THE JPITTKBTJRG' DISPATCH. MONDAY APED! 11, 189a UNCLE I1UFUS HATCH Writes (be Breeziest Letter of the Cay on Wall Street Affairs. TOO HUGH WATERED STOCK KOW And He Welcomes the Umbrella Trust Because It Will ENABLE DIM TO KEEP OUT OF THE WET rwr.ITTEX FOB the DisrATcn. J Xew York, April 9. Wall street is a great street In some ways it excellently demonstrates the truth of the proverb, "It's a long lane that has no turning." Wall jtrcct is a long and trifle street so long that I know some people who have been traelins;on it for S3 to 40 years and who have not got safely out of it yet. And as for "turninqrs," why it's one of the "crook edest" places on car:h. The ancient laby rinth, or maze, was not a marker to it. And it's a stormy street, too full of remarkable phenomena. It has its regular periods of comets and cyclones the first producing surprise, admiration, speculation; the other sorrow, disappointment, destruction, mis fortune. The largest and brightest comet "Wall , street has ever seen probably, is Jupiter Pluvius Morgan, the rain god of the street, who brings to it showers of revival, of better prospects, of hopes restored and renewed or brand new dividends. His wake of light gleams with the luster of streams of new securities, reorganization and the hope of prosperity. The greatest cvclone that has ever struck "Wall street is "the "little wizard," Jay Gould. He is the black demon whose scowl and devices bring devastation, ruin. misfortune, bankruptcy. He is the reputed author of the axiom, "Every man has his price," but no one man, combination of men or nation can beat an active and conscience less printing press. Villard a Success as an Imitator. A prettv fair cyclone of the second order is Henry "Villard, the golden spike driver. He swept down upou the street later tban Mr. Gould's advent, aud it is a peculiarity of his nrozres that an ora of leorsaniza- tlons and permanent Investments a sort of rpiormaiion 01 an me nno, a in-ginning anew, is necessary whenever ho passes by. lie lias been quite a success, at times, as an Imitator of Mr. Gould's tactics and a pro ducer of similar result. These are mere samples of the organizers and disorcanizers, onlv Just as I have quoted them the disor panizers are two to one, as apainst the or ganizers. There are more of 'em, and it seems easier to do their work. Just now there is quite a coterie of finan cial gentlemen attempting to do one of the fe-ts which have distinguished Jupiter Plu vius Morgan. Thoy have been at work some tune so Ions that I ucsin to feel anxious about the results of their labors. They are trying to varnish no a new set of chromos for the Kichmond Terminal under another name of course but I fear they will look very much like tlio old picture gallery nfter a few years. It is true that "a rose by nnv other name would smell as sweet:" but how about a witherd rose Thispartv vhnvildhave re organized on a Dasis of $100,000,000 instead of $350,001 005; then they would hare had moro stocks, londs, debentures and policy slips to turn over to the next receiver. And Ins task would look still more like a Chinese puzzle. Mr. Villard attempted the same feat of legerdemain in the transformation of his Oregon Trans-Continental Into the North American Company, with one of those pat ent. India rubber, air-tight (but not water tight) electro-plated "cinches," known as a Xew Jersey charter. And what has he not and w hat liave his stockholders got? The company, on the inside, looks like the base ment of Macy's store full of pots, pans, brooms, feather dusters.cuspidors and dyna mos. Too Manv Going to the Hospital. However, Eichmond Terminal is still on the operating table, with the surgeons swarming all around It, some with knives in their hands and the rest with chloroform bandages and lint for tho stockholders Others have been on the table before, like the Atchison, the Louisville and Nashville, the Missouri I'aciflc and the Union Pacific They have never been really healthy, per haps, since the operation; perhaps it was the ether that made them sick and has caused them to act a "little queerly in tho bead" at times ever since; but still they are able to stagger around the streets and prob ably w e may soon meet IL T.'s ghost with a bandage on her head and a "Southern Rail jrav" label on her bieast, standing In fiont ' the Snb-Treasurv, leaning up against the legs of George Washington and looking out from under her bandages at the New York S'ock Exchange. There never was a man who admired good hospital work more man I do, but I don't like to see