davidaulloa/AmericanStories huggingface dataset:
The Savannah morning news., 1903-11-29
PEN PICTURES OF WALL STREET
Morgan Doesn't Like Newspaper Criticism.
BY w. @. NICHOLAS.

New York, Nov. 2S.-The South and
situation. There is 100 per cent. profit
to planters in 10-cent cotton. That
means on this years crop alone
clean and clear addition of 100000, 900
states of the South Besides cotton,
crops of every description throughout
the South and Southwest are large this
year and good prices are obtainable
for the surplus. The South and South
west feel less than any other part Of
the country the indus trial depression
which is just now being complained
of. The people of that part of the
world are consequently in bouyant
spirits, and reports which come from
every state South of the Ohio and
Southwest of ST. Louis are of the most
encouraging character.
Wall street has not been in the habit
of looking to the South for stimulation
and consequently the good times
which prevail there are not given their
full measure of Importance as a great
factor in the making of broad condi-
tions. This viii come later and il will
be a proud day for the South when it
can meet on even terms the dollar
proud sections Of the North. The in
dustrial development of the South is
but dimly realized in the North and
especially is this true of the North
east The awakening to the facts will
be a slow process, but II is going on.
The South has already drawn heavily
on the manufacturing strength Of New
England and the Middle Eastern
The Savannah morning news., 1903-11-29

States, and the end is not yet. The
of water power and other natural adj
vantages for manufacturing are al
most without limit and there has
hardly been commencement in their
utilization. The difficulty in obtaining
skilled labor is one which time will OBJ
viate. The population of the North
east is in sad need or a course of ed
ucation as to what has been going on
in the South during the last five years.
The DEVELOPMENTS of the next five
years win unquestionably bring about
the needed enlightenment and place
the South where it belongs in the
grand Industrial, commercial and
financial equation. That Wall street
should be turning its face inquiringly
toward the South is an encouraging
sign and shows that that long handi-
capped section is beginning to COM
at any time since ante-bellum days.
If the month of December escapes
without one or two furries in the
money market, Wall street will be sur
prised. The bankers and money lend
ers take advantage of the movements
made by corporations during the four
or five weeks preceding the January
disbursements to mark up the rates on
borrowers. There is invariably during
this period a general shifting about
of loans and credits, and a concentra-
ton of cash. The accumulation Of
the profits of the previous three and
six months are collected for distribu-
ton to stockholders, and in the pay
ment Of interest on bonds. The great
bulk Of this money remains in the
The Savannah morning news., 1903-11-29

that is whether the deal can be
financed without some disturbance to
the money market. The prevailing
opinion is that there will be no
trouble on that score. A considerable
part of the $4O,000,000 to be paid the
owners of the old Panama canal will
remain on this side, speculative Amer
leans having taken over between ~
and so per cent. of it according to
common rumor. The identity of the
Americans interested in the scheme
has never been publicly disclosed, al
though no great difficulty would be
experienced in getting warm on the
trail of some of the more important
ones in the combination. Altogether
not more than $30,000,0 900 will be sent
out of the country in payment of the
Panama concessions, including the
$10,000,000 to go to the isthmus. Part
of the latter amount may be held mere
against the seeding republics share
of the old Colombian debt Of $15,0OO'0OO'
1t may be found expedient to make
provision for the payment of far
proportion of the Colombian debt IN
order to avoid complications with
foreign holders of that governments
obligations.
The Savannah morning news., 1903-11-29

