SrtTto hugely represented in it, then a vast aaS Important nmimmmM 9t <fc? railroad map mlfht tw fa?(tela. * * * "What fa dolor ln RcaiMncT" wai asked this week of a banker who has Ion* been interested in tba stock. "Doing? Thar* Is nothing doing," waa the reply, "only that It la on its way to 200 (I do not aay that It will get there this year) and the advance cannot be prevented. Meanwhile It nwiat sell at some price on tt*e way up. must It not i" Tliia man Is conservative in his fore cast compared with the prediction made by a retired broker who has more than friend ly relations with Reading Insiders. He says that the stock will sell as high as Lacka wanna. * * a Earnings of the T'retted States Steel Cor poration for the quarter Just ended are esti mated at between t35.UOO.OOO and (36.000.000. SCHIFF FORSEES TROUBLE. New York Broker Says Currency Re form is Needed. Unless there is currency reform, a panic, beside which former panics will seem in significant, was predicted by Jacob H. Schift of the banking firm of Kuhn. Loeb & Co., In a speech before the New Tork chamber of commerce yesterday. Mr. SchlfT said lie did not regard such a panic as Imminent, but believed It will come unless something is done to remedy the lack of elasticity of the present currency system. He declared that he did not favor the plan proposed by Secretary Shaw, for the relief of the situation. It being his opinion that the Secretary's plan would aid speculation rather than legitimate business. Mr. SchlfT favored a currency based on commercial paper as more help ful to the genral business Interests of the country. The meeting of the chamber was at tended by a large number of business men and financiers, and a resolution on the subject offered by Mr. Schiff was unani mously adopted as follows: "Resolved, That It be referred to the com mittee on finance and currency. o( the chamber of commerce, to consider the rec ommendation of the Secretary of the Treas ury made in his report to Congress, dated December ?, 1005. to permit national banks to issue a. volume of additional government guaranteed currency, equal in amount to 50 per cent, of the bond secured currency maintained by them, but subject to a tax of 3 or 8 per cent until redeemed. "Be It further resolved. That the com mittee on finance and currency submit a report at the next monthly meeting of the chamber upon the aforementioned recom mendation of the Secretary of the Treas ury. together with any other different measures which the committee may be able to suggest as efficient and practicable for the attainment of the purpose for which the recommendation of the Secretary of the Treasury has been submitted to Con gress." FOREIGN BANK BUSINESS. IADNDON, January 5.?Bar gold, 77s. lO^d. American eagles, 70s. 5'/id. BERLIN. January 5.?Exchange on I.on- j don, 'JO marks 42% pfennigs for checks. PARIS. January 5.?Three per cent rentes. 98 francs 95 centimes for the account. Ex change on London, 25 francs 10 centimes for check*. Russian Bourse Quiet. ST. PETERSBURG, January 5.?Trading on the bourse today was quiet and prices were weaker, owing to it being the eve of the approaching holidays. Imperial 4s fell to 81, but closed at 81\. FINANCIAL. I hereby publicly advise my Washington friends and others interested in in vestment securities to buy Mitchell mining stock. GEORGE CALVERT, 114 Liberty St., New York. F you have property to sell list it with us. It will be well ^ advertised and thoroughly exploited by the best equipped real estate salesmen. A quick sale will undoubtedly result. We are seeking both hotnefl and investment liropertles to meet applications. The F. 81. Smith Co., Real Estate, Loans, Investments, Insurance, 1408 N. Y. ave., Bond Bldg. Ja.V28d To Open a Savings Account ?should never be neglected. Be the amount deposited small or large, it will draw interest if placed in our BANKING DEPT. Ten cents or ten thousand dollars will open an account. Same rate of interest paid on ail accounts National Safe