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Evening star. [volume] (Washington, D.C.) 1854-1972, January 05, 1906, Image 15

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The World of
Finance and Trade
Sober Element Rightly Judged
Schiff's Speech.
Bemarks Not Intended to Apply to
Present Conditiona.
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
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
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
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?
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.
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.
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
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.
January J}-jg
May " ?
July 11 ?88
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.
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
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,
OATS?Firm: No. 2 white. 88a38%; No. 8 white.
37a37%; No. 2 mixed, 3ti%a37; receipts. 7,387
RYE?Steady; No. 2 western, 73 export; receipts,
13,155 bushels.
Government Securities.
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 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
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
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,
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%
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
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%
Capital Traction 147% 149
Washington Kwy. sud Elec. pfd 89% 89%
Washington Kwy. and Elec. com... 42% 42%
Bristol Gss and Elec 42
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
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
Real Estate Title 80
Columbia Title 3% 4
Washington Title 4
Chesapeake and Potomac 54
American Grapbopbone corn 4% 6
American Oraphopbone pfd 8% 0
Washington (Us 5B% l>9%
Georgetown Gas 65 72
Mergenthaler Linotype 101 l#l%
l.uustou Monotype 14 14%
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
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
* *
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
* 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.
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
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
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\.
I hereby publicly advise
my Washington friends
and others interested in in
vestment securities to buy
Mitchell mining stock.
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
The F. 81. Smith Co.,
Real Estate, Loans, Investments, Insurance,
1408 N. Y. ave., Bond Bldg.
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
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.
Atwood Violett & Co,,
Washington Office, 718 14th St.
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.
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.
Savings Bank, 707G St.
? Ja4-3?-88
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.
Savings Dept. of
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.
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
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.
'^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
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.,
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.
de2?>JaSA5 President.
Government Bonds
Investment Securities
i Cedar Street tt Mate Street
Mow Tork
oell.18.18.H.then m.w.f.tf.?0
The American
Audit Company,
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.
Mate *700, 80S Coiorad
M. O. 0.
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
4J? and 5%
10th and F *m. M.W.
Home Building Association
Loans on Real Estate
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
Mitchell Mining Stock.
>l-Ct-6 M L. UO"GH. r STREET.
Loan <& Trast Co.,
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
ELI.IS Sl'KAR Sec<-nd Vice I'realdaat
HAUKY G. MKKM Aaslatom TrtaaoM
BOYD TATI.OB Assistant Treaeiu??
Lewis Johnson & Co.,
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.
JOHN COOK, Secretary.
- lS-tf.eao.49
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
Pamphlets explaining the object an4 adnitUM
?jl tbe Anoclatlon and other Information fndM
open application at the
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..
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.
# H
Pa. Ave., opposite U. S. Tr

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