Evening star. [volume], August 22, 1909, Page 15, Image 15

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
The World of Finance and Trade.
Washington; New York; London.
finny CLOSES WEEK
Entire List Yields to Reflex
Price Movement.
SHORT COVERING A MOTIVE
Many Commission Houses. However, i
Report Purchases.
CONTRACTION OF BANK LOANS
Curious Exhibit of Loan Items in ^
Bank Statements?Money Move- ,
ments Han Counter.
Snn#-jal I>i?pntoh t<* Star.
NEW YORK. August 21.?The stock ;
market was brisk and buoyant in the 1
short session today, the rally which set
In yesterday afternoon continuing to the
< lose. The nervously excited trading of
previous days of the week was not at
all In evidence, but that excitement was
p fleeted in most of the price movements .
of the day. Tt was a natural reflex ,
that those stocks* should advance in the
rally most actively which in the reac
tion had been depressed most heavily.
:<nd thus the gains in Union Pacific,
Southern pacific, Reading and New York
?*entral. which were more conspicuous
than most of the others, attracted no
greater auction than did the strength
of the entire list.
Tn these stocks the short selling had
been most determined, and the covering
bv operators short of them was natu
rally more extensive and influential. There
is no doubt that short covering, both In
these and other stocks, was the princi
pal motive underlying most of the pur
chases. but many commission houses also
reported extensive purchases by custom
ers who were of the opinion that the
reactionary movement was over, and who
;id recovered a composure shattered In
the nervous market of the previous days.
The ranee at the close showed a fair
recovery from* the reaction, with Steel
common, for instance, hut 2'? points be
iow its high-record prices and most of
the other standard railroad and Industrial
shares not more tlian 2% points below the
close last week. There was no news of
market Importance, and the trend of
prices seenu-d entirely governed by the
raturaI reflex movements.
Week of Declining Prices.
In a we. k of declining prices it is nat
ural to expect a contraction of bank
loans, for the purchaser at lower prices
an borrow less than the holder at the
higher prices. Accordingly, the loan
Items In the two bank statements aroused
a good deal of curiosity. The average
statement of the clearing house banks
showed a decrease of 88,7.1*$,000 in the
loan account; that of '.he state banks
trust companies showed an expan
sion of 912,239,000 in loans.
The net result, an expansion of
o in loans, indicated that these
money movements ran counter to the
customary trend in a declining market.
But in this connection it must be ap
rrrciated that an important accumula
tion of stocks in the weeks prior to the
reaction should be by men of considera
ble wealth, who bought them for a long
pull and at prices well below those pro
vailing even at the bottom of this week's
reaction.
Most of these holders of large blocks
ot stocks financed their purchases per
sonally at the banks rather than through
brokers, and if they had sold at. the high
prices last Saturday aiut Monday, or
ev?n at the lower prices in the follow
ing days, the purchasers would be able
to borrow more on the stocks than
could have been borrowed by these large
holders at the time of their purchases.
Profit-Taking Movement.
In accordance with this course of rea
soning It was pointed out early in the
week that the best indication of a profit
taking movement among those men who
had thus taken on stocks at a long pull
weeks or even months ago, would be
found in a big expansion in the loan
account.
Now. it Is well known that customers
of commission houses have sold this week
large total of stocks tarried in bro
ker.-' loans at higher figures prior to this
week, and that this liquidation has had
:? tendency toward loan contraction. And
the quest,on naturally arises as to wheth
? r it is the liquidation by the big holders
eferred to, in a very broad and ex- j
-ensive way, that has more than offset
the contraction naturally resulting from!
li ?? other liquidation.
Thus the bank statement provoked an j
it* resting and perhaps an important dis-;
r-ion on the always pertinent ques-!
',on as t'j the locality of the stocks.
'
NEW YORK PRODUCE.
NEW* YORK, August 21.?Flour?Re- j
< cjpt.?. ?JO.SfcO barrels; export*, 10,720 bar
rels, dull and lower to sell. Minnesota
patent. v inter straights. 4.&0a
?f.l" new; Minnesota bakers, '? l*.a.V"0 old; |
v inter extras, 4.50a 1.SO; winter patents, j
:?'ih5.$0 nov; winter l.?\v gradM. 4.40a
4 7<> nf^ ; Kansas straights, 4.85a5^0 new. |
Rye flour?Steady: fair to good. 4.10a i
4..'5; choi<? to fancy, 4.30a4.40.
Cornmeal?Steady; fine white and yel
low. l.&oal.t>5; coarse. 1.50a! 55; kiln
dried. 3.75.
Rye?Dull; No. 2 western. 76 nominal
f. o. b. New York
Barley?Quht. feeding. 57 nominal!
i. t. New York.
Wheat?Receipts. 112.S00 bushels; ex- j
ports, 85.154 bushels. Spot, irregular; No. I
red, newr, !.0o, elevator; No. 2 red. new, I
I.113.|. f. o. b. afloat j No. 1 northern
Duliith. new. l.lO'i nominal, f. o. b. 1
afloat; No. J hard winter, new. 1.121
nominal, f. o. b. .tJloat. The local wheal !
market was quiet and weaker owing to
increasing northwest receipts ai.d pres
sure from commission houses, but rallied
later on prospects for rain in the nortli
reest. closing '?a-# net lower. Septem
ber, 1 "S'^a! OS'i, ? closed l.OS^j. Decem
ber. 1.0."*4?1.04-Si ; closed l.U4'i. May,
i.0r'H?*l-t'*>v? '? closed 1 "6.
Corn Re* eipts. 4,50(1 bushels; exports,
7.S4f> bushels; firm; No. 2 mixed. 80>?
elevator and si delivered for old; new
No 2 mixed, t>4 * and f. o. b. afloat, vip
tlou market was without transactions,
;..*ing partlv \ net higher.
Oats?Receipts, yt;.o75 bushels; exports,
bushels. Spot s eady. Mixed, 2tia:t2;
,bs . -ts nominal. Natural white. 2tia">2;
:!>s.. ?7l-flipped white, :$4a42; lbs,
52ar.2?s.
Hay?Firm; No. 3. 75aSO; good to choice,'
P*>.
