Richmond Palladium (Daily), 9 January 1906 — Page 6

VAOL SIX.

THE MORNING PALLADIUM TUESDAY, JANUAEY 9, 1906.

NEW YOli

I STOCK

Bulla took Profits In Recent Leaders While Buying Elsewhere Lesser Stocks "Were Favorites. New York, January 8. The stock market opened active and somewhat higher, but advances were for the most part moderate, and a few of the international stocks were off due to a lower tone in London. Tennesse coal and Iron which closed at 139V2 on Saturday, opened today at 14S, later selling off to 14312- Most of the other prominent stocks sold off soon after the opening due to profit taking on the part of bull operators. The celling movement seemed to be less o f an attempt to unload in general thanan effort on the part of the professionals to transfer their holdings to the lower priced stocks, many of which advanced notably. Wall Street is highly optimistic at present and seems to be firmly committed to the bull side", even in the face of the weakest banking position that has been shown by the associated banks in twenty six years. So far as this optimism is based upon general industrial conditions it has a sound foundation. Money will soon be flowing back to New York from the country, hut to what extent and with what rapidity remains to be seen.

WEW YORK Amal. Copper Am. C & F. pfd Am. Locomotive Am. Smelt. & Rfg Am. Sugar Rfg Atchison Anaconda Atchison pfd. Baltimore & Ohio Brooklyn H. T Canadian Pacific Chesapeake & Ohio Colo. Fuel & Iron Frio III. Central Louis. & Nash M.et. St. Ii. It Mexican Central Missouri Pac Mo. Kan. & Texas.. National Lead New York Central Norfolk & Western Pacific Mail Pennsylvania People's Gas Reading Republic Steel Republic Steel pfd Rock Island Rock Island prfd Southern Pacific Southern Railway Southern Ry. pfd Tenn. Coal & Iron Texas & Pacific Union Pacific IT. S. Steel IT. S. Steel pfd Wabash Wabash pfd Western Union WAS A BANNER YEAR J. O. Barber Receives a Bulletin Td Regard to Insurance for 1905. We quote the following from the Weekly Bulletin under date of Jan. 2, 1906, just received by J. O. Barber, General Agent of the Northwestern Mutual Life Insurance Company, of Milwaukee, Wisconsin, which will doubtless be of interest to the larjyo list of Policyholders in this city and vicinity: "1905 went out in a blaze of glory so far as the work of this company was concerned. The written work for December was more than $11,200,00, and the written work for the year will exceed $105,000,000. This is, with one exception the largest December in the history of the Company, exceeding in amount even the work of last December and the work for the year is nearly $18,000,000 larger than that of any preceding year in the company's history. Every department of the company's work is epually prosperous and when the financial statement is made tip it will be just as satisfactory as that of the insurance branch of the business." PANAMA RAILROAD INCREASES EARNINGS. The annual report of the Panama Railroad Company for the ten months endfd October 31 last, shows that aftr payment of all fixed charges and eist of operation for the period covered, there remains $35 4,2 IS, or somewhat in excess of 5 per cent, on the capital stock. The total earnings of the road for the transportation of nil kinds of t rathe show an increase of $302,204, or 1S.77 per cent, over the corresponding ten months of the previous year. The increase in total earnings for the railroad and the steamship line was $530)! 2. BELT ROAD TRAFFIC. In the week ended Jan. 7, there were transferred over the Belt road a total of 20,929 cars; Belt road engines handled at the stock yards, 1,(S5 car loads of live stock and ban-' died for private switches on its line,

