davidaulloa/AmericanStories huggingface dataset:
Evening star., 1907-08-25
Banks and the Crisis.
rom the FiDancie

from tne Flnancler.
Though banks throughout the country
are, presumably. in such strong position
as not to be directly affected unfavorably
by the unsettled and panicky securities
market, they can scarcely fail to be con-
cerned as the result of the critical situation
on our stock exchange, 1t is here that
market values of all share and bond prop
critics are established. through trading
therein; where such securities are held as
cola teral for bank loans the fluctuations
as recorded on the exchange. are carefully
observed. and when the margin for such
loans appears. by the reported transactions,
to be impaired, prudent bankers require the
prompt reinforcement of the margin. Trust
companies whose loans on collateral are
equally as great. or even greater. than arc
those of banks, are likewise observant Of
the security of their loans and they insist
upon their borrowers making good any de-
ficiency. Where responses to the demand,
either by banks or. trust companies, for in
creased margins, are prompt any apprehen-
sion by the lender OF possible loss is al
layed: delays or neglect to comply with the
requirement for more margin are, or should
be, enforced by conservative bankers, by
the loan through realization upon the col
lateral Lenders by institutions or by indi-
viduals on stock or bond security are, gen.
orally speaking. amply protected by ade-
Quate margins when the loans negoti-
ated: If they are not then so protected and
II care is not taken to obtain such protec-
ton when disturbed market conditions de-
velop, these lenders have themselves to
blame for any loss that may be incurred
precautions to insure their immunity from
Evening star., 1907-08-25
LOCAL STOCK MARKET.
Range of Prices Week Ending Au-
gust "a, 1907.
NEW YORK BANK STATEMENT.
Furnished by Griffin Haistead & Co.

NEW YORK August 24.-The Financier
says: The official statement Of the New
York associated banks last week. as
was the case IN the previous week. failed
fully to reect the loss Of cash,
which was estimated on the basis
Of the traceable movements of money
during the week The contraction in loans.
however which contributed to a decrease in
reserve requirements through a reduction in
deposits. caused an increase In surplus re-
serve.
ment was made up on declining averages
for cash. owing to the transfer of one mil
lion dollars to the interior Friday so
that bank conditions were really not fa-
vorable appeared by the return. The cash
loss, as reported by the statement was
S2.0S6 100: tie estimates indicated a decrease
of about four and one-quarter millions
General deposits decreased S11 073 100 the
result of the cash loss and of the contrac-
ton of $500. 100 IN loans; hence the reserve
requirements Were reduced 81 TGS. i25 De-
Quoting therefrom the loss of cash left $685.
:!2J the increase in surplus reserve to
1876, 400
Computed upon the basis of deposits. less
those of SIT .S04. 200 public funds the sur
plus Is Sl6.927 iJO. 1t may be observed that
the loans have. during the past three weeks
In which liquidation in stocks has been al
most continuous. been reduced TO thirty
eight and three-quarter millions, while in
this interval the decrease in cash has been
ten and one-quarter millions. The daily av-
erages of bank ciearings last week were
S2io.0totJO. against S2s4 900 O.0 in the previ-
Gus week; clearings Saturday. rejecting
Fridays business, were $23l 526. .;s6
comparisons of loans by Individual banks
show that eight institutions contracted this
Item by SIX and three-quarter millions net.
i've banks lost one and thrce-quarter mill
lions net cash
Evening star., 1907-08-25
HEARD ON CHANGE

The past week was not a notable one for
the local stock market. The number of
shares of stock transferred was below the
average, and. with one or two exceptions
there were no changes in prices worthy of
mention. The total number of shares
traded in the week ending yesterday was
2.934 and 1.295 of these were Mitchell min
ing stock
With the exception OF National Bank OF
Washington, which opened at SO and closed
at 393. the only gain in price made during
the week was by Mitchell mining stock.
Investors. 1t is stated by the brokers. feit
that when this security dropped To rs it
could not go much lower, and they must.
therefore, be pretty safe in buying for a
rise. The result was demand for l.295
shares from lhs to pa. When the exchange
closed up shop Friday afternoon for the
week Mitchell was selling at rs having
thus netted y Of a point.
There were losses in Washington Gas,
Mergenthaler, Lanston. Capital Traction >
per cent bonds, Washington Railway and
Electric As and Washington Railway and
Electric common stock. The last named
suffered tn. greatest loss. it opened on
Monday at "a, rose to 3o12 and then went
down quickly to 3lA. In all $50 shares were
exchanged.
Evening star., 1907-08-25
Weeks Closing Moderately
Active, With Recoveries.
THE STIMULATING FACTORS
Treasury Plan Eased the Money Sit
uation Greatly.
FURTHER DECLINEINEXCHANGE
Erie Common, U. S. Steel and South
ern Railway Were Special Features.
Bank Exhibit Pleased.

