The Wall Street Journal from New York, New York • Page 1

'I AlemraB snet KvwarMf, raTOaffB-PwfttlBk By tew, Cav, the OMm New eoy of Wall Street SIMON 90RQ BANKERS, 20 Nassau New' York. TrVTI 7 LV I WT7H.TT CCTTD I'l 'I LV BIVWI'mB 111 II I .11 'A il III I I lll I LIST OP SELECTED INVESTMENTS UPON APPLICATION. Hudson County Gas 5s Trenton Oas Electric 5s New Jersey Zinc 4s and Stock Newark Consol. Oas 5s Newburgh Light Heat Power 5s GDLBERTLEWIS GILMOR Hmtm Kit Terk Start Zxehaare, TwboBw, 35 Wall Street. N.

Y. branch office. 15 Exchange Placa. Jersey City, N. J.

Bell Telephone Stocfco. MOFFAT WHITE. Member af New York 8teok Sxoh.nwe. I Nassau Street, New Ye. Deelere In tHe etock.

of the AMERICAN TELEPHONE 4 TELEGRAPH CO, 14 Ita Ito.riewa amalM, 10X8 I8LAND R.R. MB. ON FERRY 4, 1922. L. ft 80; JOINT 4, 1951 TEXAS ft TACIF.C (EASTERN DIVISION; 6, 1905.

6EN'L ELECTRIC DEB. 3i, 1942. HALLOWELL HENRY, 41 EXCHANGE PLACE. Van Schaick New York Stock Exchange, Cambert of New York Produce Exchanra, Chicago Board of Trade. WALL STREET.

NEW YORK. MARYLAND Ta BLOa, BALTIMORE. cablbi tamiouivu. nxoHoiris ooBTtuunra, Spencer Trasfc Co. BANKERS 27 and 29 Pine Street, New York Tramart general buktRt buraneaa, art Fleoal Ajrent for corporation and nocoliate eeourtty Inm of rail raid, mai other com-paniaa, Bieoutaoomuiaaloa enter, and.

deal in INVESTMENT -SECURITIES i Hembm N.w York Stock Biohante. Branch Office, Stat Srreef, Albany Investment Securities. CtHi of Exdaafe bottgbt aad mI4 Cibl trtmfcn to Europe ud Vat laiim. CommereUl tad TrcreW Lettmot Creiil. CatUdtkx mM IntcraiSoul Cbnuw.

CerKitaalal of DepoeX BROWN BROTHERS CO. BANKERS. S9 WALL 5TREBT, NEW YORK. Gila Valley, Globe North. 5s Alabama Great Southern 6s Evansville lndianapdlis 6s and all other Booda dealt so by F.J.USMAN&CO.,30BroadSt Specialists in Uhcurrent Steam Railroad Securfties.

N. Y.SkxfcExduoriw TeL27Mac27SBiMa Ik WILSON. D. K. FEROUBON.

LB. WILSON A CO Member. ConeoUdaied Stock Kzobuge. Tel. 8M1 Broad, BBOADWAY.

M. Y. Your advertisement placed here would be read by thousands of Investors. F. C.

PEARSON COw 0 Meaben OoaaoUaaaal iWook Ezobaaaa. STOCKS. BONDS AND GRAIN. OaU er Mod for aiarket totter, MAIN OFFICES, B8 BROADWAY. NEW YORK.

Brmntt 1 IHJ5 Street, a fcawery, aeraer Cantal Streo. JOSEPH COWAN COMPANY. Mwaeer. Consolidated Stock Eaebanga. Stocks, Bonds and Grain.

Aapry tar dalty market letter. 44 Broadway, N. Y. Na. iaa Mentagwo Street.

Brooklyn. J.JLMcLEANc&COe, aOTOCKS, BONDS, GRAIN, tlaln Office: 25 Broad St, N.Y. atort Biwaaoea. M. Nov Iferk Preaai 'f 11 Umhu Moard ef Traaa.

aiioram rtleere, OI Heokerr aMrnatoa tia. "ti.i. kltad.roMa. 4 caoeraoc Mwa, i-W auua4 Mtur ambed .4 t. U.

ina, TWENTY nOURS. TO CHICAGO. Tbe train on the New Vork Central and Lake Shore making tbe 9S0 miles between New York and Chicago daily in twenty Lours ia appropriately yarned The 20th Ocntory; Limited. Adv. VIA 0 VOL.

