mall Street Guide PUBLISHED BY j. l. Mclean co Bankers and Brokers EjlablUhod 1 397 *^2T rVTI* C* chica £° "Board of Trade l^lJLsPl 13 ML AO J*etv VorK Troduce Exchange ' JWebv yorK. Con*. Stock. Exchange MAIJV OFFICE: 25 Broad Street, New York City -BHA/tCH OFFICES: CHICAGO PHILADELPHIA BOSTON and Intermediate Local Points DIRECT PRIVATE WIRES TO ALL BRANCHES Stocks, Bonds, Grain, Cotton and Provisions Bought and Sold for Cash or Margins Ranging from Five Per Cent Upwards SPECIAL DAILY MARKET LETTER MAILED FREE ON REQUEST lEx Htbrtfi SEYMOUR DURST Copyright, 1902, by J. L. McLEAN * CO. Prose of]. J. Little & Co. Actor Place, New Yortt INTRODUCTORY N preparing this volume no pains have been spared to make it interesting as well as instructive and valuable as a reference book, and we hope the advice and suggestions contained herein will prove highly beneficial to our many customers and aid them to make their operations profitable. It is our aim to give customers the very best service in the execution of orders that can be obtained, and at all times to treat them with as much liberality as is consistent in the manage- ment of a conservative commission house. There is, perhaps, no field of operations wherein the interests of the principal and client are more closely interwoven, and where the success of one depends so largely upon the success of the other as that between the broker and customer, and in no business is the old rule that "honesty is the best policy" more applicable than in the brokerage business. In case of inattention or negligence on the part of any of our employes or corre- spondents at any one of our various offices, we would thank customers to report same promptly to General Manager of our main office in New York, and on receipt of such complaints, which in all cases will be treated as confidential, an investigation will be promptly made and a remedy applied, if possible. It shall be our constant endeavor in the future, as in the past, to give our cus- tomers the best and most efficient service to be had for the purchase and sale of stocks or other speculative commodities, either for cash or on margins, and we will be pleased to answer all inquiries relating to the same. Yours very truly, J. L. McLEAN & COMPANY. WALL STREET, LOOKING WEST, SHOWING SUB-TREASURY, AND TRINITY OHIIRCH AT ITS HEAD. WALL STREET GUIDE WALL STREET. Who has not heard of Wall Street? The very name carries a meaning with it to the four corners of the country, and while 'no doubt all of our readers know that Wall Street applies to the financial dis- was to build a protecting wall or stockade (see pic- ture) across Manhattan Island, near the present site of Wall Street. This stockade was for the purpose of protecting the inhabitants of the new village from surprise by the Indians. This wall, or fortification, gave the name to the present well-known street, THE "WALL" OR "STOCKADE" FROM WHICH WALL STREET DERIVED ITS NAME. trict of not only New York City, but the western continent, how few can tell how the name originated, or, in other words, why this financial centre should be known as Wall Street. Nearly three centuries ago New York — or what was then known as New Amsterdam — was settled by a small colony of Hol- landers, and almost one of their first official acts which, with Lombard Street in London, are two of the greatest financial thoroughfares in the world. In New York's colonial days the Town Hall was in Wall Street, where the Sub-Treasury of the United States now stands, which, by the way, succeeded Congress Hall, built for the meeting of the first Congress, on the balcony of which General Wash- 4 WALL STREET GUIDE. ington was inaugurated as the first President of the United States, in 1789. In the early days of the Federal Government, New York began its career as a great seaport and business city of the country, and all the principal banks were located on Wall Street, several of them still retaining their identical sites, which they have occupied for a century or more, like the Bank of New York, which is one of the three first banks founded in the United States, having been organized in 1784. Alexander Hamilton was its Broadway to the East River, and, only for its pre- vious and historical greatness, would almost be for- gotten, as the bulk of the financial business has now drifted to other near-by localities. Trinity Church, the richest religious organization in America, if not in the world, stands directly at the head of Wall Street, its magnificent spire rising on the opposite side of Broadway, and must impress a visitor who may have seen the mass of humanity daily, on the floors of the various exchanges, shouting like FEDERAL HALL, BROAD STREET, WHEN WASHINGTON WAS INAUGURATED PRESIDENT. founder, and its original constitution is in his hand- writing. True, a great deal of the financial business has, in recent years, drifted to Broadway, New Street, and Broad Street, the latter getting the lion's share. This, however, was due solely to the fact of Wall Street being too small to accommodate the natural growth of this business as a result of modern finan- ciering; even the two leading stock exchanges of the country, the Produce Exchange and the Cotton Ex- change, being located on other streets. All of the speculative business is, however, by general usage, credited to or known as Wall Street operations. Wall Street in itself is a little narrow lane, extending from demons for Mammon, with the difference between the live twentieth century financier and the sleeping dead on the other side of the street. It is a contrast between the sublime and the ridiculous. In this churchyard sleeps the body of Alexander Hamilton, now generally admitted to have been one of the greatest statesmen the country has ever known. The Trinity Church Corporation owns real estate in the central part of the city, with an estimated value of over $70,000,000. The internal mechanism of Wall Street is highly complicated, but, reduced to a single definition, it is the country's great market for money and securi- ties, and recently is not only the financial centre WALL STREET GUIDE. 5 of the New World, but is making a bid for suprem- acy over even London, which previously has been the acknowledged centre of finance. It is hardly necessary to enter into details here as to the reason why this locality controls the finances of the country. Suffice it to say that the Government collects the largest part of its revenue from the New York Cus- tom House, and the Sub-Treasury of the United States in New York is the financial agency of the Govern- ment where most of its payments are made; and the supremacy obtained by this centre in the early days of the nation has given Xew York employment for the largest banking capital in the country, and it will always continue to be the clearing house of Amer- ica. Exchange on Xew York is available everywhere, and every banking house in the country must keep balances here for this purpose, and consequently has an account at some Xew York bank where surplus funds are deposited, making the bank deposits in New York a huge financial reservoir; so that the money market here affects every circumstance or condition throughout the entire country that could affect in- terest rates or the value of money. Over half of the entire total clearings of the United States pass through the Xew York Clearing House, which is a striking evidence of Xew York's or, in other words, Wall Street's financial importance. In times of finan- cial panic or distress, the New York banks, through the Clearing House Association, take united action to avoid or relieve financial peril and prevent disaster. THE NEW YORK STOCK EXCHANGE. The institution which more completely embodies Wall Street in the popular mind is the Xew York Stock Exchange. In all probability the reader looks upon the Xew York Stock Exchange as an institu- tion through which gigantic speculations only are carried on. They read of the operations of the Yan- derbilts, Goulds, Morgan, and other financial mag- nates, of bulls and bears, of panics and booms, and of fortunes made or swept away in a day through the fluctuations of stocks, and what is not generally appreciated is the fact that the Stock Exchange is simply an instrument for regulating transactions in the market for securities, and that the bulk of its business consists of legitimate investments, making a ready market for the purchase and sale of bonds and other securities. This institution was founded in 1792, and if it had been an institution merely for gambling purposes, its career would certainly have ended long before this. Until a few years ago, Stock Exchange seats were selling below $20,000 apiece. In January, 1902, they sold as high as $83,000; and so rapidly have the financial interests of the country grown that it has become necessary to establish competitive stock ex- changes in most of our large cities, and even New York City has a worthy competitor in the Consoli- dated Stock Exchange, which was established in 1875, and numbers amongst its members many of the most influential and representative citizens of the country. The New York Stock Exchange has looked with a great deal of disfavor on this new and, in many respects more modern organization, which has in recent years proved to be a prominent factor among the exchanges of the country. Previous to 1809 the New York Stock Exchange found a competitor in the Open Board of Brokers, then located at 16 and 18 Broad Street. This insti- tution grew in numbers and importance until, al- though its members to some extent transacted busi- ness with and through the Stock Exchange members, the latter found it a very troublesome rival, and the result was that in May, 18G9, the 354 members of the Open Board were formally admitted to full mem- bership in the Stock Exchange, which then contained 533 members. LOMBARD STREET AND WALL STREET. Close relations exist between the New York Stock Exchange and the London Stock Exchange, as " Americans " are the favorite securities traded in in London, and great interest attaches to the opera- tions of London in American stocks. As London time is exactly five hours ahead of Xew York time, 9 o'clock here is 2 o'clock in London: consequently, when Xew York starts business London has almost finished its day's work, and by 9.15 Wall Street has received on the news bulletins the London 2 P.M. quotations for all active American stocks and other information relating to the price of " consols," bar silver, discounts, etc. This piece of information is the first thing sought for by the New York specu- lator or broker on arriving at a broker's office. Mean- while the " arbitrage houses " have been very active in their operations. STOCK EXCHANGE QUOTATIONS. Unlike the London Exchange or continental Bourses, the New York Stock Exchange and the Consolidated Stock Exchange each has its own independent ticker service, and every transaction is recorded on the tape of their tickers almost instantly, every trade being reported to the operator as soon as made, and the number of shares of each stock bought or sold at given prices. In the London market no quantities or numbers of shares are given, merely the bid and asked prices being quoted. THE NEW YORK STOCK EXCHANGE. WALL STREET GUIDE. 7 HOW WALL STREET OPERATIONS ARE CONDUCTED. There are two methods of operating in stocks, bonds, and other securities. The old and original plan is to buy outright; that is, pay for what you buy, have the certificates issued in your own name and take them home with you, either for permanent invest- ment, in order to receive the dividends to be paid on them, or to be held until such time as the price is suitable to dispose of the same at a profit. No explanation is needed as to the method to pursue in this particular instance, as any school-boy can tell you how much money it would require to buy, say 100 shares of Steel common at $40 per share and pay for it. As this stock is now paying dividends at the rate of $4 per share per annum, the investor would receive $400 per year on his investment of $4,000 or 10 per cent, per annum on the actual money in- vested. Your broker's commission for buying this stock Mould be $12.50, or one-eighth of 1 per cent, (the commission charges are always figured on the par value of the stock). Thus all that would be necessary to complete the above transaction would be to deposit the sum of $4,012.50 with your broker, and receive in return a certificate for 100 shares of common stock of the United States Steel Corpora- tion. The transfer of this stock would, however, require a few days' time, as deliveries are made on the day following purchase of stocks on the Stock Exchange, and on Mondays only on the Consolidated Stock Exchange. Then, after the stock was delivered, if you wished a certificate issued in your own name, the same would have to be sent to the transfer agent of the United States Steel Corporation, when the actual certificate purchased would be cancelled and a new one issued in your name. Of course this latter formality is not necessary, but is often desired. Cer- tificates of various stocks, amounting to millions and millions of dollars, are being transferred daily from one broker's office to another, which are merely in- dorsed on the back by the original owner, the indorse- ment witnessed and guaranteed by some reliable brokerage house, and the transfer on the back of the certificate left in blank. This is known and recognized as good delivery in the Street, and may pass into hundreds of different owners' hands from time to time between dividend periods. It is, how- ever, necessary, before the transfer books close for any given dividend, to have the stock registered in the rightful owner's name; otherwise the dividend would be paid to the former owner. When stocks are bought on margin, the certificates are held by the broker, who will collect all dividends declared on said stocks from time to time, crediting the account of the owner with said amounts. OPERATING ON MARGINS. Buying and selling stocks on margins is carried on in exactly the same manner as above, with the ex- ception of the fact that the purchaser does not re- ceive the certificate himself, but leaves it in his brokers hands as security for the balance due on the stock purchased. For example, instead of pay- ing $4,012.50 to your broker on the purchase of 100 shares of Steel at, say 40, including commission, you could deposit with your broker the sum of $500, and purchase 100 shares of the same stock at exactly the same price and on similar conditions, the only difference being that the broker charges you interest on the money advanced by him to pay for the stock, which in the above case would amount to $3,512.50. The rate of interest you would pay on this varies with different brokers, many houses charging the regular floor rates, whatever they may be from time to time, and in periods of great activity interest rates often rule as high as 10, 15, or even 20 per cent, per annum; but we have made it a rule to arrange for time money to carry the stocks of our customers so that our interest rates never exceed 5 per cent, per annum. We guarantee this to all cus- tomers, no matter what temporary interest charges may. be. This is of great advantage to the speculator and worthy of careful consideration, as he is always protected against exorbitant interest rates. Now, in the above illustration, if U. S. Steel Cor- poration stock should suddenly decline 3 or 4 points, we would call for additional margin to protect our- selves, and in case of the same not being promptly deposited, we would place a stop order on the trade at about 35%, and if the price declined to that figure the 100 shares would be sold out on the exchange, and the loss would be $500 on the transaction. On the other hand, one could deposit an additional $500, or as much more as might be required to protect the trade, and if later the price rallied to 40 Vs one could close out and withdraw the entire deposit without loss, while if it went to, say 50, one could close out and withdraw the original deposit, together with all additional margins deposited from time to time, and the trader would also have a net profit on the in- vestment of $1,000, less commission charges and interest at the rate of 5 per cent, per annum for the period we had been carrying the trade on the bal- ance required to purchase and pay for the certifi- cate. Thus it will be seen that in the marginal transaction the stock is actually bought and sold and delivery is made between brokers, in just exactly the same manner as in the cash transaction above illus- trated, the only difference being that the customer can buy a much larger quantity of stock with the same amount of capital; and in case of a profit being BROAD-EXCHANGE BUILDING, LARGEST AND FINEST OFFICE BUILDING IN THE WORLD, :.'.