davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27

tiles of the street. Then Wall street de-
veloped q remarkable news service OF It's
own, SO as to be every moment OF the DUST
ness day in touch with everything OF I'M
portance transpiring all over the worio.
In 1892 the last great addition to the
mechanism of the stock market was mado,
this being the founding Of the stock clear
ing house, an institution which has ex-
banded indefinitely the speculative facll-
tiles of Wall street.
In this rapid sketch of the evolution OF
Wall street the endeavor has been to give
some idea of the rafson d'etre of the money
and stock markets. The attempt has been
made to afford some explanation OF the
forces that have actually led to the de-
velopment of Wall street. No account has
been given of the sensational side Of Wall
street history, the panics, the corners the
great speculations and the stupendous rail-
ures. Some reference to these stirring In
cidents will be made in other articles III
tional side of Wall street that receives the
largest exploitation in the newspapers,
while comparatively little is said or known
of the mechanism which is silently at Work
producing these marvelS. 1t is the least
sensational side of Wall street that is the
most important, although possibly the least
interesting 1t is that side which builds the
railroads, establishes the great Industrial
corporations, sustaiins the government In
times of war. floats the big loan, finances
the commerce and trade of the country
uncovers the hidden treasures OF the mine
and moves the crops
In the last seven years the development
of Wall street has been very rapid, so that,
no longer merely provincial or even ma
tional in scope. 1t has now become inter-
national and in the magnitude of Its trans
actions and the sweep of it's influence it Is
second only to London and in the opinion
of many is destined soon to take the fore
most place.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27
Small Beginnings of the
Nations Financial Center.
THE STOCK MARKET
HOW 1T HAS GROWN TO ITS PRES
EMIT IMPORTANCE.
History of the "Street" Goes Back for
More Than a Cen
tury.

Written for The Evening Star by Serene S. Pratt,
Associate Editor Wall Street Journal.
The Wall street of today is the outcome
of an evolution extending through a period
of 1l3 years. That evolution has been in
obedience to natural economic laws, which
ever seek to produce the largest results by
the most direct ways and methods. Wall
street exists because there has been and
still is need for the work which 1t per-
forms 1t does not, some people think,
exist because wicked men have created ii.
as they might establish great gambling
house in defiance of law in order to entice
the weak and rob them. 1t has developed
rather as a necessary part of the great
mechanism of business. The police can
close a gambling house without infiicting
injury to any legitimate interest, but Wall
street could not be closed and its ex-
changes abolished without such blow to
the prosperity of the country that one can
scarcely realize the havoc that would be
wrought The conduct of modern business
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27
Belmar Preparing for the Fourth.
Correspondence Of The Evening Star


BELMAR N. j., June g. 1903.
To make the celebration Of the Fourth
of July this year the most elaborate in the
history Of the resort everybody has Joined
hands-visitors hotel proprietors and the
business men. That 81 600 will be raised
for the celebration is practically assured
In the afternoon there will be races
and games on Ocean avenue, and in the
evening a display of fireworks will take
place on the beach. During the day there
will be band present to enliven the occa-
sion with airs, popular and patriotic.
The last Of the hotels is now open and
the season Is fairly launched. The Hotel
Columbia. the last to open its doors, for
mally began receiving guests today, al
though they have been arriving at that
popular hotel all the week. dress ball
is on the program there for this evening
Among the ladies who will figure promi-
nently in the event are Miss Florence Hol-
den, Miss Katherine Brundage Miss
Blanche Morrell, Miss Grace Morrell, Miss
Edith Morrell. Miss Blanche May, Miss
May May, Miss Helen Belle Miss Sadie
Num- Miss Lucille Fletcher. Miss Dora
Coe and Miss Dele Fay Norris.
The Belmar Yacht Club will hold its first
regatta the Fourth of July on Sark River
bay. In these regattas this whole section
of the coast takes a very lively interest.
The contests will take place about every
fourth night during the season. Nearly
seventy-fiv persons are now active men,
bers of the club. Some Of the boats from
pete are Vinola, Grace, Princess Mar
guerite. The Gull, Alberta. Helen and Skip
per.
The New Jersey State Press Association
holds its annual dinner at the Belmar
Casino next week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27
Official Opening at Spring Lake.