banks of New York, either to the ac-
count of individuals or in the balances
of outside banks. The distribution this
coming January will exceed $3.50, 000,
900. To the initiated it would seem
almost impossible that this immense
sum could be paid out without dis
turbance to the money market, but as
a matter of fact the transaction is
gone through twice a year without oc-
casioning serious inconvenience in the
financial world. The occasion is seized
upon, however, by money lenders to
give borrowers a little scare and to go
through the periodical process of house
cleaning. Weak accounts are weeded
out, and there is a grand call for for
LITIGATION of margins and Strengthening
of collaterals. 1t so happens there
fore, that there is more or less COM
pulsory liquidation at these seasons
and professional traders on the stock
exchanges look for sharp breaks in
specialties and for declining quotations
in the general list.
The latest phase in the evolution of
the great industrial combinations is
the passing of operative control from
Wall street bankers, insurance agents
and other amateurs back into the hands
of practical men who have grown up
in the manufacturing business. This is
conspicuously the case with United
States Steel, and it is a good thing for
stockholders that the change is taking
place. 1t was long ago realized that
one of the fundamentally weak points
in the big steel trust was the Dictator
ship of banking and insurance inter-
ests in the actual management of the
property--a vast business with which
the men in control had no experience,
and no practical knowledge whatever.
The result has been proved to be most
unfortunate to investors in these prop
critics. This basic weakness was
pointed out to Mr.. Morgan, and his
immediate banking and insurance AS
sociates more than a year ago, by Mr..
Rockefeller and others, who have been
identified with the development Of in
The Savannah morning news., 1903-11-29
as an encouraging indication.

These are not joyous times for COM
mission houses and rich brokerage
firms, who lent themselves to the pro-
motion of industrials. Almost without
exception, they committed themselves
beyond the limits of prudence and in
the end found themselves loaded up
with unstable securities. Latterly.
banks have been sharply discriminating
against all industrials except those that
have gone through the fire and been
thoroughly tried out at every point.
The common issues are a dead weight
on the market. They have no longer
any place in the list of collaterals ac-
cepted by banks for loans. They are
thrown out and are that much handi-
cap on the credit of the holders who
are in the borrowing line. OF the S510.-
100000 in common stock of the United
States Steel Corporation it is estimat-
ed that fully so per cent is on the
street Originally the entire amount
of common stock represented a market
value of about $250,000 900. At present
quotations its value is less than $50 :
OOO0OO. The collateral value is nil The
street holdings represent a shrinkape
of $40 a share, or about 500 600 000
There has been at least proportionate
loss in nearly every other new indus
trlaL A still larger percentage of this
loss among 'the minors" falls uDon
Wall street houses. There has been a
very narrow market for the securities
of majority of these combinations
and less opportunity to unload on the
public. l have little doubt that the
street is carrying a $500 900 900 "scab."
In other words, it has this amount of
stuff left on its hands for which if
can find no market at any price and
which have no bankable value when II
comes to borrowing money
newspaper men In Wal street note
with some satisfaction an agreeable
change in the atmosphere Of the bank
ing house of ]. P. Morgan & Co. They
find 1t much easier to interview the
great men about the concern than for
The Savannah morning news., 1903-11-29

dustrial enterprises for more than a
quarter of a century. At that time the
suggestion was received in ill-part by
Mr.. Morgan. But the fact existing,
nevertheless, was mainly responsible
for the wholesale unloading by insid-
ers-the original owners of the mills
and mines and factories. They did not
have full faith in the ability of strict
~ financial interests to run the busi-
ness to it's best advantage. 1t would
appear that time has in a measure
justified the skepticism and lack of
faith.
There is felt to be encouragement,
however, in the prospect of a partial
reorganization of not only the big steel
trust, but of the minor industrials, and
the restoration of control in actual
management to the skilled men who
built the properties up, and who have
been identified with manufacturing all
their lives. A sharp pruning OF eX-
penses is in progress, high salaried fig
ureheads are being dropped from the
rolls. fancy salaries are being cut off,
and favorites who were given sine
cures because they happened to be rel
atives of influential people in the cor
porations, are finding themselves out
of jobs. The imperative need of prac-
teal men at the helm is being recog-
nized. For this reason the increasing
power of the Standard Oil in steel and
other industrials is felt here to be a
good thing, because if there is any
thing these men know. it is how to
conduct industrial projects to the best
advantage. They have given in many
quarters practical tests of their ability
in this direction. The Rockefellers may
not be lovable propositions from hui
man standpoint but they at least UNI
derstand their business when It comes
to industrials. Within the past few
days have met a number OF practi-
cal iron and steel men, and almost
without exception they look forward
to the increasing authority OF tho
Standard Oil people in the steel trust
The Savannah morning news., 1903-11-29