MARKET IRREGULAR

STOCK LIST, OPEN 4034 77 105 155V2 t)4i2 2(54 10312 215 174' 5GV8 57 4S 17512 153 12434 2514 IOII4 . 3878 84 153 8614 47i2 144A IOIV2 144 3414 106 2434 62i2 67i2 3714 CLOSE 109 4114 7G 1G5 155 94 229 1023,4 11412 87 174 0612 58i2 48 17G 153 124 2512 1003,4 3738 88 155 8638 4712 14412 100 143i2 3434 1063,4 24 62io 66 3714 148 34 355 44 107 20 41 9314 I4314 3312 15412 4412 107 20 41 93 GRAIN AND PROVISIONS O. G. MURRAY. Hemoved to 14 North Ninth Street. Wheat. May 87 87 July 84 8438 Corn. May 443,4 443 July 45 45 Oats. May 32 32 July 30-)4 304 Pork. January $13.87 $13.87 May . 14.07 14.15 Lard. January 7.05 7.65 May 7.70 7.77 Ribs. January 7.55 7.52 May 7.62 7.62.. Keceipts Hogs 40,000. Left over 1.S79. Prospects steady. Light $5.1 o(a 5.35. Mixed $5.205.40. Heavy $5.15(75.40. liough $5.15 Cattle-22,000; steady. Sheep 23,000; steady. Visible Supply. Wheat Inc., 2,3S2,000 Corn, Inc 942,000 Oats, Dec 534,000 $300,000,000 TO GERMANY America's Business with German Empire Shows Enormous Increaase. "Washington, D. C, Jan. 8. Trade between America and Germany, now the subject of international negotiation, aggregated more than $300,000,000 in 1905, says a bulletin issued today by the Department of Commerce and Labor. The fofllowinjj showing is made: Imports from Germany .$11S,000,000 Exports to Germany 194,000,000 Increase in imports since 1895 37,000,000 Increase in exports since 1S95 .102,000.000 Germany stands second in the order of magnitude of America's foreign trade, both in imports and exports.

UNDUE SPEGULATIGH HENRY CLEWS NOTES PERSISTENCY OF SPECULATIVE DEMANDS.

Owners of Unseasoned Securities Seem Determined to Force Speculative Craze. New York, Jan. 8. The year 190G opens under most favorable auspices. General business conditions are satisfactory and ought to continue so, at least until the next harvest. So far as the stock market is concerned there are but two dangers, and these are rather serious ones; an over extension of credit and the fostering of undue speculation. The money squeeze' is now over, and from now until the middle of March money should remain in a comfortable easy condition; but the recent stringency in the money market is proof of the need of an elastic currency system and the rather unwelcome demonstration of the persistency of speculative demands upon our banking resources. Unfortunately, the latter are very frequently under the domination of men whose interests lie in the direction of still higher prices on which to unload their surplus stock. In fact, this power of speculative interests over the financial institutions is one of the worst dangers in the situation. While the public has lately ventured into the market more boldly, it has, nevertheless, thus far only partially relieved the rich holders of their surplus stocks. Conditions being highly favorable, the original owners of unseasoned securities, especially the industrials, seem determined to force a speculative craze in older to unload a portion of their burden upon the public. Whether they will be successful or not future events must determine. It is to be hoped that the public will not jump too eagerly . at the bait thus offered, and ,. it is also highly desirable that bankers should more generally insist upon a conservative policy and discriminate sharply in the making of loans. ; Further than keeping these cautionary ideas steadily in view it seems almost useless to resist the speculative craze. Prices of the best securities are so high as to be beyond ordinary investment requirements, and this year there is a smaller proportion of money coming inito Wall Street for investment than in previous years; hence large sums are goinig into real estate and a variety of other new enterprises. This of itself is a suggestive incident. All indications point to a fresh burst of speculative activity. We can do no more than impress upon our friends the great necessity for caution and sharp discrimination particularly against the low grade industrials and coppers, many of which are ridiculously inflated. One reason for anticipating a wider degree of activity is that prosperity is so marked throughout the West and South. The agricultural classes are not only out of debt but have money in the bank, and the same.is true of the laboring classes, both of which are easy victims to the many get-rich-quick schemes -which are sure to be floated at such times as the present. History Avill simplv be repeating itself; for all prolonged eras of prosperity have been capped by a speculative debauch, and this one is not likely to be an exception. The year 1905 was a record breaker in almost every respect, and it now looks as if the year 1906 may be a record breaker in regard to speculationhowever much that ma be regretted. It will doubtless be pushed to the breaking point, which usually comes when least expected. The , foreign -situation continues to improve. The lfussian Government apparently has the rebellion under control, and if the Czar could but rise to the occasion and grant Ins people the reasonable demands which they have made, the Kussiau Empire might be re-established on the basis of peace and lie world enjoy a new period of progress. Some little distrust is shown over the strained relations between France and Germany which have existed for some time past, but thus far there has been noth ing seriously threatening in this respect. Money abroad is generally easy and confidence improved. The local money market will right itself if left alone. There is some HIk' of Government assistance either through Secretary Shaw's intervention r in connection with the Panama bond issue. Neither is desirable. II.! nk loans have shown a considerable contraction, but our surplus rcsrv? is tji! almost at vanis'iin point. Iunvv h ans have been made abroad by ?:re ;f our local operators, afford in? material relief at this center, bur, 0f course, much strengthening the pros-

