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The Saint Paul globe. (St. Paul, Minn.) 1896-1905, January 06, 1901, Image 1

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VOL. XXIV.-NO. 6.'
ill IS 11
Blaze Under a Lodging House Causes the
Death of Many of the :
* Inmates -
Four Unknown Men Taken Out Dead -and Four
Unconscious, Three of Whom
Will Die. -; "~\y
A fire broke out in the four-story
building at 115 Washington avenue south,
Minneapolis, at 2 o'clock this morning,
Four men were taken out dead. Four
more were unconscious, three of whom
will probably die.
The ground floor of the structure is oc
cupied by the Standard Furniture com
pany and the second, third and fourth
floors were used as a cheap lodging
house, known as the Harvard. Rooms
were furnished at 15, 20 and 25 cents. The
fire started in the furniture store and
Littlefield of Maine and Hopkins of Illinois Had
a Wordy War in the House of
Representatives. -
And the Wicked Democrats Sat Back and
Laughed at Dalzell's Puny Efforts to Stem
His Colleagues' Wrath. ■
WASHINGTON, Jan. Speaker Hen
derson was again today detained at his
home by illness, and Mr. Dalzell (Pa.),
by designation of the speaker, presided
over the deliberations of the house.
Without intervening business, debate* up
on the reapportionment bill was resum
ed. Mr. Littlefield (Mo.) was the first
speaker. His argument was in favor of
the Burleigh bill. That bill provided
for a house of 386 members. Mr. Eittle
field declared that the Hopkins could
properly be entitled "an act to cripple the
state of Maine in her representation in
the house and in the electoral college."
He resented what he termed Mr. Hop
kins', "assault" upon the state of Maine.
That statement drew from Mr. Hopkins
an indignant denial, which led to a sharp
exchange between the two members.
Mr. Littlefield sarcastically called Mr.
Hopkins' attention to the men'who, like
John Fuller, had gone to Illinois to give
distinction to the state. "Yet," said he,
"the gentleman's speech yesterday was
saturated with a pettifogging assault
upon Maine."
"If there is any member of this house
who is an expert on pettifogging it is
the gentleman from Maine," retorted. Mr.
"The gentleman from Maine," replied
Mr. Littlefield, "never defended a crim
inal, but he has prosecuted several, and
'is prosecuting one now." (Laughter and
"That is just the sort of a remark I
should have expected from the gentle
man, judging by his previous course up
on this-floor," answered Mr. Hopkins.
The proposition of the minority was.
Mr. Littlefield said, that no state should
lose representation under the new appor
Mr. Littlefield „ called attention to the
paradox of Mr. Hopkins' system of com
putation. The system seemed designed,
he said, to play battledore and shuttle
cock with the state of Maine.
"In it goes and out it goes," said he.
"whether the representation goes up or
"The gentleman points out these alleged
paradoxes in the report of the director
of the census," replied Mr. Hopkins,
"yet the Burleigh bill is predicated upon
the same process."
After a sharper exchange than usual
with Mr.-Hopkins, the chair. was obliged
to call the gentlemen to order and to call
attention to the rule which provides that
the gentleman on the floor can not be In
terrupted without the consent of the oth
er, and also to the rule that members
cannot address each other by the second
person. . •
"The gentleman has already interrupt
ed me about twenty-five times in viola
tion of the rule," observed Mr. Little
field, as he was about to resume..
"A_d the gentleman from Maine has
viola ted the rule with reference to the
second..person about fifty times,"" ex-'
claimed Mr. Hopkins. .
"The gentleman ls becoming exceeding
ly technical and sensitive," retorted Mr.
Littlefield. "I will refer to him later In
the third person, and later still I antici
pate he will have shrunk sufficiently to
permit me to. refer to him in the fourth
or fifth person/and perhaps in the end
I can eliminate him altogether." (Laugh
ter aud applause.) :. • . •
Proceeding, Mr. Littlefield argued that
the constitution in providing for decen
nial apportionment contemplated an in-
■ * ■ '. ■ - ' . ' ; i -
OMAHA, Neb., Jan. 5.—A ' specific re
ward of $13,000 is now offered for the ar
rest of Pat Crowe,- and nothing is said
in the offer about conviction. The au
thorities today; prepared and are seeding
out 5.000 circulars bearing : a picture end
minute description of Crowe. They r s.:e
sent broadcast, and will also: bear'<■%__
description of two other men arid a wom
an supposed to:.be"'connected.with; the
I IIP 11
the building was filled with a dense
smoke before many of the lodgers had
made their escape. The department soon
checked the spread of the flames but the
smoke, however, had ifs effect on those
who were caught in the building. Short
ly before 3 o'clock the bodies of four
men were taken out and sent to the
morgue. Four others were taken out,
and it was believed at 3:15 that but one
could be saved. Neither the names of
the men whose bodies were recovered
nor the" missing could be learned this
crease of the membership until the house
should become -unwieldly." The increase
was necessary to keep pace with the
growth of the population.
