The Providence news. (Providence [R.I.]) 1891-1906, 1903-06-06
Situation In Wall Street Be.
coming Serious, II Is Said.
MANY FORTUNES ASE HLLvEO
Ee1 Who (tuIi WriIe Their Checks for
klIiuns Now Selling Stocks to
RAISE Money.

cerning prominent men and leaGing nnan-
cSl houses wisch have been in circula-
tiosl for more than a week.
The tremendous decline In stock values
curing the last four months. according
Il the best authorities, has by no means
been the result OF bearish manipuia-
ton. There has been enormous
amount OF genuine liquidation. which has
greatly reduced the fortunes or many
rren who two years ago could write their
checks for many millions.
A leading bank president ted repor-
tie yesterday there was no joubt OF the
fact that the fortunes OF many multi
ra.itonsires had actually been cut In half
crr1ng the last year.
PROMINENT MEN IN TROUBLE.
che names OF several men who have
been very prominent in financial affairs
recently are mentioned In nearly every
brokers' ofrice In Wall street In connect
Ion with the heavy liquidation and with
the collapse OF a number OF big Industrial
corcerns. One man, whose name -
seen In the newspapers nearly every day.
II committed to underwriting syndicates
fu. overe $4,000 900 and has been COM
pelied to liquidate thousands OF shares
Of stock in order to strengthen himself
The head OF a very prominent Arm
which has been associated with several
isS3ustrial combinations Is commonly re-
ported TO be very seriously embarrassed.
A brokerage firm which has done a large
Canadian wire business ~ mentioned In
the rumors OF the day as having become
seriously involved because of the collapse
OF the speculative boom In Canada.
The banks fortunately are In excellent
condstion as are the trust companies,
20 there is no danger OF financial crash
tnat will involve the money OF the people
The banks have been pursuing very
conservative course and have taken every
rrecaution 10 protect themselves. II is
dre to this policy alone that the real
dangers Of the situation have been ELI
minated as far as financial institutions
are concerned II IS probable that sever
al threatened failures among individuals
VIII be averted.
Il Is said that the actual assets of the
persons and firms whose names are
heard most frequently IN connection with
the financial troubles are much greater
than their liabilities, but IL will take
several days to determine whether they
viii be able to pass the crisis safely. x
stock market panic ie, however, not ex-
pected
CUNNING FOR PENNSYLVANIA.
II Is common talk in Wall street tnat
ore group of millionaires are actively
abotting the decline for their own pur-
Poses. i is believed that these men are
sylvsnia, which yesterday sold down to
LIN, the lowest price In years. The
rew stock is to be issued to stockholders
II the stock breaks below that price
the Underwriting syndicate. to which
John ID. Rockefeller Is the largest sub
scnber. VIII probably have to take a
STOCK part story 9 wss ne 10 Current IN Gi Wsii RsM
atceet yesterday TO the effect that the
rgnt between the Rockefellers and Gould
and the Pennsylvania is on the verge OF
hning renewed, and this accounts for the
weakness of the stock.
IL the syndicate, composed OF the
epeyers. Kuhn, Loeb. Rockefeller and
risw stock, they would become a very
strong factor in the control OF the Penn
syivania. While the Cassatt faction Is
very strongly intrenched in Pennsylvania
a. present II must be remembered that
the stock is very widely scattered. n
flcck OF 75o00 shares Of stock would be
a strong nucleus for control
HEAVY BREAK IN COPPER.
Amalgamated Copper on sales of over
lowest price Of the year. II is common
talk In Wall street that there has been
@ split between the Lewisohns and the
national City bank crowd in Amalgs-
t.ated. IL Is said that recent inspec-
ton OF the books OF the Amalgama seu
Copper company showed that the totar
hoidinEs Of James stillman, II. H. Rogers
Amalgamated Copper company through
tke National City bank several years ago.
ate less than 200 shares
An,alganiated which was headed by tho
Le~isohns. was formed without the par
cs:pauon OF the Stillman- Rogers Rocke-
teller Interests Interests. The latter are said to
bnSe unloaded their stock on the pool
L. ts said that the Lewisohns have had
70 ngbt their battle alone In the copper
Esrket. while they have at the same
aCo.ooo bags OF coffee. which thew inheri.
ted from the estate OF the late Leonard
t<wisohn.
LEwIsoHN DENIES RuMoRs.
conference was held late I'm the after.
noon between the two interestSs-,., ,ha
Arialgamated Copper al the office OF the
Dotted Metals Selling company After
TIC meeting Jesse Lewisohn. discussing
tae various rumors concerning him and
b.s brothers. said:
These stories are all malicious lies
We have not been selling Amalgamated
Cooper The copper situation is very
satisfactory"
Another serious factor in the situation
~ the row over the reorganization OF the
1rited states Shipbuilding company, In
ioi:lions OF dollars invested. He has
Nancy tied up In other underwriting
tshemes which have not yet proved re-
iatnerative. notably j. T. Morgan's ship
Trust
strong opposition developed YESTERDAY
Z, the reorganization plan OF the shin
yrrd Trust A committee headed by
Gistav Loeb. of No. % New street. YES
tsrday sent out n circular attacking the
reorganization plan and calling upon the
f,st mortgage bond holders 10 oppose the
rizn.
AR Loeb says that ne mas found some
s.5-tiing discrepancies between the year
c:rs,uiar OF the Shipbullding company and
ths recent proposition. In the circular
os June IL. 1902. he says. there r. n state
meat that the company from It's ship
be.iding plants alone r. earning s2.22s on
arifualiy: that Il had contracts on hand
T. the extent Of f5.oo0.oD. or more than
o.. years interest on the 3o-y ear bonds
asy that the value Of the property on
~..ch these bonds are a FIRST mortgage
~ ~. .ooo, ,o0 IN addition TO q working cap
isa2 Of 100000.