davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
The World of Finance and Trade
Washington; New York; London.

help anywhere-it must be generally ad-
mitted that the death Of Hawley hurts
every Hawley property.
Yet with characteristic incongruity, the
announcement, Just as Thursday morn
In g BUSINESS started. that Edwin Hawley
had died during the preceding night was
followed by an actual Strengthening or
the market throughout. lie had expired
Just after midnight-there had been time
and opportunity between the fata' MN
ute and the opening of the stock market
for millionaire interests to receive notlfi-
cation and to get together an alliance 10
provide support for the market, winch
was scheduled to receive further furl-
Gus bear onslaught. And the lmmedlate
result was that, instead of increased de-
moralization. quotations held firm, even
advanced. 1t is a strange record Jndsed
by any ordinary standard. any standard
recognized outside of Wall street. Yet
this incident has historic precedent-re-
calling what followed when Willirm IL.
Vanderbilt was stricken, what was the
sequel to the taking off of Jay Gould.
The market situation conservative!
considered has in it no serious threat
against investments. Though speculative
interests may consider the present an
opportunity for effective raids. the entire
bear plan of campaign is based upon
technical conditions, does not reflect the
state Of business throughout the coun-
try. That is better than 1t mas oeen
for more than a year. Moreover, 1t is still
Politics aside. nobody has oc-
casion for worry-and most of the pollt-
zeal scarecrows are Iudfcrous. Whenever
stocks now are weak under manipulatlVe
pressure they should be attractive to In
yestors who care for profits which pa
thence will be bound to pay.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
CHICAGO GRAIN.

CHICAGO, February 3.-Poise rather
than action distinguished today the mar
ket for wheat. Nevertheless the price level
was raised just enough to surpass any pre-
bulge. --latest trading left quotations
steady. the same as last night to Il up.
Corn finished at Is to Il advance, oats,
unchanged to Il higher, and hog products
varying from yesterdays close to an ad-
ditional cost Of 10 cents.
When wheat almost at the outset touch
ed as high as 1.O42s profit taxing became
tho order Of the day although the ii
pointed out that the United States visibl
supply was decreasing at a more rapili
rate than ever known before, even du I'M
year that wheat went at $3.50 for de-
livery in the spring months Despite the
general selling the market today, how
ever, suffered no important setback.
being sustained by assertions that foreign
consumers were now feeling the full ef-
fects of the Russian shortage, and that
Canada with her surplus largely under
snow and the remainder delayed by in
adequate storage and railroad faci!i ,e>
would not be able to offer much RELIEF Tor
at least sixty to ninety days.
Moreover, 1t was believed that the
severely cold weather northwest would
check receipts at Minneapolis and Duluth
and that Argentine would not be able to
meet the demand for prompt shipments
to Europe. Export -four sales at St
Louis aided in giving steady tone to the
market at the windup. Between the open
ing and the close. May f1uctuated from
1.O37s to LOIS, with last sales a sixteenth
net higher, LOIS.
Corn scored highest close on this year 6
crop up to date. Realizing was induced
to some extent by continued big receipts.
but there was a disposition to believe that
the governments March report on farm
reserves would show perhaps the small est
stock per capita in the history of the
trade May ranged between 6S31a6Ses and
Aa697s, closing firm at 60A. gain OF
Ac net Cash grades were i'll moderate
demand. No. 9 yellow was quoted at
661aa67 for car lots.
The fact that longs unloaded right and
left in the oats crowd did not prevent the
market from finishing at the top figures
of the session. Commission house buy
ing absorbed all the offerings. Outside
limits reached for May were 52ssa52H, and
52N, with the close 1sc up.
Absence of selling pressure allowed hog
products to begin to climb. The firm
ness of hogs and grain had considerable
effect. In the end pork was IL to 1Oc
dearer, but the rest Of the list not to
exceed nickel.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
COFFEE MARKET.