Deposit, Savings <& Trust Co., Cor. 15th and New York Ave. 39TH YEAR. Jal>-f.m.w.48 Atwood Violett & Co,, STOCKS?BONDS?COTTON. Washington Office, 718 14th St. MKMBK88 New Tork Stock Exchange, New Tork Outton Exchange And all other Important Exchange*. Private wire to New Tork, Chicago and New Orleans. Telephones Mala 2300-8801. de28-d,eSu,tf,14 MAKE 5 at a * mra u\*. uL-tf o> & || Consult us about our offer ? to sell our Savings deposi | tors real estate notes in de nominations of $100 and $ upwards that pay 5%. While too're saving up nM 1 the required amount yoor money draws 0% Interest. At ERCHANTS & ECHANFCS' Savings Bank, 707G St. ? Ja4-3?-88 FOR SALE?T.000 SHARKS OF STOCK OF CO lnmbia Consolidated Mining Co. (late Han Con solidated Mining. Milling and Lumber do.), at . 80c. per share. This company has Its offlea in to* Oolorado bldg. sad owns valuable mineral aad "? i la Mexico. Its oOcais are Hoo. aad Mr. Baraard B. Bob T>? Mm oOee. ITHAffCIAL. Savings Dept. of THE TRADERS National Barak will remain open until 5 p.m. on the 3d and 17th day of each inuu>h or on the next whole basinets day when either fell* upon a holiday or half holiday. Ateo open for the reception of depoelta from 8 to 8 p.m. EVERY SATURDAY not being a legal holiday. Cor. 110th St. and Pa. Ave. JaS-28d You'll find just the office rooms to suit jour purpose in the JENI FER BLDG.?7th and D sts. Rents range from $7 to $26 per month, and include light, heat, janitor and elevator service. Le Roy Mark,1410 GSt Jaft-IM "The Oval Sign." Stock Takiog THEN REBUILDING Or modernizing 3011 most do If you cannot afford to step down and out. Particular attention given to re modeling at this season of the year. Loweat slble cost. Arthur Cowsill, Builder, 897 Colorado bldg., 14th and G sta. n.w. FranclaH.8m.th. Deposit VOUT .. . business or per Alvln M. Lothrop, , , , r. , lit v. pre?. sonal funds with E. Qulncy^lth ^ this bank and WnBS1a check against O-O-Wauon^^ them at will. Jackson H. Ralaton. E V e T V COnven Attoruey. . J . , i. a. Kimbaii, ience extended Auditor. , .. .f, 4. depositors. $1 opens a savings -y (7~h/ account. Intereat al- ? lowed annually at.. f\M Union Savings Barak, Bond Bldg.,^4th & N. Y. Ave. ja5-30.1 '^t's not how much you make, but how much you save that counts." If you haven't saved anything ^fo date?start now. Home Savings Bank, 7th and Mass. Ave. Deposits more than a mil lion and a quarter. . Ja4-28d There are specialists and specialists, of course. As specialists in the execution of trusts, we invite your consultation and critical examination of our methods and facilities for handling all the delicate and important de tails connectcd with the many and varied estates in our charge as trustee. American Security and Trust Company Northwest corner of Fifteenth and Pennsylvania avenue. TSie Safest Investments Are tboee that do not dn(M ?poo the financial ri-sponslbllity or the atablllty of any Individual or corporation. Flrat dfeds of trust (mortgage) notei liberally secured on good real estate la the District of Colombia consti tute "gilt-edge" Investments. Tbeee are the only kind we make and supply to Investors. They bear Intereat, payable erml-anna ally, at the rate of Five per coot per annom, and may be bad of as In amounts from (800 and on ward at par and accrued Interest. Bend for booklet. "OoocOTBtaS Loan a and Investments." Swartzell, Rheem & fiensey Co., WARNKR BUILDING. ?10 V STREET NORTHWEST. United Copper Company. The United Copper Company baring set aside out of the net earnings for the year 1905 the entire amount neceaaary for the payment of the regular dividend on the preferred stock during the year 1908 (0% amounting to 1300.000), has declared a regular quarterly dividend of 1 *4% on Its common stock, and an extra dividend of V?%. payable Jan uary 31, 1906, to stockholders of record January 8. 1908. Transfer books close January 8, 1906. at 8 o'clock p.m., and reopen February 1, 1906, at 10 o'clock a.m. F. AUGUSTUS HEINZR, de2?