Special Correspondence Of The Evening Star.
SPRING LAKE. N. J., June %, 1903.
AS in recent years, social life at this aris-
tocratic cottage colony will this season
center at the Casino While the pretty
club house has for over a week been the
headquarters of the younger set on this
part of the coast, the official opening will
not take place until tonight, when the
club house arrangement will give a dress
ball. For the occasion the handsome ball
room has been prettily decorated with flags
and palms. Among the patrons and pa
tronesses are Mr.. and Mrs. Martin Ma
loney, Mr.. and Mrs. w. G. Sickle, Albert
Marburg, L. E. Wells. ]. A. Scott, John
Gay and H. A. Nelson.
On the Fourth of July celebration and
particularly on the pyrotechnc display the
summer colony has its attentions centered.
The fireworks for which 500 is to be ex-
pended, will be set off on the beach just
north of the Casino. so that the members
may enjoy the display from that vantage
point. After the fireworks there will be
cotillion at the Casino
1t seems now practically assured that
before sanother season passes a magnifi-
cent new all-year-round hotel will have
been built, fronting the lake, the site
of the old Monmouth House, which was
destroyed by fire three years ago The
Spring Lake Hotel and Realty Company,
which is backing the project. has been
very active lately, and an agreement to
begin building early in September has all
but been made.
Mrs. F. D. McKenney and family OF
Washington will spend most of the season
at the Essex and Sussex.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27

recent years, begin tomorrow, when one of
the soloists will be Mr.. ]. c. Kessell of
Holy Trinity Church, Philadelphia. The
orchestral music this season will be fur
nished by Nowinskis orchestra.
b. II. Moore of Washington is a guest at
the Brunswick. Mr.. Moore. who is first as
sistant to the commissioner of patents is
accompanied by his niece, Miss c. A
Moore.
Mr.. and Mrs j. w. Richardson, of Wash
ington are registered at the West End
Hotel.
The register at the Albemarle bears the
signature of Samuel Hay, who is spending
a short season there.
Among the guests at the Greenville are
Mrs. Harrison and Miss Philip of Wash
ington.
Mr.. and Mrs. L. L. Green Of Washington
are domiciled at the Ashland
Washington is represented at the Well
ington by Mrs. Richard b. Chew and Will
lam B. Harden.
j. E. GALLEY of Washington is among the
recent arrivals at the St. James
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27

The Brokers' Agreement.
Early in 1892 the brokers entered into
written agreement, pledging themselves to
maintain a certain minimum rate of COM
mission. This is rightly regarded as the be-
ginning of the New York stock exchange,
although it was not until twenty-five years
later-in 1S17-that the exchange was ac-
tually organized BY that time many new
banks had been formed and new companies
organized to develop the inland commerce
of the country. Philadelphia. then the prfn-
cipal city already had a stock exchange in
successful operation. In fact the New York
brokers when about to establish an ex-
change sent a committee to Philadelphia to
get points regarding its organization. A
broker named Will LawtOn was selected for
the mission, because he was just married
and wanted to make a wedding trip to
Philadelphia These were the days of the
stage coach and the sailing ship James X.
Medbury relates that great news having ar
rived from Europe about this time. three
stock brokers took the first coach to Phila-
delphia The coach broke down-the infer
ence was the brokers bribed the driver.
Philadelphia three hours ahead of the news,
bought up all the stock they could get
there. and then sold on the rising prices
which resulted from the publication of the
news 1t would appear, from this that there
were sharp practices in stock speculation
even as long ago as 1917.
The exchange first met in the Tontine COT
fee House. at Wall and Water streets, and
In 1927 moved into the Merchants Ex-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27