everybody going to the hospital. No man and no corporation shonld spend more money than he or it has eot or can get. Chicago, ISurliagton and Quincy has succeeded, I see, in selling J7.600.000 of new bonds, thus liquidating part ot its floating debt and the company still goes on extend ing its lines into undeveloped and undis coveied countiics. The Great Northern, too, is building, extending, branching our, paralleling and, I fancy, paralyzing as well, the Northern Pacific svstem. And the trou ble of it is, too. that the Great Northern Is building its parallels at a cost of about 40 cents on the dollar per mile compaied with the cost of thi- Noithcrn Pacific per mile. The floating debt ol the Northern Pacific Is estimated trom $12 000,000 to $17,090,000. a nice nest egg to have, with a competitor coming in with a line built at half the price. Tho floating debt of ?t- Paul is another "object of interest" to Wall street, but the flguios are not on exhibition. They are something like somo of the old plavs there is no place big enough to show 'em in, so they arc not put on the stage. Conservatives in tho Bunko Gum". Then there is the Pennsylvania road Issu ing $:o.OOO,C03 or stocks and bonds, and even such conservative lines as the New York Central and the Chicago and Northwestern arc adding to their indebtedness what are known as "debenture" bonds. The Illinois Central and the Boston and Maine also have put out increases of their capital stock. How long this sort of thing Is to go on is the great problem of the day. It looks as if the disposition to issue new securities is only bounded by the credit, or the '-bunko" power, of the cornoration to sell the stuff In Wall street. And in rnanv cases this myste rious dynamic agencv, which I call bunko fiower, seemsto be qiiiteas good as credit, f your wires are propel Iv connected for the distribution of the current- ltight here I want to pause and make a bet of $100 if somebody will lend me $91 so as to make good my stake that Erie's price" win ::o-s me price oi Atcuisou, u nion i'a ciflc pi eierred and Missouri Pacific inside ot thiee ears. (If on the strength of this offer I am able to find somebody innocent enough to loan me that $S4.I shall have given an excellent illustration or what I call bunko power, i. e , the power to borrow something on the strength of something which 1 don't posspss, but which I hope to have, if I am playing in luck, three years from now.) We arc now on the critical verge of an ex perimental stage in onr svstem of economic or industrial capitalizations; I mean the "trust" or consolidation and monopolizing phase of modem organizations. I know of hardly anything of value that has not been capitalized and put intoa "trust," Iook at the "Industrials" the Cotton Seed Oil, the Iead Trust, the Sugar Trust, the Whisky Trust, the Brewerv Trust, the Soda Water (fizz) Trust, the Kubber Trust. rtnslness and Religion Combined. The Stock Exchange members and their clients would have been better off, as a rule, If they had leased the floor of the exchange to the Louisiana Lottery. They could get $1,000,000 a year for it which could be "whacked" up among the members and would give a better dividend, per capita, than they are getting now. Of course I don't Include the favored few who are the biokcrs of the great reorganizers, trust-rounders and manipulators. Tho securities listed on the Exchange lor the three months to March 3L this year aggregated $159,000,000, and in this I am not including the special "matinee benefit" which tho Governing Committee or the Exchange held a week ago last Wednesday, w hen they listed the Cen tral Trust Company's "receipts" for tho whole batch of Kichmond Terminal securi ties and decided that Good Friday should be observed as a holiday. Theie's a fine combination of business and religion for a "special" meeting of the Hoard or Gover nois. While I am talking ationt trusts let me ob serve that I am glad to boablo to inform the pnblie that two more trusts are under way. One is the "Safe Combination." Her ring, Marvin, Hall and all tho rest of the safe builders are getting into a sort of pool or trust. The redeeming feature of this U that we may be able to bny safes cheap so as tostoio all these new securities In them. After a while perhaps the safes will be worth more than the securities, but we can always use the safes as relrlgerators for mince pie, strawberries, ice cream and lellies and the, securities well, we can paper the walls with them. The Umbrella Trust a Great Thing. The other new trust Is the '-Umbrella Trust." I