Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27
ENORMOUS DEPOSITS
TWO ONE HUNDRED MILLION
DOLLAR BANKS IN NEW YORK.
Rainy Weather Has Put Damper on
+ Sports and Been Ruinous to
Seaside Resorts.
Special Correspondence of The Evening Star.


will do in the immediate future. and the
belief generally prevails that he will put
stop to the too frequent raids on the
United States steel stocks and bring about
a change of sentiment as regards the In
ternatiOnal Mercantile Marine Company,
which has been in deep water of late--as
one wag said in Wall street-with water
both inside and out.
Morgan is said to have returned with
more than his usual supply Of choler, and is
expected to make things rattle in the old
Drexel building, at the corner of Wall and
Broad streets. Morgan does not put on any
frills. and In few minutes after he had
gotten back to his Office he was buried in a
mass Of papers which accumulated during
his absence. The suggestion has been made
that community of interest might be ar
ranged between the United States Ship
building Company and the International
Mercantile Marine Company.
The shipping combine might put on the
bargain counter few of the ships 1t does
not need in its business. Mr.. Nixons men
would then repaint the ships and otherwise
fix them up and deliver them on the un-
completed contract of the shipbuilding COM
pany. The Cunard people say there are
few undigested ships hanging over the
ocean cargo space market.
Gossip About Schwab.
Wall street does not take any stock in
the moss-covered report that Charles M.
Schwab is to resign president of the
United States Steel Corporation.
Schwab is one of the largest holders OF
the United States Steel Corporation, and is
close friend of Carnegie and other prac-
teal steel men who are interested in the
company's affairs
AS compared with the holdings of Schwab
and his friends. the shares held by j. P.
Morgan & Co. are only drop in the bucket.
Schwab is practical steel man, and with
out practical men the life of the corpora
ton would be short.
Schwab is recognized in iron and steel
circles as the right man in the right place,
Notwithstanding the fact that he cut some
funny capers in Paris and at Monte Carlo
on his last trip to Europe.
Financiers, Not Steel Men.
Morgan. Perkins. Rockefeller and Steele
know nothing about the manufacturing end
of the steel corporation. Few of the New
York interests saw the inside of a steel mill
before the organization of the steel corpo-
ration.
To Schwab. Carnegie, Prick, Gary and
other members of that group must be given
the credit for the development of the steel
industry In this country. Conservative
Morgan would not be SO foolish as to part
with Schwab.
The bear clique in the stock market is
amount OF money 1t has obtained during the
past year. and hot struggle between it
and Morgan. backed by the banking inter-
ests. is probable. The chances are that
morgan Will win out as he has done on so
many previous occasions The cry of latc
has been that the big interests have not
been doing anything. The indications are
that this state of affairs will be changed
Immediately.
Afraid Of Congress.
The report from Washington that Con-
gress may meet earlier in the fall than had
been anticipated Is viewed in different
lights in financial circles. Brokers general
~ are afraid of Congress and prefer to
nave the laws remain as they are.
some, however, and among these are
the bankers, say that there is great need
1or the amendment of the currency laws
and the doing away of the stringency of
the money market, which rises like an un-
caEny ghost before the vision of men who
must borrow money to carry on business
The National Bank of Commerce, which
is to consolidate shortly with the Western
National Bank, will be second in capital
and surplus only to the National City
Bank, while in volume Of deposits and out
standing loans it will be the first in the
United States, provided the depositors of
the present two banks continue with the
consolidated institution, and 1t is likely
that most Of them will
When the City Bank, only a few years
ago, attained deposits exceeding hundred
million dollars, the event was regarded as
marking the limit of bank extension in
New York for many years, but the Bank of
commerce Is quickly paralleling the
have two one hundred million dollar banks.
Good Business Year.
Business is reported to be fully as good as
last year. Strikes have somewhat lessened
L,,ns ~
be considerably in advance of last year s
record. There has been steady demand
for the last twelve months Formerly bus
mess had seasons. People would load I'D
then stop buying until they were able to
unload.
Last year it was impossible to load up, as
the goods were not to be had There are
certain staple lines that cannot be fur
n1shed promptly even now. There is a
shortage of steel and Of copper. The build
ration. They could only affect general
business by being long drawn out. Collec-
tons are easily made and commercial pa
per is easily sold.
Men in trade and finance believe that
| If crops equal present promise the purchas-
ing power and the demand will reach a.
point never touched hitherto. One dollar
for wheat is the talk now.
Damper to Sports
The miserable weather Of the past month
has put a serious damper on sports and
out-of-door entertainments here as well as
on the nearby summer resorts. great
deal Of money has been lost in conse-
quence.
The roof gardens have at last emerged
from the gloom, and three or four of them
are now in full blast The Casino promises
to have a most remarkable run of good
luck this summer.
Successful Spectacular Shows.
The magic Of a name was never more
clearly demonstrated than in the case OF
Miss Fay Templeton, who is now with
THE Runaways' 1.-The Runaways."
massive, spectacular, colorful and tunefuI,
was playing to more money each week
than any Of the former big successes of
that house. not excepting "FIorodoro' or
"A Chinese Honeymoon" but even that did
not satisfy Shubert. Nixon & Zimmerman.
the managers. To the 149 players in the
company they added Fay Templeton, after
having the book revised to fit her role and
having new lot Of songs added.
Miss Templeton has now been with the
COMPANY two weeks and there ha not r,oov,