NEW YORK. February 3.-The mar
ket for coffee futures opened barely
steady, at decline of 5a17 points UNI
der realizing after the recent advance
from SO to Is points. and local selling
for q reaction. Advices from Brazil
indicated continued flrmness in the
primary markets, and with the Euro
pean cables making a fairly steady
showing, offerings were well taken
here, but while the market recovered
part Of it's loss on some positions. the
cline of from to 10 points. Sales.
$4,000 bags. February. 1885, March.
1862: April, 1903: May. 1904: June,
1906; July, 1905 August. 1911; Sep
TENDER. 1916; October, 13.11;e Novem-
Der. 1907; December, 1904; January,
1902.
Havre was u to = franc higher.
Hamburg was, unchanged to 4 lower.
Rio. Is reis higher. at 1850; Santos,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
new YORK BANKS.

NEW YORK, February 1.-THE state.
ment of clearing house banks for the
week shows that the banks hold S460l5.-
900 reserve in excess of legal require
ments. This is an increase of S3l7 oD III
the proportionate cash reserve as com
pared with last week.
The statement follows:
Daily average-Loans. 81 .9,>, 400 ,-. in
crease SO 10000; specie 1891 .:;93.vs, in
crease $6.S31,o"; legal tenders SIS 93,i,
900, decrease $2.453.0U": net deposits. 81.
ol $4,000, Increase S11.:sI.HD: circula
ton. S.U,641 co... decrease Sl31 800: bdtIkt
cash reserve III vault, Si16.6o..Uo: trusr
companies cash reserve in vault. ST.. So.
600; aggregate cash reserve. $3.50. BID spp
excess lawful reserve. S46.015.OoO increas,
$311 900; trust companies reserve Wit!
clearing house members carrying - per
cent cash reserve. S1I,2SS.O0o.
Actual condition-Loans, s2.o07.7isodO
increase, s24145,OO0. Specie. $3.50, 6o4 coo
increase. s496.OOo Legal tenders. ss7. 1886
coo: decrease. $3.61S.0OO. Net deposits, ST.
W6, $4,000; increase. S1I.5IO.00o Circula-
ton. so. 40 600; increase, sl17.oo1 Banks
cash reserve In vault, S414 .670,o00 Trust
companies cash reserve in vault. So. 100
600. Aggregate cash reserve SAG, s300Jo.
Excess lawful reserve. $40, 40, SO: de-
crease, s7,9S7.2OO Trust companies re-
serve with clearing house members carr
ing 25 per cent cash reserve. s1G.2I3,Oco.
Summary of state banks and trust COM
panies In Greater New York not report
ing to the New York clearing house:
Loans, $5SS, SIS. 100: decrease, 81, loo
Specie, So. 49,, 800; decrease. sl,;;37 90.
Legal tenders, s1O.9So,e,o; decrease, $l3f
200. Total deposits. 500, 3H, 40: increase,
81 $40 oOo
The F'inancier will say:
For the first time in a number II
weeks the New York clearing hou$,
banks reported a decrease in surplus I'd
serve, the statement of actual condition
for the week ending Saturday having
shown contraction of $1.9S7.2D in that
item. The statement of averages. how
ever. indicated an expansion of S3l1 .O1
in reserve, the excess according to TIM
avera"e system standing at si6,ol5.0
and on report of actual condition at SOP
1880 The loan item continues o.
show rapid expansion. the increase fd
the week endinS Saturday having beal
$24, 145,0A0. bringing the total loans verf
near the record mark. Preliminary
estimates indicated a gain OF ABBOTT
So, 900 900 In cash from the Interior. but
the statement showed a gain of. abodt
only half this amount. Net deposits bF
reason Of the loan expansion, rose Sill
$4,000 The bank statement for some
weeks past has been affected by very
heavy financial operations dealing par
with international loans ami
etc, and this accounts for the rise "
nearly S133,O00.OO0 in loans since the
opening of the new year. There has
been no demand for funds I'm commercial
and speculative lines amounting to mort.
than fraction of the total increase. The
season for the flow OF cash to this center
is passing. but any 9hrinkage in OUT
loan commitments may have
the tendency to hold surplus reserves at
4 high figure.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
Independents Suffer.