XL-NO. 13D. NEW YORK, WEDNESDAY MORNING, DECEMBER. 10, 1902. EIGHT TRICE FIVE CENTS.

REVIEW AND OUTLOOK. The report of fltrvcrtary Fhaw and the report of the special committee of the CJiwiuber of Own-metre together villi the stringency In the wow? market have Creeled the atterrHon of people who do not ordinarily apond mucli time or on arn thlnpi to the question of currency reform. The general consensus of pinion eeerne to be in favor of some aeheme for greatly extending bank note circuiiitioo at tli time fW Hrculatlon needed and prevent tlj 'looking up of large quantities of urreney in the treasury nndvr the operation of government rorelpta; and expenditures. ii bfviiib iu as mat Willi an admlttml ner capita circulation of aoinctUn Jike 30 In tbia exuntrv ulready, the need for further circulation ia aomr.tvlu open to We nwd not, bow-ever, fi into the nwtter at tbia lime aa tbat dwe not aeem ro be the eniitijl, point of the ne projmKition. The institution of what i called aa "n-nets ciri ulntion" by tlie autional banka and the itoposit of jreverament moneya at 4ntent with the national bank awni to be the two moat important future of the new currency propoaala.

At indent, all rorreney In circulation In the United Htattw olther srovernment monev or bnad upon the jrovernment'a promlao to pay. The tablishnient of aaaeta circulation" by the banka will intmdiiee a totally new feature Into the cJr- rnlation althouph a national guarantee of lhee notes Hnavoldable owing to the peculiar rjrruniiance of the oaae, the ultimate reaponai- hility for thenv will lie mton ttie national banka. Jt mny be desirable to Introduce thfa feature into' the circulation and 1t may not. Certain it to, howwer, tbat if the banka are going to be permitted to ia-jmip paper money in the form of circulating notes, all government paper money now in circulation Bhnuhl gfadiuailly be nd, replaced with coin. For it is clear that we shall "have a period of currency inflation under any system of assets circulation which can onJy result in perpetual low of cold.

2sow under present condlitions. the treasury wiH have to stand the'loss and. wbile it has a large gold reserve, it has not gold on hand to meet all ita demand notes nor haa it any way of getting gold a a time when is wanted extept by ao-11-in? bonds for the purpose. Our point is that if the banks arc goting to extend their note circulation roweir very largely, they should have the Held of paper circulation entirely to themselves aa they are the only force able to cape with an outflow of gold by means of advancing money rates. Wo not reiterate the well-known ariru- meat drawn from the bitter time of 1833 and bearing upon this point.

We do not (believe that ft circulation composed in part of goYermnt paper and in part of a plain bank note currency aecured on general bank assets will work iwell in this country. We think that fit would be better if the circulation were one thing or the other. The root of the trouble with our mwmey rates spema to us to lie in the constitution of our banking system which ia wtbont the kind of organization that enables the banking systcmia of the principal European countries to govern and restrain the fluctuations in money rates and keep the-m within narrow limits. We do not believe that we shall get reasonable stability in our money market until we liave some kind of organization of this kind and we do not believe that we shall get such organiiation for aonic time to come. We must confess that we do not regard with enthusiasm any of the proposals that have been made of late in connwtion with the currency.

We believe ft will be a wise plan to adopt measures to prevent ithe accumulation of caeb In the treasury in large juautitie and think that the government should be empowered to deposit its funds with the national banks at a law rate of interest. We fear, however, that if any extensive alteration ar made in our currency system in the near future, it will be found; that materials for trouble exiit therein. PE RE MARQUETJE. PROSPECTIVE PLAN'S AND COyXECTIOyS. The fatrt tbat four membera of the Pcre ilar- quettc syndicate are either directora ia or closely allied with the 8t.

Loois Son Francisco Com pany taken to mean that perbapa the 'Frisco road will in some way be connected with the Terc Marquette system or vice versa. A glance at the mnn shows hnnovcr that whatever deal with re spect to these two linea may be contemplated, it of I is for the time being secondary tO me maiD acailof Dfraetor. will b.h.kt at the hankie boun. No. B5 Wall Street, the li-x 14.

