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The Saint Paul globe. (St. Paul, Minn.) 1896-1905, January 06, 1901, Image 2

Image and text provided by Minnesota Historical Society; Saint Paul, MN

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn90059523/1901-01-06/ed-1/seq-2/

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Blaze Under a Lodging House Causes the
Death'of Many of the
Inmates —
. " -- ; J&riizl 7'«*7- :r': . '■ ■
Four Unknown Men Taken Out Dead and Four
Unconscious, Three of Whom
Will Die.
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 t.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 356 members. Mr. Little
field declared that the Hopkins bill 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 ..as
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
"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.
"And the gentleman from Maine has
violated the rule with reference to the
second person about fifty times," ex
claimed Mr. Hopkins.
"The gentleman is becoming exceeding
ly technical and sensitive," retorted Mr.
Li_tle_eld. "1 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 and applause.) - ■
Proceeding, Mr. Littlefield argued that
the constitution in providing for decen
nial apportionment contemplated an in-
re Warp OF $13,000 for
OMAHA, Neb., Jan. 5.— specific re
ward of .13,000 is now offered for the ar
res of Pat Crowe, and nothing is said
in the offer about conviction. The au
thorities today prepared and are sending
out 5.000 circulars bearing a picture and
minute description of Crowe. They r__e
sent broadcast, and will also : bear' .*__
description of two other men arid a wom
an supposed to be connected with" the
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. "fie 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.
Mi-. 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 »3,G00,000 limit of
cost fixed by congress, and restoring
many; Important items cut out of the
specifications, of the department by them.
Morgan's bid was $3,865,090; 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-#nly s 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. r The offer has ..the
consent, of ' Gen. John M.' Cowen, 'per
sonal counsel for Mr. Cudahy.' [ ",.'"•''.
Told His Brother Xot to Go to Uncle
Sum's Nursery of Bud
. dins Military Ge
BRISTOL, Pa., Jan. s.—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. Drlggs 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 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 "ho..waited
thirty-five minutes, and then had to leave
without peeing 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-»m
corroborated Dr. Weaver, who haO pre
ceded him in every detail as to the per
sonal characteristics of Booz. .He!did.
not think, however, that the young sthan
was suited for a soldier. He did not
think he could stand the -rigor, of such.
a life. •■■*.';_.__; -"_ -
. 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" 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 j Philadelphia on Monday morning. ;
PKKTN,. Jan. s.—Li Hung Chang has
suffered a relapse; and because of the se
rious effects of - this and his great age
it is - feared that he will be ..unable to
act \as plenipotentiary in arranging, a
settlement of the troubles in China, ana
that the difficulty " and delay in securing
a successor may cause the postponement
for a time of negotiations. * - .
-•■= LONDON; Jan..; 5.—A special- dispatch
from Pekin = under yesterday's date says:
"According to an official Chinese source,
Russia has 1 arranged -to make a -treaty
with China at St. Petersburg. . The Chi
nese minister -there -wasfaappointed- to
act for China." .... * ;
Weather Forecast for St. Paul:
: 'Fair.
I—Hot Debate in Congress.
Mr:. Stiekney Seeks a Bride.
Received Rough Treatment.
. "Wall Street's New Record.
Gift for Medical Society.
C. L. Parr Dies Suddenly.
Feud -Ends in Shooting.
3—Prof. Smith's Letter. -
-St.' Paul Cats Rehearsing. .--..
Old County Jfoard Dies.'
4Editorial Page. ■-".-'•
Unique-' Bible Museum.
6—ln . the City Churches. "; A.~AA J'-
Rest for Dr. .Wright. - -
News of the Courts. ;.^._
Booz Treated Like Dog.
News "From Foreli. v Centers.''"
B—Sporting Page.'^
Lou Houseman's .'Gossip. '■■
Ban Johnson's Troubles.'
ft—Sporting, Page.
Cycle Path to Chicago.
Yankee Yacht Builders.
lO—News of Railroads.
Interstate Commission's Report.