Mr. Shattuc (O.) followed Mr. Little
field. He Insisted that in making the
reapportionment the representation
should be reduced in all states where
the right to vote is abridged. ~He claim
ed ten states abridged the suffrage to
an average of 20 per cent. They were
California, 7.7 per cent; Connecticut, 5.3;
Delaware, 14.3; Louisiana; 45.8; Maine,
5.5; Massachusetts, 6.2; Mississippi, 40;
North Carolina, 35.7; South Carolina, 45,
and Wyoming, 3.4. '•• -
Mr. Klutz (N. C), a member of the
census committee, argued in favor of
the Hopkins bill. _ :
Mr. Fox (Miss.) replied to the attacks
upon the Southern states, especially- de
fending the action of his state in adopt
ing her new constitution.
Mr. Sutherland (Neb.) replied briefly to
the strictures upon Nebraska and Pop
ulism made by Mr. Hopkins' yesterday.
Mr. Linncy (Rep., N. C.) argued that
under their oaths, to support the consti
tution, members in voting upon the re
apportionment measure must take cog
nizance of the abridgment of suffrage
in the Southern states. He gave an elab
orate description of Democratic election
methods in North Carolina, scoring the
Democrats unmercifully. He was severe
in his condemnation of their course in
calling the "legislature together last sum
mer to prevent the issue of writs of man
damus. • ■--■.■'. - .
Mr. Somer (Dem., Term.) asked if the
real object of the crimes referred to by
Mr. Llnney was not to prevent negro
domination. Mr. Llnney replied that the
fear of negro domination was mere "rot;"
that all pretext- of such fear could be
secured by requiring each officer of the
state or county to give bonds. .'_
While the senate was in session for
more than three hours today little in the
way of important legislation was accom
plished. The committee amendments to
the army reorganization bill to which no
objection had been raised, were agreed
to, but none of the contested amendments
was considered. Dilatory tactics were
employed by Mr. Pettigrew of South Da
kota to prevent the consideration of mat
ters that would advance the business, of
the senate. A few unobjected measures
were taken from the calendar and
passed. . -
The senate today, confirmed Frederick
E. Rittman, of Ohio, to be auftitor for the
war department.- ' -'.-.■•'
The secretary, of the navy has arrived
at the conclusion that the law relative to
the building of - the . new ships requires
the department to. allot, one of the ves
sels to the Pacific coast. Therefore,, he
has announced that he will award • the
contract for one. sheathed battleship to
Morgan brothers of Seattle; one ; to the
Bath, works of Maine, and one to the
Newport News ship building, company.
These awards will be made conditional
upon . the bidders/ named . bringing their
proposals within the . f3,G00,000 limit of
cost fixed by .congress, and restoring
important items cut out of the
specifications, of the department by them.
Morgan's bid was $3,865,000; .Bath,- $3,500,
--000; and.Newport.News, $3,593,000. If the
bidders. decline .to accept the depart
ment's condition, the department will
amend - the ■ specifications and re-adver
tise. • ' -; " -..-:-- .■ : '"'.- -
Cudahy abduction. "The offer for the
arrest, of "Crowe is made unconditionally,
the arrest" and delivery to the- authorities
being, the requisite for securing the
reward.'; This will allow no excuse -for. any.
one refusing to turn him over on the score
that he cannot be convicted, and the po
lice ; expect - this will greatly,;" assist in
securing his capture. The offer has „ the
consent of Gen."John' M. •' Cowen, :- per
sonal counsel for Mr. Cudahy. ;!
111 111 IAI
Told His Brother Not to Go to Uncle
Sam's Nursery of Bud- -
dine Military Ge- .
'■"■ niuses. ....
BRISTOL, Pa., Jan. The \ congres
sional committee which is investigating
the alleged. hazing of Oscar Booz, . com
pleted its work here late this afternoon
and will be reconvened in Philadelphia
Monday morning. "Most of the* testi
mony heard today related to Oscar Booz'
mental, physical and personal character
istics. Every witness called spoke of
the high character of the young man.
He was considered in good health before
he went to West Point and many per
sons testified as to his- changed condi
tion when he returned from the academy,
It was also brought out that he was
proficient in his-studies.