NEW YORK. August 24.-Wtth a holiday
In London the local market had to find
Itself. This it did by broad and strong
opening, in which prices for many of the
active issues advanced from 1 to 2is points.
Sentiment was very f1voraby affected by
the plan OF the Treasury Department to
ease the money situation during the coming
Crop-movement period. There Were other
favorable developments. including the
statements OF the commercial agencies.
which reported a continuance of business
in good volume.
Yet another encouraging factor was a
further decline in foreign exchange. which
materially reduced the prospects of further
gold exports In the near future. Not all of
the days news WAS encouraging how ever.
Advicas from the principal Industrial CEN
ters were rather conflicting. though the
more reliable reports bespoke increasing
quiet in iron and steel and the kindred
trades. There were pers stcrt rumors also
of another decline in the price of copper
metal
An irfallible barometer of general trade
conditions WAS the decrease of 20 per cent
in bank Clearlngs throughout the country
compared with the same week last year.
Following its first flush of enthusiasm the
market became duh, with recessiOns of a
Evening star., 1907-08-25
BAD FOR WILDCATTERS.
Order of "Stopers'' Will Organize
Lodges Throughout Mexico

From Modern Mexico.
The Stopers. a new organization which is
attracting wide attention among mining
men, is preparing to establish number of
lodges in Mexico. In addition TO embracing
the usual fraternal features such as sick
and accident benefits. insurance, etc, the
Stopers expect to join forces in promoting
in every way possible the best interests of
the mining industry, while all wild cat
schemes Will be exploded. Legitimate min
ing is a business that is growing every day,
and the fact that it has been a faVorite
prey for the Legitimate schemer has had
much to do with the inception of this or
ganization, as is hoped that by the organi-
zation of those engaged in the legitimate
exploitation of the INDUSTRY mining may be
placed upon higher plane
The scope of this unique organization is
liberal. in that 1t admits to membership
miners and men engaged in lesitima ,e
mining. This includes mining engineers,
owners. mining brokers, managers of mines,
stockholders in mines, ETC., and in fact all
reputable men who are identified with the
great mining industry of the world.
Evening star., 1907-08-25
Below FRIDAYS Closing.

Before the end of the first hour all the
opening gains were lost. while many stocks
were below last nights closing quotations.
Especial weakness was shown by Erie com,
mon. and marked pressure against the
United States Steel issues was shown. Later
Erie first and second preferred fell abrupt
ly. and there were rumorS of a readjust-
ment of the roads finances. Southern
railway preferred. which caused yester-
days heavy selling movement on the cut in
dividend. fell pig points. and some of the
Spncialties suffered more severely. For the
half hour preceding the publication of the
bank statement the list moved uncertainty
and within narrow limits.
The market developed a stronger tone on
the bank exhibit, which showed a loan con-
traction of over Ss.DGOC,b0 and cash loss
of about 81. l0oOO0 This left the legal re-
serves of the bank at S9.37G.uGO as against
S9.2fi.hO the preceding week and 81 2.O.OJO
for the same week last year. The market
grew dun and heavy again in the final
trading and the closing was moderately
active. with fractional recOveries
United States Is and As registered de-
clincd 1s per cent, and the coupon Is \. per
cent on call during the week. Total sales
of bonds. par value. SJ6S.OO
Evening star., 1907-08-25
WHEN WHEAT GOES ABROAD.
Problems as to Part It Will Play
in Our Foreign Credits.

NEW YORK. August 24-This week, the
United States sent abroad more wheat than
has been sent In any week at this time of
the year. since 1862, when the largest crop
ever harvested in this country was about
to be followed by another only slightly
smaller. At the same time, the export
week in 1902, and 1S cents above. last year
While this weeks wheat was going out,
Europe's bids for the next insta lIment
were making commotiOn in the market
Closing at s41s last Saturday. wheat for
September delivery at Chicago rose to S51a
cents per bushel on Tuesday. and to SY1s
on Wednesday,, fell back to S7as on Thurs
day. only to run up yesterday to sos. This
compares with the years maximum price
OF 81 .O31a. reached on May q. for deliveries
due the ensuing month.
How far can higher prices, on home
crop confessedly much below the normal
help out the international money situation? :?
In the first place. such crop, unless dis
astrously small and unless foreign crops
are unusually large. does not ordinarily re-
suit in proportonately diminished exports
Our wheat crop of 1888 decreased SO, 600. 900
bushels from the previous year: exports
from 1t were only 80, 8,0Go 900 smaller. The
yield Of 1880 decreased 81, goo 600 bushels;
the part sent abroad declined only 3.2U0 600
Those were short crop years abroad The
reason for the heavy decrease in exports
from the diminished crops of recent years
is that Europe raised enough to do without
its former imports from America The Liv-
erpool Corn Trade News estimates that our
exports of wheat, for the six months be-
ginning with this August. will be S8,O0O.U 900
bushels, against 106. 600 in the same
months year ago. This would be shrink
age of II per cent But II prices are to be
tumn. the outcome in export values should
be plain,
Evening star., 1907-08-25
PICTURESQUE and Delightful.

