davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24
SCATTERING an Idol

In Boston the feature of last week was the
Decline in the price of New Haven to IS. II
mas touched the level which the majority OF
people in the street thought it would as
per cent stock though some conservative
brokers' believed New Haven was cheap at par
here is now no question but that the dvl-
aend will be reduced to per cent at least,
nut the belief is growing that it may be neceS-
vary to cut off the dividend wholly while the
'o1o is in the rehabilitation stage.
With the decline in New Haven the wave OF
'u.ehuneiation Of men and methods that caused
~ collapse has been growing. Investors are
NAG clear through. They have turned icono-
S,-s;S and are engaged in SCATTERING New
slgaho idol. The remarks made about J: p.
morgan are strange and surprising, consider
W. me esteem in which he was held here In
"ew England until New Haven and Boston &
maze began to fade awayin the stock market.
Nolnlng has ever hurt the good old New
psaslsha investor like the collapse of New
s nsven and Boston & Maine. 1t has made
c,so-ao people needy, reduced many aged
WI .vpe Almost TO penury and made many VINO
tSn wealthy almost pennileSS. II is one OF
10. most cruel things in a financial way that
''ef been perpetrated in New England.
eh0..lew years ago it was sufficient for
'HeS educational institutions, trustees @.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24

And knowing this. and recalling the ire
mendous losses which have been MADE ny 'ne
investing public since that warning losses OF
over $500. 600, 600 in Steel Common alone,
and recalling that the bulk OF the money ioSt
u,ert IN The men who planned and worked
the game. and believing that there IS under
way at the present time master effort iur,
Their TO load up investors before the hhA
crash again warn holders of Steel stock:
You are legion When reckoning day
comes. as il has now come to the score-tmeS,
more-solidly- aforementioned New Haven ana
Boston & Maine stockholders, there will Re
wild rush TO sell Steel Common, and there
will only be dozen buyers TO hundred
dozen sellers Your plight then will be pitt
full. for never before has there been such a
rabble of stockholders, never before mas
there been even quarter the numpet Oh
Stockholders and never before has there
been such peculiarly helpless class OF stock
holders as there are in Steel
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24
Brutal Chicane

Mr.. Blair says that the New Haven and Bos-
ton g. Maine slaughter of New England in
veStorS was the most cruel thing that mas
ever been perpetrated in New England. lie is
right But when the 200, 900 Steel stock
holders awaken and find that since Steel Com
mon sold at sos there has been continuous,
systematic, preSs-agented, wash-sale unload
ing of il on 10 investors everywhere-awake
to find that the price is nil--they Will al
least realize that cruel as was the New Haven
Boston g. Maine affair, it was amateur flnan-
cia brutality compared with the Steel deal
deliberate Misrepresentation manlpula-
ton of the price of 100000 shares OF
stock from IS to sos, deliberate false-repre-
sentation unloading of it upon pitiably help
less class of investors
knew nothing of Mr.. Blair'S editorial until
| read it. | hold no brief for Steel Trust
stockholders, no Special license to show up
Steel Trust manipuators. | care nothing for
the temporary ups and downs of the price OF
Steel stock, for retributon must sooner or
later overtake the Steel Trust
But | do know that what | publicly said
when the stock touched sos, and was her
aided as on its way to $3.50, is as true today
as them "Woe, woe and lamentation will be
the lot of the investors who are exchanging
their savings for this brat of hypocrisy and
chicane."
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24

In view Of the probability Of the Steel Trust
cutting and passing dividends;
In view of the probability Of the price OF
Steel Common falling below $40 and Steel
Preferred below $50;
In view of the probability Of the coming
government investig CATION showing the whole
people what has long been known to a few
that Steel Common stock, now held by
legion, of investors, was "unloaded" upon
them at $50 to sos per share;
In view of the probability Of proof that
stock was "unloaded" under such agreed
upon and authorized Misrepresentation as TO
bring the "unloading" within the law;
In view of the probability Of proof that
such INTERPRETATION was the result OF con-
'pusey;
In view of the probability of proof that
such conspiracy could not have succeeded
but for the use of funds of national banks,
trust and insurance companies controlled by
parties to the conspiracy;
10 view of the probability that the investi'
CATION will trail the stock now held by scores
Of thousands Of imposed-on investors oack
10 conspiring agents-officers, directors,
trustees. bankers or brokers-thereby max
ing it possible for the victims OF the con-
spiracy to recover their hundreds of millions
oss;
The following editorial from the pen Of the
well.known financial writer, Frank w. BLAIR,
published in last Mondays press, should be
OF interest to all Steel Trust stockholders;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24