Sale of Jersey Central.
. .._S^ " " , " ■'■ -. ' ....._,
,11— Popular Wants.
12—Telegraphers Are Satisfied.
In the Field of Labor.
Secret Society News.
. Funeral of Sir. Donnelly. '■
Establishing Many Libraries.
:':/'■■ ; - ■ ;
13—Business Announcement.
—In the Hornets' Nest.
Among- the New Books.
I**»— Business Announcement.
IG—St. Paul Society.
17—Paris Fashion Letter.
. Hints for the: Household.
Our Social Neighbors.
Indians Adore Bishop Whipple.
Dominican Friars Driven Home.
19— 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.
21—The. Family Forum.
22—The Family Forum.
23—The [ Pink Persian. -
Medical A/Sotcn.
Dramatic Page.
Widow of the Millionaire, Will Tes
.."-. '•"-...'. tify 'Monday.
SAVANNAH, Mo., Jan. Friends ■of
Mrs. Richardson say she - will probably
be well enough to appear before the cor
oner's jury next Monday. -They also 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 reclining on a sofa in the house. The
nature of the wound* indicates ,hat - the
shot was fired by seme* one who was be
low Mr. Richardson." '-;}';••
Goldie 'Whitehead made a statement to
day which has been verified by the prose-.
cution. A She said that she was at \ home
with her" parents at Stanberry at the time
of the tragedy, and that she did not know
. thatr Richardson 'was in jj Savannah, - but
supposed he was in St. Joseph. She ad
mitted' that she had, received hush money
from 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 who cir
culates rumors 'reflecting on Mrs. Rich
ardson. A'A'A'-: .-.'. A.-.A- '."...
Is Seeking Profitable j Investment In
.....- American Properties.
: 7 NEW ' ORLEANS, Jan. s.—The -'. United
.Railway Trading .company, of England,
Quinton Hogg, chairman, today I consum
-ma ted: a deal by which the ' corporation
acquired the 1 Keniiworth sugar estates,
limited, and a controlling interest in the
Louisiana Southern railroad. Ihe. price
paid for the Keniiworth properties, which
comprise. 10,000 acres 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 goes
to \ waste. -'. The principal revenue of the
Louisiana Southern has been derived'
from Keniiworth estates, so the absorp
tion of the railroad was .to ' have been ■ an. .'■
' ticipated. ** ": - ; .
ion nil 11
Mr. A. B. Stiekney, of St. Paul, to
Marry . Miss . Mary Crosby,
: Daughter of His Former ■.--.■
- BOSTON, Mass., Jan. 6.—(Special.)—
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 . c
complished - his ' desire " even beyond his
dreams. .The young lawyer, v through
sheer pluck and determination, has. 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 -. sTe.v.
Thomas Vanness, in . Brookline, . next
Monday. Mr. Crosby-is one "of Maine's
oldest and probably best known mem
bers of the bar. As a matter of recent
Interest his name has . been 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.
NEW YORK, Jan. The Rt. Rev.
Bishop Winand Michael Wigger, head 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 New
York, was at the bedside, and the Rev.
C. L. Carroll, of St. Patrick's church,
Jersey City-.
On Thursday of last week Bishop Wig
ger . complained of not feeling wejl, 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 the- 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. S The crisis wa s
to have been passed last night, or early
this morning, but -Bishop Wigger lasted
only until -after, midnight..
Bishop Wigger was born in New York
■ city Dec. 12, IS4I. His preparatory studies
for the priesthood ' were - madfe with the
Jesuit Fathers, in. Eighteenth street. He
then entered C.Seton Hall seminary, at
South Orange, N. J., and on Dec. 20, 1861,
at the hands of -Bishop Baylew, of New
ark, he received the tonsure and mmor
orders. ' He'completed his studies In Ge
noa, • and was ordained a priest in IS(!_.'.