The feature of the two sessions held
today was the examination of Rev. Alex
ander Allison, pastor of the Bristol Pres
byterian church at which the Booz fam
ily worshiped. Dr. Allison delivered the
funeral , sermon at the obsequies of Booz,
in which he made what the committee
thought- were implied charges of, severe
hazing of cadets at West Point. : >: The
committee had newspaper extracts of. the
sermon read to the pastor, which he pro
nounced as correct. The members of
the committee, especially Mr. Driggs of
New York, tried hard to have Dr. Alli
son go ever the statements in the. ser
mon. This, however, he * could not do,
saying he based most of his remarks on
what the family had told him and of
what he knew of Oscar Booz, himself.
The committee will probably finish its '
work in Philadelphia Monday, and will
begin the taking' of testimony of the
cadets at West Point on Tuesday. The
committee's examination of witnesses
here and at Philadelphia has been most
searching and the congressmen say they
will also make their West Point investi
gation a thorough one. ...
Dr. Allison was on the stand for more
than an hour. Harry Larzelare, Lewis
Spring Jr. and Albert Baker, compan
ions of Oscar Booz, were called in the
order named. Each - paid a high tribute -
to the deceased j young man. Larzelare
said that Oscar told him that the "upper
class men had treated him like a dog."
The speaker testified that he .had receiv
ed a letter from Oscar in which he said
several of his teeth had been loosened
as a result of the fight.
Howard Booz, Oscar's younger brother,
who became ill while testifying- yester
day, was recalled today. Howard .-related
how he went to West Point to see-his
brother, ,on which, occasion 'he...waited';
thirty-five minutes, and then had to leave ■
without seeing him on account "of":' a
storm coming up. Howard, said he want
ed to go to West Point after Oscar re-.
turned home, but the latter said: "You
will be killed if you do." '" :...;..*_
~Mr..Driggs asked: "Did Oscar, in his
resignation/give as a reason.failing eye
sight instead of hazing, for the... pur
pose of avoiding notoriety?"
"I think he did," was the reply. , "He
did not want to give the place a bad.
name." .-._----■" ....■;.,....
Dr. Evan J. Groom, of Bristol, who
attended Oscar,'said he treated him ;last
year for acute tubercular laryngitis. The
witness thought tabasco sauce would af
fect a throat which had" been treated
for laryngitis, but did not believe' that
,it made him less able to resist the lodg
ment of tuberculosis germs., Dr. G?»>o_.
corroborated Dr. Weaver, who haO pre
ceded him in every, detail as -to the per
■ sonal .characteristics, of Booz. VHe did
not think, however, that the young man
was" suited' for "a; soldier. ". He; did 1 not
think' he - could " stand the rigor ! of such *
a life. .; .-.••-*:'.., V-. " -. '."-■'.-'...-■■ ' .:. . :..
'■; After William H. -Booz,. Oscar's father,
and Miss Nellie Booz,. his sister, had tes
tified to a ,few minor details regarding
Oscar's illness" 7 and- his school studies, -
■ John K. : Wildman, . . president of. the
board of school directors of Bristol, also
testified-to. the good " character of the
" young' man. "~ ";.-;,*-.':;-. ./;".-"•
The committee then adjourned to meet
in Philadelphia on .Monday morning. /..
PEKTN, - Jan. s.—Li Hung Chang has
suffered a relapse, and because of these-;
;. rious effects of . this -. and - his great age
it • is-;. feared that he 1 will rbe unable *to
'act"' as plenipotentiary .in arranging,",a
! settlement \ ofi the troubles in China, ana
that the difficulty "and delay in securing
a successor: may cause the postponement
for a time .of negotiations^' - . . .'..,-'.
'A. LONDON, Jan. ;; 5.—A 'special . dispatch
from- Pekin= under yesterday's date says:
;"According. to an,official Chinese source, -
; Russia, '. has i arranged to make a":treaty
' with China at St. Petersburg. - The Chi
nese minister «there was appointed' to
act for China.** r-.".,^ .".;*./. \~\ ...
f ... -r • ; -'■:■-- '.:;.-■ i ■ .- --'- ■-
Weather Forecast for St. Paul: ;:
-..-■-- ; Fair. ...: ; ... --.- ■..-•-
--' I—Hot Debate in : Congress. .
" Mr. Stiekney Seeks a Bride. „_-
' Received Rough Treatment.
... Wail Street's New Record. . -'"*
Gift .for Medical Society.
C. L. Parr Dies Suddenly. ' -.
'« ;■ Feud Ends in Shooting;.r
Prof. Smith's Letter. ,- '-'-A\
; r St. Paul Cat. Rehearsing. ,j
> Old County ffoard Dies. -
Editorial Page. , ./_
: s—Unique Bible; Museum. .