is the chance that the United States
will compete. The New York banks
are believed to be very anxious not to
perturb London. They have. however,
very large balances in England. and the
possibility that these may be with
orawn is causing nervousness in some
quarters. One ray of sunshine from
the London financial viewpoint is the
fall in New York exchange and the
probability that at present. at any rate.
Canada will be able to find in Wall
Street all the accommodation the Do
minion desires. Canada's harvests are
so bountiful this year that It is not
thought Our Lady OF the Shows will
have to call very loudly to the mother
country for help.
Discounts rule firm, and there seems
to be small disposition to let rates
slide. Call money yesterday was at
Az and even 5 per cent in some cases.
Weekly bills were at TO Az per cent.
and three four and six months all 5h
to 51a per cent. The banks reserve is
now S144,337,610, being an increase Of
s1,090,160 Bullion now figures at s1S4,-
102.410. being an increase on the week
of s601,O90. The proportion of the re-
serve to liabilities is 54e7
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24
'PUGSLEY FAVORS
I RESERVE BANKS
Former Representative Suggests
Changes in Administration
Currency Bill.

Ex-Representative Cornelius A. Pugs-
lev. president Of the Westchester County
National Bank, Of Peekskill and formerly
president Of the New York State Bankers
Association, declared last night his DE-
lief that the administration currency Dill
should be carefully studied before It's
final enactment.
Mr.. Pugsley said he believed the meas
ure should provide for seven federal re-
serve handsome each at Boston, Ne"
York, Chicago, st. Louis, San FRANCISCO
New Orleans and Washington-with the
right to establish branches In any city
where needed. The reserve pank IN
Washington. he held, should have from
$50 OO0,O 900 to 500 900, 900 capital and cover
larger territory than any of the otner
banks.
The former Representative expressed
the opinion that the capital of the re-
serve banks should be free from taxation,
and that a 6 per cent cumulative dividend
should be paid to STOCKHOLDERS w
voting power, he held, should be grantee
on such stock, either TO individuals OF
banks. He would provide. however, that
the stock REPRESENTED by the banks should
have the selection of at least three mem
bers of the board Of directors. and four
should be appointed by the federal re-
serve board.
Mr. Pugsley argued that reserves helo
| by the so-called country banks shouio
/ be per cent in the banks vaults per
cent with the federal reserve banks ana
! 3 per cent with other banks, approVeu
| by the federal reserve board.
The legal tender notes. or greenbachs'
now amounting to s34s,o0o,otc. should DIS
retired Mr.. Pugsley thought. The so"-
100000 gold reserve held for their re-
| demption should be released, and the
s19s, 1000 now covered by such gold re-
serve should be assumed by the federal
| reserve banks pro rata, or In proportion
to their capital. To provide for this ne
would have the government issue ex-
cbeouer notes at per cent. running one
| year to be renewed at maturity by the
federal reserve banks. For such notes
the banks should have the privilege OIL
issuing federal reserve notes.
Mr.. Pugsley would permit only three
kinds of currency-silver or silver GER
ufcates gold or gold certificates, and fed
eral reserve notes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24
Marionetted Finance

