The herald., 1896-08-21
MARKETS OF THE WORLD
Local, Eastern and Foreign
Commercial Dealings
WALL STREET SPECULATION
Lessened Product of Oleomargariue in
the United States
WALL STREET SPECULATION
Causes Of Hard Times-E ngIish Investments $
In Foreign Countries-Profits of the
Standard OIL Company

| The export of raw oleomargarine in 1So;
| amounted to s5,0OO,000 less money than in
| 1894 The home market for oleo is also in
bad shape. 1t is nearly criminal offense
to sell this perfectly wholesome product
in the United States, but it did not matter
so much so long as the foreign demand
to the extent of $5.0O0O0O year comes out
| OF the pockets of those who raise the cat
tle.-st. Louis National Live Stock Re-
porter.
r. NJ. Brown in the Western Plowman
gives the following reasons for hard times !:
!'First-And this applies especially to
young men. the tendency to spend money
100 freely for the qualification of imaginary
wants things which they believe they must
nave but without which they would often
times be better off,
Second-The tendency toward living
Just little more expensively than present
circumstances will permit, foolishly be-
heVlng III the good fortunes of the future
lhird--And we might say the most uni
Vefsal cause of Indebtedness and nationa,
hard times is individual extravaganza. Ir
utnes oI prosperity people rush bindly
along, hHng each day the full extent OF
sneIr me- income. forgetting, that prosperity
nate waves. and that obligations contract.
ei IN prosperous times come due in du!!
titnes ana are also augmented by the reia-
Mr.. Gladstone once estimated the English
ilmnnVestments inn In foreign countries at $40 000-
CvV oOJ and Francis G. Newlands estimates
that @ or that amount $4OO0,00G,000 have been
placed in the United States. Much of this
Is III lands, manufacturing plants. etc.
ana great deal in stocks and bonds rep
Iesenting such property. and national state
and municipal Indebtedness. Senator Stew
Gart ar says we owe Europe in bonds about
S3oJ0, $4,000 OF which amount England
hoids about $1,000 ooo0. The New York
n ipl, hos lfato III,
estimates sets American Indebtedness to
england at about $4,000. 000.000
Attention has recently been directed to
the enormous profits of the Standard Oil
trust BY its operations in Boston and New
York Gas stocks and the announcement of
tne ll,e, llquldating trustees that they have
IIurther sum equal to 81 per share, payable
June 10 The capital stock of the trust is
SslGo,O o0OO divided into shares of 500 each.
There are 27.00O shares still in the treasury
and OF the outstanding shares John D.
Rockefeller. the president. owns $40, 900 eco.
he is credited with the desire with a mar
ket value of 500. 600 0o0.
Mr.. Rock kefeller's share of the usual quar-
terly dividends this year will be $ll 500 900
or SSl .S6S for every day in the year, includ.
ing SUNDAY, which means SIPS for every
hour of the day.
These figures represent Mr.. Rockefeller's
income from one source. 1t does not in
OF other rich pickings built upon Standard
earnings of former years. Seven years ago
his regular income was estimated at 500
oOO,0oO year making him the richest man
in the United States, or perhaps in the
whole world. This was nearly three times
the income paid by the Bank of Englend
in 1892 to all of its stockholders. but this
the greatest financial institution on earth
has been in operation for two centuries
The Standard Oil combination has been i
existence only twenty-six years. starting
VIII a capital of 81 1000. COO, with the Rocke-
feller refinery at Cleveland as the basis
Mr.. Rockefeller's annual income is now
placed at about $4,000. .001.
1t is impossible for outsiders to estimate
correctly the wealth of the trust and its
members. Not all of the men who have
been interested in the petroleum business
have grown rich. Col. Drake, who drilled
the first oil well in Pennsylvania would
have heen penniless in his declining years
II the legislature had not voted him a pen
sion. something unusual but deserving.
Way Syckel. who first demonstrated that
the pipe line was practicable, became a
paralytic. and died a pauper in Buffalo
William Morris. of the Kanawha. West
Virginia, country. known to all oil men
as the inventor of a drilling tool which
he did not take the trouble to patent died
d poor man, and Joshua Merrill. who was
the pioneer refner and was in the oil bust
ness for thirty-two years, finally had to
dismantle his plant.-New York World.