-> BROAD STREET, NEW YORK; MAIN OFFICE OF J. L. MoLEAN & CO. WALL STREET GUIDE. made, the profit is just so many times greater in proportion to one's investment. There are often op- portunities where such investments can be made by the operator with but little risk, and the return received from the investment is enormous. Take, for example, the case of Missouri Pacific, which, early in the year 1901, sold on the New York Stock Exchange at $51 per share. In less than three months it advanced to the price of $117 per share, a net gain of 66 points. When the stock was quoted at 51, let us say that you concluded it was destined to advance, because you saw all around you the evidence of great pros- perity, and you knew that this railroad was making large earnings. You invested $5,000, and bought 1,000 shares on a 5 per cent, margin. At 117 you sold your stock, pocketing a net gain of $66,000, or over 1,300 per cent, on the actual investment. This sounds like fiction, doesn't it? But it is not; it is the plain, unvarnished truth; and even larger profits, in proportion, have been made time after time. Take, for example, the case of the First National Bank of New York City. This institution is numbered among the most conservative banks in the country, and we herewith reproduce a news article, copied from the " New York Herald " of August 1, 1901, showing not only what is possible, but what has actually been ac- complished by a conservative institution like this: (From N. T. Herald, August 1, 1901.) " BANK PAYS DIVIDEND OF 1,950 PER CENT. "All Records Broken in Distribution of Profits of First National. " Mr. Baker Gets Credit. " Shrewd Stock Investments of the President Said to Have Netted Huge Gains for Institution. " Further announcements as to the distribution of profits of the First National Bank, made public yes- terday, showed that the stockholders, who, by the way, number eighteen in all, received the unparalleled dividend of about 1,950 per cent. This dividend out- ranks any cash or' stock distribution in the annals of national banking in the United States. " While the officials of the company are unusually reticent in regard to the matter, it is stated that had Mr. George F. Baker, the president, decided to dis- tribute all the undivided profits of his bank, he could easily have paid dividends aggregating 2,150 per cent. This statement, bankers say, can be proved by the official balance sheet issued on July 24 last, when the increase of the First National's capital and surplus to $10,000,000 each had been consummated. In this report the profits of the new bank are officially stated to be $1,102,746. Had Mr. Baker distributed this amount instead of allowing it .to pass into his new- institution, he and his fellow stockholders would have received an additional 200 per cent, dividend, bring- ing the total up to 2,150 per cent, distributed. " Bankers and brokers were doubly astonished yes- terday when the size of the record-breaking dividend was divulged. " ' How did they do it ? ' was the question asked in many offices. The bank has paid dividends of 100 per cent, a year in the past, and yet it had a surplus of undivided profits of more than $10,000,000 when the reorganization took place. They were disposed to give credit to President Baker's aggressive policy. Such profits, his fellow bankers pointed out, are not made in the routine business of loans and discounts, but in solid investments in the stock market. Mr. Baker, individually and for his other stockholders, bought stocks when they were cheap and sold them at top-notch prices." It is generally understood in the Street that the large profits above referred to w r ere made possible through dealings in Tennessee Coal & Iron, which stock advanced, within a few months, from around $30 a share to above $125. Now, in the case of the Missouri Pacific investment above illustrated, had you purchased the stock outright, it would have re- quired $5,112.50 to have bought and paid for 100 shares at 51, which transaction at 117 would have shown a profit of a little more than $6,500, or one- tenth of the profit made by operating on margin. Of course there are also disadvantages in margin trading, and judgment must be used so as not to over-trade in proportion to your margin, but there is probably no field of operations wherein capital and brains are applied to greater advantage than in Wall Street. Closely watched, the stock market offers an unlimited field for successful trading almost every day. You will find many opportunities for pur- chasing good, standard, dividend-paying stocks at low prices that are sure to advance in the market many points within a very short time thereafter. Then, again, you will see chances to sell stocks short at high prices, that can be bought in many points lower later on. (See chapter on Short Selling.) We have given elsewhere in this volume a brief outline of the careers of a few modern successful financiers whose fortunes were made in Wall Street. Jay Gould early in life invented a mouse trap, and afterwards became a book canvasser and surveyor. " Jim " Fisk peddled goods throughout the New r Eng- land States, while Russell Sage clerked in a country WALL STREET GUIDE. 11 village store. P. D. Armour, when a young man, drove a butcher's wagon in Chicago, and Commodore Van- derbilt, founder of the Vanderbilt fortune, was a boatman. Andrew Carnegie came to America and started as a messenger boy, while Daniel Drew made his first profitable speculation by driving a herd of cattle over the Alleghenies to the Eastern markets; and even our modern " Jim " Keene is said to have peddled milk among the miners in California in his early days. The founder of the Rothschild family got his start by getting advance news regarding the result of the battle of Waterloo. On this occasion Rothschild is said to have netted several million dol- lars by buying English " consols " in London as low as 58%. A day later news arrived of the decisive victory, and " consols " advanced with a bound. True, it is impossible for all of us to be Vanderbilts or Rothschilds, but in order to be successful in specula- tion it is only necessary to be in close touch with the market, and to now and then grasp an oppor- tunity to buy for a rise or sell for a fall. In Roths- child's day there were no telegraphs or telephones, so that now, with modern conveniences, it is possible for almost every speculator to be in close touch with the markets and current events almost constantly. SELLING SHORT. Money is often more quickly made on the " short " side of the market than on the " long " side. When you operate on the short side you first sell a stock, to buy it back later at cheaper prices. The man who sells short is a "" bear" — because the Wall Street bear is a man who believes ruling prices are too high, and thinks they are going lower. He is a pessimist on the existing situation. The Wall Street " bull " is, naturally, an optimist, and thinks prices are going higher. The above statements are true as applied to the general situation, and yet a " bull " frequently sells short. That is, he may believe that prices ultimately are going much higher, and yet feel that because of a recent extended advance prices are due to react a few points, and therefore he goes short merely as a temporary move — or, in the parlance of the Street, to make a " scalp " on the short side. Stocks usually break more rapidly than they rise; prices go down more quickly and suddenly than they advance. Hence our statement at the beginning of this chapter. As an illustration, consider the won- derful advance in prices which was in force almost continually from early in November, 1900, until early in May, 1901. A rise exceeding $50 a share was scored by many of our best securities in that short period of six months, and all stocks added to their value materially. Yet in two days, May 8th and 9th, losses averaging 40 points were suffered by many lead- ing securities, those which had advanced most natu- rally showing the greatest declines. SELLING SHORT IS LEGITIMATE. It is surprising, and yet a fact, that a great many traders have scruples against selling stocks short. They argue that buying stock at a low price and selling it at a higher figure — or even selling it at a lower figure, thereby accepting a loss — is perfectly legitimate; but they claim that " selling a thing you do not own " is gambling, and therefore they would not for a moment consider a deal on the short side of the market. As must be apparent to any clear-headed thinker, such a conclusion is the essence of ignorance. When you, through your broker, buy a certain number of shares of stock, some other man must sell them to you. If your broker buys from a man who has al- ready bought them, and therefore owns the stock, surely you w r ould not pretend to say that that man was gambling. Now, suppose that the same man does not actually possess the shares you desire. He stands by and lis- tens as your broker bids 170 for, say 100 shares of St. Paul stock. It occurs to him that that is rather a high price for St. Paul, and he feels that, if he owned any of the stock, he would gladly part with it for that figure. He has the conviction that the stock is going lower. What does he do ? He steps up to your broker and says : " Sold ! I sell you 100 shares of St. Paul at 170." And your broker records the transaction, and your purchase is made. The other broker, whom we will call Brown, has agreed to deliver 100 shares of St. Paul, although he does not own the stock. He, Brown, is then " short " of 100 shares of St. Paul. Now, if he turns around immediately and buys 100 shares, he will, of course, obtain the certificates with which to make delivery to your broker; but if he buys the stock then he will have to pay 170 for it, and therefore he can make nothing by the transaction. However, the certificates must be delivered to your broker, as per Brown's agreement; so, during the last fifteen minutes of the session, Brown goes into the " loan crowd " on the floor of the Exchange and borrows 100 shares of St. Paul from some one who has it to lend, and these certificates he delivers to your broker, thereby completing his contract. Your broker now holds for you 100 shares of St. Paul for which he paid Brown 170, and Brown is " short " 100 shares. That is to say, he owes that amount WALL STREET GUIDE. 13 of stock to the lender, whom we will call Wilson. Next day, let us say, the market price of St. Paul declines to 1(55, and then Brown steps into the crowd and purchases 100 shares of that stock at the ruling price. Thus he obtains the certificates with which to replace those he borrowed on the previous day from Wilson, and now all of his obligations are cancelled. Yesterday he borrowed 100 shares from Wilson with which to make delivery to your broker, and to-day he buys 100 shares with which to return his loan — and now he is " even " on the market, and just $500 ahead on his deal, for your broker paid him $170 per share for the stock which he was able, a day later, to purchase for'$lG5 per share. Do you see anything about such a transaction that savors of gambling? We think you will agree with us that it was per- fectly legitimate, and purely the result of business judgment. HOW TO OPEN AN ACCOUNT. This is a very simple procedure and little need be said. Merely forward draft, money order, or check for the amount you wish to deposit, and the same will be placed to your credit. Then, on receipt of orders from you, we will proceed to buy or sell stocks for your account. MARGIN REQUIRED. On the more active stocks, such as the railroads and the low-priced industrials, a margin of 5 per cent., or $5 per share, is sufficient, although it is often to the interest of the trader to keep -a larger margin, 10 or even 20 per cent, being advisable. On ^ such stocks as Metropolitan and stocks that are inactive, it is necessary to deposit at least a ten-point margin. \ . HOW TO WIRE MONEY. In case you have no account with our house and wish to buy or sell any listed stock without delay, deposit margins in your bank to credit of J. L. McLean & Co., and have the bank cashier wire us to that effect, on receipt of which message we will execute any orders you may give, without waiting for the funds to be transferred. HOW TO GIVE ORDERS. Merely write or telegraph how many shares of any particular stock you wish to buy or sell and at what price, and, if the market permits, your order will be executed on the day given, but at the close of the day's business your order will be cancelled unless you state in order that it is to remain " open " or ,k (;. T. C." (good till cancelled). Do not forget this point and it will save confusion: Orders are good only for the day on which they are given, unless as above stated. MARKET ORDERS. A market order is an order to buy or sell stocks or other speculative commodities at the market price, and on receipt of such orders we always use our best efforts to buy or sell to as good advantage for the customer as possible. ABOUT ORDERS. The failure to give orders properly often results in serious loss, and therefore every new trader should make a study of this feature of speculation. Here is a common form of order in use : " Buy for my account and risk 50 shares of Union Pacific at 102. Stop loss at 100." Such an order may be received by the broker in his early mail, or by telegraph, or it may be handed in at the order window by the trader in person. In either ease it is given to the operator on the floor of the exchange who executes the trades for the house, and should the price for Union Pacific at any time decline sufficiently so that the 50 shares desired can be purchased at the figure named, the order will be executed, in whole or in pail. That is to say, it might be possible to secure 30 or perhaps 40 of the 50 shares desired at the quotation named in the order, owing to the fact that the market, after de- clining to the price named, held at that figure only for an instant and then advanced sharply under the influence of strong bidding. Such an order as quoted above is cancelled at the close of the market on the day received. If you wish the order to remain in force you must mark it " open order," or " good until cancelled." In such case it will be kept on file from day to day and executed at the first opportunity that offers. Let us suppose the above order to be received in the morning before the opening of the market. The first quotation on Union Pacific is, perhaps, 102%. After a few minutes of the trading the price begins to give way, and soon Union Pacific is offered at 102. Our floor man immediately buys 50 shares at that price, and your order is filled. But we also have a " stop loss " order to execute for you in case the price continues to decline until it touches 100. WALL STREET GUIDE. 15 HOW STOP ORDERS ARE GIVEN AND EXECUTED. No broker can guarantee to execute stop loss orders at the precise quotation named, of course; but, as a rule, it is possible to do so. Let us suppose that Union Pacific declines to 100^4. If it drops another quarter of a point our floor man will sell your 50 shares at the best price he can obtain. But from lOO 1 ^ the stock begins to rise, and in another hour it has, perhaps, climbed to 105. At this point you can, if you wish, sell your holdings and realize a profit of three full points, or, in other words, $3 per share. On your fifty shares this would represent a gain to you on the transactions of $150. But, of course, it is optional with you whether you sell now or hold for a still greater advance. And you can, if you wish, " raise your stop loss " so as to insure yourself against any loss on the trade whatever. That is to say, when you note the price has advanced to 105, you can cancel your first order to sell at 100 and give us a new order, reading: ''Sell 50 shares of Union Pacific at 102, to stop loss." Thus, if the stock should " break " and suddenly decline, your stock would be sold when the price dropped to 102, and as it was originally purchased at that figure the transaction would show neither profit nor loss. On the other hand, let us suppose that you be- lieved a certain stock was going to decline in value, and desired to sell it " short." You would word your order as follows: "Sell for my account and risk 50 shares of Rock Island at 137. Stop loss at 139." When opportunity offered we would " sell " the stock at the figure named. If it declined, say to 133, you could, if you wished, buy fifty shares of Rock Island at that price with which to fill the contract you entered into when you previously sold the stock at 137. Here, then, would be a completed transaction. You sold 50 shares at 137 and you bought 50 shares at 133; or, to put it in another way, our books would show that you had bought 50 shares of Rock Island at 133 and also that you had sold 50 shares of the same stock at 137. The difference in price is $4 per share, representing a profit to you on the transaction of $200. But suppose the stock continued to advance after you sold it at 137. By your act in doing so you virtually contracted to deliver 50 shares of Rock Island, and the price named in the " contract " is $137 per share. You have given us a "stop loss" order to be executed at 139. When the price has advanced to that point we execute this order and buy for your account 50 shares of Rock Island with which to make good the quantity of stock which you are " short." Here the conditions are different. Our books now show that you paid $139 per share for 50 Rock Island and sold the same quantity of the same stock at a price of $137 per share. It cost you $2 per share more than you received for it, hence the difference represents a loss to you on the transaction of $100. Stop orders are always good until cancelled unless you give instructions to the contrary. MAKE YOUR ORDERS EXPLICIT. Orders that leave the brokers to guess at the real intent or desires of the trader are not satisfactory to either party. When you give an order, make it plain, punctuate it carefully. Leave nothing in doubt. If you wish it to be regarded as an " open order," mark it so. State the stock desired, the quantity, and give close attention to this as well as all other little points in connection with which there is a pos- sibility of misunderstanding. Errors in the execu- tion or the giving of orders are usually expensive. Try to avoid them. At the close of each day's business a report is pre- pared showing all transactions made for your account during that session, and mailed or delivered to the person or the trader. And as often as desired a complete statement of every account is forwarded to all customers, recording all trades for the period reviewed and showing the precise balance on hand, as well as any trades which may at that time be " open " in the market. TRADING ON A SCALE. Then there is still another kind of order, used by the man who desires to " buy on a scale." For in- stance, let us assume that your margin is $1,000, and you wish to buy 100 shares of Atchison preferred " on a scale " down. Your order should read " Buy for my account and risk 10 shares of Atch. pfd. at 93 and buy 10 more at 92— 91— 90— 89— 88— 87— BO- SS — 84. Open order." The market declines, we will say, to 84, and, therefore, at each of the quotations named 10 shares of Atch. pfd. have been bought for your account, so that you are now carrying a total of 100 shares, and the average price of this stock is 88^. If the price should decline to 78 1 /£, your margins will be exhausted, for that would represent an average loss on your holdings of $10 per share, or $1,000 on 100 shares. On the other hand, suppose you sold 10 shares at each of the quotations named. Then, with the market at 78^, you could, if you wished, buy 100 shares at that price to "cover" your "shorts," and WALL STREET GUIDE. 