ton of Washington, the Bank OF New
York was established on plan drafted oy
Alexander Hamilton. who. seven years
up the bill for the creation of the first
United States bank. By 1901 there hao
been twenty-three banks established. Here,
then, we had the beginning Of the money
market.
Genesis of the Stock Market.
The stock market followed closely on Its
heels. Dealings in stocks are development
of modern business. Stock companies IN
the form they are now known, were hrst IN
troduced early in the seventeenth century,
but 1t was not until late in that century tiiat
certificates of stock became the object OF
public sale. Then the English stock market
spranR into existence, being located 1of
nearly 100 years in Change alley, the Lon
don stock exchange not being organized
until 1773.
There has been no other invention In CEN
turtles that has so enormously increased the
facilities of business as the establishment
of the stock company. 1t has permitted OF
the convenient aggregation and organsza-
ton of capital so as to enable great enter
prises to be carried on and great works TO
be accomplished. At the same time 1t has
opened new avenues for investment. 1t mas
enabled multitudes through the ownership
of shares of stock to be partners in stupen-
dous undertakings which would otherwise
ernments or a few favored individuals.
The formation Of stock companies and the
issuance of certificates representing shares
in these companies led naturally into mar
ket for the sale and purchase OF these
shares and as soon as the market became
large enough it was organized into a stock
exchange. This was the financial history OF
London. 1t is also the financial history OF
New York
The organization of banks led to de-
mand for their shares and market devel-
oped for them. Then the new government
of the United States issued bonds, called
stock. to take up the war debts of the colo
MES. These bonds became subject to pur-
chase and sale Very soon a class of brokers
in securities developed. These brokers were
accustomed to meet under cottonwood
tree near where IS Wall street is now; there
began the Wall street stock market. The
daily sales at that early day consisted OF
only four classes of government bonds,
three bank stocks, three insurance stocks
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27
ToNTINE COFFEE HOUSE, WALL STREET, 1897
Fromap old pint
From an old print.

agree that had there been free market
for grain in Germany this mistake could
not have taken place, nor would the wide
fluctuations in prices have occurred For
tunately. the United States escaped ten
years ago catastrophe similar to that
which occurred in Germany by defeating
the Hatch anti-option bill"
Wall Street and the Country.
1t is necessary to know something of the
history of Wall street In order to appre-
ciate its large and beneficent relation to
the prosperity of the country. "Wall street
and the country'-they have grown to-
gether: the latter in small degree
the result OF the former, and today so
interest that one cannot suffer without In
jury to the other. sudden fall in Sc
curities In Wall street may disturb the
business of Kansas, and a failure of the
corn crop may cause panic in the stock
market.
The first contribution to the mechanism
of Wall street was a bank. After the war
of the revolution the now free and indie
pendent colonies were left exhausted after
the long struggle with England, confronted
with the enormous task Of developing their
resources by their own exertions Almost
the first want that was felt was the need
of a bank. Now bank Is tool of COM
merce, an agent Of agriculture. 1t Is a
clearing house for trade. 1t facilitates
the marketing OF products. The exchanges
OF the world could not be conducted with
out It. Some one has we'll said that the
wealth arei !. Production. 2. Transporta-
ton. 3. Banking. In the early days of
the nation banks came next to production.
for their creation preceded the digging of
canals and later the building of railroads.
In 17S4. fivs years before the Inaugural
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27

Jay Pungport Morgan stood in silent
amazement. regarding the quick luncher
who was boiling a glass of milk. sliced
cucumbers. mince pie, hash, chocolate
eclairs and lobster salad.
IF that man lives after that he re-
marked rumfnatfvely, he will have ef-
fected a more wonderful combination than
/ ever did.''-Toledo Blade.
What in the world are you doing with
cloves on your soda water counters? asked
the man who had dropped in for a celery
and vichy.
"Oh, that's for the benefit of the Willie
boys" explained the druGGast. They
MUNICH them and then tell the girls Yha1
a racket they have been out on."-Ch14O
News.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27

The number Of opium smokers in the
United States 10 estimated at 100000.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27
Experience of Germany.