©—In the City Churches. " ' .- A'AA
Rest for Dr. Wright. » .-._ .-«- ; -*-:
* News of the Courts, .__...-_•. .--"-■.
7—Book Treated Like Dog,
News From Foreign Centers. '.
3— Sporting Page. <*-. .
Lou Houseman's .'Gossip. ■
Ban Johnson's Troubles.:
ft— Sporting Page. -_. ■..'.'!
Cycle Path to Chicago. . .";
Yankee* Yacht Builders.
10—News of Rj.ilroi.ds.
Interstate Commission's Report.'
Sale of Jersey Central.
-. .^=o^ ■"' „. -A-> - --■'-.>.■ 'j
Popular Wants/ ,'
Telegraphers Are Satisfied. j
In the Field of Labor.
, Secret Society News. I
■ - Funeral of Mr. Donnelly. " -•■.,. I
Establishing Many Libraries. ' j
" '- :"- .. A •'■- :,v,; : ; ' '
13—Business Announcement.
14— the Hornets' Nest. ■-.-•'
Among the New Books. -
lo—Business Announcement.
16—St. Paul Society.
*■ "~* 'A .": '»' .
17—Pan-Is Fashion Letter.
. Hints for the: Household.
Our Social Neighbors. •
18—Indians Adore ißishop Whipple.
Dominican Friars Driven Home.
10—In the Domain of Music. ./.'.•
May Irwin" Tells of Woes. ;
Paris Saloon Run by Girls. ,'-_ -
Boer Helper Returns Home, :
Charles Dickens and Dolby. "?.;_■
Some Old-Time Charters. ...
Norway's New Ruler. ""-...
'■"•" l ''.-;_. ■-'"■■•"•!" *" . ■ ■"--"- -- "" '
21—The. Family Forum. .•■•■:•.
_J_J—The Family Forum. ''."'. ■-
23—The' Pink Persian. -
-- Medical Notes. - y
24—Dramatic Page. ' „
Widow _ the Millionaire Will Tes
.*'"'. .'- ■'";. tify Monday. /■/.-;. "••--<-■'--;
SAVANNAH, Mo., Jan. Friends of
Mrs. a ßichardsoii' say.'." she will-'prbbably
be well enough to appear before the cor
. oner's jury : next Monday. They also j say
that she is"anxious to testify..; The.theo
ry prevails that the shot that killed Mr.
Richardson, was fired :by. some one ./who
was ree___ing.on|a sofa in the house. The
nature of. the wound indicates lhat - the
shot was fired by. some* one who was be
low Mr. Richardson. : .. ■. "■"-'• -/ -.-..-'; ' ;/
1 * Goldie Whitehead made a statement to
day which has heen verified by the prose
cution. . Shesaid that ; she was at home
with'her parents^at-Stanbsfry- at the time
"of the tragedy, and that she did not know
that Richard sort" wa» in . Savannah, but"
supposed *he ; was in St. jjj Joseph. •; She • ad
mitted that she had received hush money'
7from Richardson,-but "says-, she has no*
; fear of being implicated in the murder.**
It is announced that the brother of the
■ deceased will • prosecute any one ho cir
t culates rumors reflecting 'on Mrs. Rich!"
ardson. _'■-.".. /?*%.- -"""-. '"'- ■/•.-•."-.-.'•- "'."..'.
.Is; Seeking - Profitable - Investment In
-.. /.-. American : Properties.':"/ .'_" :''.'.
2 NEW '■■■ ORLEANS,' Jan. The - United
Hallway" Trading company, '■: of England,;
Quinton Hogg, ; chairman, today ; consum
mated a -deal by which the corporation
T acquired the ." worth"- sugar - estates,"
limited; - and a . controlling interest in the
i Louisiana •_ Southern; railroad. . ' Ihe, price
paid for the Keniiworth properties,: which
comprise. 10,000 acr-es^of as fine sugar land
as . there are in the state and a 'costly, re-.
finery, was $1,680,000. The consideration In
volved in the railway, deal could -not be
ascertained. ' It -is the . intention of /the
; English ' corporation to'erect a ; factory for
the manufacture of paper out of bagasse,
; a product of sugar cane, which now f goes
to '.waste.S "the . principal revenue -of J the"
Louisiana Sou the'nV^has 7 been / - derived .
I from "Keniiworth" estates,;-; so; the absorp- j
tion of the 1 railroad was to have been an
-1 ticibated.
Mr. A. B. Stiekney, -'of St. Paul, to
■'-'... Marry j Miss -. Mary Crosby, :
;•: Daughter of His Former •
' ' Employer,, ;'.'■ -- ,- .'-,... .