17 you would net a profit on the combined transaction of $1,000. In giving "scale" orders do not say "buy on a scale down every point," but state the specific figures at which you wish purchases or sales (as the case may be) executed. Then nothing is left in doubt as to your exact meaning. At all times remember that your broker, if he is a good broker, is a very busy man. Therefore state your desires explicitly, so that they may be com- prehended at a glance. QUALITIES NECESSARY TO SUCCESS. Wall Street is a centre of brains. From the stand- point of brains it is an illustration of the survival of the fittest. If you would succeed in stock market operations you must have the ability to think for yourself; you must be able to listen to the views of others without being unduly influenced. You must have the nerve to admit your mistake when you see you have made an error, and get out of a bad trade before the loss has amounted to serious propor- tions. To make a success of this business } T ou must have the ability to form positive conclusions, yet avoid falling into the rut of entertaining " bull- headed " notions. The obstinate man will fail, the man of weak will is destined to a like fate. It is the " happy medium " that is cut out to make a suc- cessful stock operator. Such a man should not spend five years in Wall Street speculation without being in a position at the end of that time to retire on a most substantial competence. It makes no difference whether he starts with $100 or $1,000, those are the qualities which go to make up the individual with ability " to read the market." And the man who can do this is destined to succeed. The obstinate man may possibly make a moderate success of it, the weak-minded trader, by adhering closely to definitely mapped out rules pertaining to the technical part of the business, will perhaps ope- rate with a fair degree of success. But the fortunes are made by the men who are able to form their own opinions and who are not too proud to change them when it is evident they are poorly formed. LOOKING INTO THE FUTURE. Panics and good times come to us in periodical tidal waves. A careful study of the financial and business condi- tions of the past is our best guide as to what is going to occur in the future, and a careful observer will 2 note that since the year 1818 business has been good and stocks and commodities high about every ten years, and that this has then been followed by a reactionary panic, prices tending downward for a period of about five years and gradually working up to the old level; then about once in twenty years we have experienced sensational business booms, which were inevitably followed by a severe liquida- tion panic, such as occurred in 1833, 1853, 1873, and 1893, while " scares " occur quite frequently during each year. Reactionary panics do not carry as disastrous after-results as liquidation panics, but in either case there must be a strong upward action before a severe reaction can take place. After the panic of 1893 the after-results were the same as those following the 1873 panic. In 1877 business began to improve, and the year following there was a general advance in stocks and speculative commodities, which laid the foundation for the great boom of 1879, after which we were blessed with ten years of unprecedented prosperity without interruption, until the monetary panic of 1893, which occurred just twenty years after the 1873 panic, resulting from the failure of J. Cooke and many other banking houses with national repu- tations. Succeeding the panic of 1893, we went through a period of depression covering several years, or until the beginning of 1897, just as we did twenty years previously, after which business began to im- prove, and the greatest wave of prosperity ever known to this or to any other country took place, and from present appearances we are still in the early stages of this period of prosperity. Judging from the duration of the good times of twenty years ago, this period should carry us along for from eight to twelve years before we are to suffer any serious set-back. What has happened in the past we may reasonably expect to occur again. The higher prices go, the greater the inflation of values, the more disastrous and far-reaching will be the fall. Booms are not felt spontaneously all over the country at once, but come gradually and are first noticed in special locali- ties. Wall Street may be said to be the financial pulse of America, and is the first to foretell a coming storm. It is the barometer of the nation, but in order to read this barometer accurately we must study carefully its code of signals and learn the meaning of each market movement. The influences which have an important bearing upon future values and the laws of action and reac- tion are a study .in themselves, and the more a per- son studies them the deeper the subject becomes, but with ordinary judgment one ought to be able to foretell market movements with some degree of accuracy. WALL STREET GUIDE. MONETARY TIDAL WAVES. Speculative values have their ebb and flow just as surely as the tides of the ocean, and by a careful study of these movements it is possible to become a successful operator in stocks and other speculative commodities. In order to do so intelligently, you must study and become familiar with the volumes of stock traded in, in addition to general conditions affecting opportunities which cannot be equalled in any other business or profession. Intrinsic values never control a rising or a falling speculative tide. Study the ebb and flow of this tide and you will learn to solve the problem of suc- cessful operations in the stock market with a degree of certainty that you will find surprisingly accurate. Future movements in the stock market are indicated by the volumes of transactions and extreme prices reached on either a rising or a falling market, and WALL STREET, EAST OF WILLIAM STREET, IN THE PANIC OF OCTOBER U, 1857. values. The reason why so many people fail in speculative operations is because they come to Wall Street expecting to get rich quickly, and will then buy or sell stocks right and left just because some one has advised them to do so or because they have been a little lucky and will guess that it is right to do so. This i> gambling pure and simple. Successful speculation is based upon intelligent forecasts, the fulfilment of which must be patiently awaited. Lei the operator apply to his transactions the true principles of speculation, just as he would do in any ol her business, and then Wall Street, offers to tin; man with nerve, patience, and moderate capital in either case are always sure to go just as much too far in one direction as they were previously in the other direction. When the heart stops beating we are dead. When values stop fluctuating the world will be dead. Disturbing elements are necessary to its vitality. No matter how quiet the market may be, something unexpected is sure to happen, and will serve to start the market into activity. The first extreme point reached in either its upward or down- ward course, accompanied by an unusually large volume of trade, is a measure of its successors with surprising accuracy ; so that a careful student of '■•■a nee is able to judge when the high or low point WALL STREET GUIDE. 19 is reached, and on any succeeding movement to that extreme point there will be plenty of opportunities to act. WHEN YOU WIN, SOME ONE ELSE DOES NOT ALWAYS LOSE. It seems to be the general impression amongst peo- ple with whom we have come in contact that in order to win, it is necessary that some one else must lose a like amount. This would be true if speculation was gambling, but it is no more so than buying real estate. Of course there is risk in all things. We take chances every time we go out of doors, and it may be said that there is nothing certain except death. But, says some one, "Where do you draw the line between stock specu- lation and gambling?" Herein lies the difference: The general tendency of values in America is in an upward direction, because we are making rapid strides forward. Our financial conditions are becom- ing better gradually, and our country is developing very rapidly. This naturally results in increased railroad earnings, and increased earnings for every combination of capital in the land, and a consequent increase in the value of these securities. Therefore, if you bought Missouri Pacific a few years ago at 30, the advance in price which has taken place is a natural enhancement in value, and is your profit for using good foresight and judgment, while no one is loser thereby. You have more than trebled your money if you bought your stock and paid for it outright, while if you bought it on margin your profit is just that much larger in proportion, because you could have bought six times as much on a five-point * margin as you could have purchased outright. Therefore, a profit at the present time under the latter plan would amount to over twelve times the amount of your in- vestment, and no one necessarily loses a single dollar by this transaction, because it is merely an en- hancement in value which has taken place from the improved conditions which exist. Can any one show where these transactions differ materially from the one wherein Deacon Jones bought a corner lot and paid down in cash one-tenth of the purchase price, giving a mortgage on the balance, and the lot doubled in value in six months? One is as much of a gamble as the other, and no one necessarily" had to lose the amount that the other made on the transaction. As a rule it is only gambling to those who have lost, and it is entirely superfluous to profess a moral- ity superior to stock speculation. In fact a pew in the church and a seat in the Stock Exchange are not now absolutely inconsistent holdings. * A point in stocks is $1.00 per share, regardless of the selling price. "THE CONSOLIDATED STOCK EXCHANGE." This exchange was organized in 1875 under the title of the " Consolidated Stock and Petroleum Ex- change." Originally, the principal purpose of this organization was to afford a ready market lor the then new product, petroleum, and for many years, until about 1889, trading in this commodity was very active, when the product became almost entirely monopolized by the Standard Oil Company, after which trading in oil became a dead letter and was discontinued in the exchange. All prominent mining stocks are listed on this exchange, and calls are made daily, but during the past ten years the business of buying and selling railroad and industrial stocks has almost monopolized the entire transactions of this exchange. It occupies its own property, corner of Exchange Place and Broadway, running through to New Street. It has gradually grown in size and prestige until it is now a prominent competitor of the old Xew York Stock Exchange. The daily transactions in active stocks on its floor often aggregate half the volume of those made on the old exchange, and there are many reasons why it is sometimes advantageous to operate on the Consolidated Exchange in pref- erence to the New York Stock Exchange; especially is this true for small operators. One reason is that the commission is only one-half as high, being one-eighth for the round turn for quantities of fifty shares and upwards; whereas, the New York Stock Exchange rate is one-fourth for the round turn; and this is no small item, as it is figured that the average speculator will pay as much in commissions each year as his account amounts to at the start. It is, however, true that in some instances the Con- solidated market will be one-eighth over or one- eighth under the regular market; but while this works to a disadvantage occasionally, it also works to one's advantage at other times. True, the quotations on the New York Stock Ex- change have a great deal of influence on prices on the floor of the Consolidated, for the reason that trans- actions on the latter are seldom so heavy as they are on the older exchange, and in operating on this ex- change you are also enabled to trade in smaller quan- tities at the market prices, while on the New York Stock Exchange if you try to buy or sell ten shares of any stock you will, in all probability, get your trades executed at from one-half to one point away from the last quotation ; this in addition to paying twice the regular charges of Consolidated Stock Ex- change brokers. CONSOLIDATED STOCK EXCHANGE OF NEW YORK. WALL STREET GUIDE. 21 A FEW POINTS WORTH REMEMBERING. Here are a few brief rules which it is well to keep in mind, in addition to careful observation as to market movements already explained: 1. Remember a bear market always begins when everything is brightest and the public most bullish, and when volumes of transactions are largest on the advances. 2. A bull market begins at the end of a bear cam- paign, when everything is darkest and the volumes of transactions are abnormal, at which time the public is selling stocks. 3. After an extreme movement in either direction, accompanied by a large volume of transactions, and a reaction of from two to five points occurs, prices are almost sure to go back to near the former ex- treme point within a few days, and this is the place to buy or sell stocks, as the case may be. 4. Remember by the time the news gossip reaches you it is very apt to be stale, and is probably sent out for the very purpose of getting the public on the wrong side of the market. 5. Never trade in more than your capital will allow you to margin at least ten points, and preferably twenty, because then when you have to take a small loss, you will not feel it so seriously as would be the case were you to trade on a narrow mar- gin. Let small loads and big margins be your watch- word. 6. Drop all sentiment, pay no attention to news gossip, points, or tips, but merely become a machine with sufficient power to execute your orders accord- ing to market movements as previously explained. 