Hops-Dull: state common to choice
l.'.al'.c l'.W. nominal; Pacific const
l!?es. I4al7; li??7. 11al4.
Hides?Quiet; Bogota. 2o'4aJlV4; Central
Ameri a 21
I.eathei Quiet; acid. 2-*a:i0
W'm>l- Steadv domestic fleece. oCa87.
Reef?Steady, family, 14 0>>al4 .v>, iness.
II.Wlall.50. Beef hams, 24.0Ua20.00;
pa< ket. 12.5Oai::.00. City extra India
mes?. 2?? 5"?a21.o0.
<'ut meats-Firm; pickled bellies. 12Via
i::. Ph kled shoulders, nothing; pickled
hams. 12al2,i.
I.ald- Steady; western. 12.'JOal2..tO. Re
? ned steady; continent, 12.0.">; S. A., 13.00;
compound. 7l-.-a7;l4.
Pork -Finn; famil>. 22.0"a22.."?0: short
. h-ar. 2l-OOa2:?.."?0; mess. 21.75a22.5U.
Tallow tjuiet: city i*2 per pkg. >. 0
countr> <pkK^ free*. 5-10a."i l-'i-lrt.
(,'ot'Oii seed oil? liasy; prime crude,
nominal; do. veilow. 5.4.'ta5.50.
Petroleum Steady; refined New York,
>.2e Philadelphia and Baltimore, s.20: do
n bulk. t.7".
Ros'n?S. eady; sfrain'-d, common to
ytK>d, :i.4o
Turpentine?Firm, 57.
Rice?Steady; domestic, 2%a6%; Patna, '
5%ati.
Molasses?Quiet: New Orleans open ?
kettle, good to choice, 28a42.
Sugar?Raw, firm. Fair refining, 8.61;
centrifugal, 90 test. 4.11; molapses sugar,
Refined steady; No. 6, 4.55; No. 7,
4.50; No. 8, 4.4.-.: No. 9, 4.40; No. 10, 4.85;1
No. 11, 4..'10; No. 12, 4.25: No. 18, 4.20;
No. 14, 4.20; confectioners' A, 4.85; mold |
A, 5.40; cut loaf, 5.85; crushed, 5.75; pow- |
dered. 5.15: granulated. 5.05: cubes. 5.30.
The market for coffee futures opened J
qui -t at unchanged prices, being sue-1
^ained at the start by the advance of l4 i
franc in the French market, but later]
turning easier under near-month liquida
tion and closing barely steady, net un- j
changed to 15 points lower. Sales were ]
report d of 11,500 bags, including Au
gust at 5.50, September at 5.35; Decern-!
ber at 5.25, March at 5.30, May at 5.85.
anil July at 5.40. Spo; quiet; Rio No. 7,
714a7%: Santos No. 4, 8%a9. Mild dull;
Cordova, &%al2.
GRAIN AND PROVISIONS.
CHICAGO. August 21.-Llbera! receipts
of wheat at southwestern grain centers
and continued favorable weather for har- :
vesting in the northwest caused weak
ness in the wheat market here today. Fi
nal quotations showed net losses of Via1,*
to %c. Corn closed firm; oats were weak
and provisions steady.
In the wheat pit there was a slight
bulge at the start, due to an advance of
% to %d at IJverpool, but the market
quickly reacted. Heavy movement of
wheat in the southwest, particularly to
Kansas City, was a bearish Influence. To- ;
tal primary receipts for the week were j
approximately 1,000,000 bushels in excess
of those of the corresponding week a year j
ago, and the prospects were bright for;
a t-till greater Increase during the com-i
ing week.
During the day the September delivery
sold between 99% and 1.00%al.00%. The'
market closed fairly steady with Septem-j
ber at 90% and December at 05%.
The corn market was strong at the
start, owing to the continuance of drought
in the southwestern portion of the corn j
belt, but weakened materially during the j
first half of the day because of tne break
in wheat. The close was firm with prices
a shade to %a% higher.
Oats were weak all day because of lib
eral receipts here. The arrivals today
were nearly 100 cars In excess of the es
timated amount. The market closed weak
with prices %a% lower. Trade in provi
sions was quiet. Prices at the close were '
7%c lower to 10c higher.
Cash: Wheat?No. 2 red. 1.05al.07; No. j
3 red, l>3al.03: No. 2 hard. 1 tUal.06; No.
3 hard, 95al.o;?; No. 1 northern, 1.02al.04;j
No. 2 northern. OSal.Ol.
Corn?No. 2, 69a69%; No. 2 white. 71%a i
71%; No. 2 yellow, 72a72%; No. 3, d9; No. i
3 white, 70%; No. 3 yellow, K5%a66%.
Oats?No. 3 white, 37a38%; No. 4 white, j
35*2338: standard. 38;i4a39.
ST. L.OUIS, August 21.?Wheat?No. 2
red cash. 1.05%al.09; No. 2 hard, 1.02a
1.10%; September. 99%a99%; December,
9H34ti*Ki'8
Corn?No. 2 cash. 66%a67; September,
G5%; December, t?4%; No. 2 whlta, 70.
Oatf?No. 2 cash, 36%: September, 36*4;
December, 367?: No. 2 white, 38%.
MINNEAPOLIS. August 21 ?Close: :
Wheat?September, 98%; December, 94%;
May, 99; cash No. 1 hard, old, 1.32al.33; ;
new, 1.26; No. 1 northern, old, 1.31al,34; ;
new, 1.25; No. 2 nor.h^rn, old. 1.29al.30; j
No. 2, 1.22; No. 3 northern, 1.15al.l&.
Flour?First patents, 0.00a6.20; second i
patents, 5.90a6.10; first clears, 4.95a5.25; \
second clears, 3.35a3.65.
Bran?In 100-pound sacks, 20.30.
MILWAUKEE. August 21.?Wheat?No.
1 northern, 1.33a 1.34: No. 2 rorthern, 1.32;
September, 99%.
Rye?No. 1, 73%a74.
Corn?September, 66Ts
Barlev?Standard, 67: No 3, 62%a65;
No. 4, 58.