>JaSA5 President. FISK <& ROBINSON Government Bonds AMD OTHER Investment Securities MMMBMRS NEW TORS STOCK EXCHANGE i Cedar Street tt Mate Street Mow Tork oell.18.18.H.then m.w.f.tf.?0 The American Audit Company, PUBLIC ACCOUNTANTS. BOMB OFFICE. 100 BROADWAY, New Tork City. F. W. LAFRHNTS. C. P. A President G. B. MAN WARING Vice President THBO. COCHBU, Jr.. C. P. A Secy, and Treaa. Examines tbe affairs of and makes report upoc the financial condition of private and public con cerns; devises and Installs modem and economic systems of bookkeeping and accounting. Consults tiou solicited. OTTO LUEBKERT, RESIDENT MANAGER, Mate *700, 80S Coiorad M. O. 0. FINANCIAL. Washington Branch, 1415 G st. n.w. Capital, surplus and undi vided profits $6,582,200 Deposits 16,876,075 w* pat ^73^) interest on bai^ncm 6TBJBCT TO OIKCK. AND HIGHER KATES ON TIMF. DEPOSITS. WE SOLICIT HOUSEHOLD, PERSONAL A!?l? PROFESSIONAL ACCOUNTS. AS WKJJ AS TH? BANKING BUSINESS OF COVM KRClAl. KHTAB IJ8HJJKNTS. CORRE8PONDKNOB INMTBD. MONEY TO LOAN 4J? and 5% ?5 DISTRICT REAL HSTATm. R. O. HOLTZMAN, 10th and F *m. M.W. ?lB-tf.l4e8? Home Building Association Loans on Real Estate ON EASY MONTHLY PAYMENT*. It will *.c commodate you for bulldiug. buying o? Improving a homo, or for invest moot and n?ed money. Call on the undersigned for Information and taking stock. Applications for loans from afonts solicited. OBO. W. LINKING i*re?., \VM H WETML, Sec.. 800 l#ib at. n.w. 8130 H st. n!^ A. 8. TAYLOR. V. Pras.,E. 8. WRSOOTT. TVeaa.. 140B F It n.w. 1907 Pi arc. n.w no28-tf.14d.eBo Mitchell Mining Stock. FOR INFORMATION ADDRESS >l-Ct-6 M L. UO"GH. r STREET. Washington Loan <& Trast Co., OFFICE OOR. 8TH AND F STB. FAIO-DP CAPITAL. 11,000.000. '?SCRPLC9. $560,000 (BAHNED)." Loans In any imomit mad. on approved rail eatat. or collateral at reaaonble ratea. Interest paid upon d?-poa!ta on uiontMy bal ancea subject to check. This company acts at eieontor. adralnlatra. tor, trustee. agent, treasurer. registrar and In all other Hiludary capacities. Boxea for rent In bcrglar and Bnpnot vaulta for safe deposit and storage of valu> able packages. R*al Eatate Department la fire^an-d to a? aume the management of y.jv: real eatate Careful attention glren to ? ; details JOHN JUY EDSON l'i*?1dM?t JOHN A. SWOPS Vlca ELI.IS Sl'KAR Sec<-nd Vice I'realdaat ANDREW PARKER Tieaamrwi HAUKY G. MKKM Aaslatom TrtaaoM BOYD TATI.OB Assistant Treaeiu?? Lewis Johnson & Co., BANKERS, F Street N. W. to UK Members Washington and New York Exchanges. Transact General Banking I salnsi Issue Letters Credit available ttNOflmt Ik* **d- | m-ttlp Foor Per Cent Per Annum. Interest Paid Every Three Month*. Assets $2,700,000.00 Surplus $165,033.73 Loans $i,ooo for $5 per month, $2,000 for $10 per month, $3,000 foe $15 per month, $4,000 for $20 inter est per month. Expenses only $i<x Principal to suit the borrower. The 6'eatest savings institution in ths istrict and the most liberal. Inquiry at the Perpetual Building Associa tion, 506 nth street. ANDREW GLASS. President. JOHN COOK, Secretary. - lS-tf.eao.49 OPEN FOB SUBSCRIPTION AND FIB8T PltMR.1T. Subscription for tbe 80th Ism ef atock and Brat payment thereon will M received dally tram 9 a.m. to 4:80 p.a? ?t the office of tbe Association SHARES. *2.80 EACH. Pamphlets explaining the object an4 adnitUM ?jl tbe Anoclatlon and other Information fndM open application at the u kl EQUITABLE BUILDING. 1001 F HT. N.W. John Joy Edaon. President. KQVa Spear, Flee Prealdeat. Cm. W. Caallear. Id Vie. Presldaab ana-tf.ao Frank P Bacalde. Secretary. Aetna Banking & Trust Company, 1222 F St. N.W. Foreign Exchange, Self-Identifying Travelers' Money Orders, Patented System for Banking by Mall, Interest on Savings and Time Deposits 4 per cent.. jall-acSi MONEY AT and 5% Heiskell & McLeran, MHIst A* RAFTS issued direct on the principal cities of the world. ?Exchange bought and sold. ?Letters of Credit issued. ?Money transmitted by cable. ?Stocks & Bonds bought & sold. ?Collections&Investments # H Pa. Ave., opposite U. S. Tr