7. When the market starts in your favor, continue buying or selling, as the case may be, using your profit for additional margin, always keeping plenty of margin on your trades; then, should there be a long movement in your favor, your profit would be something immense in proportion to the amount invested. GOLDEN RULE: WHEN IN DOUBT, DO NOTHING. The market is always here, and there will be plenty of opportunities to take advantage of the fluctua- tions without guessing at it. Wait for something definite; don't try to make a profit every day. If you can make one good profit each month, without any losses, it is much better than trying to trade on every quotation. IF WRONG, ACKNOWLEDGE IT. Do not hesitate to change your position if you find you have assumed an erroneous one on the market, even if you have to take a loss. Such a thing fre- quently occurs. Remember " it is only mules and mile-stones that never change their opinions." Sup- pose you were in Chicago starting to New York by rail, but found you had, by mistake or false direc- tions, gotten on the Denver train, would you not get off as quickly as possible and get on the New York train? Certainly, but some speculators would not. Rather than believe they were wrong they would stay right on the Denver train, hoping to possibly arrive at New York some day by way of China. CHANGE, IF CONDITIONS CHANGE. No one knows what the future has in store. To be a successful speculator you must be more nimble at somersaults than any political acrobat. You must be able to be a rip-roaring, tossing "bull" to-day, and a growling, snarling " bear " to-morrow on the same commodity. No one knows what a day will bring forth. You have started out for a walk or a drive on a beautiful afternoon, with not a cloud visible, and inside of an hour a fearful storm may be raging. Then you must get under cover or get wet. But some speculators would not. They prefer to stay out, just because they started out under the impression it was to be a fine afternoon. NEW YORK PRODUCE EXCHANGE. New York has five well-established exchanges, the New York Stock Exchange, the Consolidated Stock Exchange, the New York Produce Exchange, the New York Cotton Exchange, and the Coffee Exchange, all occupying buildings owned or constructed for their special uses. Their operations are on similar lines, and many firms hold memberships in two or more of them, this being especially true with regard to the stock exchanges and the Produce Exchange. They are absolutely independent of one another, but in events involving the general welfare they exert a united influence of vast importance. The Produce Exchange owns one of the finest structures of its kind in the world, having cost, in 1884, $3,178,000. The income from rentals alone is over $200,000 per annum, and the exchange now has a gratuity fund, for the benefit of the heirs of deceased members, amounting to over $1,000,000. WALL STREET GUIDE. 23 "PUTS" AND "CALLS." A word of explanation as to the real meaning of " Puts " and " Calls " and their workings is not out of place here. A " Call " is a privilege to buy stocks, grain, cotton, or other speculative commodities at a given price, within a certain specified time, and a " Put " is the exact reverse, or a privilege to sell at a given price, within a specified time. The business of dealing in " Puts " and " Calls " on stocks in Wall Street, outside of loaning money, may be said to have been almost the life business of Russell Sage. At any rate, it was he who made this particular line of Wall Street business prominent, and undoubtedly a large part of his fortune is a re- sult of these operations. In order to illustrate the exact workings of " Puts " and " Calls," we will have to go into detail, and for an illustration we will say that you have reason to believe that Union Pacific stock will sell much higher in the near future. We will suppose that the stock is now selling at 98, and that you buy a " Call " on 100 shares at, say 101, good for 30 days. The price of this " Call " or privilege varies according to the activity of the market, but assuming that you paid $1 per share, or $100 for this privilege, and that before the 30 days expired Union Pacific was selling at 110. You would then call upon the broker who sold the " Call " to you for the stock, which he would be compelled to deliver to you at 101. You could then hold the stock for future profits or sell it out at the price then ruling, taking the difference. In case you did the latter, your profits would amount to the difference between 101 and the selling price, which, for illustration, we assume is 110, less the cost of the privilege and your commission for buying and selling, both of which would amount, in the above instance, to $25. Deducting this from the difference between the buying price and selling price, which is 9 points, or $900, your net profit on the transaction would amount to $775, and you took absolutely no risk on this transaction, except the amount of money in- vested. On the other hand, suppose that you had bought a " Put " on the same stock at 9G, and there- after the price declined to, say 87, the transaction would be exactly similar to that above, with the ex- ception that you would " Put " or sell the stock first to the party who sold the privilege and buy it in after- wards, but your profits would be exactly the same in the one case as the other. Of course the buying and selling are attended to by your broker, and another point which you must remember is that you do not have to wait until the expiration of the privilege. Assuming that the privilege was for 30 days, and the stock advanced or declined at any time within the 30 days, you could close out and take your profit without waiting for the full expiration of the time, but the seller of the privilege couid not compel you to take the stock or to close the transaction at any time, it being optional with you to do so or not. The above time limit and prices are, of course, merely used for illustration. You can buy " Puts " and " Calls " for any num- ber of days, even three months, and sometimes longer. The above illustration is of the usual plan under which " Puts " and " Calls " are traded in on the New York market, but in London " Puts " and " Calls " are usually sold at the market price of the stocks on the day sales are made, the seller, however, charging a larger price for the privilege. Most "Puts" and " Calls " in the New York market are from one to three or four points away from the market price on day of sale, but the price for this privilege is much lower than when they are bought on the London plan. To illustrate the London method, we will say that you buy a London " Call " on 100 U. S. Steel at 41, assuming that 41 is the market price for U. S. Steel on the day this "Call" is bought; you would prob- ably pay from $250 to $300 for this privilege, which would be good for, say 30, 60, or 90 days from date of sale, according to the activity of the market at the time of purchase. Assuming that you paid $250 for a " Call " on Steel at 41, good for 60 days, and that at any time prior to 60 days from date of said purchase U. S. Steel advanced to 50, you could close the transaction and your profit would amount to $737.50, less the original cost of the privilege and broker's commission for buying and selling 100 shares of stock. What we wish to impress fully upon the reader is the fact that there is really no difference between the two methods of dealing in " Puts " and " Calls," with the exception that the London privileges are sold at the market price at the time of making sale, and you pay a larger price for them, while American " Puts " and " Calls " are usually sold at from one to three or even more points away, at a cheaper rate. The London plan is, however, becoming a favorite in Wall Street, and the probability is that more trading in "Puts" and "Calls*" at the market will be seen hereafter. Previous to the great bull market of 1900-01, a great many Wall Street operators purchased " Calls " in London on Northern and Union Pacific, and took millions of dollars out of the English speculators on the big movement which took place immediately suc- ceeding our national election. It has been variously estimated that members of the London Stock Ex- change lost in the neighborhood of $40,000,000 to far- sighted American speculators who took advantage of their privileges, bought at the market price during the September depression then prevailing here. WALL STREET GUIDE. 25 Trading in " Puts " and " Calls " is one of the safest plans under which an outsider can speculate. You take absolutely no risk, with the exception of the amount of money invested, while your profits are sure to be extremely large at times. Of course a great deal of your success in your operations in " Puts " and " Calls " will depend upon the brokers with whom you deal, and the attention that they give to these operations, as it is absolutely necessary to take advantage of the full benefits to be derived from these privileges. If you are dealing with a re- sponsible house, you will have no reason to complain on that score, as it is to the interest of the broker ^o look after his customer's welfare in every manner possible. Another plan which offers many advantages to the speculator is to purchase " Puts " and " Calls " to trade against. In other words, if you are going to buy, say 100 U. S. Steel, and you can buy a " Put " on 100 shares of Steel at the market price, or even one or two points below the present market price, this privilege will be considered the same as margin by your broker, and in case of the market declining below the price at which the " Put " is given, you will suffer no further loss, nor would you be called upon for additional margin, no matter how low the stock might go. You would merely be out the difference between the price at which you bought and the price at which the " Put " is good, and the cost of the privilege. In other words, the " Put " would act as margin from the point at which it is given. The same plan can be worked in operating on the short side of the market, only that in selling the stock short you would buy a " Call " instead of a " Put." In this way you limit your loss and protect your transaction against temporary fluctuations, a " r'ut " or " Call " acting the same as margin from the point at which it becomes operative. SCALPING. A scalper is one who operates for small profits, and is neither a bull nor a bear, excepting for short periods. Quick trades and small profits is his motto. He generally has no opinion of the market, but pre- fers to watch the operations of others. He turns quickly when the market turns against him and limits his loss. He does not profess to know all about the markets, whether bank reserves will de- crease or increase, nor does he care. He does know, however, that when the price of any commodity advances very sharply it will surely have a slight reaction, and allow him to take his profit on the fractional decline; also, that when the market de- clines it is sure to react slightly in the opposite direction. In this way, particularly when trading is lively, he can scalp out from one-half to one, two or three points several times in the course of a week, but in order to scalp successfully it is necessary to be on the ground, as you must take advantage of every turn of the market, and if you contemplate sending your own orders from a distance you should not attempt to operate on this theory, but should trade for a long pull, and then stand by your trades. PROSPERITY NOW WITH US. This is a bull country, and, the natural tendency is toward enhancement of values of all securities, and we are just now in the midst of one of the most prosperous periods with which we have been favored. Prices of securities probably look high, and they are if compared with those of five years ago, but condi- tions have materially changed. The silver agitation, which reached its height in 1896, is dead and buried, and from its grave arises a national prosperity such as we have never seen before and such as no other country on earth has ever experienced. Of course there will be periods of liquidation, accompanied by reac- tionary markets, but there is no way by which money can be made so rapidly as by careful and conservative speculation, particularly if one is able to judge quite accurately as to future market movements, and by paying close attention to the action of the insiders one should be enabled to stop losses quickly when wrong, and, on the other hand, when right pile up profits by buying or selling more, as the case may be, while the market goes our way. THE CHICAGO BOARD OF TRADE. The Board of Trade building is one of the attrac- tions of Chicago, costing nearly $2,000,000. The mas- sive and beautiful structure encloses one of the finest exchange halls in the world. Its superb offices are supplied with every modern convenience. Chicago is the greatest market for grain and pro- visions in the w r orld, and it is here that the trade in these commodities centres. Not only is a con- siderable portion of the food supplies of the American people bought and sold on the floor of the Chicago Board of Trade, but foreign nations are largely supplied from this source. P. D. Armour, when alive, was called the greatest merchant in the world. He was a member of the Board, and a large share of his business was transacted through this institution. Marshall Field, Lyman J. Gage, N. K. Fairbank, ex- Senator Farwell, and scores of the representative business men of this representative American city are honored members. There is no similar institu- tion anywhere on the face of the earth with a higher standing for commercial integrity. CHICAGO BOARD OF TRADE. WALL STREET GUIDE. 27 WHEAT, CORN, OATS, RYE, PORK, LARD, AND RIBS. CASH PRICES FOR TWO YEARS. The following table exhibits the opening, highest, lowest, and closing cash prices, on the regular market, for the articles named in store (monthly) for 1901, and the highest and lowest prices for 1900 : Regular Wiieat. 1901.- Months. Opening. Highest. January $0,741 $0.76§ February 0.72£ 0.74| March 0.741 0.761 April 0.741 0.741 May 0.721 0.751 June 0.75 0.771 July 0.65f 0.71f August 0.67f 0.77 September 0.691 0.71 October 0.681 0.71* November 0.70 0.73| December 0.73 0.791 Lowest. $0.71f 0.721 0.731 0.69* 0.70 0.65* 0.631 0.66f 0.681 0.66| 0.70 0.73 Closing. $0,731 0.741 0.751 0.721 0.74f 0.65* 0.67| 0.691 0.68f 0.70| 0.73 0.781 Highest. $0,671 0.671 0.67 0.67| 0.67| 0.871 0.811 0.761 0.79| 0.77| 0.741 0.74f 1900. Lowest. $0,611 0.631 0.64 0.64| 0.63| 0.651 0.74 0.71| 0.721 0.71f 0.69| 0.691 No. 2 Corn. January $0,361 $0.37£ $0.36 $0,371 $0.31§ $0,301 February 0.371 0.40 0.371 0.391 0.341 0.3H March 0.391 0.44 0.39 0.44 0.381 0.33| April 0.43 0.48 0.41 0.47£ 0.401 0.381 May 0.49 0.58* 0.42f 0.43| 0.401 0.36 June 0.44 0.44| 0.41 0.43| 0.431 0.37$ July 0.441 0.581 0.431 0.541 0.44| 0.38f August 0.54f 0.591 0.53| 0.54f 7.411 0.371 September 0.541 0.59f 0.541 0.551 0.431 0.381 October 0.551 0.58 0.54f 0.57f 0.41| 0.36^ November 0.57| 0.631 0.571 0.62 0.49* 0.35 December 0.631 0.671 0.621 0.63 0.401 0.351 No. 2 Oats. January $0,231 $0,241 $0,231 $0.24 $0.23 $0,221 February 0.241 0.251 0.241 0.25 0.23| 0.221 March 0.25 0.261 0.24| 0.261 0.241 0.23 April 0.26 0.271 0.25* 0.27 0.251 0.23 May 0.28 0.31 0.271 0.281 0.23f 0.211 June 0.28| 0.28f 0.27 0.28 0.261 0.21| July 0.27| 0.39 0.271 0.34 0.24| 0.211 August 0.341 0.371 0.331 0.341 0.22| 0.21 September 34 0.36| 0.33| 0.351 0.221 0.211 October 0.34| 0.37f 0.341 0.37f 0.22f 0.21| November 0.37f 0.441 0.371 0.421 0.221 0.21f December 0.421 0.481 0.42 0.451 0.22| 0.21f No. 2 Rye. January $0.49 $0.49£ $0,471 February 0.48f 0.501 0.481 March 0.50 0.511 0.491 April 0.501 0.53 0.48| May 0.511 0.54 0.511 June 0.52* 0.53 0.46f July 0.47 0.57 0.47 August 0.55 0.60 0.52 September 0.53 0.56 0.521 October 0.54 0.56 0.531 November 0.541 0.61 0.541 December 0.59 0.65$ 0.59 $.48 $0.52 $0.50 0.50 0.551 0.51 0.51 0.55 0.521 0.51 0.55* 0.53 0.521 0.561 0.53 0.47 0.62 0.52f 0.541 0.58 0.50 0.531 0.511 0.48 0.55 0.531 0.501 0.541 0.521 0.471 0.59 0.48 0.441 0.65f 0.491 0.45f WALL STREET GUIDE. 29 Mess Pork. 1901. N ( 1900.- Months. O rkP ninor Highest. Lowest. Closing. 419 firt 41 •"; no jpio.uu s 1 9 fiO *i1 1 791 41 1\ on O In Of: J$ 10.O9 1 Q n"71 1 A 1 Ft 1 •>. / lo.UO 1 1 1 A 11.10 10.50 IV /f „ . 1 Q Oft 10. oO 1 Q CM I LO.Ou 1>5. <9 10.50 \pril 13 50 15. 55 14.10 14.50 13.25 12.45 Mav 14.85 15.20 14.45 14.65 12.10 1L20 14.65 14.90 14.50 14.62* 12.85 11.05 July 14.55 14.60 13.73 14.00" 12.75 11.55 14.30 14.50 13.70 14.35 12.20 10.90 14.40 15.05 14.35 14.70 12.30 10.85 14.65 14.65 13.40 13.50 16.00 11.50 13.80 15.25 13.75 15.15 11.50 10.37* 15.30 16.10 15.10 15.85 11.88* 11.00 Lard. $6.95 $7.50 $6.90 $7.35 $6.05 $5.72* 7.37* 7.52* 7.35 7.40 6.07* 5.65 7.35 8.35 7.35 8.32*. 6.55 5.70 8.42* 8.62* 8.10 8.10 7.35 6.45 Mav 8.17* 8.27* 7.85 8.20 7.07* 6.72* 8.15 8.80 8.15 8.62* 7.07| 6.47* July 8.62* 8.70 8.40 8.65 6.90 6.60' 8.67* 8.97* 8.55 8.95 6.90 6.60 8.95 10.25 8.95 9.95 7.20 6.67* 9.92* 9.97* 8.60 8.60 7.40 6.77* 8.60 9.60 8.47* 9.55 7.25 6.85 9.55 10.15 9.37* 9.95 7.22* 6.75 Short Rib Sides. $6.55 $7.30 $6.40 $6.87* $5.95 $5.40 6.85 7.30 6.85 6.97* 6.15 5.60 6.95 8.20 6.90 8.12* 6.90 5.65 8.15 8.40 8.00 8.15 7.40 6.55 8.20 8.40 7.80 7.87* 6.90 6.35 .......... 7.90 8.25 7.75 8.05 7.30 6.30 July 8.00 8.10 7.75 7.90 7 30 6.50 7.90 8.45 7.70 8.40 7.40 6.75 8.40 9.10 8.30* 8.85 8.35 7.05 8.77*. 