New Haven was a fine old property few
wears ago. ii was solid. II became a pet.
Some one pumped it full OF water and It Is
waterlogged. Some one pumped Steel iull OF
water at the outset and sold the water al
champagne prices. Now they say the water
has been Squeezed out of Steel Perhaps it
has been, but no one has yet heard that peo-
pie who have gone down into Wall street
have got their feet wet. When the water is
squeezed out of Steel every one in Wall street
will put on golosheS
The price of New Haven was permitted TO
slump TO IS because investors hold the stock.
The price of Steel Common has been held by
main strength. in all probability because the
pool in il is up TO its neck III stock ne
Wall Street Journal had an article Saturday
which should be read by New England people
who hold Steel Common for an investment
II says:
Based upon prices and shipments, the
Steel Corporation will do well if it can show
the full per cent earned on the common
stock after this month. II has to contend
with increasing operating costs, and win
lower prices and decreased shipments
sharp contraction in income should not sur
prise shareholders"
The following from the Wall Street Journal
also shows how the water has been squeezed
out of Steel: CAB.
.In connection with United States Steers
dividend prospects, it is interesting to note
that including this year the Steel Corporation
will have spent in the last three years nearly
500 600. 600 for new construction. Surplus
after dividends in the same period this year
estimated, will amount to, APPROXIMATELY
$4,000, 600 Therefore the Steel Corpora
TONS expenditures for construction IN three
wears have exceeded final surplus by ABOUT
S57.OOo,ooO. Had the corporation appfo-
priated from surplus sufficient money ~
cover the three years expenditures ii would
have been compelled to report deficit OF
$4,000. 600. large part of the money ior
construction purposes over the last three
wears came from proceeds of bond sales"
That is, the water has been squeezed Out al
one end of the Steel Corporation and turnea
into bonds at the other. The trouble win
New Haven is its financing. The pets bear
signs of peroxide.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24
Sucker Serum

Peculiarly HELPLESS because nearly all OF
Won 900 600 Stockholders invested through
blind faith in the truth of the statements ap-
parentlv made, but not actually MADE, ny re-
sponsible men of standing, which had NOM
ing more behind them than secretly organ
lied band of d-forthat-purpoSe. cunning
professional manufacturers of public opin-
ion values;
Peculiarly helpless because nearly all OF
Won 200. 900 stockholders invested III Steel
with a shiver-your horSe-SenSe telling you
that the promised dividend could not be per-
manenty paid
Peculiarly helpless because, in spite OF
YOUR fears and suspicious, the high cost OF
YOUR living the shrinkage in your income,
compelled you to--take chance
know with what indignation you 10000
Investors" will resent the charge that you
have been gambling, stock gambling, III Steei
Common. Yet that is what you nave peen
doing, for never in the history OF STOCKS mas
there been a ranker gamble than the purchase
of Steel Common, composed entirely OF
water, at sos per share after 1t had peen ma
nipulated from IS, and the only sane explana-
ton of your daring thus to gamble is that
YOU had been injected, repeatedly injected
with that vicious Dutch courage breeder so
plentfully supplied OF late by the overnight
made dollar kings-Sucker serum.
And now your peculiar helplessneSS means
that the day you are confronted with, hrst the
cutting then the passing of the dividend, and
a slumping market, you will, panc-Strlcken,
endeavor to save some of your investment.
Steel Trust stockholders should now, while
the price of the stock is yet $50, over SIX
times what it was formerly and while m
siders" will, in an attempt to stay panic IN
the price, buy back some of the stock they
sold at SIS, $50, SIS, 500, sos, demand an
answer of the responsible financial heads OF
the Steel Trust, not the surface heads the
dummies but the real heads-you, !, every
body knows who they area hard-and-tast-
black-and- white answer to the following ques-
tons:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24

estates and investors generally to know that
the New Haven road was "MorganS pet
They asked no more, but put their money
into the stock all the way up TO 25o-and
here it is at IS.
There is another Morgan pet' largely held
in New England for inveStment-United States
Steel Common 1t is a question whether the
common stock OF corporation that made
400 mlionaireS overnight and contained
5000. 100000 in water in its capitalization
ought ever to be casSed as an investment, but
il has been so clasSed in New England, where
il was sufficient for investors to know that
Steel was Morgan pet" Right now is a
good time to scan some of these wall street
"pets" pretty carefully and see whether they
are "peroxides"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24
Eqas Still at Top Figures.