merly and a perceptible thawing out.
Even Mr. Morgan himself has become
accessible and eVinces a tendency to-
ward cordiality. 1t is said that Mr..
Morgan is much disappointed over the
reception accorded the announcement
that his house had abandoned the bond
conversion scheme in connection with
the Steel Trust. He had expected COM
mendation by the newspapers, and the
public, for getting out of deal which
had been so harshly criticised. In
stead OF that, the popular verdict seems
to be that he was forced to take the
step and that in so doing he yielded
TO the demands of Mr.. Rockefeller and
his associates in the Standard Oil par
ty. Mr. Morgan clearly does not en-
JOY the changed attitude of the public
press towards him. This is not to be
wondered at, for he was the recipient
Tor three or four years of uninterrupt-
ed adulation, and one does not at first
take kindly to change of diet in this
respect. Mr.. Morgan is an exceedingly
hardy individual, however, and will
doubtless continue to worry along after
his own fashion, regardless of what
disappointed Spectators may think of
him.
REPRESENTATIVES of financial inter-
ests are 10th to discuss the pending
Panama complication. Privately there
is a strong sentiment among conserv-
atives in the financial quarter against
the administrations move. This feel
ing may not be based on broad pa
triotism, but Wall street is not given
to hasty Endorsement Of political
moves foreshadowing radical progress
siVe action and this case is no excep-
ton to the rule. At the same time
there is an indisposition to openly
criticise the President for the step he
has taken. There is background ap-
prehension, however, that the depart
ture may not be productive Of entirely
beneficial results and that the nation
may be embarking on dangerous seas.
There is, however, a strictly financial
aspect to the Panama question and
The Savannah morning news., 1903-11-29

When Gen. Ian Hamilton of the
British army was in Washington he
was the guest of Maj. Gen. Corohl
and all his mail was sent in care OIL
Gen. Corbin at the War Department.
One day quite a batch of letters ar
rived and was taken in charge by one
of the brightest colored messengers u,
the War Department to be deliVereu
at Gen. Corbin's residence. But ti,ls
messenger and others had read lle
addresses and commented on them
Lieut.. Gen. Sir Ian Hamilton, & ~
81" they read. What does X. 9. p
naean?" asked one messenger. don :
you know what that neans?" repIis5u
the other scornfully. "why, X. c. 81
means the Cat Came Back Though
every nlggah knowed that"
Rosebud County news. [volume] (Forsyth, Mont.) 1901-1906, 1903-06-18
"a HINTS FOR
9 TIE FEEDER

Beet pulp contains 80 per cent Of
water. The 10 per cent of solid matter
is chiefly crude fiber. which is largely
andigestible by sheep, although excel
lent for cattle. The indigestibility Of
the pulp by sheep is due to the wa
ter in it and as well to its acid con-
~dition at the time it is fed says Amer
lean Sheep Breeder. The indigest-
BILE part of it amounts to 10 per cent,
but as this is combined with a large
quantity Of water and is generally sour
when fed it causes excessive action of
the bowels by which much Of the nutri-
ment is carried Off undigested. The
safe way is to avoid feeding it to ex-
cess and provide some other food with
it which is rich in protein. Alfalfa
thus makes the best addition to it for
feeding sheep. especially when it is in
the form Of hay. the dry fodder acting
as a reduction of the excess of water
in it. Cattle can be fed more easily
on sloppy food than sheep can. and the
acidity of it does not affect cattle as it
does sheep. However. if the ration is
kept in due proportion and other feed
is added which contains sufficient fat
(Which is wholly wanting in this pulp,
sheep may be fed protitably on it. Bran
or screenings which contain consider
able quantity Of fat will make a usefu!
addition to the pulp. But, on the whole.
this pulp Ia better suited to cattle than
TO sheep.
The DAT the King Of Grnins.
The oat is the king of all grains for
horses and equally good for attic, hogs
and fowls, but as a feed for cattle it Is
usually considered too expensive ex-
cept in small quantities to balance ra-
tons. For horses no grain can COM
Yare with 1t. Oats practically yield
two crops a crop Of winter pasture
and crop Of grain-and are off the
ground early enough for summer crop
OF something else. All over the south
western grain growing region the cur
rent oat crop is very promising, and we
are very glad. Farm ana Ranch.
Shredded Fodder.
have for several years fed shredded
fodder to cattle. mules and horses with
increasing confidence. Aside from its
greater convenience l consider it worth
Louble as much for feed and manure as
ced the old way. The corn feed to cat
tie is ground, grain, cob and husk, in
cast iron mill run by same farm engine
used for shreddng. have used this
mill for twelve years. and it seems
about as good as ever.-J. ID. Clardy In
American Agricuturist
Rosebud County news. [volume] (Forsyth, Mont.) 1901-1906, 1903-06-18
A Raw Oyster,