Colin Armstrong, writing along the same
lines, says: "A vivid illustration of the in
jury that a nation may infiict upon itself
by attempting to restrict legitimate specu-
lation was furnished by Germany at the
close of the last century. 1t must be ad-
mitted that there was some temporary
provocation for the action of the agrarian
party in forcing the enactment of 1896 of
the measure restricting dealings in futures
In grain. In the following crop year, the
market for wheat being deprived of its
usual commercial speculative support by
the dissolution of the Berlin produce ex-
change and similar organizations through
out the German empire, was abnormally
depressed and farmers sold their products
at improbable prices. Large amounts of
breadstuffs were exported at the lowest
prices. Later in the same crop year a
domestic scarcity developed and Germany
had to repurchase from other countries at
as she had sold All economic experts
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27

depends on such facilities Wall street
affords Every great nation has a stock
exchange. 1t is one of the signs of ad-
vanced civilization.
Charles A. Conant has aptly said that
"the organized stock and produce markets
constitute not only vital factor in mod
ern exchange but SO far from being
necessary evil as some ethical writers
claim, they constitute one of the most
beneficent instruments of modern cfvfltza-
ton. Without them modern business could
not be conducted. or could be conducted
only with a series of shocks, upheavals and
commissions which would result in robbing
the manufacturer and consumer for the
benefit of the shrewdest spectators in &C
tual commodities"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27

OF 1 100 locomotives In use In Japan 500
are American made,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27
The Brokers' Agreement.

and bills of exchange on London, Hamburg
and Amsterdam
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27


of Chicago, and II. Parker Willis. Ph.D pro-
fessor of economics and political science in
T Masl Rsher any Tarpr Company Washinrtm:
VIM. Ballantyne a Sons
Reciprocity has become one of the prin-
cipal issues in American politics. 1t was
the subject of President McKinley's last
public utterance. 1t has proved since his
death to be the rock threatening the split
of the republican party into factions. 1t
promises to become the chief contention
in the presidential campaign of next year.
Therefore the present volume Is of unu-
sual value, presenting, as 1t does, the his
tory of the reciprocity movement with a
consideration of the arguments which have
been adduced in dts behalf and which APP
ply particularly to the present situation.
The authors reach the conclusion that re-
ciprocity, whether viewed from the stand
point of the producer or that Of the con-
sumner, will not grant Dement'S which are
not to be derived from straightforward
tariff revision. They believe that the coun-
try should demand reciprocity only on
general scale which would be tantamount
to lowering of the tarfn wall in exchange
for corresponding reductions. They are of
the opinion that the result of the tariff
discussion of the7'past two years will be
a thorough revision The historical chap
tiers are refreshing to the recollection, espe-
/
appendix, in which are given tariff agree
ments treaties and schedules illustrative
of the text. The whole forms a serviceable
handbook, prepared In excellent literary
style and with tunusdal clearness for
subject Of this character.
ATHLETICS AND OUTDOOR SPORTS FOR
WOMEN; Each Subject Separately Treated by
Special Writer. With Introduction by
Lucille Eaton Hill, director of physical train
ing in wellesley College. Illustrated. New
York: The Macmillan Company.
The cover Of this volume is decorated by
a design composed of oars. golf sticks,
balls racquets and Indian clubs But these
implements of sport and training are not
the only devices recommended for the de-
velopment OF the physical natures of wo-
men. Following an introduction by the ed
itor on the vital Importance of the matter
are several special articles. profusely illus
| trated, as follows: Physical training at
home, by Anthony Barker; gymnasium
| work. by Watson L. Savage: dancing, by
Melvin Baliou Gilbert; cross country walk
ling, by John Bapst Blake. M. D.; swim-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-27
NEW PUBLICATIONS.

LOVE LETTERS OF MARGARET FULLER
1S4t1s46. With an introduction BY Julia Ward
Howe, to which arc added the "reminiscences
Of Ralph WaldoE Emerson, Horace Greeley and
Charles 7. Consdon. New York: d. Appleton
The Providence news. (Providence [R.I.]) 1891-1906, 1903-01-23
ep Property for Sale So Advertise the News Want
r. l..

pay sundry bills ~ the state The reso-
luton was laid on the table temporarily
wniie the bills, which did not secornpany
the bill. were found. and then Il was
rcaf and again laid on the table tenn
porariy.
The Providence news. (Providence [R.I.]) 1891-1906, 1903-01-23
BULWARK
AGAINST
DIVORCE
Episcopal Bishop Burgess Says
Catholic Church Stands for
Invio|abiIiy Of Marriage Tie