8.90 7.85 7.95 8.35 6.40 7.90 8.45 7.75 8.40 7.75 6.50 8.35 8.70 8.15 8.52* 7.00 6.25 The following table shows the dates on which the highest and lowest prices were reached in 1 901 Articles. Highest. Lowest. Regular Wheat . . Dec. 9, $ 0.79*. July 9, $ 0.63^ No. 2 Corn Dec. 26, 0.67* Jan. 3, 0.36 No. 2 Oats Dec. 7, 0.48*. Jan. 2, 0.234; No. 2 Rve Dec. 26, 0.65| June 29, 0.46| Timothy Seed . . . Dec. 7-31, 6.55 Mav 27-31, 3.35 No. 1 Flax July 12, 1.90 Sept. 5, 1.38 Articles. Highest. Lowest. No. 1 Northwest. . . July 12, $1.90 Sept. 5, $1.40 Prime Clover Feb. 8-11, 11.50 Sept. 9, 8.25 Mess Pork March 20, 16.80 Jan. 2, 12.60 Lard Sept. 20, 10.25 Jan. 2, 6.90 Short Rib Sides. . . . Sept. 23, 9.10 Jan. 2, 6.40 TABLE OF FRACTIONAL POINTS IN LARD. Profit. 2>\ cents per 100 pounds 5 10 15 Tierces. Amount Profit. Profit. Tierces. Amount Profit. 250 250 250 250 250 $21 25 42 50 63 75 85 00 127 50 20 cents per 100 pounds 25 " " 50 •« " 100 " " 250 250 250 250 $170 00 212 50 425 00 850 00 WALL STREET GUIDE. TABLE OF FRACTIONAL POINTS IN GRAIN AND PORK. 31 Grain. Fractional Profit. l. 8 X 4 a 8 X s a 4 z 8 1 2 5 10 per cent, on Bushels. Amount Profit. K fiflft o,uuu <&(i OK e; AAA 1 O Hft 1/0 «)U 5,000 18 75 5,000 25 00 5,000 31 25 5,000 37 50 5,000 43 75 5,000 50 00 5,000 100 00 5,000 250 00 5,000 500 00 Pork. Fractional Profit. 2\ cents per barrel on 5 10 m 15 m 20 25 50 100 Barrels. Amount Profit. 250 $6 25 350 12 50 250 18 75 250 25 00 250 31 25 250 37 50 250 43 75 250 50 00 250 62 50 250 125 00 250 250 00 HOW TRADING IS CONDUCTED ON THE CHICAGO BOARD OF TRADE. There is a widespread misunderstanding in regard to transactions on the Board of Trade, which arises from ignorance of its rules, many uninformed persons believing that no property passes on these purchases and sales; and yet the rules of the board not only contemplate the actual delivery of all property bought and sold upon the floor, but have also made provision and prescribed penalties for all damages that may arise in case of non-delivery upon the ma- turity of a contract. A Board of Trade contract matures on the last day of the term mentioned in the contract, and all transactions made between members for the purchase or sale of grain, seeds, or provisions on the floor of the Board of Trade are contracts under its rules. In order to facilitate business, transactions between members may be settled through the Clearing House of the board, when two members have purchases and sales coming from one and going to the other, of the same article and for the same term or time. In these cases settlement between the two can be made at any time by an adjustment of the difference in prices through the Clearing House, thus avoiding the trouble and time involved in receiving and paying for the property bought, and immediately tendering it upon a sale to the same party who delivered it, and taking his check in return therefor. To receive property and give a check for it, then immediately deliver it to the same party it was received from on a sale made to him, and take his cash in payment, would be ridiculous in the extreme, when the difference be- tween the two prices settles the two transactions. These settlements are precisely like those of bankers in their clearings with each other, where a cashier's check is given for a balance that may be due, instead of passing large sums first to one and then another. The actual property sold must be delivered on all unsettled sales on the last business day of the term or month mentioned in the contract, unless previously sold; and, as already stated, the rules of the board provide that a defaulter shall pay the full measure of damages that may result to the purchaser for such non-delivery. It is legitimate fcr a dealer in the country to con- tract with a farmer for a part or the whole of his growing or future crop, to be delivered on a certain date or within a certain month, and the payment of a small part of the purchase money binds the con- tract, and the courts protect both the purchaser and the seller by compelling the fulfilment of the con- tract — one to deliver, the other to receive. The Board of Trade simply provides a way to do at Chicago that which no one questions as right and proper in the country, the margin required being not only to protect against losses by fluctuations in prices, but as " earnest " or " part purchase money," to insure the fulfilment of the contract between all the par- ties interested, the margin itself being evidence of an existing contract. The large volume of grain and provisions actually delivered on sales on the first working day of each month is simply a delivery of purchases and sales made for future delivery on a previous date, and quite a large proportion of the shipments to sea- board and other markets is purchased weeks, and sometimes months, beforehand. Before executing an order, a remittance is required by all commission merchants, for protection against changes in the market, and this remittance is called " margin." This remittance should accompany or precede each order, and should be Chicago exchange, payable to your broker. When additional margins are required on account of fluctuations in prices, cus- tomers are advised of the amount needed in case they do not wish their transactions closed when the margin in hand is about exhausted. This additional margin should be immediately deposited with a bank at your place, to your broker's credit, and the cashier WALL STREET GUIDE. 33 instructed to advise the broker by telegram of the amount so deposited. In case you do not wish to deposit with a bank, advise the broker at once, as he will then endeavor to call on the customer in time to remit by mail exchange or currency by express. Bear in mind, however, that the additional margin, if required, should be with the broker before the margins already in his hands are exhausted. EXPLANATORY. If you expect advances in the price of anything, of course you wish to buy it, so that you may sell out higher. You order your broker to buy, say 5,000 bushels of May wheat. You deposit with him, in advance, a margin of 3 to 5 cents a bushel; that is, from $150 to $250. He then executes your order at the market price, or waits for a certain specified price called a " limit," if you so desire. Suppose he buys your wheat at 64%. His complete commission for buying and selling will be % cent per bushel, so that your wheat will therefore stand you 64%, plus %, equals 65. WHEN THE MARKET GOES YOUR WAY. Say you have put up a 3-cent margin, or $150. If the market continues around or above 64%, you do not have to put up any more margin. If the price goes up, you can make a profit by ordering your broker to sell 5,000 bushels of May wheat. Suppose he sells at 66. You make the difference between the purchase price, 64%, and the selling price, 66, being 1% cents on each bushel. On 5,000 bushels this amounts to $56.25, but the broker's commission of % cent a bushel, or $6.25, comes out of this, leaving your net profit $50, which the broker immediately places to your credit, and will pay to you at once if you desire, and also return your $150 margin. WHEN THE MARKET GOES AGAINST YOU. If the market goes down a cent, instead of going up a cent, your margin of 3 cents per bushel still keeps your trade good. If the market declines nearly 3 cents per bushel, your broker will, if possible, tele- graph you for more margin, to protect against further decline. This call should be answered imme- diately, stating how much money you have deposited to the credit of the broker or sent to him. As a rule, upon receiving advices that funds have been deposited to his credit, the broker will protect your trade. If the market then recovers to your purchase 3 price, you lose nothing. If you order your trade closed out below the purchase price, you lose the difference between the buying and selling price on each bushel of wheat. If you sell out at 64V6, you lose % cent on each bushel, or $18.75 on each 5,000 bushels, plus $6.25 commission. CLOSING TRADES AT LIMIT OF FUNDS. If you fail to respond to your broker's call for margins, and the market declines to the point where your margins are exhausted, or nearly so, the broker will be compelled to close your trade out in order to save himself from the loss which would occur on a further decline. If your trade is closed out exactly at the exhaust price, you lose all the margins you have put up. You should watch the market closely, and always keep margined 2 or 3 cents ahead of the cur- rent price. The market may turn strong just below your exhaust price, and recover enough to save all your margins and make a profit besides. If your trades are closed out you make nothing by a recovery of the market, unless you send new margins and buy again. A deposit must always be kept with the broker, larger than the loss that would be shown by all your trades if they were closed at the market price. Failure to do this puts a great risk on your broker, and he is obliged and allowed by the rules of the board to close all your trades to prevent or stop this loss. ALL SUMMED UP. After buying, therefore, 1. If the market advances you can sell and realize profits and have margins released. 2. If margins are kept good on all declines, and the market then advances above your purchase price, you can sell, realize profits, and have all margins released. 3. If the market declines and you sell at a lower price than you have bought, the loss will be deducted from your margins and the remainder returned to you. 4. If the market declines so that loss in your trades equals the total amount of funds in your broker's hands, or nearly so, and you fail to re-margin, your trades will be closed and all your margins lost. KIND OF ORDERS. Buying or selling orders may be sent to be exe- cuted — 1. At the market price when the order is received. 2. At a stated price when the market reaches it, if it does reach it. WALL STREET GUIDE, 35 The natural and correct way to trade is to buy or soil at the market price. Then your order will be instantly executed, and you will get into the market at the ruling price. Too many traders would like to buy a little below the market, or sell a little above it. Therefore they send orders to buy it' the market goes down to a certain price. This is false caution. If the market is to go down, one should sell instead of buying. The giving of such an order, moreover, often defeats the purchase entirely. Peo- ple generally wish to buy when the market is rising. If an order is given to buy a little below the ruling price, by the time it is received the market has more likely advanced a little than declined a little, and the order cannot be executed. 1 Never accept discretionary orders. Give explicit directions at what quotation to buy or sell, or to place the trade at market price on receipt of the order, and leave nothing to our judgment or dis- cretion. TRADING INSTRUCTIONS. Trades may be made at any time during the busi- ness hours of the exchange. We receive and execute orders for any option or month that is being dealt in on the Board of Trade, or for any stock dealt in on the Xew York Stock Exchange. The regular hours of the Chicago Board of Trade are from 9.30 A.M. to 1.15 P.M.. except on Saturday, when the session closes at 12 noon. The hours of the Xew York Stock Exchange are from 10 A.M. to 3 P.M., Xew York time, which is equal to 9 A.M. to 2 P.M., Chicago time. You can send orders by mail, telephone, or tele- graph, prepaid. Write your orders plainly. For example: ''Buy (or sell) of at margin dollars.''" When the order is good for more than one day, mark it " Open order." When you do not state price, the order will be filled at the market price when received. Always remit with order, unless you have a credit balance in our hands. Remit by draft, money order, express, or telegraph. Person;)] checks cannot, be counted as cash until collected, unless certified as good by the bank drawn on. We will advise you immediately when a trade is made or closed for you, by wire if you request, other- wise by mail. Any trade may be closed at any time and profits taken, it not being necessary to wait for the delivery month or for contract to mature. All profits and deposits not in use as margins are always subject to your order. Your total credit with us is used to protect all your trades, so long as it will. If not sufficient, all your trades will be closed out together, unless other- wise ordered. All transactions with us are strictly confidential, and the business of our customers is never divulged. SPECULATION IN COTTON. The method of speculating in cotton is by the 100 bales of 500 lbs. each, 100 bales weighing 50,000 lbs., which is the minimum amount dealt in. Specula- tion is in the future months, as on the Board of Trade. In the cotton markets of the United States the cent is divided into one hundred parts or " points," so that a fluctuation of 50 " points " is equal to % cent per pound. Each point, up or down, is equal to $5 on each 100 bales. If cotton is bought at, say 8 cents, an advance of 20 points would show a profit of $100; an advance of 50 points (y 2 cent per lb.) would give $250 profit on each 100 bales. An advance of one cent a pound means $500 profit on each 100 bales. In an active cotton market profits or losses accumulate very rapidly. The cotton market is an inviting field for speculation, on account of the frequent and wide fluctuations in market price. Ordinary fluctuations, except of extreme high or low level, range 30 to 50 points, and the buyer at low prices has good value for his money. TABLE OF FRACTIONAL POINTS IN COTTON AND COFFEE. Cotton. Fractional Profit. Bales. i n o- 1 no 5 cent on . or 1 cent cents. . . 100 100 100 100 100 100 100 100 Amount Profit. $5 00 10 00 25 00 125 00 250 00 500 00 1,250 00 2,500 00 Coffee. Fractional Profit. 2 l - cent & " & " f H or 1 cent 2 cents 5 " 10 " Bags. Amount Profit. 250 $16 25 250 32 50 250 81 25 250 325 00 250 650 00 250 1,625 00 250 3.250 00 NEW STORE COTTON EXCHANGE. WALL STREET GUIDE. 37 SPECULATION IN COFFEE. The method of trading is similar to that of dealing in cotton and grain futures. The usual amount dealt in is 250 bags, weighing about 130 pounds each ; fluctuations are roTF of a cent per pound ; each point is equal to $10.25 on 250 bags. Suppose a purchase of 250 bags should be made in January for April delivery, at $13 per bag, an advance of one cent (20 points) would be a profit of $325 on 250 bags. LOWEST QUANTITIES AND MARGINS. The loivest quantities and lowest margins received are as follows : MARGINS. Wheat, 1,000 bushels, 3 cents per bushel $30 00 Corn, 5,000 bushels, 3 cents per bushel 150 00 Oats, 5,000 bushels, 3 cents per bushel 150 00 Pork, 250 barrels, $1.00 per barrel 250 00 Lard, 250 tierces, $1.00 per tierce 250 00 Ribs, 50,000 pounds, 50 cents per 100 pounds 250 00 New York Stocks, 10 shares, $5.00 per share 50 00 Cotton, 100 bales, $1.00 per bale 100 00 These margins are the least received, but you can put up as much more as you please when you make the trade, and you can put up additional margins at any time before the margin already up is exhausted. When exhausted the trade is at once closed unless you advise that additional margins have been sent. If you have money to your credit, same is placed on the trade to protect it, unless you have sent instructions not to do so. COMMISSIONS. These commissions pay for a complete deal, made and closed : Wheat, Corn, and Oats \ cen ^ p er bu^he^ Pork 2^ cents per barrel. Lard and Ribs 2£ cents per 100 pounds. Cotton 10 cents per bale. Stocks (orders executed on New York Stock Exchange or over Private Wires).. | of 1%, or $2.50 on each 10 shares. Stocks (orders executed on Consolidated Exchange). of 1% for lots of from 10 to 40 shares ; ^ of l r r for 50 shares and upwards. WHEAT CORNER DAYS. Corners were run in wheat on the Chicago market on the following dates: 1867 — On May IS prices were forced to $2.85, clos- ing at $2. Hi. 1S71 — In August prices were advanced to $1.30, but closed at $1.10%. 1872 — During August wheat sold at $1.61, and closed at $1.19. 1880— During May wheat sold from $1.12 to $1.19, closing at $1.14. 1881 — In August prices advanced from $1.19 to $1.38. and closed at $1.38. 1SS2 — Corners were run in April, dune. July, and September. 1887 — In June the memorable Cincinnati combina- tion to corner wheat developed. Prices were advanced from 80% cents to 04% cents, but the corner col- lapsed and the price declined to (IS cents. 1888 — It was in September when a successful corner was run, wheat selling from 89% cents to $2. top prices being reached on the closing day. 1898 — The famous Leiter wheat corner occurred during the early part of this year, and was successful for a while, but collapsed owing 1<> Leiter 's inability to find a market for the wheat he had accumulated. His loss in the slump which followed has been vari- ously estimated at from eight to twelve million dollar-. ITEMS OF INTEREST. The average cost of raising an acre of wheat in the United States is $11.69. In England the average cost is $38.54. and in India $3.24 per acre. The profit in England is only 48 cents per acre. The consumption of wheat per Capita in the United States is generally ealculated at 4% bushels, and the population is 76.000.000. It is claimed that 100 lbs. of good hay are equal to 45 lbs. of wheat. 