DULUTH, Minn, August 21.?Wheat?|
No. 1 hard, 1.22*4; No. 1 northern. 1.21%;
No. 2 northern. 1.19%; September, 99%
bid; October. 98% bid; December, 95%
bid; May. 99%.
Closing Stock Xltt.
NEW TORK, August 21.
t?Sales?. Olos'g
High. I/'w. hliT
Ulls-Chalmers. pfd M1-* 83% 53%
Amalgamated Copper 85% 84% 85-S
Au.pri<.an Agricultural 47 47 46'i
American Beet Sugar 45 44% 44%
American Can, pfd 83%
American Car L Foundry 07% 00% 67
American Cotton Oil 73% 7:5 73%
Amer. Hide A Leath., pfd 4ft% 40% 40>?
American Ire Securities i?4% 34'* 34T?
American Lingeed ltt IK 15%
American Locomotive ?2T4 02% 62^
Amer. Smelting t Refilling... 100% 08% 00%
Amer. Smelt. A Refining, pfd. 114 114 114
Amcrlcen Sugar ItefinibK 130% 13o% 130
Ain'-:icau Tel. A Tel 140>-4 140 140
American Tobacco, pfd 10P1 101% 101%
American Woolen 38% H8V? 38V4
Anaconda Mining Co 40 40 4ft
Atchison 110% llSVi lift
Atchison, pfd li>4% '
Atlantic Const Line 137% 137'? 137
Baltimore A Ohio ns% 117% 118
Baltimore A Ohio, pfd ft"
Bethlehem Steel 33 82% 32*4
Brooklyn Rapid Transit ?? 81% 80 81
Canadian Pacific 185% 1849* 1S5V?
Central Leather 40% 38% 3?fi,
Central Leather, pfd..... 103 100 108%
Central of New Jersey 315
Chesapeake A Ohio 81% 80% 81%
Chicago A Alton !. 00%)
Chicago Great Western x
<hlcago A Northwestern lyC'j 1?3'? 106'i
Chicago. Mil. A St. Paul 138 157% 158%'
< .. < C. A: Si. l-onif 7513
Colorado Fuel & irull 43 4;}^ 441,1
Colorado A Southern
Colorado A Southern, 1st pfd. ,. 8H4 1
Colorado A Southern, 2d pfd.. tW>. t
Consolidated Gas 144% 143% 144
torn Products 23% 23 553 U j
IH-Iawan Ac Hudson u*;; '
I>?n*er A Rio Grande \u 49 1
l>enver A Rio Grande, pfd.... v*; 8t>T?:
Instllltrs' Securities ?{*???, 38 3?*.
trie 36% jujvJ'
Krie. 1st pfd o4-s 53% &4'4
ICrie. 'ML pfd 43V^ 43'i 43^
General Kleetric 1?8'a W7 168 1
<ireat Northern, pfd. 153% j 1531,
Great Northern Ore, ctfs H3 S"_' {j2'4
Illinois Central ir.7'a 156V? 137 i
interborouKh-Met 131: 13^ 15
Interborough Met., pfd 4gi; 471?, 47V.
inter-llarreater " 88%'
Inter-Marine, nfa 20a4 20-"i 21
interuatienal Pap?T i"l^ 17 j-71 ?
Interustional Puinp 42>', <1 42
Iowa ?>ntral 30%
Kansas City Southern........ 4<rt? 4ga 491.'
Kansas City Southern, pfd ... 74% 74V. 74>.,,
Louistilia Ac Nashville 155H 154% 153?i j
Minneapolis A St. ixulu ,vt ,
Minn , St. P it Sault St. M.. 145% 143*4 I45>i '
Missouri Pa<-ilic 73U, 72^, 7.'>7-i
Missouri, Kansas A Tesas.... 41:% 4<>\ 41"i
Mo.. Kansas A Te*a", pfd. 741.'.,
National Biscuit lrtfl
Nalloual l.^ ad 02% 01 !?2', '
\i?t. 15TC. of Mexico, 1st pfd. :
New York Central 143 141 142''ii
New York, t'ntario /t Wi.'t... 4'.? ihv.^ 4K"M j
Norfolk t Western {?4l3 03^, ?4%
North American S? S2"4 K'.7s j
Northern Pa'-ll'C 157 155 156%
I'aeitic Mail 32?4 32% 32\
Pennsylvania 140% 141
People's llt>% ll6% 116li
Pittsburg. C.. C. A St. Ix>ula... 90
Pressed Steel Car 50% 4S*? WHii
Pullman Palace Car 1061,'t
Railway Steel Spring irf??4 50 MW.J
Reading. ltiO^^ 158% 160V?
Republio Steel 38 37'? 37"4
Republic St?*l. pfd 100 105V, 106
It.N-k Island Co 4t> 3H%
Hock island Co.. pfd........?? 72V, ,7 "1%
St. A- S I ran , 2d pfd.. 55% 55>i 55V.
St. 1/ocis Southwestern 27 2tK^ 27
St Louis Soulhwestern, pfd... w,4 ?H1-I
Sloss Shefli?ld St?-cl A Iron.... S5'4 85% 85
Southern Pacltic 134', 1331* 134s#
Southern Railway 31% 30% 31%
Southern Railway, pfd 71% 70?g 7lS
Tennessee Copper 30% 30 38%
Texas A Pacitlc :tH% 'IW-ii 38^i
Tolejo, St. Louis A West 51% D1 BO
Toledo, St. I?uis A West., pfd 70% 70% 70
Uttli>n Pacific 200% 2o7 20^
1'niou Pacific, pfd 100% 108% 100
Pnlted States lteally KSV*
t'nited Stat.s Rubber M?< 55Vj MU
I'nited States Steel 7H*? 75S 7??j|
I'uited Slates Steel, pfd 125'* 124% 12S
Utah Copi*er 5llfci
Virpinia-Cari?lina Chemical..., 47T* 47Vi 47^1
Wabash... 20'I 20?i 20?;
Wabash, pfd 5-1% M'i 54%
Western Maryland 5% 5 8
West'.nrhonse Klectrlc fW-i S4% 86t4
Western I'n'.on 74% 73% 73%
Wheelln* A I^ike Erie H 7% 8
Wisconsin Central 57% 87% 86
Total sales for the day, 621.500.