Sj BOSTON, Mass., Jan. s.—iSpecjal.)-;
Forty years ago Alpheus B. SticKney,
then a poor young a'torney in the law
office of the Hon Josiah Crosby, -of Dex
ter, Me., turned his back on the shores
of New -England and the sweet; pearl of!
his boyhood and* started . for', the West,
determined to wrest a" fortune. '.: This,
week he returned' to Boston, having Ac
| complished - his "desire -** even beyond his
dreams. The young ;_: lawyer, through
sheer * pluck and "determination;. lias be
come one of the great railroad magnates
of the country. As president of the*
. Chicago Great .Western .railroad,* he ; has
come back to, the land of hid ; ancestors
to wed the .-.;-.-.. ' ?"}/ ' '
Miss May Crosby, the • daughter of his
former employer. ' Mr. and Mrs. Crosby!
and their daughter are at the Touraine,
where' Mr.. Stiekney ? has - joined .them,
in preparation for the. wedding, which
will take place at the home of !?e.v.-
Thomas Vanness/'ln , Brookline, next.
Monday... Mr. Crosby :is "one "of : Maine's';
oldest. and probably jj best known mem
bers of the bar. As a matter of recent
: interest" his name has been t connected
with the Stain-Cromwell trial, as he
was one of the lawyers for one of these,
men at their first trial.; He is in the
eighties, but is still hale and hearty, and
a.typical gentleman of the old school.
CESE OF NEWARK, IS. J. ..',.:/'
NEW YORK, Jan. 6.—The Rt. Rev.
"Bishop Wlnand Michael Wigger, head j of
the Roman. Catholic diocese of Newark,
N. J., ' died "shortly after midnight this
morning at Seton Hall, South Orange, N.
J. Death was due to pneumonia, con-.
tracted some days ago. / The only brother
of the', bishop, Robert Wigger, £of j New
York, .was at; the bedside, and'the Rev.
' C." L.-Carroll, of St.': Patrick's church,
Jersey City."; - '. ■/. "';. •' - - .'';"' VV"
On' Thursday of last week Bishop Wig
.ger . complained of not feeling well, but
• he thought he was"suffering"only from' a
slight- cold. He grew worse, and Wed
nesday the physicians'. were called*.. Be
fore daylight" Thursday Vicar- General
O'Connor" administered :tlie. last rites of
the church to the bishop because his"con
dition was ;so critical. ---All Thursday • the
.bishop continued in a high fever,;but, he
.rallied a little on Friday. The rcrisis.-was
to have \ been I passed» last V night ;or early.
. this morning, but. Bishop Wigger 1 lasted
i only - until -after, midnight.. ";.'. ;"<.
• Bishop Wigger was born in New York
.city.Dec: 12, 1841. His preparatory studies
for-the priesthood were ma__&, with the
Jesuit "Fathers,: in Eighteenth street. He
then" entered Seton Hall seminary, at
South Orange, N. J., and on Dec. '.20, 1861,
at the hands of Bishop Bayiew, .of - New
. ark, he '. received the . tonsure and - m* nor
* orders. He completed his studies in . Ge
. noa, ." and . was -ordained /-a priest. in - 15.5. .
On his voyage home cholera broke out!
and he labored among the sufferers in
the' plague-stricken ship. - He- was soon"
appointed assistant priest in _Tt. Patrick's
cathedral, Newark,-and afterwards rector
-of- St. Vincent's church, -Madison. He
then went to St. .John's. church, Orange.
Afterwards he-was transferred to St. Yin
' cent's.- He-.was ; consecrated bishop Oct.
■ IS, 1881. V, ".'. :A .A:A^A-;:A': ~ ..'. A'
A meeting,of the bishops from the prov
'-. ince, which ■ Includes 'all diocese? between
; Buffalo .and Trenton, will be; held - imme
diately - and , the /names /'of/;three priests
will be prepared-and sent to the pope. •
1 The rectors, '-.missionaries. or memora
,ble rectors of. the diocese will .'meet.-* They
j are: . Rev. Dean r Flynn, "• of . Morrlsto wn;
Rev. . Dean . McNulty,', of Paterson: Fath
ers ~ Terwoort, ~of "Jersey. City; - Peels.: of
■ Newark, and Gesner, of Elizabeth. They
will also present three names to the holy
see. -'./.*--..'. '.:' f '.. '";
-..-Pope.Leo has; the option of selecting a
' bishop from these six ' names or appoint
ing whom he sees fit.;/ ~AA.^A._
Electrical "Worker. * Execntive -Board
Meets atSt."s Louis. -.., ..-;".,
- ST. LOUIS,; Mo., . Jan. „ 5.— President AT.':
H. Wheater, of 2 Cleveland, .arid v eight
others, constituting the executive board
of International Association of Elec
trical ; Workers, are holding an .Important
meeting here ';- behind ./closed.; doors. , A
Tnumber lot matters of : great importance
are ;up for discussion. The first thing
brought :up was the strike " .of * Texas;
telephone linemen, which began early;in"
November, and still continues. It is pos
sible that* the executive board may go
'-. to V. Texas . and. meet .. the < Federation of
Labor in regard-to the strike. ~.