5!) lbs. of oats, or 63 lbs. of corn, for the purpose of feeding stock. WALL STREET GUIDE. TO FIND HOW MANY BUSHELS ANY PYRAMIDAL HOPPER WILL CONTAIN. Kule — Multiply length by breadth, in feet, and then multiply this by one-third the perpendicular (not slant) height. This product, being cubic feet, change to bushels by multiplying by 1728 and dividing by 2150.4, or multiplying by 4.") and dividing by 56. Example — A hopper is 3 feet square and 2V S feet high; how many bushels will it contain? 3 x 3 x 2£ = 21 3 = 7 cubic feet. 7 x 1728=12096-=-2150.4=5.0, or 7 x 45=315-=-56=5.6. Note. — The above rule is based on the supposition that the hopper is in the form of a pyramid. LEGAL WEIGHTS AND MEASURES. (Pounds per bushel.) Articles. Illinois. low;) . LSCOD sin. Michigan . Indiana. Missouri. New York. Ohio. 2i 24 28 22 25 24 22 22 50 57 20 20 20 20 20 20 20 48 48 48 48 48 48 48 48 60 60 60 60 60 60 62 60 " castor 46 46 46 46 46 46 46 46 52 52 50 48 50 52 48 50 46 46 46 46 46 46 46 30 60 50 56 55 50 50 50 22 22 22 22 22 22 22 80 80 80 80 Coke. 40 38 40 Corn, shelled 56 56 56 56 56 56 56 56 70 70 70 70 68 70 70 68 48 48 48 50 50 50 50 50 33 40 33 " " pared . . 23 23 28 28 33 33 32 33 40 33 28 28 33 33 56 56 56 56 56 56 55 56 14 14 14 14 14 14 15 10 " clover 60 60 60 60 60 60 60 60 48 48 48 50 48 48 50 " millet 50 48 50 50 50 50 50 ' orchard 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 45 45 45 45 45 45 44 45 60 44 44 44 44 44 44 44 44 50 •JO OO 36 O A 34 38 38 38 34 34 40 70 Middlings, fine 40 40 ' ' coarse 30 30 32 32 32 32 32 32 32 32 57 57 57 54 48 57 57 50 28 28 28 28 28 28 28 25 32 34 55 55 44 60 60 60 60 60 60 60 60 ' 1 sweet 50 46 55 56 55 56 55 50 60 60 60 60 60 60 60 60 32 70 70 80 80 80 80 80 80 80 Rve 56 56 56 56 56 56 56 56 50 50 50 50 50 50 50 50 55 50 56 56 50 50 56 50 Turnips, rutabaga " white 55 55 56 58 55 50 55 60 42 42 Wheat GO 60 60 60 60 60 60 60 WALL STREET GUIDE. RELATIVE COST OF HOG PRODUCTS. (These figures may vary as situation changes, but are reliable. Value of products with hogs selling as below.) Hogs, Alivo. Sides. Green. Shoulders, Green. Hams, Green. Lard, Tierces. i orK, tsarrein. $3 00 $3 91 $3 00 $5 92 $4 94 $8 40 3 25 4 24 o 6 25 6 42 5 33 9 00 3 50 4 56 •> o 50 6 91 5 71 9 59 3 75 4 89 o o 75 7 40 6 09 10 18 4 00 5 21 A 4 7 89 6 47 10 77 4 25 5 54 A 4 OK 8 39 6 86 11 37 4 50 5 86 A 4 Kfi oU 8 88 7 24 11 96 4 75 6 19 A 4 Id 9 38 7 62 12 55 5 00 6 51 jr «) Afl UU 9 87 8 00 13 14 5 25 6 84 5 25 10 37 y 39 13 74 5 50 7 16 5 50 10 86 8 77 14 13 O < O i 4H 5 75 11 45 9 15 14 92 00 7 81 6 00 11 87 9 53 15 51 6 25 8 14 6 25 12 34 9 92 16 11 6 50 8 46 6 50 12 83 10 30 16 70 6 75 8 79 6 75 13 32 10 68 17 29 7 00 9 11 7 00 13 81 11 06 17 88 7 25 9 44 7 25 14 31 11 45 18 48 7 50 9 76 7 50 14 80 11 83 19 07 7 75 10 09 7 75 15 30 12 21 19 66 8 00 10 41 8 00 15 79 12 59 20 25 TO FIND THE FREIGHT PER BUSHEL, AT ANY GIVEN RATE PER 100 POUNDS. Freight Wheat and Corn, Rye Barley anc Timothy Seed. Freight Wheat and Corn, Rye Barley and Timothy Seed. per Clover and Hungarian Oats. per Clover and Hungarian Oats. 100 lbs. Seed. Flax Seed. Seed. 100 lbs. Seed. Flax Seed. Seed. Cents. 00 lbs. 5(i lbs. 48 lbs. 45 lbs. 32 lbs. Cents. 60 lbs. 56 lbs. 48 lbs. 45 lbs. 32 lbs. 1 .6 .6 .5 .5 .3 29 17.4 16.2 13.9 13.1 9.3 2 1.2 1.1 1.0 .9 .6 30 18.0 16.8 14.4 13.5 9.6 2* 1.5 1.4 1.2 1.1 .8 31 18.6 17.3 14.9 14.0 9.9 3 1.8 1.7 1.4 1.4 1.0 32 19.2 17.9 15.4 14.4 10.2 4 2.4 2.2 1.9 1.8 1.3 321 19.5 18.2 15.6 14.6 10.4 5 3.0 2.8 2.4 2.3 1.6 33 19.8 18.5 15.8 14.9 10.6 6 3.6 3.4 2.9 2.7 1.9 34 20.4 19.0 16.3 15.3 10.9 7 4.2 3.9 3.4 3.2 . 2.2 35 21.0 19.6 16.8 15.8 11.2 71 4.5 4.2 3.6 3.4 2 4 36 21.6 20.2 17.3 16.2 11.5 8 4.8 4.5 3.8 3.6 2.6 37 22 2 20.7 17.8 16.7 11.8 9 5.4 5.0 4.3 4.1 2.9 371 22.5 21.0 18.0 16.9 12.0 10 6.0 5.6 4.8 4.5 3.2 38 22.8 21.3 18.2 17.1 12.2 11 6.6 6.2 5.3 5.0 3.5 39 23.4 21.8 18.7 17.6 12.5 12 7.2 6.7 • 5.8 5.4 3.8 40 24.0 22.4 19.2 18.0 12.8 12* 7. 5 7.0 6.0 5.6 4.0 41 24.6 23.0 19.7 18.5 13.1 13 7.8 7.3 6.2 5.9 4.2 42 25.2 23.5 20.2 18.9 13.4 14 8.4 7.8 6.7 6.3 4.5 421 25.5 23.8 20.4 19.1 13.6 15 9.0 8.4 7.2 6.8 4.8 43" 25.8 24.1 20.6 19.4 13.8 16 9.6 9.0 7.7 7.2 5.1 44 26.4 24.6 21.1 19.8 14.1 17 10.2 9 5 8.2 7.7 5.4 45 27.0 25.2 21.6 20.3 14.4 171 10.5 9.8 8.4 7.9 5.6 46 27.6 25.8 22.1 20.7 14.7 18 10.8 10.1 8.6 8.1 5.8 47 28.2 26.3 22.6 21.2 15.0 19 11.4 10.6 9.1 8.6 6.1 471 28.5 26.6 22.8 21.4 15.2 20 12.0 11.2 9.6 9.0 6.4 48 28.8 26.9 23.0 21.6 15.4 21 12.0 11.8 10.1 9.5 6.7 49 29.4 27.4 23.5 22.1 15.7 22 13.2 12.3 10.6 9.9 7.0 50 30.0 28.0 240 22-5 16.0 221 13.5 12.6 10.8 10.1 7.2 521 31.5 29.4 25.2 23.6 16.8 23 13.8 12.9 11.0 10.4 7.4 55 33.0 30.8 26.4 24.8 17.6 24 14.4 13.4 11.5 10.8 7.7 571 34.5 32.2 27.6 25.9 18.4 25 15.0 14.0 12.0 11.3 8.0 60 36.0 33.6 28.8 27.0 19.2 26 15.6 14.6 12.5 11.7 8.3 621 37.5 35.0 30.0 28.1 20.0 27 16.2 15.1 13.0 12.2 8.6 65 39.0 36.4 31.2 29.3 20. s 271 16.5 15.4 13 2 12.4 8.8 671 40.5 37.8 32.4 30.4 21.6 28 16.8 15.7 13.4 12 6 9.0 70 42.0 39.2 33.6 31.5 22.4 WALL STREET GLIDE. 43 DICTIONARY OF COMMERCIAL TERMS AND PHRASES. We are often asked the meaning of words that are frequently used in connection with speculative operations, and have, therefore, prepared the follow- ing dictionary of commercial terms and phrases, and in doing so have endeavored to be brief and to the point, as our space is limited. Abstract (of Title). — A summary of the documents affecting the title to land: the evidence of ownership. Accommodation Paper. — A note loaned by one per- son to another when no indebtedness exists, that the borrower may use such paper as though obtained in the regular course of business. Account, Current. — A running or continued account between two or more parties; also, a statement of the particulars of such account. Acknowledgment. — The declaration of the maker of a written instrument before a competent officer, that it is his act and deed; also, such officer's certifi- cate of the declaration. Acquittance. — An agreement to discharge a party from the payment of money. Acts of God. — Acts which result from physical causes and therefore cannot be prevented; e.y., a stroke of lightning, a tornado, or an earthquake. Ad Valorem. — According to the value. A term used to denote a duty or charge laid upon goods at a certain rate per cent, of their value. Advances. — Moneys paid by factors or agents on the strength of the principal's goods in their posses- sion. Afloat. — The amount of grain which has been ex- ported but has not yet arrived at its destination. Allonge. — A paper attached to a bill of exchange or note on which to write indorsements. Anchorage. — Toll paid for each anchor cast while a vessel is in port. Annual Assay. — The annual trial or test of coins, by the Director of the U. S. Mint, to ascertain whether the standard fineness is maintained. Annuity. — A sum of money payable yearly. Appraisement. — A valuation made upon property by persons appointed for the purpose. Arbitrage House. — A firm that traffics in stocks which bear different values at the same time in dif- ferent markets. Arbitration. — The settlement of disputes or claims for damages between parties by disinterested per- sons. An arbitration bond \< a bond which obliges one to abide by the award of an arbitration. Argentina. — Pertaining to the Argentine Republic in South America. Articles of Agreement. — A written agreement or the memoranda therefor. Assess. — To fix the value; to fix shares of contri- bution, as of a tax, payment of stock, damages, etc. Assets. — All of the property belonging to a person or company applicable to the payment of that per- son's or company's debts. Assignment. — The transfer of the property of a bankrupt to certain persons called assignees, in whom it is vested for the benefit of creditors. Atlantic Ports. — The four principal export points on the Atlantic coast — Boston, New York, Philadel- phia, and Baltimore. Attachment. — Taking into the custody of the law a person or property already before the court, or of one whom it is sought to bring before it; also, a writ for the accomplishment of this purpose. Au Besoin. — In case of need. A phrase in bills of exchange naming a person to apply to for payment in case payee refuses. Autonomy. — The state of independence. Averaging Out. — Increasing your investment when the market goes against you, so that your total line may average out with a profit sooner. Backwardation. — (London Stock Exchange.) Con- sideration for the delay in delivering stocks. (See Contango.) Bag.— (See Sack.) Bail. — One who becomes surety for another's ap- pearance in court; also, the security given for the release of a prisoner from custody. Bale. — In speculative dealings a bale of cotton is understood to mean 500 pounds, and of hops 180 pounds. When either commodity is sold for con- sumption the actual or net weight of each bale is ascertained and charged for. Baltic Ports. — The ports of the Baltic Sea, from which most of the Russian wheat is exported. For this reason Baltic shipments usually refer to Rus- sian wheat. Bank Clearings. — The aggregate amount of the checks and drafts exchanged between banks (mem- bers of a clearing-house association) and carried to the manager of same daily for an adjustment of the differences. These balances are paid through the clearing house. In large cities less than ten per cent, of the commercial business is done with currency. While the '•clearings" do not represent the sum total of the counter transactions of banks for any given time, they form a good basis for calculation as to the comparative volume of trade from week to week. They more clearly indicate the growth or shrinkage of trade in a city than the actual amount of business done. Barrel. — The standard or commercial barrel of pork is always reckoned at 200 pounds. It contains only WALL STREET GUIDE. 45 190 pounds of fresh or green meat, and the addition of brine usually brings the weight up to 220 to 22.5 pounds. In a barrel of flour there are 190 pounds, of salt and resin 280 pounds, and of cured fish 200 pounds. The number of gallons in a barrel of molasses, syrup, oil, turpentine, wine, liquor, vinegar, and in fact any liquid varies from forty to fifty gallons. When sold they are generally gauged and the aetual contents specified in billing. The same is true of hogsheads, pipes, puncheons, tierces, and kegs. Bear. — A person whose interest is to secure lower prices; a "short seller" for a decline. (See Short.) Beneficiary Interest. — Any benefit, advantage, or interest in a contract, as contradistinguished from a strict legal right. Bill of Exchange. — An order drawn on a person in another city or country for the payment of money, in lieu of the same amount deposited with the drawer. There are Foreign and Inland bills of ex- change; Foreign, when drawn by a person living in one country upon a person living in another; Inland, when both parties reside in the same country. Bill of Lading. — A receipt given by a transportation company for goods taken to be shipped as directed by the consignor. Bill of Sight. — A written description of goods pre- sumably inaccurate (but as precise as can be given) made by importers in order that the goods may be landed for examination. Block. — A number of shares, say 5,000 or 10,000 shares, massed together and sold or bought in a lump. Boat Loads. — Refers to canal boats and not to ocean vessels. Erie canal boats average 8,000 bushels grain capacity; hence the announcement that "ten boat loads of grain were taken for export " is equiva- lent to saying that 80,000 bushels were taken. The lading or freight of a sea- going vessel is called a cargo. Bonded Goods. — Merchandise left in charge of the officers of customs for the duties on which bonds are given at the custom house. Bonded Warehouse. — A warehouse in which bonded goods are stored. Bonus. — A premium given for a loan, right, or privilege above its prime or original cost. Bottomry. — A contract in the nature of a mortgage on a ship or part of a ship. Break. — A quick, small decline. Broker. — One who executes orders for another for the purchase or sale of property; an agent. Brokerage. — The business of buying or selling property for others; also the fee or commission charged for transacting such business. Bulge. — A quick, small advance. Bull. — A person whose interest it is to secure higher prices; a buyer for an advance. Bullion. — Uncoined gold and silver in the ma>> Bushel. — The number of pounds in a bushel of the various articles of commerce is fixed by law in the different States. Although not uniform, il is nearly so. In Illinois a legal bushel of anthracite coal or quicklime contains 80 pounds; corn in the ear, 70; wheat, white beans, potatoes, dried peas, and clover seed, 60; onions, 57; shelled corn, rye, and flax seed 56; fine salt, sweet potatoes, turnips, parsnips, and carrots, 55; buckwheat, 52; millet seed, coarse salt and hickory nuts, 50; barley, cornmeal, and Hun- garian seed, 48; castor beans and broom-corn seed, 46; timothy seed, 45; hemp seed, 44; coke and fine middlings, 40; barley malt, 34; cranberries, 33; oats and onion sets, 32; coarse middlings, 30; dried apples, 24; unpared dried peaches, 23; charcoal, 22; bran, 20; and blue-grass, red-top, and orchard grass seed, 14 pounds. Buyer, 30. — Property bought subject to the call or demand of buyer within a period of 30 days. Buy In. — The act of purchasing stock in order to meet a " short " contract or to enable one to return stock which has been borrowed. Buying on a Scale. — Buying at regular intervals on a declining market; e.g., wheat at $1 per bushel, at 95 cents, at 90 cents, at 85 cents, al 80 cents, at 75 cents. By-bidder. — One who bids at auction in behalf of the owner for purpose of running up the price of articles. Cables. — Cablegrams quoting foreign markets. Public cables are those received daily by the Chicago Board of Trade from London, Liverpool, Antwerp, Berlin, and Paris and publicly posted tor general in- formation. Private cables are those received by private commission houses from their foreign corre- spondents. Call. — A privilege to buy at a certain time for an agreed price, called the " call price," which is always a little above the market price. (See Privileges.) Call Loans. — Money loaned subject to the call or demand of lender. It must be returned the day it is called for before the close of banking hours. Cambist. — One who deals or trades with commer- cial paper; a banker. Capital Stock. — The fund of a corporation or trad- ing company. Carrying Stock. — To hold stock with the expecta- tion of selling it at an advance. Car Lots. — The number of cars of various grains received and inspected daily, at Chicago. Cash Grain. — Grain for immediate delivery or de- livery during the current month. Centime. — A French and Belgian monetary unit, / WALL STREET GUIDE. 47 being the one-hundredth part of a franc; it takes about five centimes to equal one cent of our currency Quotations at Paris and Antwerp are given in cen- times. At Antwerp the unit of measurement is 100 kilos, equal to 3.G7 bushels. In Paris it is one hecto- litre, equal to 2.83 bushels. Certificate of Deposit. — A promise or undertaking on the part of a bank to pay on the return of the cer- tificate properly indorsed. Certificates of deposit arc transferable, hence negotiable. Certified Check. — A check to which the cashier of a bank certifies in writing as to the genuineness of the signature of the drawer, and that he has funds on deposit sufficient to meet it, the bank reserving the amount certified, and regarding it as having been already paid, and therefore unavailable for other use. A bank is not obliged to certify a check, and it does so as a matter of courtesy and accommodation to the holder. After certification, however, a bank may be held for payment, provided no alterations have been made in the check. A certified check stands on the same footing as an accepted bill of exchange so far as the rights of the holder are con- cerned. The bank, by act of certification, imparts to the paper such a character as to rank it with the highest kind of commercial paper. Champerty. — A bargain whereby a person agrees to carry on a suit at his own expense in consideration of receiving a portion of the property sued for. Chattel Mortgage. — A mortgage on personal or movable property. Check. — An order for money drawn on the cashier of a bank by a depositor, payable to a person therein named, or to him or his order, or to bearer, and pay- able instantly on demand. A forged check is one falsely made out and with a depositor's name forged as a signature. A raised check is one properly writ- ten and signed originally, but having the amount it calls for altered or increased by some person into whose hands it falls before presentation at bank. C. I. F. — Cost, freight, and insurance. Clearances. — Grain and flour shipped by water from lake or seaports. In a broader sense, all seaports. Clearing House. — An organization for the settle- ment of balances between members. Usually applied to banks. Clientele. — The following or all of the persons who habitually make use of the services of some other person to act as their broker; a body of supporters. Clique. — A combination of persons to " run a deal " or manipulate a market. Usually applied to stocks, grain, and provisions. Coalers. — Coal roads. A term usually employed on stock exchanges to describe the Reading, Delaware, Lackawanna and Western and Jersey Central Rail- roads. C. 0. D.