Although the actual amount of nutri-
tive material in a raw oyster is small.
it comprises all classes of food sub
stances in a peculiarly assimilable
form. Generally speaking. the raw
mollusk consists of four-fifths water
The danger-a remote One-Of the Oys
ter containing living typhoid fever
germs may be obviated by the use Of
lemon juice. The oyster is rendered
tough and indigestible by boiling.
Rosebud County news. [volume] (Forsyth, Mont.) 1901-1906, 1903-06-18
AltOUether Too InOuiSitiye

Burgess-What humbug Dolver is.
When asked him if he had read my
article about THE EpOchal Era" he
said he had and that it was the finest
thing he had seen for years. but when
came to question him found lie
didn't know the first thing about the
article. What do you think of that?
Yerrow-I think it should be lesson
to you to let well enough alone next
time.-BostOn Transcript.
Rosebud County news. [volume] (Forsyth, Mont.) 1901-1906, 1903-06-18

In the Cluen Days of Cr1nO1lne.
A woman tells this of the old days Of
Cages
A man-an artist and very shy
person walked out with the woman
tie delighted to honor and asked her
20 marry him. In stepping closer to
her, as the occasion seemed to demand.
early in the walk he got his foot
through her large and expansive hoop
and was too modest to make any at
tempt to remove it. She was equally
timid. so they took their walk. settled
matters (she cOnsentingl and came
nome with his foot still held in her
hoop. History does not state how it
was finally removed. only know the
story is true. and the pair today are
nld married lovers.
Rosebud County news. [volume] (Forsyth, Mont.) 1901-1906, 1903-06-18
Only Half the Truth.

Wife during the quarrel)-Yes. and
people say you only married me for
my money.
Husband-People are wrong, my dear
They overlook the fact that you also
had considerable real estate.-ChicagO
News.
Rosebud County news. [volume] (Forsyth, Mont.) 1901-1906, 1903-06-18

: Auntic-And how do you stand in
your class. Johnnie?
,Iohunie-Oh, I'm al! right in my
class. It's when | goes up against Il
New York Journal.
Rosebud County news. [volume] (Forsyth, Mont.) 1901-1906, 1903-06-18

II say. Freddie. you couldn't lend ma
fifty, could you:"
You guessed right. old chap. I
couldn't. San Francisco Examiner
The Denison review. [volume] (Denison, Iowa) 1867-current, 1903-11-25
MISS SHAW TO MAKE DEBUT
Secrctary's Daughter Soon TO be Pre-
scented to Society.

Mss Enid Shaw. elder daughter of
the secretary of the treasury, is to be
presented to society at a tea in Airing
ton hotel, Decemb n 10 The president
Mrs. Roosevelt, Miss Roosevelt, THE
cabinet famiiv," and leaders in society
will attend the function. Miss Shaw
graduated With nigh hCnors last June
from Coruell college, Iowa, receiving
the degree Of b. \. During the summer
she made Il TOM # Europe and sent to
the college jour al u Cornell number
OF bright, chatlN etlers. She is 3.
Years old. and Resembles her father
very mach, having uirk blue eyes and
brown hri' She : much heitG, couip-
ped for Il SOCIAL career IN Washington
than ordinary dehutante, being lin
quist of unusual ability. The purity of
her Enelishis admired !; she speaks Ger
man ana French fluently and is prepar-
ing to study Latin.
The Denison review. [volume] (Denison, Iowa) 1867-current, 1903-11-25