welcome this great enterprise, because perhaps It will do something toward keeping some or tho "water" out of Wall street. Seriously, however, we ate apparently cursed with overproduction. At present prices of the product of the soil wheat, silver, iron, cotton, corn whe-e are the farmers and the "railroads going to get or earn their profit; on the cost ot production and transportation? Mr. James K. Keene, whom I consider the shrewdest and best living analyzer of the preseutand ruture conditions as tney apply to Wall street, expressed this idea to mo forcibly the other dav in conversation. His reflection on the subject leads strongly to the suggestion whether tho overproduction, both of the fields and tho mines, may not bring about commercial disaster and mis fortune quite as rapidly and in as serious a fnrm ns.siinrt ftrons and limited mineral resources. I think this Is an unsolved prob lem and one that Is Important as is the prob lem of labor. Take the single item of silver. It Is valued as one of the precious metals. Tot we are producing at a rate that makes It a drag In the market, affecting the commercial move ment of the whole world and wo could pro duce It in still greater quantities U the price were maintained at a point that could stimulate the miners. Mr. "Matthew Marshall," who is one or the best amateur financial writers of the day, and who con tributes regularly to your columns, put down the Government s purchase or sliver, up to January 1, 1S33, under the compulsory monthly purchase law, at $490,000,000. At that rate, and it will go on, wo shall soon have put out an amount of silver that will surpass In volume of value all the gold that has been pioduced since the rise or the Roman Empire. And yet there are millions of people clamoring for free silver coiuage. These clamorous gentlemen should reflect that the more silver paper, or paper silver, dollars that aio issued the less the farmer will get for hi3 farm products. Gold the True Standard. The laws of commerce, the laws or supply and demand, the laws of proportion in value have demanded and maintained the gold standard ever since Solomon's time. And legislation and sophistry and bunko power will never be able to equalize with it, as a standard of value, any baser or more abundant metal or medium. A $20 gold piece Is w oith more than 20 silver dollar pieces, if only by the amount or difference that it Is more convenient than the 20 pieces in a man's pocket. If the silver mines "peter out,' or if they shut down, or In some other way their out put is restricted, then only will silver be on a parity with gold;but I maintain that It can never reach an exact parity, as the illustra tion above will show the mere Item of con venience. The cotton planters ot the South will be compelled to restrict cotton planting because of overproduction. Let the sliver mine owners do likewise. There is this dis advantage, however, to the silver men If thev shut off producing silver they can do nothing else with their property, while tho cotton planter who stops producing cotton can plant corn, as is being done to an enor mous extent this year in the South. Query: May not this very fact give ns such a surplus, or over-production, of corn this year that millions or bushels of it will be again used as fuel, as has been the case thiee times in my memory. A Very Pertinent Query. I noticed that the Associated Banks of the city of New York (the Clearing House) make their statements of assets In "specie." On the old plan of reporting years ago, they re ported so much gieenbacks and so much gold. Aio they ashamed now to show how little gold they have on hand, or ate they afraid to tell how large a pioportion of their "specie" is in silver? Or are they too proud to tell how much gold they have. The Sugar Trust stands in to the public $83,000,000 $73,000,000 ot stocks and $10,000,000 of bonds. Now, why not tako the duty off refined and manufactured sugar? Make all sugar free- On this basis the Sugar Trust would probably sell at its actual value, SO or 40 cents on tho dollar. It Is a well known fact that CO per cent of the whole deal Is "water." Still, I am not and do not want to be re garded as a pessimist or a growler. I take naturally to tho bright side of life. But I am not dull enough to believe that the sun Is shining when I am in a ruin storm. I like to be out In the sun but I also like to get In out of the wet. And I think it is not always necessaiy to stay out or doors until you are wet through beloro you go under cover. The "Umbiella Trust" may be a sort or a