There is very little trading these days
in the stocks of the minor iron and steel
companies. The Independents are admit
tedly at disadvantage. They are suf-
fering more than the trust, being at q
cost disadvantage of So to 81 per ton in
manufacture. Their stocks are in a mar
row groove and the Offering of any con-
siderable amounts breaks through quota
tions in a most disheartening manner.
On the sale of a few hundred shares the
other day Republic Steel preferred broke
more than five points. The stocks of
other independents are in about the same
condition, hence insiders are not trying
to sell. For them to throw their shares
on the market would be to invite atten-
ton to the weakness Of the situation,
cause loss of standing at the banks. and
play havoc generally. The issue has re-
solved itself into one of endurance-grim
endurance.
A comparison of twenty-five represent
ative railroads and an equal number Of
industrials show that the average price
of the former Is about six points lower
now than a year ago, and in the latter
about three and one-half points lower.
The return Of W.. X. Vanderbilt to the
active management Of New York Central
and its subsidiaries is construed to mean
that the consolidation will be put through
without further waste Of time.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04

founder died two years ago. BY virtue
Of his splendid courage. Napoleonic
audacity and amazing ability, he brought
business to his railroads and found back
ing for any kind of enterprise in which
he might be interested. He was the
greatest leader Wall street has seen
since old Commodore Cornelius Wander
btlt was on the stage. He was the big
gest asset of Union and Southern Pacific,
and from the day he died everything
that bore his name has been losing
ground. What the end will be nobody
can tell, although the air Of Wall street
Is full OF prophecy. Professional Wall
street sentiment is unanimously bearish
on Union Pacific, Southern Pacific and
allied companies, and the public at large
seems to have become imbued with the
same idea
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
CHICAGO.

CHICAGO. February 3.-Cattle-Re.
ceipts 5000 head; market steady. Beeve4
4.SOaSJO; Texas steers, 4.6Oa5. So west
ern steers. 4.SOa7.15: stockers and feed
ers. 3.Soa6.OO: cows and heifers, 2Ooa4 ~;
calves. So.
Hogs-Receipts. 1900 head: marks,
weak; light, 5.s5a6.2O; mixed 5.95a6.35;
heavy 6OOa625: rough, 6.0Oa6l5: pigs,
415a5.6O; bulk of sales, 61Ja6 30.
Sheep-Receipts. 1900 head: markst
steady; native, 3.15a465: western, 3J0a
40; yearlings. 4.7Ca5.O0; lambs, NATIVE
t.4Oa6.75; western, 4.60a67J.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
Streets Dull DAY
Stock Market Trading of a
Superficial Character.
COALERS SHOW CHANGES
Otherwise the Price Movement Was
Not Of Importance.
GOOD REPORT BY ST. PAUL
Net Income of $4e0, 900 in Earnings
for Observation-Disclosures Re-
ports Gross Loss.

NlEW YORK, February 3.-Trading in
the stock market today was altogether
of superficial and unimportant charac-
ter. The volume of business was light
and more than ordinarily restricted to the
operations Of the professional element.
Net changes, except in the case Of the
coaIers. which We're subjected to some
pressure, were slight. For the first time
since the Introduction of Lehigh Valley
shares in this market. that stock, a 10
per cent dividend payer. sold under Read
ing, which pays only 6 per cent. There
was no known development to account for
this condition, but boardroom gossip had
mystery" while Reading has yet to make
Confined to a Group.
AS matter OF fact. operations in these
issues have been largely confined to a GER
tain group of SPECTATORS and have at
tracted little attention elsewhere. Union
Pacific and United States Steel wefe mod
erately active. but frequently reflected
selling Of character which has marked
these particular issues for the past fort
night
81. raul SnOWeQ SOIIle StTeuSLn Us q re.
SUIT Of its rather favorable earnings for
December, the net Showing an increase
Of about $4,000. The Puget sound di-
vision of that system reported a gross in
crease of $145|OOO. which was reversed
into a net decrease of ZOO by reason
of a heavy increase in operating ex-
penses. The Burlington system reported
a heavy gross loss for December. which
was pulled down to very trifiing net loss
because of economies in operations
Bank Statement Analysed.
The bank statement was ontable chiefly
because Of the slight difference shown in
the average and actual tables. There
was an actual cash loss of over $1,000, 00O
instead Of an estimated gain Of $4,000.
CO., while 1oans increased over $24, 100000
Excess cash reserves fell abou. $4,000, 600
to $40, 775,OOO. Todays statement was
the first Of the year to show an actual
cash loss.
Bonds were steady, with no especial
feature. Total sales, par value, aggre-
gated $2,OO,COO.
Government bonds were unchanged on
call throughout the week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04

unchanged: 4s. $3.50; IS. $500. Re-
ceipts at the two Brazilian ports were
$4,000 bags. against $4,000 bags last
year. Jundiahy receipts. 5000 bags
against $500 bags last year. Fine
weather was reported in four districts
of Sac Paulo with rain in the remain
ing district New York warehouse de-
liveries yesterday were 1868 bags.
against 1858 last year.
Spot coffee-Steady; Rio No. z, lax
Santos No. 4. 1917. Mild coffee, quiet
Cordova, 15ka17H nominal.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
Effect of Hawley's Death.