11 111 111
Transactions of Great .Volume Were Coupled
- With Fluctuations of Wide Ra_n^
, ; in Many Shares.
-.. -■ .' ■ - - _-- ........ V.V . . „....- ; * '
Interest Centered in Great Northern-Northern
v Pacific and Chicago, Milwaukee
and St. Paul.
NEW : : YORK, ;•: Jan. V s.—Speculators
Jumped. into the stock market this morn-[
ing and put prices into a state of violent
effervescence. '.;.. .They . quickly skimmed
;the^iyth : at : the top .level of prices- to
; take ; profits and .attracted_ so large . a
following .to. the selling "side ; that : the
sensational- opening .gains were mostly
.wiped' out: before . the close ' and■*in all
cases ' greatly reduced. After 'a . day "of
violent -excitement ; at; exceedingly wide
fluctuations;- the -market was decidedly
easy. in tone at. the close and at a level
generally below last; night. ■ There were j
some important exceptions ' and : there
were a number of spasmodic] rallies of
weak stocks on covering by shorts. It
was a speculators day pure and simple
and whatever substantial considerations
may have been behind the. buying de
mand were almost completely lost, sight
of in a frenzy of speculative excitement."
No - story was too wild or improbable
to gain ready credence. . The growth of
the conviction that St. Paul is *to pass
to the control of the Northern trans
continental lines has. made . the . specu
lative mind open to almost anything in j
the way of rumors regarding . railroad
combinations. Capitalists; who have been
influential in the St. Paul deal are sup
posed to have additional far-reaching
plans. These supposed plans were made
the basis of today's extraordinary move
ments. .;.. The ;■' authorized _; announcement
before . the close that J. P. Morgan &
Co., had secured control: of the" Central
railroad of New Jersey, in the . interest
of ~ the - Reading •' company offered some I
basis for the rumors current. The Read
ing stocks-were most prominent in the
opening spurt ,of prices, the first pre
ferred mounting five points. 7 the second
preferred 3 ]/_ and the common 6%. The
extreme advance in New "Jersey Central
was 514 c. In the heavy buying at the,
opening," there were- advances also of
four ;points in "Missouri 'Pacific, 3% in St.
Paul, I 3 1/. in Erie/ first ; preferred, 2% .In
Erie" common) 1 3 points in Erie second
preferred and 244 in-Rock Island. Gains,
of from 1 'to 2 points "were nu.inerous all
through the list. - ,
The eagerness of the selling :to take
profits .caused; sudden ;• and '^violent de
clines, successive sales in some ■;. cas:s j
clipping a half to a point from pi-ices
until they were carried hack- to last
night's level, or below. Meantime there .
was growing weakness in Sugar. Ten
nessee Coal, the; rubber stocks and some
other • Industrials. The feverish ''■ excite-;
ment on the floor! of the exchangeV wis
indescribable. With prices >In a state of
wild;"fluctuation the sense of insecurity
became overwhelming. " Violent advances
- were followed .by wide relapsed and ast
sudden recoveries.- The evident un.ttad-..
mess of prices increased" the wish to
sell and the bank statement was taken
advantage 'of .to "." further . unload. ' St.