Regarded as one of the most picturesque
and delightful resorts on the lower Potomac
is R. II. Gouldman's place about three
miles above Colonial Beach. near Wilker-
sons post office. rhe place is directly on
the river, and the ground is high and free
of malaria An oldfashoned Virginia cook
provides the best of good things to eat. the
milk, vegetables and other edibles be ng
from Goudmans farm. The rooms are
large and airy. Boats are furnished free
to guests, and there is an excellent bathing
beach. At this time the fishing is unusually
good In this portion Of the Potomac. and
many Washingtonians are now enjoying the
rare sport.
Evening star., 1907-08-25
THE FOREIGN BoURsEs.

LONDON, August 24.-The chief features
in the moderate weeks trading on the
stock exchange were the absence of an ad-
vance in the Bank of Engiands rate of dis
count. owing to improved monetary condi-
tons, and the gradual recovery of consols
to So. Much nervousness existed. especially
in the money market, early in the week as
to whether the bank would raise its mini
mum discount rate. but its recent advance
to AZ per cent and the consequent harden
ing of foreign exchanges on London had
the effect Of easing the situation consider
ably.
Investment stocks were scarce when buy
ing orders appeared, while the rumors of
trouble in connection with financial houses
sisted in bringing about the more cheerful
tone which prevailed at the close Of the
market Friday, although operators were
still very cautious about entering upon
new commitments. owing to fear of prob
able trouble on the continent and the pos
sibility OF gold Withdrawals.
PARIS, August 23.-Prices on the bourse
today opened weaker but were hrmer at
the close. Russian imperial fours closed
at 72JO. and Russian bonds Of 1904 at
504OO.
BERLIN. August 24.-Prices on the bourse
today opened weak and irregular upon the
New York advces. but improved later upon
the news of Secretary CortelyOu's intention
to relieve the stringency Of tie money mar
ket by the deposit of government funds in
New York, Boston and other large cities.
Evening star., 1907-08-25
South American Sentiment.

From the Engineering Magazine.
In the race for supremacy In South Amer
lean trade sentiment is a thing which the
United States must leave quite out of the
reckoning. for where sentiment exists in
the southern republics 1t is more often un-
favorable to us than otherwise. Only in
Peru. Ecuador, Bolivia and Brazil do We
stand on the same basis of popular regard
as our rivals. In Uruguay. Argentina and
Paraguay we are disliked; in Chile and
Venezuela hated and in Colombia detested.
In the three latter instances our unpopu-
larity has largely arisen from specific in
cidents, such as the Baltimore affair at
Valparaiso and the secession OF Panama:
but running deeper and pervading most
of the peoples of the continent is a more
or less thinly yelled dislike of the Amer
lean personality, which is the very an
tithesis of their own. a jealousy of Amer
lean power and prosperity and a distrust
of American intentions as embodied in the
Monroe doctrine. AS result Of Mr.. Root s
visit some of these feelings are in tenn
porary subsidence, but in general they
were too deeply seated to allow much hope
that they are permanently eradicated.
Evening star., 1907-08-25
Supplies for Greene Properties.

CHIHUAHUA. Mexico, August 2i.-Dur-
ing the past four months 600 cars of freight
have passed through this city westward for
the various enterprises of Col w. C.
Greene and his associates. Among the
companies to which the freight was con-
signed are the Sierra Madre Land and
Lumber Company. the Greene Gold-Silver
Mining Company and the Sierra Madre
and Pacific Railroad Company. The freight
consisted chiefly OF sawml and mining
machinery and supplies. The lumber com
pany is steadily receiving freight cars un-
der order for 1000. which was placed
with manufacturers of the United States
some little time ago
Evening star., 1907-08-25
ClemencY of Cabrera.