— Collect on delivery. Codicil. — An addition or supplement to ;i will. Collateral Security. Security tor the payment of money or the performance of covenants in addition to a principal promise or bond. Example: A ware house receipt or a paid-up insurance policy given as security for the payment of a promissory note would be collateral. Commissions. — Charges for services rendered in buying or selling property. Common Carrier. — One who undertakes to trans- port goods for hire. Such a carrier is liable for all losses and injuries to goods except those resulting from the acts of God, or the enemies of the country, or the carelessness of the owner of the property him- self. Common Stock. — The ordinary shares in a corpora- tion. (See Preferred Stock.) Commutation Tickets. — Tickets sold by transpor- tation companies, entitling the holder to go upon a certain route during a specified period for a less amount than would be paid in the aggregate for separate trips. Consequential Damages. — Indirect loss or damage; damages which are not the immediate result of an act. Conservator. — One who has charge of the estate or business of another; a guardian. Consign. — To send goods or property to an agent or broker. The sender of the goods is a consignor; the receiver is a consignee, and the goods or things sent are a consignment. Consols. — A contraction of " consolidated." It rep- resents the consolidation of Great Britain's bonded debt, and is the leading English funded government security. Contango. — (London Stock Exchange.) A rate paid for carrying shares over until next settlement day. When a broker desires to "continue shares" or to postpone the day of payment or delivery, the pre- mium paid is called in the seller's case " backwarda- tion " and in the buyer's case " contango." Contract Grade. — That grade of grain which it is necessary to deliver in order to fill future contracts. In Chicago this is No. 2 wheat and No. 2 corn. Conversion. — Bonds are frequently issued with a provision whereby they can at any moment be ex- changed for equivalent stock. Such securities are called " convertible," and the act of substitution is called " conversion." Corner. — An artificial scarcity created by holding property off the market for the extortion of abnor- mally high prices. Corporation. — A society or company of individuals formed and authorized by law to transact business under a charter or franchise, as a single person. WALL STREET GUIDE. 40 Covering Shorts. — Buying in property to fill con- tracts (usually for future delivery) previously made. Creditors. — In a broad sense, all persons having claims against a firm or individual. Cross Trade. — Under Board of Trade rules it is not considered legitimate for a commission house to fill orders for customers by buying or selling to itself. It often happens, however, that a house receives orders from different parties — one to buy and the other to sell, at the same price, an equal amount of property. In a wild market it might be impossible to execute both orders when the limits were reached. To pro- vide against such a contingency, to insure the filling of both orders, and at the same time to legalize the transactions, it is customary for the broker to make a nominal purchase and sale through another com- mission house. The transactions are known as " cross trades," and are entered on the trading cards of the two brokers as distinct trades. Crown. — (Denmark, Sweden, and Norway) : A coin equal in value to 26.9 cents. (Austria-Hungary): A coin valued at 20.3 cents. Crowns are no longer coined by Great Britain. Curb. — Prices made by private transactions out- side of the exchanges or not in trading hours are called curb markets. Current Funds. — Coin or paper money in general circulation through the community. Custom House. — The buildings where customs and duties are paid and where vessels are entered or cleared. Customs.— Duty charged on property brought into or sent out of a country. Cwt. — An abbreviation for hundred-weight. In the United States it is commonly understood to mean 100 pounds avoirdupois. In England the legal stan- dard for hundred-weight, or cwt., is 112 pounds; hence the English ton of 2,240 pounds. The ton of 2,000 pounds is sometimes called a " short ton " or " net ton." d. — An English penny, equal to about two cents of our money. Days of Grace. — The three days immediately fol- lowing the maturity of a bill or note, allowed by law in which to make payment. Under the recent acts of Legislatures days of grace in most States have been abolished, and all bills and notes are payable at maturity. Debenture Bonds. — Concentration of floating cap- italization into convenient bonded form. Originally, notes in the form of bonds. Debtor. — A person who owes another. Delivery. — When stock is brought to the buyer in exact accordance with the rules of the Stock Ex- change, it is* called a " good delivery." When there are irregularities, the shares being of unacceptable 4 issues, or the rules of the exchange being contra- vened in some particular, the delivery is pronounced "bad," and the buyer can appeal to the board; also when warehouse receipts for grain are delivered in fulfilment of contracts. Demurrage. — Charges made for the delay or deten- tion of railroad cars and vessels beyond the time usually allowed for loading or unloading. Derogation. — An alteration of, or subtraction from, a contract for a sale of stocks. Discount Rate. — The rate per cent, of interest charged by banks for the use of money loaned. It is always deducted from the principal when the loan is made. Dishonor. — To refuse to accept or pay a draft or bill of exchange. Distrain. — To take property in satisfaction of a debt, usually for rent due. Dividends. — Returns on investments. A term usu- ally applied to stocks. Draft. — An order from one bank or individual upon another for the payment of money. The term may be used to describe a check, but is usually applied to an inland bill of exchange. Drawback. — A term used in shipping circles. It refers to rebates allowed from regular rates charged for transportation of merchandise. Drop. — In stocks or grain, is equivalent to a " break," except that it may possibly be due to wholly natural causes. Due Bill. — A written acknowledgment of a debt, not made payable to order, and not transferable by indorsement like a promissory note. Dutiable Goods. — Goods subject to the payment of a duty. Duty. — A tax or toll required by government to be paid on the importation, exportation, or consump- tion of goods. E, and 0. E. — Errors and omissions excepted. Earnest. — A sum of money advanced by the buyer of property in order to bind the seller to the terms of the agreement. Embargo. — An order of government prohibiting the departure of ships or goods from some or all of the ports within its dominions. In a commer- cial sense property of any kind is embargoed when another country prohibits the landing of it. Engagements. — The engaging of freight room in ocean vessels to export grain. Entering. — Entering goods at a custom house is a lodgment of a manifest of them and permission to land them. Evening Up. — (See Liquidation.) Exchange.— (See Bill of Exchange.) Excise. — An inland duty or tax laid on goods. Exemplary Damages. — Damages allowed as a pun- WALL STREET GUIDE. 51 ishment for wrongs done with malice, in addition to actual pecuniary damages. Exhaust Price.— The point at which one's margins will If exhausted, [f trades are not remargined they are likely to be closed out by the broker at the ex- haust price, if it is reached by the market. Ex-Store. — Out-of-store prices quoted " ex-store " are for goods in stock, the cartage or other shipping expenses to be paid by buyer. Opposite of " free on board." Failure. — The distinction between the terms '"fail- ure" and "suspension" is as follows: To fail, in a financial sense, is to become unable to meet one's engagements, and as far as a suspension is a failure to pay liabilities as they become due, the latter term may be applied to it. In common speech, however, a temporary delay of payments by a solvent firm, owing to a financial crisis in the money market, or to some sudden or unexpected embarrassment, is called a suspension; and absolute bankruptcy or in- solvency is called a failure. Farthing. — (Great Britain.) A coin of the value of half a cent, the fourth of a penny. Five Ports. — The four Atlantic ports and New Orleans. Fixed Charges. — A term used to designate all regu- larly accruing claims of every kind upon the net revenues of a company or corporation, which the com- pany or corporation is bound either by its own stipu- lations or by process of law to pay. It includes taxes and interest on bonds or notes, but does not include dividends or income bonds. Flat. — Free of interest. When gold or stocks loan " flat " it is because there is such an abundance of either or both in the market that holders are willing to loan them free of interest in order to get the currency for temporary use, which currency they are able to employ in other transactions. Florin. — (Netherlands.) A coin valued at 40.2 cents. Flotsam. — Goods which float after being thrown overboard at sea or in case of shipwreck. The goods thus cast away are called jetsam or jettison if they sink and remain under water. Flyer. — Synonymous with " for a turn." F. 0. B. — Free on board. For a Turn. — Said of a speculative investment for a small profit or loss. A quick play. (See Scalping.) Franc. — (France, Belgium, and Switzerland.) A coin valued at 19.3 cents. Franking Privilege. — The privilege of sending mat- ter through the mails without payment of postage. Frozen Out. — Said of deals or trades closed out compulsorily because of inability to further protect contracts with remargins. (See Margin.) Future. — A term which is synonymous with " op- tion " and interchangeable with it. Generally used ill the plural. (Sec Option.) General Average. A term employed in marine in- surance. Where maritime property is in peril and a sacrifice of a part is made for and causes the safety of the rest, that which is saved contributes to make up the loss of that which is sacrificed, and is called general average. Particular average signifies the dam- age to maritime property borne by the individual owners of the articles damaged, or by their insurers. Gilt Edge. — The very best of anything; undoubtedly good. Paper which a bank would unhesitatingly ac- cept as security for money advanced would be " gilt edged." Goulds comprise Missouri Pacific, Union Pacific, Western Union Telegraph, and the Southwestern sys- tem of Pacific roads generally. Gourde.— (Hayti.) A coin valued at 96.5 cents. Government Report.— The monthly reports issued by the Department of Agriculture, usually on the 10th of each month at 3 P.M., on the acreage, conditions, and yield of our various crops. Granger Roads.— Western railroads. This term was originally applied in Wall Street to the Chicago and Northwestern and the Chicago, Milwaukee and St. Paul roads, but is now employed on stock exchanges to designate all of the principal lines in the West. " Gunning " a stock is to use every art to produce a break when it is known that a certain house is heavily supplied and would be unable to resist an attack. Hard Spot. — A strong point in the market caused by good demand. Hectolitre. — The unit of measurement of grain in France, one hectolitre being equal to 2.83 bushels. Hedge. — The operation called hedging by speculators is practically the same as straddling, though the terms are not synonymous. Traders hedge to avert a loss and straddle for a profit. (See Straddle.) Holding the Market is to buy sufficient stock to keep the price from declining. Hypothecate. — To pledge anything for money bor- rowed. Incorporated. — Formed into a corporation or legal body; as a company for the transaction of business. (See Corporation.) Indemnity. — Exemption from loss or damage, past or to come. The owner of private property, taken for public use, is entitled to compensation or indemnity. Indorse. — To write one's name either on the back or face of a note, draft, or other negotiable paper. In a broad sense, to give one's name or support to; to sanction. In Sight. — Said of stocks of grain, cotton, coffee, or other merchandise available for immediate use. Grain stored in private warehouses, or held by producers, is not usually included in the supply " in sight." WALL STREET GUIDE. 53 Insolvent. — Not having sufficient estate to pay one's debts. Instalment. — A part of a sum of money to be paid at a particular time. Internal Revenue. — Taxes, duties, customs, etc., which a nation or state collects and receives into the treasury for public use. Investment Buying. — This phrase is generally used in contradistinction to buying for speculation, or for a quick turn in the market. It is understood to mean buying to hold for a considerable time. Irish Dividend. — An assessment. Keg. — A package or cask of any size less than one- half barrel. A keg of nails contains 100 pounds. Kilo. — A contraction of kilogramme. One hundred kilos are equal to about 221 pounds; or, to be exact, 220.475 pounds. Kreutzer.— (German Empire.) A coin of variable value, but in all cases worth less than a cent. Legal Tender. — That which the law authorizes to be tendered in payment of debts. Strictly speaking, it is the exact amount of the debt in current funds. It is not a legal tender to demand change. Liabilities. — Debts. Limited. — In England, and in some States in this country, the stockholder in corporations and associa- tions are exempted from individual liability on the condition prescribed by law that the names or titles of such bodies shall contain the word " limited," which shall be always used in all business of the concern. Liquidating Market. — The forced elimination of an excessive long or short interest in a market, the shorts being forced to cover at an advance or the longs to sell at a decline — in either event bringing about a readjustment of the volume of contracts within nor- mal conditions. A compulsory re-establishment of the speculative equilibrium. Liquidation. — When employed by speculators, this term signifies the selling out of property previously bought or contracted for. The expression " liquida- tion by longs" is in contradistinction to ''cover by shorts." In a market where both processes are ex- tensively carried on it is called " evening up." Lira. — (Italy.) A coin valued at 19.3 cents. Long. — One who has property bought in anticipa- tion of a rise in price. Hence, for a trader to be "long" of stocks or grain presupposes him to be a " bull." Also used adjectively. Long Market. — A market that is overbought; the volume of open contracts to buy property for future delivery being in dangerous excess of the probable demand. Manipulated Market.— A market under artificial control. Margin. — Money or collaterals deposited with a broker to protect contracts, usually for future delivery. Marine Insurance. — Marine insurance policies gene- rally cover all the risks, lire included. Mark. — (German Empire.) A coin valued at 23.8 cents. Milreis.— (Brazil) : A coin valued at 54.0 cents. (Portugal) : A coin valued at $1.08. In commercial usage the contraction reis is generally employed. Negotiable. — Said of commercial paper that is trans- ferable by assignment or indorsement to another per- son. Net. — Clear of all charges and deductions; as net profit, net weight. Nominal. — Existing in name only. Northwestern Receipts. — Receipts usually wholly of spring wheat, at Duluth and Minneapolis, the great market points for the hard spring wheat of the Dako- tas and Minnesota. Note. — A written or printed acknowledgment of a debt or promise to pay at a specified time; as, a note of hand, a promissory note. A note is not rendered void in any State in the Union by reason of being dated on Sunday. In Connecticut, however, its de- livery or acknowledgment on a week-day would be necessary to give it a legal character. Off Coast. — Said of vessels arrived at port and awaiting orders to discharge cargoes or to go to an- other port. On Call. — When money is loaned " on call " it is understood that it must be returned the day it i- called for, before the close of banking hours and with- out previous notice. On Passage. — Said of grain and other merchandise on the high seas, en route from one port to another. Option. — Property bought or sold at the call or demand of the buyer or seller, as may be specified; a conditional contract. 0. T.— On track. Outsider. — The occasional speculator or trader. Overbought. — Said when more property is boughl than is warranted by conditions, entailing danger of a reaction in prices. Applicable to a market or to individuals. Overissue. — An issuing, as of notes, beyond or in excess of the capital stock. Oversold.