problematic commercial movement. Let ns eet out of the wet. The trouble that threat ens is too much "water" In Wall street. Bcfus Hatch. Easter Novelties In sterling silver. Never saw such a collec tion before. Have you? We would like to know. Come and see and let us have your opinion, at Hakdt & IIates', Jewelers, 529 smlthfleld street. The most artistic parlor paper of the sea son is contiollcd by me. We have it In three colorings, all elegant shades. The number of this pattern is tSJ. JOHIfS. EOBEttTS, MTh 719 and 721 Liberty St., head of Wood. Special Sale Point D'Irlande Laces. Monday mornlngabout 50 pieces In narrow, medium, wide and demi flounce, ecru, beige, white and two toned, 15c to $1 60; extraor dinary value. A. G. Campbell & Soss, 27 Filth avenue. We Have the Neck Wear business. See the line we have for Easter. Will Price, 7 Sixth street. Spring Medicine Seems more than over a necessity this sea son after the mild, unhealthful winter, and the unexpected prevalence or the Grip, pnoumonia, typhoid fever, etc., leaving nearly everybody weak, exhausted and tired. Hood's Sarsaparilla is just the medi cine to overcome that tired feeling, to buil d up your whole system, purify your blood, Impart a good appetite. Hood's Sarsaparilla Cures Where other preparations fail. Try It. Hood's Fills cure all Liver Ills. DIAMOND Healthful, Agreeable, Cleansing. Cores Chapped Hands', Wounds, Burns, JSto. Removes and Prevents Dandruff IHERiCIH FAMILY SOAP. Best for General Household Use. ' mhlO-lOl-cwk NEW ADVERTISEMENTS, NEW ADVERTISEMENTS. How, When & Where to Buy ! ON MONDAY, ON TUESDAY, ON WEDNESDAY We will have a special .sale of Ladies' Fine Cloth Jackets in Tan, Drab, Gray, Ecru, Brown, Blue and Black. $8.00 AND $9.00. It Will Pay You to See These Goods, J. G. BENNETT 4 CD;, LEADERS IN CLOTH GARMENTS, COR. WOOD STREET AND FIFTH AVENUE. aplO "WELL. BRED, SOON WED." GIRLS WHO USE SAPOLIO ARE QUICKLY MARRIED. TRY IT IN YOUR NEXT HOUSE-CLEANING. ap8-5-MWP If Are very Important questions In every man's mind who con templates tho pur chase of a NEWSPKING SUIT OB 'oVEBCOAT. If you would hare netn readily and sat isfactorily answered call on ind see his complete stock of NEW SPBIKG STYLES. Suits to Order From $20. Trousers to Order From $5. SEND FOR SAMPLES. t 400 SMITHFIELD STREET. aplO-185 NEW ADVERTISEMENTS. CARPETS, WALL PAPER. Wiltoh Carpets, Axminster Carpets, Velvet Carpets, Body Brussels Carpets, Tapestry Carpets, And all kinds of Ingrain Car pets. Everything new in style, choice in color. All at SPECIAL LOW PRICES. Wall Paper in every quality and style for wall and ceiling. Special styles in choice colors. You should see our stock be fore you buy. CEO. I. SHAH, 136 FEDERAL ST., ALLEGHENY CITY, PA. api-xwr GRAND ASSORTMENT Of CLOAKS and SUITS' for SPRING and SUMMER, in all the LEAD ING STYLES, SHADES and QUALITY, at prices never before named for values in any way approaching those we now place at your disposal. All-Wool Cloth Blazers, in black, tan, navy and greys, at 81 75, $2 50, 53, 54 and up. All-Wool Cloth Eeeters, in black, navy, tans and greys, at 53 50, $4, ?5, 50 and up. Cape Newmarkets, in black, navy, tans and checks, at 59 50, 510 50, 512 50 and up. Cloth Capes, elegantly trimmed, assorted colors, at 53 75, 55, 56 50, 58 50 and up. Misses' Reefers and Blazers, in all the latest cloths, at 88c, 51 25, 51 50, 51 75" and up. Ladies' All-Wool Cloth Blazer Suits at 55, 57, 58 50, 510 and up. DOUGLAS & MACKIE, 151, 153 AND 155 FEDERAL ST.. ALLEGHENY. apll-KWF SALE AM 14 A Tin Plate 11. A m Steel Plan l ALIQUIPPA ON THE P. & L. E. R. R. . A m welMs SALE APRIL 14 NEW ADVERTISEMENTS. KAUFMANNS' GRAND TO-DAY, TO-MORROW AND WEDNESDAY T TO LADIES. Every Lady mak ing a purchase of $$ (or over) in the Cloak Department will be entitled to take her choice, free of charge, from a large line of lovely Parasols in latest 24 inch club styles, made of changeable silks, ruffled styles (as cut)and black styles, with liandsomelycarved handles. The cheapest one yon can select 13 worth $3. TO CHILDREN. The Children, too, will be re membered with free parasols. Your choice from over 100 different styles of Children's Par asols, with plain centers and fancy borders, worth Si. 25, free of charge, with every purchase of $3 (or more) in the Chil dren's Cloak Department Remember, if you want one of these truly costly gifts, you must come before Wednesday Evening. KAH1M T S' SPECIAL OFFER TO MI I0T SUITS. A L I Q U I P P A HAS LOTS OF NATURAL GAS. SALE APRIL 14 FIRST PUBLIC SALE OF LOTS AT ft ALIQUIPPA 1 Mb Place o Tim!, W H 