IMPORTS AND EXPORTS.
NLW TORK, August 21?Imports of
merchandise and dry goods at the port
of New York for the week ending Au
gust 14 wero valued at $17,456,598.
Imports of specie for the week ending
today wctc !t56,659 silver and J94.533
gold.
The exports of specie for the week
ending todav wcro $654,599 silver and
S1,250,000 gold.
NEW ORLEANS COTTON.
NEW ORLEANS. La.. August 21?Spot
cotton, steady, 1-16 cent higher; mid
dling, 12%. Sales on the upot, 37 bales;
to arrive, none. Futures opened steady,
unchanged, to 4 points up. Cables were
slightly lower than expected, but shorts
were nervous over the bullish visible
supply statement and the large sales
for the week of spot cotton in tho Liv
erpool market. Their buying was the
chief support of the market throughout
the session. Temperatures in the eastern
cotton belt were lower and considerable
rain was reported In Texas, but neither
had any effect on prices. The advance
was gradual and the market acted over
sold. The closing was steady at a net
advance of 10 to 11 points.
The highest temperatures on record,
110 to 114 degrees in the shade, were re- '
ported during the week at many points
In Texas and Oklahoma, and at the
week-end telegrams from the interior
wtro received stating that they had
caused pronounced crop deterioration.
Spot lost 1-lfl cent from last week's
closing prices. Business was small, to
tal sales on the spot being 872 bales,
against 2.062 last week. Sales to ar-!
rive amounted to 108 bales, against dOO |
last week. Futures closed steady: Au-;
gust, 11.9o, nominal; September, 12.13,
nominal: October, 1210; "November, 12.10;;
December, 1'J.ll; January 12.14; Febru
ary, 12.16; March, 12.29.
NEW YORK PRY GOODS.
NEW YORK, August 21?The dry
goods markets closed steady. Jobbers
had a very good week, and during the
coming week will offer special sales of
wash goods, 1,600 cases being tendered In
one instance. Linens are very strong.
Fine cottons are tending higher. Yarns
remain generally quiet on aie coarser |
numbers.
NEW YORK METALS.
NEW YORK. August 21.?The metal
markets were quiet and practically nom
inal in the absence of cables. There were
no quotations for standard copper, as the
metal exchange was closed as usual on
Saturday. Local dealers are quoting j
lake copper at 13.12Vfcal3.87%; electroly
tic at 12.87%a13.12Vfe, und casting at 12.62Vi
a 12.87^. Tin was quiet at ;:0.1.%a30.'Jo>
Lead remained steady at 4.35a*.43 and
smelter at 5.7<w3.80. Iron was unchanged. |
New York Bonds.
NEW YORK, August ?1.
U. S. rcf. registered
U. K. ref. 2s. coupon 100%
I". S. .???, 101
L. S. 3s, coupon 101
C. S. if, reg 116
U. S. 4a, coupon 118
Aiiib-t'haimers, 1st 5s 85%
American Agricultural 5s lotf
American Tel. & Tel.. ct. 4s 104%
American Tobacco 4s 80%
Amerlcau Tobacco f>s 111%
Armour 4'r.s 9t
Atchison general 4s 100%
Atchison c^. 4s........................... 117%j
Atchison cv. 6s 11H%
Atlantic Coast Ltne 1st 4s .. 86%
Baltimore & Ohio 4s 100%
Baltimore & Ohio 3}js IV}
Baltimore Ohio S. \V. 3%s *l?0%
nrookl.ru Transit cv. 4s S7%
Central of Georgia S.? *110*2
Central Leather Bs 100%
1 Central It. It. of N. J. gen. 6s 127%
Cheaapeake & Ohio 4%s 104%
! Chesapeake & Ohio tvl. 5s *101V*
! Chicago &. Alton 3* is *76
Chicago, C. & Qnlney ,1oint 4s 97%!
| Chicago, B. t Qulncy general 4s.-......... 99%
Chicago, Mil. 4 fit. P. g"en. 3%a........... Oo
Chicago, K. L & Pac. R. R. col. Is 80%
Chicago, R. I. & Pae. R. R. col. Ss........ 93
Chicago, R. I. & Fac. Ry. rfg. 4e 91%
' Colorado Industrial 5# 83 ,
Colorado Mldlsod 4s............. ......... M
Colorado ft Southern ref. ext. 4%s......... 9?
Delaware & Hudson cv. 4s *106%
Denver & Rio Grande 4s 97%
Denver & Rio Grande 5s 95%
Distillers' 5s 76
Erie prior lien 4s *88%
Erie general 4s *7T%
Erie ct. 4s, series "A".... 87
Erie ct. 4a, scries "B". v7S%
General Electric ct. 5s 152
Illinois Central lat ref. 4s 99%
Interborough-Met. 4%s 8S%
Inter-Merchant Marine 4V> 69
Japan 86%
Japan 4%a 93V*
Kansas City Southern 1st 3s "74%
Lake Shore deb. 4s U931) 94%
Louisville & NashTllle Un. 4s 100%
Missouri, Kansas & Texas 1st 4s *100
Mo., Iv&csas &, Texas gen. 4\js91
Missouri Pacific Is *8J
National Rys. of Mexico 4%s "K?5
New York Central gen. 3%s f*l%|
New York Central deb. 4s 05% j
V Y., N. H. A Hartford ct. 6s 136%
Norfolk It Western 1st con. 4s 99%
Norfolk & Western ct. 4s 103
Northern Pacific 4a 103%
Northern Pacific 3s 74%
Oregon Short Line rfdg. 4a 94
Penn. ct. (1915) 98%
Penn. con. 4s IO414
Reading general 4s 100U
St. Louis A San Pran. fit. 4a 86'?