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 St. 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. Vin
cent's. He -was consecrated Bishop Oct. j
IS, 1881. -.'.-"-*_. A- ■'*'-;; **. '■•--': .'- '-.A\
■ A meeting of the bishops from the prov- !
ince, which includes all diocese, between.
Buffalo arid Trenton, will.be held imme
diately and \ the names of three priests
will be prepared and sent to the pope.-'■'.."
The rectors, missionaries or memora
.ble rectors of the diocese will meet.- They
are: Rev. Dean - Flynn, • of Morrlstown;
Rev. Dean McNulty, of Paterson;j Fath
ers Terwoort, of Jersey. City; Peels, of
Newark, and \ Gesner, of Elizabeth. They
will also present.three names to the holy
: see. '.-"..-.. ■ :-/>'» >■ A:l -A..- ■'.
. Pope Leo has the option of selecting a
bishop from these six' names or appoint
ing 'whom he sees fit. '• /..,;,
Electrical Workers' Executive Board
Meets nt St. ! Louis.
- ST. LOUIS, Mo., Jan. s.—President T.
H. -Wheater, of Cleveland, and eight
others, constituting the executive board
of the International Association of Elec
trical Workers, are holding an Important
meeting here ;• behind".:;closed.' doors. A
j number |of 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, arid still j continues. - It Is pos
sible that the executive board may go
to '-". Texas: and.. meet _ the ■: Federation of
Labor in regard to the strike. ■■''-■.■-. A::-..
Transactions of Great Volume Were Coupled
■ With Fluctuations of Wide Range
Vi in Many Shares.
Interest Centered in Great Northern, Northern
Pacific and Chicago, Milwaukee -
f2ZL-2i:2:12L222 and St. Paul.
NEW YORK,: Jan. s.—Speculators
Jumped. into the stock market this morn-
Ing and put prices into a state of violent
effervescence.- They . quickly skimmed
the .Ath 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 jin 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
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
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 wore 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
basis for the rumors current. The Read
ing stocks-were most -prominent in the
opening spurt of prices, tlie first pre
ferred mounting five points, the second
preferred 3.2 and the common 6%. The
extreme .advance in New Jersey Central
was s*_.c. In the heavy buying at the
opening, there were advances also of
■ four points in Missouri Pacific, 3% in St.
Paul, PA in Erie first preferred, 2% in
: Erie" common,' 3 points in Erie second
preferred and 2%-in-Rock Island. Gains
of from I'to 2 points -were numerous all
/through the list. - ; .•.";•''.V-V.'"".*■.._.
The eagerness of the selling to take
profits caused sudden and violent de
clines, successive sales in some casrs
clipping a. half to a point from prices
until they were carried back 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 tho floor of the exchange was
indescribable. With prices In a state of
wild fluctuation the sense of insecurity
became overwhelming. Violent advances
; were followed .by j wide relapsed and es
sudden recoveries. The evident unstead
iness of prices increased the wish- to
sell and the bank statement was taken
advantage of .to further unload. St.
Paul reacted 5V_ from tlie' top, New
Jersey, 4; . Northern Pacific, _£, and
Pennsylvania, 3%. The Reading stock-.
saved for the day net gains of 2 to 5
points, the Erie stocks 2 to 3V_; Balti
more & Ohio, 3%; T.ew Jersey, 2%, and
Missouri Pacific, 1%. 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 tbe
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 risen in
augurated and a lengthened course cf
liquidation fairly established. The causes
underlying the sudden and unprecedented
recovery on- stocks are not sufficiently
outlined yet to be clearly, analyzed.' The
course of prices is itself a sufficient dem
onstration that powerful combinations of
capital had plans still unprovided lor
which necessitated the buying of whole
sale amounts of stocks of various fall
roads. It is evident, also, that the spec
ulative 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 antipathies had not small
part in the ferocious raid made on the
It Is 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 aiting demand for stocks. The conse
quence was a rather precipitated scram
ble to unload by the large number of
holders on a narrow margin, without re
courses to 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 g_in sudden wealth.
There have been abundant Indications of
late of the growth of this-element among
the active forces ln the stock market.