In the country produce markets the
steadiness with which eggs have held at
the extremely high figures recently rui-
ing has been the principal feature, next
in importance being the decline In live
fowls and the prospects Of liberal ana
fairly cheap supply Of turkeys for the
Thanksgiving holiday. There have been
some heavy consignments OF turks" re-
ceived so far. but the quality has not
been good enough to warrant holding
over. and the invoices for the current
week will probably be In better condi-
ton.
Apples have held TO comparatively
high range for the best varieties, but
many OF the vegetables and small fruits
have been in ample supply at lower prices.
with quality averaging poor. In the live
stock and dressed meats divisions price
changes have been so small as to have no
effect on the retail trade, and the supply
has been ample for current requirements
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24
Cillie Confidence

Steel stockholders should compel answers
TO these questions, not roundabout, evaSive
answers by irresponsible hired manufacturers
of public opinion values" but answers by
those who can he held responsible for their
answers.
When Steel stockholders take into conSid-
Grafton the fact that Some-a mysterious
some-have sold, sold, sold since the price
was sos all the stock the market would take
they surely cannot longer remain without
such answers. for in the event OF their not
receiving them. they yet have time to sell
their stock at the still high price OF $50.
want to be frank with all Steel Trust
stockholders. If my placing of this adver-
tisement in the different world centerS so
arouses Steel Trust stockholders to reali
cation of their present peril that the Steel
Trust gives answer, | will be satisfied with
the return from my heavy expenditure, for
they will know, investors everywhere will
know. the public will know-and for the first
time since the Steel Trust was created-juSt
what conditions actually are.
If the Steel Trust answers, it must answer
truthfully II dare not answer otherwise.
Neither will it refuse to answer, for refusal
would bring about deluge OF stock and
panic in its price-and accompanying howls
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24

President of the republic. that, con-
trary to the opinions then expressed by
Senators, loans to balance the budget
were no innovation. That which would
be a novelty, said NJ. Poincare, would
be a budget, on the contrary, which
might be balanced solely by normal re-
sources. The distinguished orator
added that a single financial year
should not alone be considered IN re-
gard to the budget. but succession OF
fifteen or sixteen years to form just
appreciation.
Twelve years ago, in the winter ses-
sion Of the French Parliament. NJ.
Ribot, then Prime Minister, remarked.
with his great financial experience,
that the republican governments could
not alone be criticised for increasing
expenditure. for all French govern
ments have been spendthr1fts at all
times. We have only followed the bad
example Of our predecessors, and have
likewise to bear the heavy load left to
us. We should, therefore. have been
more careful to safeguard the national
finances"
All previous governments have &C
cumulated expenses faster than their
available resources permitted, and now
81 600, 100000 is urgently wanted, not
only to wipe out the deficit but also
to defray the cost of new assessments
to finance the national household"
There is, of course, a wide distnc-
ton between a budget crisis and a
financial crisis. There is no financial
crisis, and still less is there any de-
probation Of national credit. The
words of NJ. Poincare are like the
writing on the wall" They apply
now, and at any time, with equal force.
Decision, firmness and sound economic
principles will steer the powers that be
through the reefs and shoals OF the big
deficit and new and heavy armament
expenditure. -,
Financial opinion holds strongly to
the basic principle that to insure sue
cess III
measures must be avoided In the fiscal
plans Of the government that might in
terfere with the commercial and indus
trial development Of the country.
AS above stated, the budget and the
financial status Of France are two sep
arate questions. The latter is based on
perhaps the most solid foundations i'm
the world. The wealth of the country
is held back for the nonce, wealth
which has been accumulated for years
in all classes of society. II the national
sentipent could be expressed in word
France would say TO the government I'm
the language OF Theirs, Govern wisely
and you will be able 10 obtain more
money than YOU can spend
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24
Optimists and Pessimists
Divide Field as Regards
Result of Pending Loan.
ADDITIONS TO TAXES
ALREADY PROPOSED
Crisis in Governments Fiscal
Affairs Distinct from Stock
Market Crisis.
ny Gable to The Tribune. ]

