Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-30
Financial News Letter
BY W. G. NICHOLAS.

BY W. G. NICHOLAS.
NEW YORK, June %, 1907.
The announcement that D. o. Mills is to
retire permanently from the activities Of
Wall street calls attention to one OF the
most remarkable characters In the busi-
ness world. Unlike most of the very rich
men Mr.. Mills is singularly unobtrusive. al
though not particularly seeking a back
ground position at that. Mr.. Mills, like
| the late Marshall Field of Chicago and the
late Charles Lockwood of Pittsburg is very
much richer than Is commonly supposed.
He is probably worth $15OOO0.OOO or more.
although the Inheritance tax collector may
not be able to locate that much. D. o.
Mills was one OF the. forty miners" who
accumulated great fortunes on the Pacific
coast and then moved back east. He was
one Of the original wealthy men Of San
Francisco, and when he took his depar-
ture from the Golden Slope he was richer
even than Mackay or Huntington or Stan
ford. Mr.. James r. Keene was heralded as
an enormously rich man when he shook the
dust of San Francisco from his feet thirty
years ago and moved on New York with
s.. 100000 in cash. yet Mills at that par
five times great.
Among other incidents in his career on
the coast he cleaned up between $l2 OOO, 600
and $15O0O,OOO in a quicksilver mine, the
ownership of which was claimed by IA
nous old Irishman who haunted Washing
ton for years trying to get redress from
Congress, only to have his claim vetoed
by President Harrison after twenty years
struggle. Mr.. Mills has always been in the
mining line and today Is heavily interested
IN several immensely profitable enterprises
OF that sort. Among other things he is
chief owner Of the Bunker Hill, the largest
lead producer in America, which yields him
$3,OOo.OO0 or more year net income.
- +
MT, Mills of a ~ broad
gagged and nervy capitalists who got in on
the reorganization of Atchison, Union Pa
cifc. Northern Pacific, Baltimore and Ohio
ten years ago. loading up with great lines
OF these various stocks at So to SIS share
and holding on until away above par. In
deed, he is today very large holder in
most of these properties. :. HIS profits in
stocks. bought under the circumstances de
scribed are said to have exceeded $4,000
600, yet his name ia rarely mentioned a.
one Of the big men of that era. Mr.. Mills
Will celebrate his eighty-second birthday.
next september, and. although far from
being robust man, he gives promise Of
living several years longer. He has always
ably courageous, long-headed and was al
ways ready to stand in the gap to prevent
panics or violent upheavals in business.
1t was Mr.. Mills who came to the rescue
committed suicide after wrecking the in
s--.ution over which he presided. One of
4ir. Mills gold mines is a controlling inter-
est in the Mergenthaler company. His
original investment in Mergenthaler was
$4,000 His dividends on the stock then ac-
cumulated amount to four or five times
also part owner of the International Paper
Company, his investment there being in the
preferred Stock which has been a steady
dividend payer for years.
"
Those who revel in big figures will be in
terested to know that the losses in the
stock market on the great decline that has
been going on since last fall have been
very greatly underestimated. and that they
will reach between 5000, 600 and $1,000
100000 instead Of a paltry $500, 900 900 to
$3OGOOOO,0G0 as generally published. Ac-
cording to Moody's Manual. the advance
sheets Of which are just out, the share
capital of active corporations in United
OO0,000 and the bonded capital SIS. eco Co.,
coo. At a very low estimate the shrinkage
on stocks has been 20 per cent and on bonds
10 per cent. which totals in round figures
s., 500 100000.
This terrific shrinkage has wrought
wholesale damage to fortunes and credit
In North America and produced sympathetic
man has seen his proud fortune cut in the
middle. or worse. and the records of the
commission and banking houses in Wall
men who regarded themselves as safe be-
You'd all risks of adversely are virtually
bereft of every dollar they had. The very
there are few exceptions to this rule
Charles G. Gates said a few days ago in
explaining his own position. Personally. l.
am worth more money today than 1 was
five years ago, but l am not worth. any
where near as much as l was year ago,
and 1 do not believe that there are ten
men in New York who are"
There Is tendency among many of the
Weil-tO-dO class to nut themselves in shane
for long siege Of business depression, be-
lieving eventually that the country is in
for reaction which will continue over all
period Of several years.
During the twenty-six years ending with
1905 our aggregate exports of gold during
the months of January to July. inclusive,
were $916 5G5 OBS and our imports $476,976,-
277, thus leaving a balance of $439, 5S8 30
exported. and that is equal to $169O7 ,2lO
per annum. Hence il this year were con-
sidered separately. 1t would show excessive
exports; but 1t cannot be considered
because last year the normal export move |
ment was interrupted by the San Francisco
earthquake, and the result was that we |
imported net amount of $50. Ass, 149 In
stead of exporting the usual Sl6.9O7 24O |
Hence last years figures for this period
these two, or 500, 365 3S9 just to even up |
last years abnormal returns /
Il I
Another Wall street oid-timer who Is |
on his last legs is Count Giuseppe Moro
SIM. The old count is nearing his grave, /
a fact which has been sedulously KEEP. quiet
He has not been seen much in the street !
for several years, although up to a recent |
date he was an almost daily visitor to his [
office. which adjoins that of his old SIDE |
partner, Washington E. Conner. on the 1
corner Of Nassau and Liberty streets. two !
short blocks from the stock exchange.
Count Morosini the closest and most /