These signs are a
in sensational' rumors on flimsy au
thority, 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 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 of - stocks, and holders loath
to part with them, the 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 invests his . paper profits, thus aid
ing to- rear the airy edifice on the un
substantial basis of his own" unstable . buy
ing,. capacity. The \ only. thing ; that can
check'-this; process, before it runs into
excessive --.' inflation, -is | • an. effective re-
lapse 'in "prices. Professional operators
have sought*, many,; times ■ to force such
Pages ito 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
wiping out of margins. . Various causes
contributed to make . effective .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 leaders-hip
has : been followed with a blind confi
dence by the purely gambling element,
had - •
and taken their* profits under cover of
the variegated rumors which have been
flying hither and thhner 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 funds. 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 profit, 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 mbnev
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 th.
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 or.
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 Bui
they disclaim the supposition that this
will work hardship ,to- the New- York
money market, as the domestic supply i.
sufficient to spare a considerable aftfotraf.
for export. .
The apprehension "had "been _jge*ws.i_r
in more conservative quarters in Wall
street that owing to the long continuance
of -the rise in. prices tf^ro was danger
of a violent relapse' in prices when th.
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 demonstration of the still un
satisfied demand .for stocks, which seem
to be waiting for any concession in pric. s
to come into the market. There Is also
a striking scarcity of offerings, when
the holdings of the lightweight specula
tors are shaken.out,: making it difficult
for bear operator who sell the marke\
short, to get back their stocks and mail
ing them open to attack by the still 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 -conectlng railroad com
panies for control or to secure influence
in directorates and managements are no.
brought upon the market again, even h\
the present high level of prices, which
for many railroad stocks is above all;
previous records.
Railroad -bonds have not escaped the
reactionary tendency of stocks and have
not shown as vigorous a tendency t<
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\i below the ruling bid a we
The Financier says: The New York
clearing house banks made a gain of al
most .7,000,000 m their cash holdings last
week, due to heavy interior receipts and
subtreasury disbursements, but . o h'-avv
was the rise in deposit loan .liabilities,,
aggregating as they did . IG^CO^OO, ilia
the cash holdings count- d for only a lit
tle over ?_;G2i,OOO 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 some heavy
changes and the expansion ln deposits
can be traced largely to d'.vW.rid rav
meats and the shifting of funds Incident
thereto: The advance in loans might be
attributed logically to the heavy dealings
which have character . rations
on the exchange during the week, hut
these do not show fully In the average-,
1 and it is quite likely that a considerab'e
portion of belated transactions has been
carried over from the previous six-d ty
period. The important feature of th.
statement is the plain. Indication of the
turn that has taken place in the matte.
of current • transactions.
The banks are now gaining from the
interior and the reult is seen in the
ability of the clearing house Institution,
not only' to accommodate every demand
upon them, but to add considerably to
their surplus cash holdings. This mea is.
on the surface, continued ease in rates so
far as domestic.lnfluences are.con^e ned,
and the adverse feature., of the forsign
situation revealed last week in the Bank
of England's r^e.iri.discount rates; art ■
not" counted important enough here to
lend to a demand 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
York Is superceding London, as a finan- '
rial] money center. The banks ? here have
had an uallv unprofitable year. Th .
have added $10,000,000 to the surplus, hav
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,server to show
the constant expansion that is taking
place and emphasizes the- fact that no '
matter what demands may be made upon
them the local clearing house 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 va
rious items. There seems to be no que -
tion that the totals of 1901 will break. all .
records. ' - ; •■•-....-".■■'■
IHKhe.tCliaiiipa_.iie Record.; '-"'a
Last year 100,303 cases were Imported of t,
G. H. Mumm's Extra Dry; in 11 months \i
in. 1.00 this quantity ■ was exceeded,' being 3,1
72,169 cases more than any other brand -
Special attention is called to the remark- Ai
able quality now imported. ./,-'.. '^' .;
""■.""• ' „>-. : : ../^\V..C:-.«- :

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