GUATEMALA CITY. August 23 (Frlday).
A number Of Gautemaian women today
addressed a petition to Sonora Cabrera,
mother OF the president of the republic,
asking her to intercede in behalf OF the
political prisoners now in the country's
jails. The occasion was the birthday Of
Sonora Cabrera.
AS a result the president has ordered
the release of many of the prisoners. In
cluding the two Mexicans, Mendosa and
Ortega who had been held on charges of
completely in the recent attempts on the
life OF the president. No action was taken
in the case OF the Italian subject held on
the same charge. The case against him ap-
pears to be more serious.
Evening star., 1907-08-25
MANCHESTER CLOTH MARKET.

MANCH ESTER, England August 2i.-
business in the cloth market slightly in
creased IN volume during the past week.
principally in small parcels Of light goods
Tor India at easier rates Offers for large
quantities Of shirtinss from Calcutta, while
unacceptable because Of the present price
of cotton, indicated the healthy condition of
the market. China took assorted clothes in
fair quantities. while the Mediterranean
trade continued quiet and steady
Yarns did not improve their position on
the week. American crops met with
small inquiry. Twists sold better than
wefts for export demand. The home trade
was only moderate, buyers quotations being
irregular.
Evening star., 1907-08-25
ILLINOIS BANKS.
Statements Show Decrease in De-
posts and Cash Resources.

Special Dispatch to The Star.
CHICAGO. ILL.,, August 24-Statements
issued by twenty-three state banks yester-
day show a decrease in both deposits and
cash resources. compared with the last pre-
vious statement, May 20. with increase
in loans. The item of deposits shows de-
crease of 1 16' per cent. while cash resources
decreased 6.O4 per cent. The expansion in
loans is taken to indicate the strong de-
mand for money which characterizss the
present situation. The increase was gen.
eral among the larger institutions. The
movement OF deposits among the several
banks was irregular. Some of the smaller
banks show a steady gain, while the larger
ones lost.
Evening star., 1907-08-25
Short Fruit Crop Indicated.

NEW YORK, August 24.-Advices re-
ceived to date by Willett & Gay from
their correspondents throughout the couu-
try Indicate that there will be falling Off
in the fruit crop of the eastern, central
and southern states and Ontario of from
25 to 7h.per cent. as compared with last
years returns. On the other hand Ar
kansas and the Pacific coast states have
full crops.
Evening star., 1907-08-25
NEW YORK DRY GOODS.

NEW YORK. August 24.-Both the pri-
mary and jobbing dry goods markets were
quiet today. but this is generally expected
on a Saturday. The fact that many orders
for goods of special weaves are received
daily tends to show that the demand Is
still far in excess of the supply for all
classes of cotton fabrics.
Evening star., 1907-08-25
Grain Exports for Week.

NEW YORK, August 24-Bradstreet' s re-
ports the exports of grain for the week with
comparisons, figures in bushels as follows:
Wheat. -four included. $685., ,34T against
2.941 ,433 last week. 3,196375 in this week
last year and 6,G06.gS9 In 1901 Foc the
fiscal year to date -. 9.476. 80 contrasted
with lSl2ioO in 1867 and 5i.94l, 534 in
lol-2 Corn. l120,5i6. compared with
44l,l2l last week and 663. .5o4 in 1906 For
the hscai year TO date 1l.S32, ,J15. against
5, lOl GA in l9OG-G
Evening star., 1907-08-25
Considering Louisiana Rates.

NEW ORLEANS. La. August 24.-The
Louisiana freight committee has been in
session two days figuring out basis of
rates to points traversed by two new roads
running east and west through the state.
one of which is now in operation and the
other soon Will be. They are the Colorado
Southern division of the Frisco system,
and the Opelousas, Gulf and Northeastern.
Evening star., 1907-08-25
WHO GOT THE sPARKLERsp
Mrs. Shoemaker Has 1000 Loss in
New Willard.

Mrs. J. E. Shoemaker, whose husband
is secretary and treasurer OF the Washing
ton Bill Posting Company. complained to
the police last night of the loss of three
rings valued at S1.o00. Mrs Shoemaker
left the rings on a washstand in the New
willard One of the rings was a diamond
cluster worth $3.50, another was a three
stone diamond valued at S4O1 and the third
a ring set with pearls and opals and VAL
ued at $3.50.
Detective Burlingame Is on the case.
Evening star., 1907-08-25
NEW YORK SPECIE IMPORTS.