New York. Jan 23.-Bishop Burgess OF
the Protestant Episcopal diocese OF Long
Island made an address at the annual
dinner Of the Church club last night in
which he commended the attitude OF the
Roman Catholic church on the divorce
question. The bishop said In part:
The Roman Catholic church has stood
like a bulwark against divorce. 1t has
stood for the iuviolability OF the marriage
tie and the unity OF the home. Because
OF that IL Is I'm the world today one oe
the greatest forces for progress and for
Christianity.
our prayer book says one thing and
that thing is all right: but our canons
tell quite a different story The great
work of the Protestant Episcopal church
II tn harmonize prayer books and canons.
When our canons declare that communi-
cants in our faith once married are mar
ried for life, then the Protestant Episco-
pal church will have done what Il ought
20 do for the cause OF civilization and
the cause OF Christ"
The bishop said the young people of
today grow up with tho idea that there
In nothing binding In the marriage tie
and that it can be broken almost as soon
as assumed.
The Providence news. (Providence [R.I.]) 1891-1906, 1903-01-23
UNC0NFIRMED
Report That Transport Dix Had
FOundered In the Pacific.

Seattle. Wceh- Jan. 23-An uncornrm-
90 rumor was current among shipping
men late last night 60 tho effect tbat the
transport Dix had gone down this side 81
Yokohama with al on board No details
were given and 1t was Impossible 90 To-
cate any crcditable origin of the story.
The Dix sailed from this port Decem-
ber 81 bound for Manila via NaFaslki
with n heavy cargo. Tier load consisted OF
35oo.Ooo feet OF lumber and 99o tons OF for
age.
capt Hopkins was I'm command Of the
transport. with Capt Theo. Stenberg. T..
S. A. I'm charge Of the vessel Tho Dix
was acquired by the government during
the war with Spain and u one Of the
largest freighters owned by the United
States. Major q. s. Bingham OF the quar-
termasters' department stated early to-
day that he has received no word of tho
wreck. IIe said that when he gave the
sailing orders to the DIX IL was to pro-
ceed direct TO Nagasaki.
The Providence news. (Providence [R.I.]) 1891-1906, 1903-01-23
A MINING DEAL
How II Was Managed Revealed
During q Trial at New York.

New York. Jan. 2S.--During the course
of the trial in the supreme court OF the
case OF Stine assignee OF James Shirley,
vs.. Wm. G.. Greene OF Arizona, New Mex
leo and New York the testimony showed
that Shirley from time 90 time loaned
small sums to Greene. who In 1893 located
copper mining claims ip the state OF Sem
ora. Mexico In 1899 Greene put these
claims into a company called tho Greene
Consolidated Copper Co. and he gave
Shirley authority for three davs 10 sell
900 0N out OF the 10000 shares of stock of
the company n g. a share of which half
was 20 90 into tho treasury ~ the COM
panr end the other half 10 Greene lie
gave Shirlcv az the s8mo time a scparG te
documcr by which he promised him
10000 shares commission for selling the
2looDi shares
Shirley went that night 20 Roston and
interested capitalists who. however.
waited. % s. alleged. till shirleys option
expired and then made q contract with
Greene for 10000 shares NJ a little less
than 81 . share.
shirley, suspecting what was being
done. found another customer In the per-
son OF the plintin. Greene. and the plain
tit agreed on a contract. but when u
was 20 be signed Greene failed 10 appear
or give any explanation for not taking
tho customer offered. Shirley then brougt
the suit In which ne claimed that his iOo.-
600 shares were worth t25 per share or 81
100000
After a trial ~ three DAYS settle
mont was effected. II = said that about
ti25,oco was paid in settlement
The Providence news. (Providence [R.I.]) 1891-1906, 1903-01-23
A deaf
and Dumb
MURDERER
Ro|oogsr Sentenced to Fourteen
Years Imprisonment by Judge
McEwsn at Chicago.

Chicago, Jan. 25.-Judge McEwen of
the Criminal court today imposed SEN
tence OF IL years Imprisonment on Bezett
Rolooger. negro, who is deaf and dumb.
VINO cannot read or write, and who does
not understand the sign language
A picture Of the penitentiary was shown
Rolooger, next picture OF man behind
the bars; then the figures II were held up
before him. and finally by means OF the
800 leaves of a calendar an attempt was
made to give him an inferential idea OF
the length OF a year.
Rolooger was found guilty OF killing one
man and shooting another