The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-23
.W''|'|'IH|:||.YVALUES
F|:L|UCTUATE.
How the Market Prices Q
Stocks Shrlvel.
RISING :l;:' =! V. YOUNG FlNANClEE.R'
Brilliant Career Of oakle'gh ! horne
and His Recent Great Undertaking.
New York's Next Mayora'Y
Fight 0otham's Values.

4 L b d
Especial to The Times- Dlspatcno
NEW YORK, Aur 22.-rhnt which has
taken place in Wall street may be con ils1!1
cred q financial phenomenon. some writ writ
ers on finance, and some tinaholers, nave
endeavored to ascribe to the s s ittvo 81
vnlues ell kinds of reasons; they siye ~.
but the correct one. There is nothing
strunge or weird about It, For year or
more showed the working or the Ce r.,ni
cate FACTORY and pointed out me u ~ ~
and costly methods pursued by me So
called Captains OF Industry 70 give 20 ..e
output d market value. This Is what hap
pcned: 81
In the wake OF agricultural prosperity; ~
was III that year and the year following
the yield Of American wheat was ehor.
nous, and in the same years tnere Was =
failure or crops in the Argentinos anu
South Russla Wheat By Legitimate de-
riand went to ono dollar Il bushel. Ameri-
san seaports wore filled with vessels WILL
Ing for. cargoes. The world became me
bought new machinery. clothes, etc. NIL ~
lions poured into the United States. Sc
curites held abroad came nome, inter-
est money remained IN America. lnu JUS
tries and railroads became busy, IN Dor was
employed people became prosperous,.1m I'M
provements were made By corporations.
municipalities, States and individuals. the
era of prosperity began 1t iloWed INTO
the future as a wave and still flows.
Fnanclers endeavored 70 borrow from
the future. #In5thc concentration OF indus
trial energy BY the combination OF kindred
corporations they held in view the accom-
pllshment Of economic measures safety
from cut-throat competition, and perma-
nency OF Industrial profits ora1relgnt tolls;
also, anticipation of future values as rep
resented by issues of stock. Actual or
present values of properties Wnlch may
be termed assets were covered by bonds
paying five per cent. interest, Wnile the
good will interests we're represented by
stock.
manipulation begins. The question that
confronted the flnanciers was; !, .},S
open market?" or AT what price shall we
let the general public buy these shares?,
Pla.s made ali along the line incg Y eeil
spectacnlarr demonsereSSm Oh s sod
among the parties most Interested. Banks
were induced to consider the ste ecks
worth what they would n 1an on Ine to1r
This went on month In and month out
In the meantime brokers' omnllssions
and banks interest charges swelled the !7
for real money. The demand from the
public was light. More sales at low
figures. Banks reduced the loan value
Stocks gravitated from an artificial
height to less than their true values,
During the past week the public. which
ridiculous figures. has come into the
market and showed It's Willingness to
buy securities at reasonable prices. !,
but their prudent holda4s find It difficult
to seucre information about the securi-
change. Some, day promoters and ma
nipulators will learn that the public
wants information beyond the mere re-
ports published of earnings. CORPORATION
| of hand artists
August Belmont & Company have, in
their banking house a clerk who has
vice with the firm, and when he and his
ban village the other evening; Mr. Bel
| one of the old clerks guests. Very rich
men seldom do these Things nowadays; |
doubt II anothr bank clerk like this old
the first place, the banks that are older
| than that of the Belmont house can be
counted on the fingers Of one hand.
At the Manhattan Club which is tho
strongest Democratic club in the State, !
was told there Is a good deal of talk about
Robert d, Foote, the banker, at Norris
| town, N. j. For some time past Foote
! nus ncen inc recognized lIcdueI VI NioIIiS
county and his influence through his State
has been steadily gaining ground. fie says
| that the Democrats Of the State are get
ting together and should organize IN an
| ticlpaton OF the coming presidential con-
test. His activity leads those VINO are
| watching him to say that Foote enter
tains hopes If the State is won.
1t has been discovered that the credit
| of the undertaking to merge the North
American Trust Co., with tho Trust Co.
pl osdent Of the former company The
new company has capital of two and
| half millions. n surplus of seven ana a
half millions. undivided profits OF one
and half millions and deposits OF thlr-
| ty millions 1t becomes at once one OF
| tho strongest financial institutions IN the
| country. Mr.. Thorne has ~ TINS achleVc-
| mont become one of the most conSpicuots
| figures In the financial world, IN inns con
nection. l may say. see ne i, las, ~ ia.ely
become director on several :, boards OF
man he is by age, qualifications and posi-
! ton entitled to place In that Inrrlldan !,
| group OF men to which belong George "
| Perkins, Daniel G. Roid, w - Leea IS
| Hurry b. Holins, Thomas y. ttyan -.
! Morgan, Jr., James Smith, JOS, och"ap
and George r. Sheldon.
Apropos of tunnels the accident m l a u.
has caused people to think. - pIeak W
| tho tunnel under the rivers, IN ne tun-
ncs crossing to Brooklyn, 70 a, Muw h Jer'
sey or to the Bronx Wouia "a atJ IN y hole hole
sands OF passengers like. rats y, ~ noI9
| has been taken