St. Louia & San Pran. gen. 5s 90%
St. Louts Southwestern con. 4s *7S%
St. Louis Southwestern lat gold 4s...%.... *94vl
Seaboard Air I4ne 4b 90%
Southern Pacific col. 4s 93
Southern Pacific cv. 4s ? 104% I
Southern Pa- ific R. It. lat ref. 4a 95
Southern Railway 5s 11 2%
Southern Railway gvncral 4a 81U
Union Pacific 4s 104%
Union Pacific ct. is 1JHU
Union Pacific 1st and ref. 4s 99
<1. S. Rubber 6s 105
U. S. Steel 2d 5s 10?U
Virginia-Carolina Chemical 5a *1(9
Wabash 1st 5s ?113
Wabash 1st and ext. 4s 76'.;
Western Maryland 4s 85%
Westinghouse Electric ct. 6s 94%
Wisconsin Central 4s *90%
?Bid. ? Offered.
Boston Stocks and Bonds.
BOSTON. August 21.
MONEY. Glo.lng.
Call loan.-) 2%a;U(,
Time loaus 3%?5
BONDS.
Atchison Adjn?table 4s 9RV-I
Atchison Is
RAILROADS.
Atchison 11S% 1
Atchison, pfd 104%
Boston A Albany 231%
Bostoti A Maine t45
Boston Elevated 128%
Pitchburg, pfd 1J51
N. Y., N. II. 4 11 170
Union Pacific 208%
MISCELLANEOUS.
Amcrican-Arge. Chemical 401^
American Arge. Chemical, pf<l j?>a
American Pneumatic Tube gu,
American Sugar 13??ii
American Sugar, pfd 126
American Tel. & Tel 140
American Woolen 38
American Woolen, pfd 104%
Dowinlou Ijou & Steel 44%
Edison Electric Ilium 252
General Ec'ctrlc 167
Mas?acbu?etts Electric 14
MassBchus-tts Klertrte, pfd 73'i
Masaachiis'Tis Gas ??l>^
United Fruit 148
L'nited Shoe Macbine >.... 64 A
tinted Shoe Mauhiue, pfd 30
U. S. Steel 70%
U. S. St<*-1. pfd , 124%
MINING.
Adventure 7
Alloues 45
Amalgamated ?.%%
Arizona Commercial 43%
Atlantic 11
Butte Coalition 25%
'Calumet and Ari/.ona I04
Caluuiut au<J Uecla t>0
i Cent'-nulal ?.... m
Copper Range 83
Daly West 8'a
Frau^iiu 16%
100
Greene Cananea 9?4
Isle Kovale 27
Mass. Mining 7%
Michigan H%
Mohawk 62
Montana Goal and Coke 3<>c
Nevada 21%
North Butte f,S%
Old Dominion r>6%
!>w*oU 145
: Parrot 32%
| Quincy 9;)
1 Shannon 15%
Tamarack 67
Trinity 12
United States Mining
United States Oil 35
Utah 44%
Victoria ' 4
Wlno'na 6
Wolverine 15H
New York Mining Stocks.
NEW YORK. August 21.
! Alice I 95
C<?tU?tock Tminel Stock 26
I Comb lock Turniel Bonds IS
i Oon. Cal. and Va 1.15
j Horn Slher 70
1 Iron Silver 1.66
; 1^-adTlllo r,?n 04%
1 IJttle Chief, offered 07
! Mexican 9f>
i Ontario 3.^5
| <>pblr 1.25
Stan-iaid. offered 1.85
1 Yellow Jacket 95
BROKERAGE III GOLD
Speculation in Precious Metal
in the Sixties. j
A FEATURE OF WAR DAYS
Efforts of New York Stock Exchange
to Check Dealings.
GAMBLED ON BATTLE NEWS
First Gathering of the Brokers in
the "Coal Holev?Motley Crowd
of Speculators.
Mtrc M. R< .molds In MoMy"* Magazine I
No chapter in the history of Wall !
street contains a more sensational story i
than the one covering gold trading dur- j
Ing civil war times. The N>w York .
Stock Exchange discouraged gold trad-;
ing. l?ut the inborn cupidity of the spec- i
ulator could not be suppressed by the
loyal dictations of any organization, and
the result was that the dissenting brokers
of the stock exchange formed an al
liance with outsiders, and a gold ex
change trading place, known as the coal
hole, was established in the early part
of 18?52. The coal hole was a dark
gloomy place. In the basement of No.
23 William street. There was no regu
lar organization, but any one who paid
the lessee of the room an agreed-upon
annual subscription was entitled to free
access and such benefits of trading as
the gatherings afforded.
The development of gold trading was
a logical sequence of the depreciation
of greenbacks, dating from December 28.
1861. In January of 1802 dealers in bul- ;
lion began demanding a small premium i
and public intelligence soon appreciated i
the situation and realized that the fu
ture would augment rather than abolish
the gold premium. Speculators compre
hended the possibilities of fluctuations in
prices due to news from the fields of
battle, and the energy and enthusiasm
of the irrepressible broker started a spec
ulation the intensity of which has never
been exccded. If It has been equaled, in
the history of market trading.
The glittering sensation of gold trad
ing attracted a motley collection of spec
ulators of all stages of wealth and so
ciety. Transactions grew apace, and In
a comparatively short time the coal hole
became congested to such an extent that
more commodious quarters were demand
ed. In 1863 Gilpin's news room, at the
corner of William street and Exchange
place, was selected as a trading room,
and the coal hole was abandoned. At
Gilpin's the atmosphere was better, but
no attempt at restriction in organiza
tion was made. Any one who paid
a year had free entry, the only condition
being that each one fulfill his contracts.
The element of doubt which beclouded
the government's credit in the minds of
many financiers stimulated gold specula
tion, and caused rapid action in market
fluctuations. Constant interest was kept
up by conflicting rumors, favorable or
adverse, according to the temper of the
trader. Some idea of the far-reaching
effect of gold trading in the sixties may
be formed when one considers that every
transaction changing a quotation in the
price of gold affected every man, woman
and child who had in his or her posses
sion United States money. The laboring
man and the capitalist were both con
cerned. and there naturally could be no
Indifference on the part of any one In
the business world when the prices of
life's necessities were subject to sudden
advance caused by gold appreciation and
corresponding depreciation of the gov
ernment currency. The eyes of the whole
nation were centered on the gold room.