Paul ■ reacted . 5 ._• from . tlie top. New
Jersey, 4; Northern Pacific," */£. and
Pennsylvania, 314. The Reading • stocks
saved for the day net gains of 2 to 5
points, the Erie stocks 2 to 3%; Balti
more & Ohio, . 3%;T.ew ; Jersey, 2%, and
Missouri Pacific, l._. Otherwise there
was - nothing Important on the side of
gains and the list presents a ragged line
of net losses. _
Wall street has witnessed one. of the
most astonishing revolutions in specula
tive sentiment during the past .. week in
its history. On Thursday night the im
pression was well nigh universal among
the speculative public that the long
awaited reaction in stocks had "o?en in
augurated j and : a lengthened course cf
liquidation fairly established. The causes
underlying the sudden and Unprecedented
recovery . on- stocks are hot sufficiently
outlined yet to be clearly, analyzed.' The
course of prices 13 itself a sufficient dem
onstration that powerful combinations of
capital "had plans still unprovided tor
which necessitated the buying of whole
sale amounts of stocks of "various rail
roads. It is evident, also, that the spec
ulative T public in large numbers was
standing eagerly, by looking for an oppor
tunity to get into the market: at prices
below the prevailing/level,-and their
precipitated rush to buy. forced prices up
ward' with a frothy effervescence. Much;
surmise, is heard in Wall street is also
the Identity of the obviously large short
interest which was-driven to cover and
severely . punished on Friday, and the
belief is general that the settlement of
old scores and j antipathies had not small
part in the ferocious • raid made on the
bears. ■ ..-•*'. .. --'-';'
It is 1 difficult to give .an idea in re
trospect of midweek conditions in the
stock market, but it is evident that very
Unhealthy conditions must have permeat
ed: the market to make possible such . a ;
back as occurred, considering the- vast
v alting demand . for stocks. The conse
quence was a rather precipitated scram
ble to -unload by | the large number :- of - j
holders on a narrow margin, without re
courses "to I extend the . margin so as to.
hold through " and considerable? decline, '
and"' the reckless .gamblers who stake
their all on an uncertain risk if a possible
chance is offered to gain sudden wealth.
There, have \ been abundant Indications of
late of the growth of this-element among
the active forces -in the stock market.
These signs are a ~
(in~ sensational rumors on flimsy au
tlip'rity/and innate improbability and - a :
reckless indifference to what price Is
paid .for. stocks,.so only they may secure •;
a", title to them by however uncertain a
tenure, '. as .to - the - amount .of . cash - paid -
down and the ability to meet the. future *
obligations of payment. - At a period". of
speculative excitement such' as has ■■ per- '
sisted in Wall street for two months past,
there *• is" always" a mushroom /growth f of
"bankers and brokers" -in - the - financial
district who use every possible means .to
stimulate the desire of- the public to buy
stocks. With money cheap and with spec
ulative^ enthusiasm ■ prepared , to buy- large
amounts:*bf- stocks, and- holders;. loath
to' part with them, the 2 rise' In price • has ;
nothing .to ;. check. It With a jump of ■
several points" in a stock, the" holder on
margin reads-large" profits already earned
and r invests - his. paper profits, thus aid
ing "to t rear . the v airy edifice !. on -. the un- I
substantial basis of his: own" unstable . buj"- .
ing. capacity. The only, thing that can 4
nheck this process, before it runs into
excessive inflation, 1 Is ',-ati' effective re
lapse" in"-- prices. Professional operators [
have - sought many times. to force. such '
Pages i to 12
a reaction, knowing well that the mere
fact of the. reaction would ; bring out a .
flood of,offerings to convert paper profits
into cash .or to '■ save losses on the part"
of • narrow margined holders 'whose ac
counts would be closed out "with the
t wiping out of margins Various cause*.
contributed to make .effect! ye the bear '_
attack, on the' market this.week and to*
force the reaction which resulted," as ex
pected, in shaking, out a liberal .supply
of. long stock. Probably the most potent
influence was the suspicion that powerful
and aggressive leaders, whose leadership j
has ; been*" followed with a - blind confi
dence by the purely gambling element,
had '
and taken their* profits under cover off
the ' variegated rumors which have been
flying hither ; and thiiher of effective
new plans, for increasing the value of
various stock. The small buying de
mand resulting from the disbursement
of January dividends and interest was an
early disappointment. This was ac
counted for at first by the delay in the
return to the channels of the money
market of. these disbursed fund. . But
the failure of this investment buying to
"develop punctually in the first week of
January caused inconvenience to those
speculators who had calculated on tak
ing their profits by meeting this de
mand and suggested the conclusion that
the intending investors had probably
been competing in the early buying ." by
the speculators themselves at the lower
level of prices. - With the reactionary
tendency once established, .-- the money
lenders were less liberal In their terms
This was not reflected 'in' the money
rate, but took the form of discrimination
against certain stocks which were re
jected as collateral for loans. This in
creased the pressure to sell those stocks.
The advance in the Bank of England*!
rate- of discount had a sentimental in-'
fluence, which was exaggerated •in the
sudden - mood of depression . which seize,
on Wall street on any considerable re-
action, in the stock "market. '"■ Internal -
bankers are willing to admit the likeli
hood of further demands being made on
the domestic money, market to meet the-"
requirements aboard and the possibility
that gold may be sent from ? New York
to hold- out the foreign situation But
they disclaim the- supposition that this
will work hardship., to the New- Tori:
money market, as the domestic supply, 1.
sufficient 16"snare a considerable e_*. .uni
for export. '
The apprehension had been J-g_ncTar
In ; more . conservative quarters ln Walt
street that owing to the long continuance
*of .the i rise .hi -prices ri^re was danger -
of a violent relapse' in prices -when' tfit.
turning point in ..the market did. arrive..