NEW YORK. August 24-Imports Of
specie at the port of New York for the
week ending today were 1858 O99 silver and
1919 gold.
Exports of specie from the port of New
York for the week ending today were ST.
1872 119 silver and 81. 112O69 gold.
Evening star., 1907-08-25
Buyine Dividend PAYERS.

NEW YORK. August 24.-Houses that
give special attention to investment ac-
counts report steady buying in small
lots of the leading dividend-paying issues
on which the return is now strikingly large.
Bond houses say that until time money Is
quoted at lower rates and the leading
stocks become less attractive from the in
vestment viewpoint they do not look for
much improvement in the bond market.
Evening star., 1907-08-25
Not to Resume Construction

RICHMOND, Va, August 24.-President
Stevens of the Chesapeake anu Ohio Rail-
way Company says concerning the report
that there would be resumption of con-
struction on the Chesapeake and Ohio
since the stockholders of that company
had approved the Slp,ro0C0o deal with the
Blair-Ryan syndicate. and that a double
track would be completed between this
city and Newport News the present year.
that there is nothing to IL.
Evening star., 1907-08-25
Announcement Premature.

BIRMINGHAM. Ala. August 2l-The an
nouncement that the Illinois Central would
be running trains into Birmingham within
two weeks is premature. The road will do
well to get here by October l. The con-
struCtion from Corinth. Miss. to Haley
vile. Ala. whence the Illinois Central
comes via the Frisco and Southern tracks,
has been DELAYED.
Evening star., 1907-08-25

fractional mismanagemeht than over the
all-prevailing integrity. Honesty and virtue
being the rule OF our social and business or
ganism. the, newspapers and maga zines
must look elsewhere for material for yellow
publication. The law-abiding business and
the law-abiding household goes along indefl-
nitelY without notoriety, whereas the rascal
and the outlaw continually find space un-
der the headlines. There is food for COM
fort and real eontentment in the thought
that we are as a people not as bad as we
are painted and that even such q weighty
person our President may be unduly in
ffuenced and think Ill Of his feiiow-citizens,
gauging the average of public morality too
low
The investigation which has been set on
foot by the New York city public service
commission into the affairs of the traction
corporations is already uncovering some
ugly features of frenzied financiering. Sew
eral round chunks Of money, mounting into
the millions in some cases, have been trac ed
to the disappearing stage. If the inquiry is
allowed to go back far enough some very
nasty disclosures will be made which may
be followed by suit to recover many mil
lions of dollars stolen by former manage
ments. This rottenneSs applies particularly
to the lines on Manhattan Island. Wherein
the disclosures will benefit stockholders is
not clear, for in the jungle most of them
have already been shaken out of their hold
ings. thereby sacrificing whatever equities
they may have had. 1t Is probable that in
the last ten years the traffic companies of
old New York have been robbed outright of
more than S10e. 100000. most of which found
its way into the pockets of a small group
of men. some of whom are still alive and
some of whom are dead.
Evening star., 1907-08-25
Tonapah Mines Output.

b. TONAPAH August 24-The ore ship
ments over the Tonapah and Goldfield rail-
read for the week ended August II aggre-
gated ESQ tons. The total output of the
Tonapah mines for the week was $500 tons.
valued at $233 $50
Evening star., 1907-08-25
NEW YORK METAL MARKET.

NEW YORK. August 24.-In the absence
of cables. the metal markets were quiet
and generally unchanged Tin was dull.
copper weak and unsettled; lead and spelter
weak at recent prices. Iron was quiet at
the decline.
Evening star., 1907-08-25
Output of Goldfield Mines.

GOLDFIELD, New, August 24.-The out
put of the GSldfield mines for the week
ended August II amounted to 3.s11 tons
valued at $42S, 100.
Evening star., 1907-08-25

In Ihe management Of railroad and indus
trial companies there is probably 30 De
cent honest and 1 per cent dishonest an,
incompetent. There Is more ado over tn
Evening star., 1907-08-25

There Is a popular idea that the stock
market losses fall on spectators and gam
blers and that the decline in prices is a.
matter which should not particularly inter-
est the multitudes. Never was there a
more fallacious notion. drop of $4,000
ooo.0O0 IN the selling price of securities In a
single year spells suffering and ruin to tens
and hundreds of thousands of innocent peo-
pie who are not in the remotest degree
either spectators gamblers in stocks
That there should be ignorance on this
point seems almost incredible in this age of
Intelligence and general information but
such seems to be the case. The stocks and
bonds of corporations after they pass into
what is called investment hands are not all
locked up in safety vaults or put away In
TN boxes. Far from it They are widely
used as collateral on loans and find almost
universal employment in the business of the
nation.