Extravagance the Rule.
In Wall street the brokers flourished,
extravagance in living was the rule, and
successful operators fattened on money
making possibilities which the awful dis
tress of war time and the government's
pivotal credit allowed through the me- J
dium of unstable greenbacks. It is not
to the credit of many officials of the
government that the largest speculative
orders In gold reached the goldvoom
brokers direct from Washington. Every
Union victory or defeat reflected strong
ly on the gold market, and the news
reached the government before being dis
tributed to the world. The condition
gave those in close touch with the War
Department, war correspondents, politi
cians and other insiders special advan
tages which they did not hesitate to use.
and they reaped in numerous instances
fortunes" or no mean size as the result
ot" their telegraphic orders to buy or sell
as the news warranted. The expression
"underground railroad" was a market
phrase of the period, referring to the
various sources of information received
in advance of published news.
According to a story generally cred
ited, one private secretary at the Capitol,
whose position enabled him to be in pos- J
session of news hours in advance of the
public, made an arrangement with a firm
of New York brokers and telegraphed
orders to buy or sell, according to the
tenor of his inside information, the brok
ers carrying for him a block of stock in
return for his services In "tipping them
off." One day this honorable secretary
came to New York and discovered that
the firm had the neat little fortune of
$290 000 credited to his account, all with
out the investment of a penny oc liis
part.
The rumor factory was as much in j
evidence then us it is now. and ever has i
been, and misinformation was the order j
of the day. Brokers were supposed to i
keep customers supplied with inside in
formation. without which much of the
spice of trading would have been lost,
and mere guesses by a broker given to
his client became confidential news from
the inside when the client imparted the
bit of gossip to a friend.
Deprecated Traffic.
Secretary Chase and all the loyal offi
cials of the government deprecated the
gold trading epidemic and discussed seri
ously several remedies. In 1864 Secre- j
tary Chase decided to make a strong at- ]
tempt to stop further advance and tcy
reduce the price of gold by selling sev- (
eral million dollars' w<*th of the govern- :
ment's supply and putting the proceeds ,
into the subtreasury. The price of gold I
was carrlcd down the scale, but the I
locking up of so much o? the floating |
supply of the circulating medium caused !
the Morse panic and carried stocks and
merchandise down also. The fall in the
price of gold due to Secretary Chase's
action was not of long duration, the
bulls soon starting an upward movement.
Secretary Chase advocated a measure de
signed to kill gold speculation, and July
17. 1SU4, Congress adopted the measure,
which became a law a few days prior to
Secretary Chase's resignation. This
measure provided that no one could sell
gold unless the seller had it and made
delivery the next day. It prohibited the
purchase or sale of foreign exchange to
he consummated later than ten days sub
sequently, and any loan of greenbacks
or coin to be repaid each with the other.
No sale or purchase of gold, bullion or
foreign exchange was allowed, except at
the place of business ol' the buyer or
seller. Any violation *of these provi
sions was punishable with a fine of from
$1,000 to $10.tVH), or imprisonment from
three months to one year, or both. The
enactment of this law was primarily
for the purpose of closing Gilpin's news
room as It was argued that If the gold
room were discontinued much of the
excitement which was stimulated by or
ganized speculation in gold would abate,
and a steady decline in- prices would fol
low. One designed effect was achieved:
Gilpin's news room was closed.
The government's tlicory of falling
price in gold was accepted In Washing
ton, and the result was heavy short s*-Il- <
ing bv that contingent of gold specu
lators." On the day the measure passed
j gold was selling at 198, the next day it
I reached 208. and the bears were frantic,
i The running to cover sent the price up
to 380 the day following. On the 21st of
! June the Chase measure became effective
| and the gold room was closed, but the
price of gold continued to soar, and be
fore July 1 had reached 2?V>. Congress
was both puraled and alarmed. It seemed
to the wise legislators to be preposterous
that a gold market could not be regu
lated bv statute. The stringency of the
act had hampered legitimate purchases of
gold for commercial purposes, and in trie
face of such adverse results from legisla
tion Congress repealed the act July ??
Gold was quoted around 2fc5 Julv 1. but
the news that the a< t would be r^P^ale<l
had caused the price to react to 225.
Julv 5 the gold room reopened and tne
former activity was resumed. The bulls
who were operating a corner began an
active campaign, and July 11 the price
again touched 285. the highest point in
the history of the gold room up to that
date. After adjournment of the j-ession
on the same day outside trading kept the
price soaring and a Missouri banker paid
310 for gold to the amount of $100,000, be
lieving that the country was going to ruin
and that he must turn what currency he
possessed into gold to save any of h!s
fortune. But the high price of gold was
due to a corner and reactions in the mar
ket followed. Before October 1 the quo
tation was 191. but by November 9 260
had been recorded. The beginning of
Sherman's march to the sea. the cutting
off of Tree's supplies and the generally
regained confidence in the success of the
Union brought a recession in the price
of gold. However, the activity in the
Kokl market -did not cease, and the fall
of 1*64 and the winter following wit
nessed a period of startling gold specu
lation which made fortunes for several
market plungers.
Great Sacks of Gold.
While the official trading hours of the
gold room were from 10 o'clock in the
morning until 3 p.m., the closing hour was
changed to a later time when excitement
ran high and the brokers found it ex
pedient. The system of gold delivery was
both crude and Inadequate at that time.
Deliveries were made by messengers, in
sacks, each containing $5,000 in coin. A
messenger of average strength could
i carry two of these sacks, a man of su
perior strength could carry four. There
were many disadvantages In such de
livery. with no redeeming features. De
liveries were necessarily slow and fre
quently delayed, there was danger of loss
and the temptation offered to robbers was
1 great. The final solution of the problem
I came when the Bank of New York opened
gold accounts in December, 18?4. Any
' broker who paid a bonus of $1,000 had
the privilege of depositing gold with the
bank and issuing against it by a special (
! check across the face of which in bronze
letters In old English type the word
: "Gold" was printed. These checks when
j signed by the drawer and certified by the
bank were accepted as good deliveries in
the gold room and were available as col
lateral for loans. The messenger with
his sacks of gold vanished as soon as the
new system of checks got into easy
working order.
