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