Following the close of Wednesdays
market in excitement and weakness there
was worry on many sides as to what
grave things might be expected at the
opening of the day following; and the
tension became more severely strained
when, just before the start of Thursdays
business. there came over the ticker an
nouncement of the sudden death Of Ed
win Hawley, in recent years one of
Wall streets most conspicuous figure.
Hawley was early acclaimed as the
natural successor of Hartmann: and in
variety of ways he closely approached
what was essential in that particular
lie was an optimist who did things He
talked little, acted all the time. Those
things upon which he directed his ener-
rescued railroads from the verge of
bankruptcy and converted them into
dividend payers. Around him were
clustered a score of millionaires not New
Workers merely, but millionaires of the
south and other milionaires of the Pa
ciiic. But disturbing in his sudden taking
OF was the fact generally accepted that
his death Las come while he was en-
gagged upon and actually close to the
contamination of deal broader more
comprehensive and wider in its possible
financial influence than any with which
hitherto his name had been identified
Within a month hence it was scheduled
that there should be announcement of q
deal which Hawley himself expected to
see rank with the greatest accomplish
ments in Wall street history.
This program Is. of course. upset-in
SO far the element of time figures
though so important are the allied inter-
estS that some other general will I'M
doubleday be found to go forward with
the plans which Hawley's ambition ma
tured-hardly. however, with the readi-
ness and the smoothness which were a
matter of course had Hawley himself
survived and cOnUlan
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
METAL MARKETS.

NEW YORK. February 3s-The metal
markets were quiet and practically NOM
inal in the absence Of exchanges. Lake
copper. 141sa14ss; electroiytic. 144a141s,
and casting. 137saI4is. Tin. Y 75a43.25
Lead. 4lDHA.30 Spelter,.. 6.S0a6G. Anti
mony, cooksonss i.c6. Iron unchanged.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
DRY GOODS MARKET.

NEW YORK. February 3-The cotton
goods markets are growing firmer. Fruit
Of the loom rs bleached sheetings have
been advanced hc a yard and Al goods
have been placed at value. Discounts
are being shortened on many other lines
Of cotton goods. Knit goods are in better
call. Linens rule firm. Burlaps are
higher. z..-''
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
Rumors of Dividend Cut.

Not unnaturally rumors of interesting
Gnd threatening sort have had currency
throughout the week. Some details have
represented that the Hartman interests
We're disturbed over the attitude of west
eth legislators in addition to national ac-
tons and were therefore discussing the
9dvIsabiiity of reducing the ~ per cent
dividend which Union Pacific pays-this
forebooing being supplemented by the re-
'cital that the Hartman estate had been
selling out its holdings by wholesale.
The names of Mr.. Rockefeller and Mr..
Morgan were also freely used in rumors
intended to upset the equanimity OF
stockholders in various industrial prop
critics. Nothing authentic was anywhere
dispensed, bear ammunition consisting
palpably of fable and fake. There being
in the business world no real reason for
financial apprehension, Wall street spec
ulators have been SIMPLY resorting to in
vention. hoping that raids upon quota
lions could produce such nervousness In
the investment world as to induce hurried
liquidation and the slaughter of values.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
INVESTMENTS
CATTLE MARKETS.
NEW YORK.

NEW YORK. February 3.-Beeves-
Receipts, Liz head; dull; dressed beet
quiet at Sa11h per pound. Exports toda y
and tomorrow, G0 cattle and 336 Sheep
Calves-Receipts 45S head: no trading
steady; city dressed veals. 11l7a15,a PEI
pound; country dressed. do. 1Olaa13 >.
Sheep and lambs-Receipts. 5.2l7 head
weak and a shade lower; sheep, 3oki
1925; lambs 5.OOa7.2O
Hogs-Receipts. 1874 head; none On
sale; nOminally firm.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
BALTIMORE GRAIN.