.1 r.ll.r Uthdayof Jaauarr, IMS. hatwota tb. hour, of UM.andir.U. uemrru if rv uuu Pere Marquette forms at Toledo a most natural northern ronie for the Hoekinc VaWey system, nd ki, I me ti iiutt toe mrgi are in the new syndicate which contemplate a consolidation of these laroperties might indicate that their first purpose waa to concentrate and atrengtlien thia group-or roaas raiuer man 10 ex- tend them. There is an iniimauon iuai wuen these two linea are consolidated, there may be some -new deal by which there will be a shorter route into Chicago from tToledo than at present exists by way of the roundabout route over the.

Pere Marquette road from Toledo. A shorter route to Chicago is, of of a necessity provided Toledo is the only point to be considered, bat Hoiking Valley baa a splendid outlet to Chicago by way of the Erie road from Marion, Ohio, which might answer every purpose for the time being because tbe principal outlet desi-ed ia for thia com pany's coaL Anvthirtg intendod for, the north of Michigan and for KL Paul and the could go more cheaply by the Pere Marquette! route to Ludington, thent-e acros the lake to and ia the AViscoripin CVntraL COMMENT ON TIIE MONEY MARKET. OOXFUOTIKO VIEW. The money mutrket reflects circumstances of oil klnda, aome 'of which ajparently eontruJU-t othora, tie one hand, there ia to be noted what amounts to a Mdding for deposits by trust -rompa-alea and bank resulting In the payment of very handaome rate In Individual 'cbbcb. On the other 1a their In to be noted the fort that the atrwt aa a whole a'ema well aupjHMl with flme money and ahowa no anxiefr vrhfttcVer aa to the Immedi ate future.

TJie fart nniKmra to be fhat tbere la going on a eonniderahle ftbiftinir of funda from place to place In connection -with priTratlonB for the January dMburacmctita and that while ft la generally Mt that there la enough money 1o go round. everybody realiiea that there none too much and conaequently people, iwho lnwo not yet aupplied their needs over tlie flrat of the year display considerable eagerneaa to do a Whlk the altnatlon la in no aenae nbnorinol ao far aa general princi ples go, ft containa a few abnormal dVtaila wWcb in timea Uke the preaent neceairarny attract aoroe attention. The beat opiniomi obtainable bank ing circle concur iu the atatunxmt that barring accidents there an on Id be no aerloua oimcuny in getting over the flrat of the year. A homely almilc i wna tnnt recently auggnea ny a large oajumtg iM 'whliJi IIL-oimwI th. altnn'ttnn in that Of a I number of people under a blanltet Jnat about large enough to cover them.

There waa room for every- one -while all were qukt, but if anyone wrre aub- ject to nlfhtmnre or flta, the blanket would be pulled off one of the The preaent ext ream? dullnoea In the atork -market conaequently Yery welcome to all concerned in stability of the money situation at thia Tlie banka are expected to lose cash for an other week or ten days, but Jtla hoped tbat by that time the current will turn. Opinion differ aa to tlie extent to which money Will com back from the west and the time at Which it might be expected to mmntirv. Pome verv srood' Sutlirea think that for reasons conrrfcted with the ipoor condition of corn nnd the real estate speculation in the west the re turn of money thia year will be slower than usual. Others, howerr, hope tht the return movement will be normal. AMERICAN CAN.

Chicago. It is officially -stated that the Amer ican Can Co. baa reduced lta number of planta from 125 to'65 coneerna. The coat of thia work is said to have been entirely and the eomqjany will begin ita new fiscal year with a clean alate. Furriers83rd Season.