Paris, Nov. 23.-The French financial
world including the stock market, Is
exclusively absorbed in the efforts Of
the Barthou Cabinet to get the French
loan project passed by Parliament.
The Bourse is unfavorably impressed
by the straw-splitting methods Of the
Budget Commission In voting the. nee
essary funds for exceptional military
expenditure and for the cost of the
Morocco occupation. The immediate
outlook, therefore. is hardly indicative
of an improvement in prices.
At Cabinet council presided over by
President Poincare. held this afternoon
in the Elysee Palace, details OF the
forthcoming big loan were discussed.
on the much debated question whether
the interest coupons on the new loan
should be immune from taxation the
Cabinet decided unanimously in FAVOR
of such immunity, and will make the
matter a question of confidence when
the point is next raised in the Chamber
of Deputies, probably on Thursday
next. il is almost certain that the gov
eminent will be able easily to vanquish
the committee appointed to consider
the Cabinets financial proposals. This
committee incidentally is in favor of re-
ducing the loan from the S26O,OOO.OoO
proposed by the Barthou ministry to
$50, 100000.
Some financial critics are optimistic
concerning the ultimate result OF the
government project as far as such re-
suit can he forecast by official utter
ances on the subject. Others again
take an opposite view and are pessi-
mistic.
The declines. or additions, 10 old
taxes are already before the public and
framed to help balance the big deficit.
New taxes will have TO be imposed,
such as a succession duty similar TO
that existing in England. and other
means for squeezing indirectly the tax
payer. Financiers are. however. by no
means confident that the government
is adopting the best means TO further
the end in view; hence the weakness
for some days past Of the French fnan-
cial markets
The French nation is face to face
with the heaviest budget that has ever
existed. Not long ago NJ Poincare re-
piled in the Senate. before he became
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-24
TREND OF GRAIN
PRICES. UPWARD
Markets Irregular, with Small
Changes - Cotton and
Coffee Lower.

Conditions in foreign markets, with the
Argentine crop as the principal issue,
practically have dominated the local
wheat market, although considerable in
fuencc has been exerted by steady heavy
receipts at Northwestern points and a
swelling tide OF stocks in the interior.
Prices have alternately been depressed
and buoyant. and in spite OF the bearish
influences the trend has been upward, al
though the gains have been compare
lively small.
One important recession of the week
was due to an Unexpectedly heavy IN
crease in the visible supply. while the
downward tendency shown at times has
been checked by fairly large export buy
ing, particularly of Manitoba wheat. Cash
and nearby deliveries have been relatively
firm, the principal weakness being In the
distant options. while the premium OF
Nav over December was lessened. FAR
quantities OF durum and hard winter
wheat have been bought for export, ana
with the increased strength Of Winnipeg
parity on spring wheat.
The Department Of Agricultures est-
mate of the winter wheat crop In this
country is 1853 $4,000 bushels, against 7So'-
2s7, 900 bushels last year. Total interior
receipts during the week were S6jz'U'
bushels compared with S,SI5@ the pre-
vious week and II, $4,000 last year. "niie
clearances from seaboard ports were
8 225.OO0. against 3,650,0o0 and $4,000, re-
spectiyely. Contract stocks In Chicago
which decreased 3lsoC0 during the week.
are still 4si7OCo bushels, against 29i5,Uo
last year.
Corn has been very irregular, showing
marked weakness at times. yet scoring
an advance on the weeks trading
Weather conditions over the belt, which,
II was feared, would interfer with the
movement and cause a shortness OF NO.
grade In Chicago in December, drove
shorts 10 cover, and an advance in cash
prices in the West. where supplies have
been short added TO the uneasiness. Inc
crop is turning out larger than had been
expected. and 1t is calculated that the
total supply on farms is the largest on
record, this. with the crop. making an
aggregate supply estimated at 2,6Ol,OOoW
bushels. While this is 5Ss,O0,mo bushels
smaller than year ago, it has been
noted that speculation for the rise has not
been any too popular. Interior receipts
last week were 100000 bushels. against
en7.Ooo the previous week and $4,000 a
year ago Little domestic corn arrived In
this market last week, but $4,000 bushels
came in from the Argentine.
Oats have followed the movement or
corn. although supplies from Canada have
been selling TO the Chicago trade, and the
Argentine is credited with an exportable
surplus Of 100000 bushels. There has
heen no activity TO the trading. and huctu-
atlons in prices have been OF little con-
sequence. Total interior receipts for the
week we're 10000 bushels less than for
tho previous week and about 2coeo under
those of a year ago.
Flour has been quiet, but about steady.
While mills have declined to lower prices.
buyers have been equally firm In refusing