The republican party has nothing to
fear at the coming national election if
it acts with riva, courage and high pur-
pose. The numerous exposures of
dishonesty in athe. public service. are
not SO much indicative of the general
turpltlde baseness among officials as
they are of the fact that we have at
the helm and adm nissration that will
not tolerate such things. No party can
boast that it contains uou.. but honest
men, but it has q right to be proud if
its record shows that no matter how
high or how low The offender, it has
done its best to PURGE the public SER
vice of sea ada aud of infamv
The Denison review. [volume] (Denison, Iowa) 1867-current, 1903-11-25

l. 0. Ainsworth sells Singer Sewing
Machines, O,l and repairs in stock,
Iowa Phone No l73
-Garland Steel Ranges and Heaters
at lowest prices.
J. G. WYGANT.
Inquire of j H. Walker for farms
and city property. Office over post
etice. 79-tf
Remember Cold Medal Flour 81. 20
sack st
The BOYS.
= soft coal Round Oak Heater No.
10 as good as new for sale.
S5-3t* e, O. THEM.
To Oil Patrons.
Give orders for oil or gasoline on
Wednesday as Thursday is Thanksgiv-
Ing and the WACO will not be out
30 KENzIE, the oil man.
For SALE-Exiracted clover hon
ey ten cents per pound. Phone, J.. 2l0
Stiff E, S. MILES
"A car load of New York apples all
varieties-on the track They are No 1.
THE BOYS"
For sale-l4 choice thoroug hbred
Duroc Jersey Bears at farmers prices.
S3-4L* FRANK WooI ,sToN
--For Rent-A new six room house
two blocks east of Illinois Central depot.
S5-1t* JOHN Mo1rNT
Inspect our fine line of Jardiners.
Prices never SO low.
sTHE BoYs.''
-$l25 worth of Palmer's finest per-.
fumes arrived at Schlumber. er's
Pharmacy.
The Wears Grain Co., haze re opened
their commission Office in Derison, with
w. A. Cramer manager in charge, and
Will conduct the business as L.. the past.
on strictly legitimate business lines.
s4-2t
Only $4,000 an acre takes 81 acres
splendid soil. lays we'll with house and
barn only miles to Dunlap. Will sell
on long time with small payment or
trade for residence in Denison Box
43. Arion, Iowa. 81
-Huskers supplies at
THE Boys"
Disseminating done by the day.
have had several years experience.
Rooms with Mrs. Goodrich, east of the
North brick school.
BARBARA SCOTT.
For Rent.
Two hundred acres under plow
seventy-hve acres in pasture, good
house and other buildings plenty OF
water one mile east of Kenwood.
81 3t* JOHN FLAHIvH
-Saur Kraut. Home made at
The BOYS.
One car of EARLY Ohio potatoes.
Good stock. Is cents per bushel.
THE Boys.
For SALE Black Smith shop tools
good house, two lots and barn. All
new at a reasonable price. Address
HERMAN SCHMIDT,
oo-ft" Boyer la.
To Trade-For residence in Deni.
son l400 90 equality in fine 81 acres of
land only two miles from Dunlap, la.
Box 43, Arion, la.
--SLorpl windows made to order.
N2-tt JOHN FASTJI.
Our prices are the lowest consist
ant with good work and pure drugs
Schlumbergei'S Pharmacy.
The Denison review. [volume] (Denison, Iowa) 1867-current, 1903-11-25
Proclamation.

As the President OF the United States
and the Governor of the State of Iowa.
have designated Thursday, November
Goth a day of Thanksgiving and as the
citizens of Denison and vicinity have
much to be thankful for.
Now therefore I, j. T. Carey, Mayor
of Denison, Iowa. recommend that our
people cease from their daily occupa-
tions on that day and devote the day
to worshipand Thanksgiving.
l further request that the! severaB
places OF business be closed on that day
at least from q. m to 2 p m. to give
every one an opportunity to attend some
place OF Devine worship and render |
thanks unto Almighty God for his man.
ifold mercies."
J. T, CARRY. Mayor.
The Denison review. [volume] (Denison, Iowa) 1867-current, 1903-11-25
EX-GOVERNOR DRAKE DEAD.
After an Illness of But Two Day the
Ex-Governor Dies at His Home.

General Francis NJ, Drake, ex-gov-
ernor of Iowa died at his home in Cen
terviIie, last Friday afteran illness COW
ering only two days. The immediate
cause of his death was diabetes and an
old army wound
The funeral was held Monday and
was attende by notables from all over
c '.'ntry.
Upon learning of Gen. brakes death
Gov. Cnmmins issued a proclamation.
expressing sorrow and ordering the flag
placed at half mast on the Capital
building