Art mw eOttiog many tptc'tt IndttOtmcnli in Men's Automobile Coats, Fur and Fur-lined Overcoats, Fur Robes Fur Caps and Gloves. Amt reaUwltb For Ouutf. Lea'lter Ml. lined wlih Fur fHrilaad feate fur o.irreate-aauillwM weather Ceataaad V.ale, TreuMtawlth IMt, llueil wltd fur 195 to ISO 6 ana up tut mad up tf and up aas and up tit and up taw end up re to mat oh above. cel.

to niaUtta aooTe Uiave. and Cat. In nutted eot9. Leather SVwta, fur-llMd aio.aia.ai ant! up Xmnaera to aiaicn and Oardare, Ceate and Ve.le lined with fur for Buatiue-, WaUcliK, Drtrlac er Jleno-taaoa VeeAe.t Parr Heaee aad ,11 to and up I ail ami up Mi to dual aiaaarale and Caln Bl.plar ef Kleoatcd Ilead aad aate far BlaaUra. 184 Fifth 23dSt mtrtmnm OINBHIL BLBCTaiO CA1HPANY.

A dlridend of two d.llan per ihars will lie paid on January 13. lira, to hotdrr. of the roaiaion of the General Bleetria Company record th. eloee of koilnaai hour, on Saturday, Deeem bar VK Uol. By order ef the Board of IMraotora, II.

T. WESTOVEB, Seoretary. ABIBaiCAN GRABS TWINS COMPANY. JJ.w York. Dmmtwr tth, lft The Director, of AmerleaB Gnu).

Twla. Company hara tbliday dedarcd a fourth quarterly dlrldead ef one and par payabl. January a IMS, to the. toekkoldon of reoord at the cloes of bualDaai Deteafcer ltta, am. la.

traaaror oooka win in K.w York tram Draembtr IS. WM. to January Jrd, 1MB. C. P.

HOW' jVND. 8Mcetary. v- THE GALLATIN IflTIONAL BANK TUB CITY or naw Seoomlwr A WU. TU. MKlluaf tk rinckholderaof thiifaank for the akHnlon GBOROB tBWIS, Caaklor.

Htr wantbd-kalb WANTED By a New York Stock Exchange ra the of a gentleman well connected and Rble to OTntrol busin totn harge of customers riftn.rtm.nt. tjiW galarv or lnterest in business to tbft risht party Address BROKER Box 18, cart Tll gtPeet Journal. LOST. LOST CartineaU B9WL tut Ihtm L'alMd Bute 8te! preferred a BMil. Traaafer.

toppaL. Seward on return to ykiyd- dr aobuna. It Wall St. riKiKruu OHIO CALIFORNIA REFINING OIL COMPANY Pcya rf per aoonth 00 the par eaiae ot ha aharea. A large and eolTdot company aa oatahliahad Btiainaaa, Enormoua acrcafe etiU to be developed.

Producing; aretla (uataatea lh iti.aatiaeut. Write for paniculate. ANSON cV ORUMHELLER. TelorwoB 4124 Broad. Fr Toast of ary at to IBB.

IBta, of to M. Bintu aa Robert vmtiM or na TWff YORK STOCK EXQLANG2. Investment Securities. STOCKS DOUGHT AND SOLD. 39 Brosi Street, New York.

HARRISON WYOCOFF! Ucmbata tb NcwYark Stack Kxckuii EMPIRE BUILDING WE OFFER 4 1 f'it T3i1' SO OllarCS AatlOlldl tllY DoIlK at 295. ACICCRUAUN Cl COLGO, ra. in coax 20 Broad StrecL Cltv List of offerings mailed on application. w. mack co.

Menken New York Imt Bnkeafe, BROKERS, WALL STRUT. NEW YORK. SeWpboa. tl W1 Sroie. Brauicri OfTlo.

14.16 WEST 33D STREET. CHAS. A. MORSE Memhera New Yertt 9ttmk Ixehanfe. 44 BROADWAY, NEW-YORK.

Mrete -wtm te amtom. BrrlaaaeU ea4 rkilAla. LA.Merm OateW.atn, J. A-CUit. Bjee, Richmond Danville 6s.

Missouri Pacific 6s. Atlanta Charlotte 7s. PATERSON EPBURN, YELlPHOaB I I COKTLAXBl aa am a. bt. A M.

FLETCHER, BANKER, 128 BROADWAY, NEW YORK. Traaaaeta Oca era BanUag Bmlaeea. enritiaa Bought and Sold on Commissi. Uanbar Naw York Stock Exchange. Stoppani Hotchkin, MraUMM ef N.

