The Birmingham age-herald., 1903-12-13

New York, December 12.-A better tone prevails in financial circles. The heavy liquidation which followed in the wake of values seeking their level has come to a standstill. Loans effected on securities given on market value by manipulation have been readjusted The outflow of the Certificate Factory has either been cato- logued at prices set by the demand or tossed in the paper basket at worthless. Following the downward path went those great buyers of properties, who always have ready money to buy securities when cheap and to add the pressure that drives prices lower. Now that the bottom has been reached it is found that the great holdings have changed hands; and that the outside public has, and is, acquiring stocks and bonds at a figure considerably lower than their value.
 To the great buildings of this city notable addition is in process of con- struction. It Is being erected by the Nat ional Park Bank, as a banking house. Recently this great financial institution acquired property on Fulton and Ann streets, immediately back of it's present premises on Broadway, between Fulton and Ann. This is short block, facing St. Pauls church and was fifty years ago the site of Barnums original first circus. On the corner of Broadway looking to- ward the Astor House and postoffice stood for many years the marble-faced Her aid building, which was torn down when James Gordon Bennett moved to Herald Square Today the St. Paul building, twenty-two stories high stands on the old Herald site. On the lower or Fulton street corner stands the Knox building, which has been occupied by F. M. Knox and his father before him as a hat store for over fifty years and faces the Evening Post building. This corner is estimated to be worth between six hundred and seven hundred thousand dollars. The basement of this building is known all over the world It was occupied for period by Sandy Spencer, the all-night man" It was queer little old fashioned, illsmelling chop house; and it's customers have been
 men who have become famous. Here all the old-time journalists, the leader Ben nett Horace Greeley, John Russell Young, Charles Nordhoff and actors like John Brougham, John Mccullough, Les ter Wallack, playwrights and painters, men about town and actors, were to be found thirty to forty years ago from one to four in the morning. Between the Knox building and the St. Paul building stands at present the old building of the Park Bank.
 Standing in the Park Bank today the visitors sees a sheet stretched across the rear wall or where the rear should be. Back of this sheet is the newly con structed building which now crosses the block from Ann to Fulton. It Is the hand somest building of it's kind in New York. The ceiling is an enormous dome. high above ones head, say seventy or one hun dred feet Around it's walls runs a gallery off which are the rooms of the bank off, cials. When ready for occupancy the Broadway building will be razed and a new building similar in design will be erected The entire structure will be used as a bank building. Mir. Richard Della field, the president, has good reason to feel proud of the building and of the great institution, whose destinies he guides. MT. Delafield belongs to one of the oldest families this state, but he has won his high position by this genius for finance, his close applicationto business and by his never fiagging energy.
 More than a million and a quarter dol