The government taxed all sales of gold
in March, 1S65. At first the tax wus one
I tenth of 1 per cent, but it was reduced
later to one-hundredth of 1 per cent. The
method of payment of this tax was by
| affixing revenue stamps to the sales tick
] ets. Fluctuations in the price of gold
were at their widest range and a move
ment of ten points up or down during a
single day's trading was not unusual. In
front of the gold room was an indicator
which showed the hangers-on each price
as it was recorded. The movement of the
Indicator afforded the outside crowd an
opportunity to speculate, and continuous
bets were made on the possible direction
and extent of the movement of the Indi
cator on its next change. When there
was a lull In the trading the outside
crowd would indulge in other forms of
gambling. After hours one of the leading
sports of the outside element would some
times give a cock fight, and in this way
recoup some of his losses incurred by
wrong guessing.
In August. 186TV, the gold exchange oc
cupied pretentious quarters at Nos. 12-14
16 New street, having an entrance
through 14 Broad street. Although the
rental for the first five years was $2o.000
a vear, strange to say for the second five
years It was fixed at only $16,000 a year,
indicating that the wiser of the leaders
in gold speculation believed that the be
ginrlng of the end of gold trading was
at hand. In lSW. the membership of the
gold exchange comprised 4^.7 active and
117 associate members, about^ halt^ or
whom belonged also to the New \ ork
Stock Exchange.
We of the present day look upon the
operations on 'change during an active
market as being Intense and nerve
racking, but market sessions now are
mild in comparison with those of the
period of the civil war. The broker of
the sixties was a slave to the market.
Journeying up and down Broadway then
was slow, but it was healthful, and the
daily routine of the broker was suffi
ciently exciting to offset the tedious pro
cess of travel. As soon as he could
swallow his early breakfast the broker
mounted the stage, morning paper In
hand, and started on his voyage down
town. He would arrive about the time
the exchange opened, trade until noon,
then eat a few mouthfuls in a rush and
return to the mad market, where he
stayed until nearly 6 o'clock in the even
ing. Then came a ride uptown on the
stage and an exchange of market gossip
with other brokers, a hurried dinner and
a return to the night session of the ex
change. When once the broker did get
to bed his dreams depicted scenes of
struggling, crazy men endeavoring to cut
each other's throats, and he would awake
In the morning with an aching head and
fevered brow to enter again the race that
knew no end except death.
The old Fifth Avenue Hotel, recently
demolished, was then a rendezvous for |
brokers, the reading room and lower halls
l>eing the scene of spirited trading in
gold and securities, creating much dis
turbance, very objectionable to regular
Kuests not particularly interested in stock i
exchange matters. The uuisance con
tinued to grow more objectionable as the,
volume of trading increased, until even-1
tually the proprietors of the hotel were |
obliged to post a notice which ended the i
custom. The brokers then secured a
basement on the corner ot 6tii avenue and 1
23d street, and an evening market was
continued there until March. 1*64, when
they moved to headquarters at Broadway
and 2:<d street. In addition to this place
of trading there were several other even
ing exchanges, so that speculation was
kept at a high pitch every day and even
ing. except Sunday, and some brokers
utilized even that day.
FOREIGN MARKETS. !
LONDON. Agust 21.-Trading generally
on the stock exchange during the week
was dull and prices were weak, but the
market was enlivened by another spec
tacular display in the American section,
where the bears appear to have gained
the upper hand at the end of the week,
causing a rapid drop in values and im
parting some weakness to the rest ol the
market. The weakness centered in the Har
riman issues, which were freely offered
here by Wall street. I'nion Pacific drop
ped S points on the week and Southern
Pacific 4 points, the other shares closing
1 to points lower.
Although dealings here were entirely
professional, there was some anxiety as
to the future course of the market and
the outcome of the settlement next weeK
| Investors steadily supported the gut
edged securities and foreign oonds. Jap
anese rising on the revival of rumoi.
of an early conversion of the 4>s per
Speculation in Kaffirs was slack: home
rails drooped on lack of support, ar
Copper shares weakened in sy mpathy
with Americans. <Jrand '/"'}? *? .
sharply on the disappointing dividend
announcement, but recovered on the un
expectedly good traffic report. ..
Money continues to be plentiful, but d . - ,
counts hardened on the revival of tl
continental gold demand, while the mar- ,
ket was not anxious to discount long
dated bills in view of the Argentine and,
Egyptian gold requirements. i
The American autumn demand also is,
beina discussed owing to the increas ng
number of tinance bills coming forward.!
No London stock market today.
PARIS. August 21.?Prices on the .
bourse today were firm.
BERiJN August 21 .?Trading was act-|
lve on the bourse today and prices w ere
! firm.
NEW YORK CATTLE.
NEW TOKK. August 21.?Beeves?
Receipts, 1,520 head. Few cars sold at
steady pricey. Dressed beef, steady, at
S1- *o lO1;. Shipments today. 904 cat
tle and 4.803 quarters of beef.
Calves?Receipts. 454 head. Steady
to firm. Veals. ?.00 to 10.00; common
t Kra.ssers, 4.25. Dressed calves, steady;
Icitv dressed veals, 10 to 14*4; country
FINANCIAL- FINANCIAL.
Travelers' Checks and Letters of
Credit Issued.
AVING by small sums may be a slow process of
acquiring wealth, but it's a sure process.
Depositing a small sum regularly in the bank
will not only amount to considerable in a few
years, but give you the necessary capital to grasp the
right opportunity when it presents itself.
Are you a regular depositor?
We pay 3 per cent interest on savings accounts.
?M8 savmj
?ank
7th St. and Mass. Ave. N.W.
BRANCHES:
7th amid 1HI Sts. N.E. 436 7th St. S.W.
Under U. S. Treasury Son pervasion.
Capital and Surplus, $2,200.000.
DERIVE A STEADY INCOME
?from your surplus money by depositing such funds in the
banking department of this company.
Banking business of every description invited.
INTEREST PAID ON ALL ACCOUNTS
?subject to check. Conducted under direct supervision of
U. S. Treasury Department.
Travelers' Checks issued?universally available.