Y. CnaolldiUd Block bgbaaae. MAIN OFFICE. 66 BROADWAY. Ittepaooe.

aiH-OarUaud BKAVCH OFflCEa uuaaoADWAY. a auav usra mi STOCKS. BONDS, GRAIN ouyat and eaw or rait or aa margta. INVESTMENT KttCVKJTIaTS. )MaAaBf afUatf attsUiaal) UBQB AJtfMaaitaaMiaV NORTH JERSEY STREET RAILWAY.

J. H0BOKEN PATERSON ST. RY. HUDSON COUNTY OAS. UNITED ELECTRIC CO.

Or H.J. BOUQHT AND 80LD. B. H. F.

W. PELZER, MqtauoetnaBraaa. 44 4 ROADWAY. E. D.

Murphy, Ihactiv SecruritirJs, SI Wall Sfc, T. American Bank Note Co. Lackawanna Steel Co. Mock, harriman North Eastern R.R. Bonds.

Richmond Passenger Power Co. Bonds. BHVrBEBB. TBI HOCK I NO VALXKY BilLVAf OOBiPABY. Columbiu, Okie, OerearDar Ba, bm A dividond of TWO PBR CBHT.

he. beM declared aa the Pre ferred Capital Stock of thu) Company, parable January Uth. MOB. at the otlofi of Mien. J.

P. Monyaa Company. New York toatoekaeleer reoord at 8 e'clook P. at. Oeoember BM, IBM, at which Hat th.

tranafer booka will be doted. The book, will be reopeood on January fOth, ltug. WM. M. COTT.

Treaauiet TBI HOCKINO YAfcLBT B1ILV1T COKPANT. Coluubua. Ohio. neoomberBd. IMt Adlridend of OMB AND ONK-UAXr PBR CBKI.

aaa dom de- ebued on the Common Capital Stock of tliii Compaay. payable Jaan. ltta, 1BU. at the ofllce of VMin. J.

P. Morgan Company, New York, to Mockholden of reoord at e'clook P. hi. December BM, Utt. wbieh time toe traoafer book, will b.

eloaBd. The book, will be reopened 00 January HMb. IHB. WM. N.

COTT. Tiaaiurar. TUB CBICACO, BOCK 18LANB ANB PACIFIC BlllWIV COBPAHY. Office of the AaMtant Treaturar, SewYorkaty.DeoMabarAtKB. A auarter dividend ot H-t per will te paid January A HUB.

tbe ahareboMer. of thia Comiwaya rtook, rer.iKered at wish aa the otoatne- of the Trenrfar Booka. Tbe tranmr book, will eloee at I o'clock P. U. oa the lBth day of Deotmber, 1MM, and open at 10 o'clock A.

M. on the Sth day of January, GBOaOK T. OOOOB. Aatwtaatl CHICAOO DOBTUVSIlTtai HAIL WAY COKPABY, Wall Btreet, New York. December (ta.

I9pl A dlrideod ef TWO PBB CBNT. on the Prefarmrd Stock aad THBB8 AND fiXI RAU PBB CBXT. on the Commas Stack of tfcl Company wUI be paid at tat. oaVw on Prtday, Jaauary Bad. Bel.

ea Stockhotden of reoord at the doe. of hualaeat ea Bel order, December 1BK, at tweire o'clock neon. S. O. HOWB.

Treaaaiar. KKBCBNTOALBB B.1NOTYPB COWPANT. K.w York. December IBM. At a eieellne of the Board of Direetota bald thi, day a retrtuar evarterly dlrkieod of two aad ene-haif per cent, and aa ex tie dlrtdeod Btc per esot.

wore declared, payable ea and after Decern bee H. 1MB, the (tort bolder e( feenrJoa Saturday. Orceabar li ItaL at oae eioefc P. M. The tmnef ertieek.

wul etoec oa Saturday. Deeember IBB. at aaa e'clook P. at, aad reopeo oa Frtday. Jaouary t.

IMS. at tea o'clock A. ria J. WARBI KTO.N. Treaaorer.

McVickar Realty Trust ana tvfvtae MAIN Orrict, 14 MAttAU tT, NEW YORK. MMntalM MKIealai Trene.ete trl ehla Vet eeeeny kti.U.e. At reel mm a eve ke. Oeeeefte reeehe. Ii aiti txECUTivg eoMurrriE.

tMn. auK j. UST CF tEUITU ITSTiriXTt I APFlCATa Shore 1st 4s. MorriA Essex 1st 7a. So.