AT GAAR-SOOTT'S

ANNUAL MEETING OF STOCKHOLDERS HELD YESTEBDAY AFTERNOON. YEAR VERY PROSPEROUS Trade Was Unusually Large to Philippines Busy on Winter Trade. The annual election of the oflicers of Gaar, Scott & Co., was held yesterday afternoon. Tl;e same executive heads of the company will be in control this year as last. The officers are as follows: President, Howard Campbell; First Vice-president, Frank Land; Second Vice-president, W. II. Campbell; Secretary, S. S. Strattan, Jr.; Treasurer, C. II. Land. The officers also form the board of directors. It was brought out at the meeting that the past year has been one of the most prosperous in the history of the concern. The export trade has been the largest during the year of 1905 that the company has ever experienced. Large shipments have been made to Canada, Mexico, Egypt, Russia, Turkey, Roumania, South America and the trade in the Philippines has increased materially. The prospects for this year's business are also good, according to the directors, and although wheat will not be sown in the great wheat districts of the middle west until early spring and not much trade can be expected from that part of the country until then, the company expects to be busy the remainder of the winter on tha export trade. pects of gold exports. The remedy for the money stringency lies in liquidation and contraction of the stock market. The position of the speculative leaders, however, is so strong at pi-esent that there is little indication of any such tendency, nor will there be unless some of cur conservative bankers show determined resistance. Some of the bull leaders have succeeded in disposing of a good porton of ther present Iad, which they are doing under cover at every opportunity. Outside of speculation the market is likely to have the support of strong: banking interests for some time to come. There will be important new issues of securities, particularly railroad stocks, and bankers who usually finance such deals do not wish to have the market spoiled by excessive speculation. The growth of mileage in the West has not kept pace with traffic during the past ten years. For instance, the railroad mileage during the decade increased only about 18 per cent , which is less than the increase in population, whila the tonnage of roads increased over 100 per cent. In the West, between the Mississippi and the PaciPc. there is strong need of additional mileage, and if nothing intervenes we ill see at leastone or two years of active new construction. Union Paeifi? and St. Paul have already entered the field of builders, and other systems must follow. This means an important new supply of railroad stocks, for which there would bo a healthy and general demand, ince the best issues of most roads are either held at exobitant prices or locked up in strong boxes. Another source of support promises to come from proposed mergers in the iron and steel trades. Some very important transactions of this naf.ura are already under way and those who have them in charge will no doubt rind it to their interest to sustain the stock market until such deals are completed. The iron trado is prac

tically assured of another big year and all the metals industries aro enjoying good times because of the unprecedented production at profitable prices. This is the basis of present big speculation in coppers, which incidentally, it may be stated, h one of the worst danger spots in .the market. The outlook, therefore, of the stcck market is promising, but the risks and probabilities of reaction mnHiply rapidly with each advance and jut in proportion as securities oaj- from strong into weak hands. Sharp reactions may be auti -pated at any t'-me. HENRY CLEWS.