1892. OILer mmmim HrF Ml Rill I Mffll DID ONLY S3 With Patch Po:kets. The accompanying illustration gives you but a faint idea of the real elegance and value of these suits. Get one of these Scotch Cheviot Suits for Easter Sunday, and you'll be right "in it." Re member, our special price this week is but $g, and, if you can find an equallygood and stylish suit else where for less than 15, bring back ours and get your money refunded. IB CLAY WORSTED SUITS. Cutaway M RS I V U 1 H Cutaway Frocks. J UllLI ijlu j Sacks. Factories Com m. The interest manifested by people generally who have savings to invest in a town so solidly started as ALIQUIPPA, and by those who are trying to make an investment, expecting to realize by the sale of their purchase on an increased value, which the low prices set by the company have made doubly sure, is a guarantee that the first sale will be wonderfully successful. For the past three weeks the office of the Aliquippa Steel Co., Room 30, Westinghouse Building, has had a steady flow of people, who call to see the plans and assure themselves that the new town is a straight deal, and hot a land speculation, the only object of the owners being to dispose of their property at a big profit, and let the purchasers make the town at Aliquippa. The three big factories, and others asking for factory sites, intend to stay and build the town. Thousands of dollars are, and will be, invested in them, assuring work to a large population and continued prosperity. All the improvements have been made at the expense- of the companies, for which the lot purchasers will not be held re sponsible, although receiving full benefit. They have their railroad switches in, their works up, gas wells drilled, boardwalks down and other permanent improvements made. No lots will be sold until April 14, although over one-fifth of the lots have been picked out already, many of whom offered to build immediately if given a deed, and will be allotted to those selecting them only on condition that they be at the sale to secure them. It is not the intention to sell the cream lots in the plan before the sale. All will have equal chances. Attend the sale if possible. In the meantime see the plans, and if not able to be at the sale, get a friend to secure a lot for you, and make money by so doing. SALES EVERY SATURDAY AFTER APRIL 14. A L I Q U I P P A LOTS ALL LAY ON THE LEVEL-NO HILL LOTS. PRICES FROM $150 TO $500 PER LOT. ALIQUIPPA ON THE P. & L. K B. R. DRAINAGE ' SPLENDID WATER PURE AND PLENTY. ALE APE .14 aplO-113-MWBq If you want to "rig" the youngsters out for Easter Sunday be sure to see our special line of Easter Novelties in Boys' and Children's Suits. There are the ZOUAVE, SUSSEX AND JUNIOR. These three styles are made up in an endless variety of both Short Pant and Kilt Suits. PRICES ARE: If you can get a Clay Worsted Suit for $ 15, why pay $ 25 or 30? Remember, however, that this extraordinary offer is good for this one week only. Don't miss it. Nothing finer than a Clay Worsted. Every merchant tailor'll tell you so. EASTER CLOH THE REEFER, FANCY VEST 1 Jkf - J ' WrrB IP fw AND Are three other highly popular styles of Chil dren's Clothing. They are made of finest ma terials and will please the most fastidious. PRICES ARE: S3. H. Si. J S2.S1.M.H CONFIRMATION SUITS. The banner assortment in Pittsburg, and the only Confirmation Suits that are equal to custom work, having been made up in our own Merchant Tailoring Department. ' Fiue Black Cheviot Confirmation Suits, 83. Fine Black and Bine Worsted Confirmation Snlts, $10. Fine Black and Bine Tricot Confirmation Suits, 8S. Fine Black and Blue Imported Worsted Suits, 10. Imported Clay Worsted Confirmation Suits, 12. KAUF MANNS Fifth Ave. and Smithfieid St. EEEOR! C 1 1 MFD Coinage is one of the greatest of living issues, but w I L t fl il isn,t half so imPortant t0 vou t0 wnere you'H buy your new housefurnishings this spring. THIS QUESTION I One which touches your pocketbook and will help deter 3 mine how much coin you'll have left when your purchases are completed. fl 1 1 D Stock of Furniture and Housefurnishings is immense in U U M size and desirable in every way, including price. It con tains thousands of small single pieces, which you can lve for a And as choice, rich, expensive furniture as can be had anywhere. Come in SONG TO-DAY REFRIGERATORS And see what a fine line of -AND- Baby Carriages We are showing, and get our prices. 1 C C P U 923, 925 and 927 KtlLlwrl, PENN AVENUE. pS-KTJ I. U- '.tjtdtr'z V- V
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