Pa. of Cat. 1 st 6s. 1903-12. Bank Stocks Dealt in by P.

J. GOODHART CO, TateyawiM U4S Cartlaiidt. 87 BraaaVcy. MwitkM Yer Steak Kxehana. Kcnsico Cemetery Stock and 6tf Bonds DEALT IN.

TOBEY KIRK, THOjraa, SSoia a traaarr. Chicago, St Louis New Orleans Cori. Sat Chicago Northwestern Division issue New York, Lackawanna 4 Western 6 Chicago, Milwaukee 4k St P. Div. Issue lt Xemaan Xtv Tort I tee Exbsmj.

20 DROAD NEW YORJC C. I. HUDSON 34 36 WALL STREET. Kav York and CUcac Stoek 1 ifh jm Tetevkeae Jfeka. American Book.

Oleve. Sand. Brewing. Indianapolis 2d 7s. Washburn Wire Z''.

Houston Oil Co. BANKERS. 18 Waxll Street; Nw Yorlc Dealers in Investment Securities. I of the M.w T.rk ateek Bzukaaak Andrew mckinney abata ef the W.v Tork Block Bzaauae- IntarMt Ailovrod on Depoajatak -oiwaeaeaAeaee aollclted. 52 Broadway, Ntw Yark.

Cornelius P. Rosemom, BANKER, 33 WALUSTWEET. NEW YORK. Tranaacts a Domestic and Foreiga Soaiaeaa. Receives Accounts on Liberal Terns.

Deals in High Grade Investment Bonds Stacks Exeeotee Cammiaaion Orders oa all tka Excbaages of this Country aad Burepe. Acta as Fiscal Agent for Corporatieas. Collects Coupons and DiTideada. Purchaaes Foreign Exchange aad Draws oa London, Berlin and all tka Frineipal Citiea ef Europe and the Beat. 1 1.

,1 tDiTi. Hajdbook RCVISCD AND INLAROKD. afalled upea ROBERT HALL, htambar PtMahurc ateek Biekanae, 8aaelaliat Fittarth aa' Weitera rcaaiylvaala SenrlBM i BfertaviBaH4f Frataburah, Pa, TIfrV Oatat. Bell Court. P.

A la UauV Steel Steamship Co. 5s. L. A. NORTON, 25 BROAD STREET.

TaUaheae BM BreaA EDWARD WIDENFELD, COLLATERAL LOANS, 7 PlMB 8TRECT. NEW YORK. Teiepbcoa. BW1 Oortlaadt, 1 1 1 1111 .11 ALFRED M. LAMAR, 'BANKER.

Bomber New York Oooeotdatre Stock Brehaaaa, I Main OfTIcc, ExcnanKa BuUdinav -0 BROADWAY. NEW VOKK. 215 VEST I25TH iTRBST. BRANCH 3t EAST 420 STREET. OFTlCrat 12 EAST 2iO STRfiiiT.

1 BMrUa AVrvK BB.tJXVTH. Traaaaeta a lenaraJ D.akinrwrjeaveawutaieemmlaBeeTder,ra I rTO Hi, OK AIM. COTTON aad deai. ia Ale-h-eree. IN TaeTMaa BBCVBlTIYe.

Itirra it ir.fn.iTiiii mire tUPIIUl'irlVlUiriEWll. iBALTfaSOaTwa V1IK ILVtf Ah I fniH PBT 'I ItLtM. BAP ACCOMPANII BAi-B-BAawAY nsirrja The (ei.ewia. are onaipwie end rearty or datributiee tie. eheea, bt.

Pew. Great Weetern, A Icaa Soear. Mlawwri Partus. Cheiapeaae and (rbio. ew I'vk Ceoirel.

riouiaera rVMHr. Coxa PenlAr. cwtaera kat.var. Au-iuaoo, Feoaerlraeta aad Heedine. en he Hr came, at our omvoor ay 11 aaeoa et.t wm eel Deparuarat.

Kuo Oftea. OCB eUtlAU r. Wttx Tit DrrOTBO TO A BBTIBW iuijii.iwur 13. O..