BALTIMORE, February 3.-Wheat-
Dull; spot contract, 1.0OA. Corn-Easier:
spot contract. q. oats-Firm; No: .
ern domestic, 100a1.01.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
Loss to Wall Street.

in score Of ways the death of Hawley
IS distinct Wall street loss and handi-
cap. They who have enough Of the
vulture in their hearts to seek a profit
at the grave side circulate reports that
Hawley dies heavily loaded with miscella-
Heous securities, leaving thus an estate
which will be liqudated In a market
weakened by the very fact Of Haw!ey's
deceaSe.
It is doubtful IL there is much founda.
ton for this representation. Hawley's
fortune-and II may run to $25,OoO COO
the was a railroad clerk barely a dozen
years ago. is not in the Wall street bro
kerage Offices. There will be no necessity
for hurry or sacrifice In the settlement
OF his affairs. AS the outside world may
Judge it. such a career illustrates a wide
variety Of moral observations-tells of
industry and perception and skill and
great generalship-this on the side of
what men are pleased to acclaim as sue
cess; II tells Of a life sacrificed. Of every
other side OF huma nexistence made SUBJ
eervfent to naOney-making: IL tells of
struggles whose only reward was q bank
account-along with the emptiness OF
that manner Of applause which bank &C.
counts as they swell always command
The moralizers can teach many lessons
from such a text. But Wall street re-
Garding the record from no moral view
point whatsoever, is interested only In
what will be or can be the influence upon
the stock market. And II will hardly .e
contended that the death OF Hawley can
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
Shows Critical Conditions.

1t is no trifling occasion when, as on
Wednesday, United States Steel common
Wall streets premier stOck-can be
sent whirling down 5 full points in a
single afternoon. An event like this
signines the existence of market condi-
tions that are critical. And, naturally,
most of the professional talent fell into
dubious moods. They even talked panic
Yet there showed relatively slight signs
Of any significant liquidation-tney who
owned stocks having withstood too many
adversities to be swept off their feet,
dragOOned into decentralization
1t was evident that in largest measure
the selling transactions we're for the short
account, representing ultra speculative
commitments, the making Of contracts to
deliver stocks which the sellers did not
own. This short interest was most con-
spicuous IN stocks like Steel. Reading and
Onion Pacific, which have been leaders in
every recent approach toward activity
these stocks and few related to them
having. indeed. seemed to be almost the
whole market-six stocks on many recent
days having represented a majority of
total stock exchange transactions.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
WEEKS RANGE OF PRICES
Corrected to the Close of Business February 3 at
the New York Stock Exchange.
Railway and Miscellaneous Shares

following table highest ind
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-04
MARKET HARD HIT
Heavy Selling by Insiders
Blamed for the Smash.
RECOVERIES ARE EXPECTED
Interests Of Banking Houses Not in
a Low Level.
POLITICS PLAYS BIG PART
Wall Street Doesn't Feel at All Ger
tain That Taft Would Veto
a Tariff Bill.
BY w. G.. NICHOLAS.

NEW YORK, February 3.-The market
got a smash In the middle Of the week,
and the speculative favorites went to the
noor There will doubtless be recovery
from such sharp slump as that wit
messed this week, but conditions are I'M
satisf .ctory, on the whole and further
important depreciation in prices may be
looked for. Such, at least, appears to be
the opinion of representatives Of the best
information and judgment in Wall street.
The business and political situation gives
no announcement to buyers Of stocks.
About the only thing bullish that can be
taken into consideration is the super
abundant supply Of money in the banks
and trust companies-money that cannot
find profitable employment in industries
or commerce, but which might be used In
the stock market. This is the only real
hope tho bulls have at the present time
of seeing Improvement in securities prices.
The slump in prices was not unexpected
IT has been known for several weeks
even before the ending of the old year
that insiders We're unloading in a whole
sale way. doing 1t quietly and with no
desire to smash the market, but simply
to get the most money possible for their
goods. Following the usual practice, a
great majority CT these insiders concealed
their sales by borrowing the stocks with
which to make deliveries, thus creating
the misleading impression that a heavy
short interest was being generated An
overextended sore interest adds to the
technical strength Of market, for the
account have to be bought in again at
some stage.