The vigorous support which came into
the market at the low level after Thurs
day's!, sharp - break, however, •_made an.
impressive demonstratlon- of the still un
satisfied demand for stocks, which seem?*
jto be waiting for any concession in prices
to come into the market.- There is also
a striking scarcity of offerings,' :r whes»
the- holdings of the lightweight specula
tors are shaken out, making it difficult
for bear operators,"who .sell the market,
short," to get. back their stocks and mail-:
ing them open to attack by the .til! ag
gressive ; bull market. ': The constant di
gestion of^profits -which: had been going
on all through the rise, is thus seen,to
have conserved the health of the market
The resiliency of the market *is conclu-'.
sive evidence of - the very - large reduc- ■
tion in; the floating supply of stock,
which has resulted from the recent sus
tained buying. The large amounts .of
stocks which have gone into the vault.*
of bankers and great financial institution
for Investment and into the treasuries of
competing or -conecting railroad . com
panies for control or to secure Influence
in directorates and managements are no.
brought upon the market again, even b\
the present high level of prices, which
for many railroad - stocks is above al.
previous records.
Railroad -bonds have not escaped the
reactionary tendency of stocks and have
not shown as vigorous a tendency 1 to-
recover as stocks.
United States new. fours declined 1 per
cent: threes coupon. 1%. do registered
2; refunding twos, 1%,' and old fours and:
fives 2% below the ruling bid a wee. .
The Financier says: The New York
clearing house banks made a gain of al
most .7,000,000 m their cash holdings lit
week, due to heavy int.-rior receipts an;
subtreasury disbursements, but .0 heavy
was the rise in deposit -loan-liabilities,,
aggregating as they did $16,760,900, that
the cash holdings count a for only a,lit
tle over _2,(i2-f,W. ) in surplus; reserve, in
creasing that fund to $14,150,075,. which.
however, is the highest mark touched in
fourteen- weeks. It had. been, expected
that the banks would show _ome heavy
changes and the expansion .in di pos'.ts
pan be traced largely to d'vW.n'd ray
ments and the shifting of funds incident
thereto.-- The advance in loans might be
attributed logically -to-the heavy dealings
which - have •■ - characterized —. op .rations
on the- exchange .during "the week, hut
these do not show fully in the average „
and it is quite likely.. that a consider, be
portion of belated.transactions has been'
carried over, from the previous six-d iy
period. _ The important feature of th*
statement is the plain Indication of the
turn that has taken place: in the" matter
of current transactions.
The banks are now gaining from the
interior and. the re.ult ls seen in the
ability of the clearing house. institutions
not only -to accommodate every. demand
: upon " them,. but to '-. add; considerably to
their. surplus cash'holdings. Thismea is.
on the surface, continued ease in rates so
far as domestic. influences are con.c ned,
and "the adverse features of- thevforeigr.
situation revealed last week In the Bank
of England's rise.in discount, rates,—arc •
not" counted • infportant enough here to
lead to a der. and for American gold.
The year -just-closed has > been a, re- --
markable one In the',development o
American banking power and the current
only demonstrates- to what extent N;w j
York Is superceding London-.a3: a finan-'"
cial money center. The banks here have
had an unusually- unprofitable year. Th
have. added '$10,000,000 to the surplus, hay
ing paid full, dividends; they have In
: creased their ' capital.-. % 15,000.00.-- and in
every item an almost proportionate gain
is recorded. This,-while"it does not con
cern the present :Statement,serve\rto show
the constant expansion /that- is taking
place and emphasizes the fact 7 that no
matter what demands may he made upon:
them the local . clearing . hous. institu
tions are prepared. It is quite .likely for..
a time, at .least, that the.weekly'state-","
ments will show unusually large fluctua
tions, and it is also probable before the •;
close of spring that international factors
quiescent of late will again become prom
inent '■ in influencing the ' trend of; the v va
rious-Items. -There seems to be no que - '•
tion that : the totals of 1901 will break all",
records/ ■."-'. '" ~ .;.'. *.'•:-'.
.'-."'../ Highest; Champagne. Record.- -~
.-' ' bast year 100,303 cases were Imported of (
G. HrMumm's: Extra Dry; in -11,months.r
hi" 1900 this s quantity -was i exceeded, being: -*"
72,16- cases I more . than any other brand. -
Special attention is called to the remark- -.
'able quality now/imported.. .;-;-■*.; ', > A -

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