UNION TRUST COMPANY,
Edward J. Stellwagen President
James G. Payne.... 1st Vice President
Geo. E. Hamilton..2d Vice President
Attorney and Trust Officer.
Geo. E. Fleming, 3d Vice President
and Assistant Trust Officer.
OFFICERS:
Edson B. Olds ....Treasurer
Edward L. Hlllyer Secretary
Harry O. Wilson... .Asst. Treasurer
W. Frank D. Herron Auditor
;$5,000 A YEAR
FIOH TBI TM RBtT SUIT.
If you were sure that an investment of $2.>rt
'would make you independent for life would you
niHh<- it? We claim that t?uch an investment
will mako it possible for you to make $5.0i>0 a
year, and ive ask you to give u? a cliance to
prove it.
Investigate now; don't delay: furnish high
est bank references and stand rici'l investiga
tion; laud d?*eded as absolute security for your '
money, so that you can't lose; you can buy nu j
monthly payment*. $10 cash and $10 per month:
\*rit?- at once for particular*. .UABAMi. SI - j
MATRA ANIl HAVANA TOBACCO CO., 13o:i
lleyworth bldg.. Chicago. III. j
FINANCIAL - LIMITED Nl'MBKH SHARE.- |
$1,000 each: corporation controlling immense1
acreage mahogany timber and banana lands, ;
old Mexico, are offered at par: large dividends
assured: each inventor absolutely secured to
full amount of investment by gold bond issued j
by one of the liest financial institutions in ,
America.
For particulars address
TABASCO-CAM l'E< 'HE TIMBER AND KRL'IT
COMPANY.
Mol>erIy. Mo.
!| Organized 1S0X Assets $470,403.00.
| ENTERPRISE
| Serial Building
Association.
OFFICF.P.3. ' DIRECTORS.
. . ,, , M. B!ggane. .
?tohu Quinn, , Rrosnan.
I re*.dent. j (,- Connelly.
Bernard T.f-onard. J T. Crowley.
Vice President. Maurice Fitigerald.
N. U. Shea. r* L,"l1,?"n
1,TT^sm"- M.j He.ne
James Ir- F. D. McAulIffe.
Secretary. Robert O'Neill.
M. J. Colbert, Edward J. Quinn.
Attorney. James Toole.
Twenty-second scries of stock now open
for subscription. Shares of stock, $1.00
each, payable monthly.
OFFICE:
643 Louisiana Ave. N.W.
jyll-eo,tf.40 _
Money at 4y2 and
LOANED ON D. C. RHAI, EOT AT*.
Heiskell & Mcl^eran,
woKWtf I4ft8 n ST. j
dressed, 8 to 13; selected, 13Vi; dressed!
grassers and buttermilks. 7 to 9^.
Sheep and lambs?Receipts, 3,311
head. Sheep, steady; good and prime
Limbs, steady; others slow; 3 oars un- 1
sold. Sheep, 3.50 to 5.00; lambs, 6.25 to'
7.50. No choice here.
Hogs?Receipts, 2.138 head; feeling
firm; good medium hogs. 8.35 to 8.40. i
MANCHESTER CLOTH.
MANCHESTER. England, August 21.?
Owing to the firmness In yarns, man
facturers of cloth during the week ad
hered tenaciously to previous quotations,
and although business still was compara
tively small, India placed some good
contracts for light cloths. South Amerl
c<i and Mediterranean buyers were in
clined to operate more freely, but busi
ness for China consisted of small lines
of bleaching cloths.
Yarns during the week advanced li. duo
to the forthcoming holidays and the re
duced output, rather than to any ma
terial increase in business, which still la
below the average.
WE OFFER,
SUBJECT TO PRIOR SALE,
67 GOLD
/? BONDS
The Mobile Portland Cement
and Coal Company
offers at par and accrued iut'Test wort
of twenty-year, first loortgafp, ?; jv>r ??.?or foil
lionds. in dcnotuitiat ions of $.Vni aod Sl.OfK'
subscriptions paid in fu!l or on.-:'ftb cash ae.l
balance quarterly: this offer subject ti> pri^r
sale, iTotal authorized bond issue, $3,00?).?j<>0.?
Securities
TRl'ST IJEKDS constituting the first mo i
fajre on 1.708 serfs of valuable cement Ian I.
|).017 acres of very rich coal lands, (vrj-ni'.11
lense on 4.000 acres gas and oil land*. '*ri-i
dock and storage property lu Mobile, Aiahautii.
and improved steamboats aud barge line, etc., I?)
the value of $4,775,000.
Carnegie Trust Company
of N. Y. City
trustor for these securities. hold ail tli<s prop
crtifw in trust for the bondholders, and won r
from sale ' f iionda ? an only l.e used for lujpn'\r
tiit'Ut of property.
Investors1 Opportunity
to participate in the earnings ??f the compaa;
With each one-bund red-dollar .$100) bond wo wit
give one share of common stock. |>ar value
fully paid and non-assessable. This offer ja tub.
Ject to withdrawal without notice.
(There is no preferred stock >
It is estimated that the annual profits of ?,,?
company from coal, cement. trausporiatloti av I
other resources will be SI,KV?.?jO?.?0, or ?? i
times the Interest on the bond issue, -a hieu
should assure the stockholders large dividend!1.
Location and Market
Place Mobile Portland Cement A Con I
Co. Heyond Competition.
?
For further Information write u? for illustrated
prospectus or mail your subscription now to
CARL O. SPARRWARDT,
Financial Manager,
Mobile Portland
Cement & Coal Co.
Vaa Antwerp Bide., Mobile, Ala.
Subscriptions will be received by the following
banks. Mobile, Aj.:
First National Bank.
City Bank and Trunl Co.
Central Tru?t Co.
People's Bank.
Bank of Mobile.
ault**UU
GOLDFIELB QMSSUMTEG
Is the Med trust of the ruining *orld. It p:c?
CDormous dividends and has untold millions of
assets. Fortunes can be trade in the stock. W?
are specialists.
I? J. ASHCRAFT A CO
10 Wall at.. Xe# ^ork.