THE LOCAL

WAGON MARKET. (Furnished by II. J. Ridge & Son.) Grain Prices Wheat, 60 lbs., 70c to $1.15. New Corn, 35 to 3Sc. No. 2, 56 lbs. 50c (shelled) 50c per bushel. Timothy, new baled, $9 to $9.50. New Hay $8.00 to $9.00 Mixed hay, baled, $S.00. Clover, baled, $7.00. , Clover loose, $6.00. , Oiover seed, $6 to $8 per bu. Rye, 56 to 60c per bushel. New Oats, 25 to 28c per bushel. Straw, baled, $-1.50 to $5 per ton. -utat oats, t 10 lCc. Miliet, $6 to $3. ileatg at Retail. Maker HadJey Meat Market Roast pork, I212 to 15c. Veal, JO to 20c t Beefstake, 12V2 to 15c. Fresh pork, 10 to 15c per lb. Chuck roast, 10c per lb. Beef to boil, 6 to 15c per lb. Pork chops, 12y2 per lb. Fijsh, 15c lb. Country Product. fPiid bv the Bee. Hive Grocer. Eggs, 35c dozen. Butter, creamery, 23 to 27c lb; country 15 to 20e lb. Chickens, dressed, 12y2c. Retail pricet (Furnished by Bee Hive Grocer . Pancalrtj flour 10c per package. Buckwheat flour 10c per package. Maple Syrup, $1.25 per gallon. Ex tra fine $1.40 per gallon.

SAVING MONEY IS A HABIT Start with the New Year Dickinson Trust Company offers you the services of its Savings Department. $1.00 opens an account and 3 per cent, interest. A STRONG DANK A SAFE HARBOR FOR YOUR SAVINGS CAPITAL, - - $100,000.00

I Want

'KTo make four good first

From $300 to $800. MORGAN, 8th and North E Sis.

D

usmess

ALPHABETICALLY ARRANGED.

INSURANCE. H. W. COLVIN, Fire Insurance, City and Farm. Telephone 553. 920 Main street. IFwEDELL & FERGUSON. Fire Insurance. 4 North Ninth St. Tel. 626. Notary Public. t Duiitig the Wint r Tourist Season we run through cars from all points on our line to Jacksonville and ht. Augustine. This is the direct line to Asheville, ThomasUe' Savannah, the Carol inas Tampa, Miami Cuba and Nassau. '

j (JREAT

Round Trip Tickets Good All Winter Low Rates Write to or call opon any Agent Great Central for full Information. Hotel Hates, Tourist Bxks, or Information about climate, write to

D. C. EDWARDS, Passenger Traffic Manager, Cincinnati, O.

' A " A " A V A V A V A V A V A V i"t"i'lt"Y

MARKETS

Honey, 22c lb. i ats. lOo per lb. Lemons, 30c doz. Apples, $1.S0 to $2.25 per bu. Cabbage, 3c per lb. Potatoes, 75c per bu. Cal. Oranges, 25c to 60c dozen. Cranberries, 20e per quart. Lettuce, 20c lb . Figs. 2u per lb. Bananas 15 to 20c per dozen. Mapte sugar, 15c a lb. j Jersey Sweet Potatoes, 50c pecc Ciam chowder, 25c per can. Clam boullion, 25c a bottle. Popcorn on cob, 5e lb. Shelled popcorn 10c per lb. Malaga grapes, 20c lb. Grape Fruit 2 for 25c. Spinach. 10c per lb. Green eBans, 25c per 4ik. California Celery, 10c; 3 for 25c. Cucumbers, 20c piece. Egg plant. 15 and 20c. Tomatoes, 5c a piece. Bread lettuce, 10c. Strawberries, $1.25 per qt. Celery, 0e stalk. Roast pork, 10 to 15c. Beef to boil, 6 to V2U2c lb. Pork chops, 12 U to 15c lb. Fish, 15 and ISc lb. JticUxnond Livestock. (Paid h? Richmond Abbatoir Co.) Hogs, top heavy, $4.60 to $4.75 per hundred. . Hogs, 400 lbs., common and rough, $4.50 to $4.75 per hundred. Hogs, 200 to 250 lbs average, $5.00 to $5.25 per hundred. Choice butcher steers, $3.75 to $4.25 per hundred. Lambs, $5.50 to $6 per hundred. Calves $6.00 to $6.50 per hundred. ?7l the Cash mortgage loans with.1 irectory TEAS AND COFFEES. GREAT ATLANTIC & PACIFIO TEA CO. Extra S. & II. trading atampa with our tea3, coffees, baking powders, extracts and spices. 727 Main street.

ffiTEAL TO FLORIDA

Direct connections for Mobile, New Orleans Hot Springs, Biloxi and all points in Texas and Louisiana Mexico and California For

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