The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-15

mendous selling of Union Paclhc eohtrl-
huted to the big slump in that stock ne
was short at one time over lVV'oVo sua. %
of Union Pacific. His method OF uadihs
led men to think that the selling was lor
account of Mr. Keene. The two are
friends and 1t is not Impossible that they
are operating on joint account
Mr. Smith was a member of the cele-
hrated Chicago steel and Wire crowd,
and cleaned up not less than So'ovo,VVo III
his speculations in that security. VI lhal
amount he has invested s4,000OOO in New
York, real estate and is said to nave IN
creased his fortune to more than Sl0OOo'-
600 He was formerly a merchant IN
Omaha, Neb He has been associated
with John A. Drake in his turf enter
prises Three or four years ago Drake
and Smith took over S,OOO.W0 from the
English book-makers in one season with
a string of American horses. He Is one
of the most unobtrusive men VINO ever
played In the Wall street game. lie nVes
at the Waldorf-A storia and although in
evidence there a great deal Is personally
known to but a few
Profited by the Slump.
Henry We'll has made something of
reputation on the recen; slump in the
| stock market. With his brother, MI.
| We'll came from st. Louis few years
sago and has been a hard player in the
! stock market ever since. lie brought
about s3 100000 with him, and is said to
! have nearly gone broke fighting the mar
iSet during the long bull period lie mas
since recovered the entire sum and added
materially thereto, 1t Is understood. lie
is a chronic bear and resourceful and
audacious speculator His admirers have
slated him as the great leader after MI.
Keene shall have laid Gown his arms.
Reassurine Statements.
Wall street has been treasured by the
statements of Secretary Shaw that he will
not permit the unnecessary accumulation
of idle money in the federal treasury. 1t
is entirely within his power to begin now
to protect the business interests against
a possible stringeney six or eight months
hence. He has authority to deposit i'll
national banks the receipts from internal
revenue A fter such collections are once
deposited in the treasury they cannot be
withdrawn, but he can, without doing
violence to his duties hold such collec-
| lions until the interests of the country
! can be served by making them available
| for commercial purposes. He has not
said nat-footedly that he will do this but
there Is good reason to believe that he
will take measures to guard against
period of painful stringency, such as was
| experienced last fall and which did In
calcuiable damage lie can also employ
government money to buy bonds, but it
is not thought that he will engage in this
/ to any extent
In the event Of the ratification of the
| Panama canal treaty, provision will have
to be made for the payment of $4o,0O0OO
| to the Colombian government. The cash
/ for these payments will, in all probability,
be deposited in New York banks, and
| bills sold against them In Paris and Lon
don. This will enable the foreign credi-
| tors to get their money without the ac-
4 tual cash being transferred 1t will be
an illustration of having our cake and
eating It, The transaction, not only, will
not embarass the American monetary
| situation, but It will actually give the
| banks a new supply Of money and at the
same time meet large obligation abroad.
| This Indebtedness will. of course, have
| to be paid some time. but 1t must not be
forgotten that the foreign trade balance
is running in our favor at the rate of at
| least 81. 100000 a day.