Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-04-15
Financial News Letter
'ecial corresponaepee OF The Star.

Special Correspondence Of The Star.
NEW YORK. April IA. 1906
Wall street worked itself into quite an
excitement over threatened scarcity of
speculative and gambling funds. Prices
suffered somewhat In consequence. but
everybody fels that the depression was
more or less artificial and only temporary
Spring Is starting In spiendidly and the out
look Is for healthy activity In every direc-
ton. The country is chock full of money
and the people are buhbling over with en-
ersy and ambition. This is seen In every
walk of life and in every department of
industry. 1t is especially true of the agri-
cultural community. In the warmer zones
planting is already under way, and in the
northerly regions preparations are making
Tor the cultivation of as large areas as in
any previous year. The winter wheat out
look Is excellent, and although there is
disappointment In the south because cotton
prices were not high on last years crop
planters realize that there Is a fair profit
even at 10 cents. They have no expecta-
ton that the price will go anywhere near
that low for long time to come, yet they
would have no fear of poverty IL 1t did. In
manufacturing and mercantile lines there is
every prospect of a good years business
and the railroads throughout the length
and breadth of the country continue to
make record earnings.
All signs point to the importation of gold
In large volume In the near future. This
movement is the legitimate sequence of
the high rates of interest on money and
was foreshadowed in this column last week
and the week before. The money market
was manipulated very skillfully to bring
about this shifting of gold from the old
world into the New York market. The
Enforcement to the supply of money was
vitality essential to the bull movement in
stocks which had been planned by the
ruling financial interests of Wall street.
Not only ts money coming here from
abroad but there Is also an inflow of funds
from hundreds of cities and towns in the
United States. The purpose of the manipu-
lation has been obvious all along, and few
among the intelligent and solvent class OF
investors and SPECTATORS were forced out
Of their stocks Only the weak and timid
let go.
4
A rival has sprung up to compete with
the palace car monopoly for the favor of
the travelling public. new car has been
constructed and put into active use in
modest way The is being run between
New York and Pennsylvania over the
tracks Of the Jersey Central and Reading
roads two or three times a week, and every
body who travels on 1t becomes a walking
advertisement. It is a combination parlor,
sleeping and dining car 1t is as strong
steel construction make it, and In the
matter of convenience, comfort and sani-
tation is said to be perfect.
The transformation of the interior from
a parlor car to a sleeper is like a piece of
clever stage work. The berths are lifted
from a receptacle under the floor and the
chairs are placed in the cavity thus created,
the space being sufficient to store them,
together with valises, wraps, overcoats,
etc. The berths are wider and longer, not
much being taken with heavy
frame work and upholstery. The new car
is protected by twenty patents and appli-
cations are on file in the patent office for
about twenty-five improvements. One of
the novelties is a closet between the win
dows which contains neatly folded table
with all the silverware and knives, cruetS
and napkins needed for two. One car does
the work of three. The car would seem to
fill a long-felt want. Ali 1t needs is the CO.
operation of a few railroads to command
the backing of the public.
X
The head of a large private banking
house made the amazing statement to the
writer day or two ago that Kuhn, Loeb
G. Co. had made s3Oo,o00,ooo in the last
ten years. He went into some details as
to how 1t was done and made a convincing
showing. The biggest profit was in con-
nection with the financing and promo
ton of the Union Pacific, this firm having
been the principal financial hacker of the
Hartman system from the beginning of It's
organization and the lifting of Union Paclhc
from governmental control. kuhn, Loep-&
Co. have had a share In more big railroad
deals than any other banking house in
America with the exception of ]. z. Nor
gan & Co. Jacob Schiff, the head of Kuhn,
Loeb & Co. is said to have a personal for
tune of more than s1Oo.OO0Ooo. Four years
ago a junior member of the house died.
leaving an estate of S20,ooo,00o. Very few
ever knew the magnitude Of the fortune SO
left.