- — The reverse of overbought. Overtrading. — Speculation carried to unsafe limits. Paper Profits. — Profits on contracts not yet closed, and consequently not yet in hand. Par. — Of equal face value. Example: Exchange is at par when a bill in New York for the payment of one hundred pounds sterling in London can be pur- chased for that sum. Particular Average. — (See General Average.) Pegged. — Said of a market that refuses either to advance or to decline. Pence. — The plural of a penny. (See Penny.) WALL STREET GUIDE. 55 Penny. — (Great Britain.) A eoin valued at about two cents; the twelfth part of a shilling. Usually indicated by d. Peseta. — (Spain.) A coin valued at 19.3 cents. Peso. — (Central American States): A coin valued at (51.6 cents. (Chili) : A coin valued at 91.2 cents. (Argentine. Republic) : A eoin valued at 9G.5 cents. (Colombia) : A eoin valued at 61.6 cents. (Cuba) : A coin valued at 92.6 cents. The Mexican silver dol- lar (or peso) is valued at GG.9 cents, and the Mexican gold dollar at 98.3 cents. Pfennig. — (German Empire.) A copper coin valued at about two mills. Piaster. — (Turkey.) A coin valued at 4.4 cents. Pig. — A mass of iron or .other metal as first ex- tracted from the ore, and weighing from fifty to two hundred and fifty pounds. Point. — On stock exchanges " a point " is understood to mean one dollar a share. A decline in Missouri Pacific from 65 to 62 would be a decline of three points. Pound Sterling. — | £.) A British denomination of money of amount equal in value to $4.806 1 / £. There is no coin known by this name, but the gold sovereign is of equal value. Preferred Stock. — Shares of a corporation having preference over ordinary shares, but not over bonded or mortgage indebtedness. Preferred stock is usually issued for borrowed capital. Earnings, if any are left after paying interest on the bonded debt, go next to pay a dividend on the preferred stock, and only what then remains is applied to the common stock. Primage. — A small payment allowed to the master of a vessel for his care and attention to the cargo. Primary Points. — Large cities which receive grain direct from country shippers, such as Duluth, Min- neapolis, Kansas City, St. Louis, Chicago, Detroit, Toledo, etc. Primary Receipts. — The aggregate daily receipts of grain at all primary points. Primary Shipments. — The aggregate daily ship- ments of grain from all primary points to points of consumption. Privileges.—- Puts " and " Calls." A " put " is the privilege or option, which a person purchases, of " put- ting," i.e., delivering, property or contracts for prop- erty to the seller of such privilege, at a named price within a stipulated time — one or more days, weeks, or months. " Puts " are good (from the buyer's stand- point) when the market declines below the "put" price within the time covered by the privilege contract. The buyer can then buy the property at the cheaper figure and " put " it to the person who sold him the risk, his profit being the difference between the " put " price and the quotation at which the property is bought with which to make the delivery. A " call " is the reverse of a "put," the purchaser of a "call" acquiring the right to " call " upon the seller of the privilege for property, or contracts for property, at a named price within a stipulated time. " Calls " are good when the market advances above the call price, and the buyer of such privilege is enabled to sell at a profit the property u called " from the seller of the privilege. The seller of privileges occupies, in a sense, the position of an insurance or guarantee company. He sells market risks as an insurance company sells fire, life, or accident risks. Trading in privileges is illegal in some States, notably in Illinois. Promoter. — An organizer of companies and enter- prises. One who plans the consolidation of properties and their sale upon a reorganized basis. Prorate. — To divide, distribute, or assess propor- tionately. Protest. — An official notification of a notary public, under seal, to the maker and indorsers of a note or draft, that payment has been demanded and refused, thus holding each indorser legally liable for its pay- ment. Failure on the part of a bank receiving paper for collection to have the same protested for non- payment (unless protest is waived) relieves the in- dorsers from liability. P. T.— Private terms. Puts. — (See Privileges.) Quarter. — The fourth of a ton in weight. In Eng- land they reckon 2,240 pounds to the ton; hence there are 480 pounds, or eight bushels, in a " quarter " of wheat. Quintal. — A hundred- weight, either 100 or 112 pounds, according to the scale used. (See Cwt.) Realizing Sales. — Selling property or closing con- tracts in order to realize or secure profits. Rebate. — The return or repayment of a percentage of an amount paid for property, transportation, com- missions, etc. Regular Stock. — The term regular is used in a stock exchange transaction to distinguish it from a trans- action in the account. When stock is sold regular, the actual stock is delivered the following day and paid for by the receiving broker in full. Rentes. — The public securities of France (pro- nounced Ronts). Replevin. — The process or action taken to recover possession of goods or chattels wrongfully detained. Reprisal. — Property taken by a nation to satisfy the injury done by an enemy. River Plate— The Rio de La Plata in South Amer- ica, forming the boundary line between Uruguay and Argentina. The country tributary to it is largely wheat-producing, and wheat from that locality i- called in general "River Plate wheat." Ruble. — (Russia.) A gold coin valued at 77.2 cents; a silver coin valued at 49.2 cents. WALL STREET GUIDE. Rupee. — (India.) A coin valued at 29.3 cents. Sack. — Jute sacks (or bags) in which flour is ex- ported contain 140 pounds. To reduce sacks to bar- rels, multiply by 5 and divide by 7. A sack of coffee is estimated at 200 pounds of Rio and 133 pounds of Java. Scalper. — One who trades in options continually and, by reading the temper of the market at the mo- ment, tries to get a profit out of the minor fluctua- tions; also applied to irregular railroad ticket brokers. The term is coming into general use in other lines. Seller the Year. — A contract giving the seller the privilege of delivering property at any time within the year. Example: A buys of B, through a broker, 5,000 bushels of "year" wheat. A has not the right to demand the delivery of the wheat before the last business day of the calendar year. B, however, has the privilege of tendering the grain at any time. Should the market price of wheat decline ten cents a bushel between the time of the purchase and the last day of the year, A may, with B's consent, pay to B the difference, which on 5,000 bushels would be $500, and thus close the trade. The same rules would apply if in December or January A should buy " May " wheat or other commodity. If an advance should take place during the life of either option, B would have to either pay the difference to A or fulfil the contract by delivering to A the property specified. Shilling. — (Great Britain.) A silver coin valued at 24.3 cents. The twentieth part of a pound sterling and equal to 12 pence. Short. — One who has sold property for future de- livery in anticipation of a decline in price. Also used adjectively. Short Market. — A market that is oversold; the volume of open contracts to deliver property being in dangerous excess of available supply. Short Selling. — The process of selling property for future delivery in the expectation of being able to obtain the property cheaper before the maturity of contract, or of being able to close out the contract at a profit without the actual deliver}' of the property. Sight Draft. — A draft or bill of exchange payable on presentation without privilege of delay. In some States grace on sight drafts is allowed either by custom or express statute. Sinking Fund. — A sum of money set apart for the re- demption of the debts of a corporation or government. Sol. — (Peru.) A coin valued at 61.6 cents. Sovereign. — (Great Britain.) A gold coin the same in value as pound sterling or $4.866 1 / £. Speculation. — The practice of buying and selling property according to the rules on exchanges and boards of trade governing speculative trading, as dis- tinguished from trade as carried on by merchants who buy goods expecting to sell them at an advance. (See Seller the Year.) Split.- A trade at a smaller fraction than marks the ordinary price fluctuations of a commodity. Thus, instead of buying 10,000 bushels of wheat at 60 1 i <; cents, the trade is made on a basis of 5,000 bushels at 60 cents and 5,000 bushels at 60% cents, the sale having been made "on the split." Spread. — A "spread" is a double privilege, entitling the holder to deliver to, or to demand from, the signer a certain amount of stock on the terms speci- fied. Squeegee. A trader may sell a security under a " squeegee " agreement, which is in effect an agree- ment to take back the security within a specified time at a price representing a definitely limited loss to the purchaser. Any such transaction is irregular and not recognized by the rules of the exchange. Squeezed. — Said of " short sellers " who by reason of having oversold the market, are forced to pay an artificially high price for property with which to fill contracts. Stop Order. — An operator may give his broker orders to close out his deals when quotations reach a certain point, and in that case he is said to have given a " stop order." ^Yhen a declining market is filled with " stop orders " to sell, the bears may make extraordinary efforts to force quotations down to a point which reaches the " stop orders," and which will thus throw on the market more securities. In the same way on an advancing market the bulls may en- deavor to raise quotations to a point that will reach stop orders of short sellers, and force their brokers to become buyers. Straddle. — A trader who is "long" of one option and " short " of another option has " straddled " the market. Example: A buys corn for May delivery ami sells an equal amount for December delivery, in the expectation that the former will advance and the latter decline. It is also called a " straddle " when a trader buys property for future delivery in one market and sells in another. Sucre. — (Ecuador.) A coin valued at 61.6 cents. Syndicate. — A combination of persons for business purposes. Tael. — (China) Shanghai: A coin valued at 91 cents. Haikwan customs: A coin valued at $1,013. Tailer. — A follower. One who having a small capi- tal and little confidence in his own judgment, follows the lead of a successful trader or clique. Tierce. — In speculative dealings a tierce of lard is figured at 340 pounds. Tonnage. — The amount or quantity of freight han- dled by rail or marine; the whole amount of shipping estimated by tons. Trover. — An action to recover for the value of goods wrongfully converted by another to his own use. Trust. — A combination of business interests having WALL STREET GUIDE. 59 for its object monopoly in special lines of trade; as of manufactured or selling goods. Exclusive control. Under the Rule. — When a member of the exchange fails to meet the calls for margins during the time specified by the trading rules, the chairman of the exchange announces that he will sell, under the rules, for the account of the delinquent member, such secu- rities as that member held, and will buy, under the rules, such securities as the delinquent was short of. Sales of this character are marked up, followed by the letters " U. R.," to indicate " under the rule," and such quotations are, of course, an indication of a failure. Underwriter. — One who subscribes for stock in a company, in the expectation of placing or reselling; also, one who insures. Individuals underwrite poli- cies of insurance as well as companies. Underwriting. — When a new security is to be quoted on the market it is sometimes the plan to organize a sjmdicate to " underwrite " the issue. In this case the syndicate practically subscribes to the entire issue at, say, 95. Public subscriptions for the entire issue are then opened at, say, par, for the security, and if the public subscribes for the entire issue, the underwriters make the difference between the 95 they agreed to pay and the par which the public did pay. That profit is made without any money investment by the underwriters. In case the public subscription is unsuccessful, however, the under- writers axe compelled to take at the agreed price such portion of the securities as have not been subscribed for. Upset Price. — The price at which goods are set up or offered in an auction sale, and the lowest price at which they can be sold. Utter. — To put in circulation, or offer, as money; to publish. Verbal Contract. — A contract entered into by word of mouth only; not written. Where a verbal contract is legal, and can be proved, its violation is subject to the same penalties as the violation of a written agree- ment. Visible Supply. — (See In Sight.) Voucher. — A paper, document, or book which serves to vouch for the correctness of accounts. Warehouse Receipt. — A receipt issued by a ware- houseman for property received by him in store and held for the consignor or his assignee. They are as- signable, and according to mercantile use and under- standing in this country the transfer of the document completes the delivery of the property. Wash Trades. — Pretended trading. Trades made on an open market by parties between whom there is a tacit or private understanding that they shall be void. Done with a view of influencing prices, and considered a reprehensible practice. Watered Stock. — An increase in capitalization with- out a corresponding increase in assets. Whipsawed. — Losing both ways. Buying at the top and selling at the bottom, or selling " short " at the bottom and buying in at the top. This term is com- mon in betting circles and originated in the game of faro. Wind. — " Selling wind " is a cynical expression ap- plied by the Farmers' Alliance and by unfortunate bull speculators to the short selling tactics on the part of the bears. Without Recourse. — The words " without recourse to," written before the signature of a person on the back of a paper payable to his order, absolves the person so signing from any legal process by the holder if not paid at maturity. Yen. — (Japan.) A gold coin valued at 99.7 cents. A silver coin valued at 66.4 cents. TABLE OF FRACTIONAL POINTS IN NEW YORK STOCKS. Stocks. Fractional Profit. ^ per cent 1 << 25 Shares. Amount Profit. 100 $12 50 100 25 00 100 37 50 100 50 00 100 62 50 100 75 00 100 87 50 100 100 00 100 500 00 100 2.500 00 Bonds. Fractional Profit. per cent Amount Amount of Bond. Profit. $1,000 $1 25 1.000 2 50 1,000 3 75 1,000 5 00 1,000 6 25 1,000 7 50 1,000 8 75 1,000 10 00 1,000 50 00 1.000 250 00 60 WALL STREET GLIDE. NEW YORK STOCK EXCHANGE QUOTATIONS. Stocks —-Pk ices and Sales for Yeah 1901, and to July 11. 1902. STOCKS. Par. Atchison, Topeka and Santa Fe 100 Pref 100 Baltimore and Ohio 100 Pref 100 Brooklyn Rapid Transit 100 Canadian Pacific 100 Canada Southern 100 Central of New Jersey 100 Chesapeake and Ohio i 100 Chicago and Alton (new) 100 Pref. (new) 100 Chicago and Eastern Illinois 100 Pref 100 100 100 ...100 100 100 100 100 100 100 100 Sales in 1901. Chicago Great Western 4 p. c. deb 5 p. c. pref. A 4 p. c. pref. B Chicago. Indianapolis and Louisville Pref Chicago. Milwaukee and St. Paul Pref.. Chicago and North Western Pref Chicago. Rock Island and Pacific 100 Chicago Terminal Transfer BR 100 Pref 100 Chicago Union Traction 100 Pref 100 Cleveland. Cincinnati, Chicago and St. Louis 100 Pref.... 100 Colorado and Southern voting trust certificates 100 1st pref. voting trust certificates 100 2d pref. voting trust certificates 100 Delaware and Hudson 100 Delaware, Lackawanna and Western 50 Denver and Rio Grande 100 Pref 100 Des Moines and Ft. Dod«re 100 Detroit Southern voting trust certificates 100 Pref. voting trust certificates 100 Duluth. South Shore and Atlantic 100 Pref 100 Erie 100 1st pref 100 2d pref 100 Evau-ville and Terre Haute 50 Pref 50 Ft. Worth and Denver City, stmpd Great Northern, pref 100 Hocking Val lev 100 Pref 100 Illinois Central 100 Iowa Central 100 Pref 100 Kanawha and Michigan 100 Kansas City, Ft. Scott and Memphis, tr. ctfs. pref Kansas City Southern, vot. tr. ctfs 100 Pref. voting trust certificates 100 Lake Erie and Western 100 »ref. inn Lake Shore 100 Long Island 50 Louisville and Nashville 100 Manhattan consul 100 Metropolian Street 100 Metropolitan West Side Elevated (Chicago) 100 Pref 100 Mexican Central 100 Michigan Central 100 Minneapolis and St. Louis 100 Pref 100 Minneapolis, St. Paul and Saiilt sic. Marie 100 Pref 100 Missouri. Kansas and Texas 100 Pref 100 Missouri Pacific 100 New York Central and Hudson River.. 100 New York, Chicago and St. Louis 100 1st pref 100' 2d pref 100 1 Shares. 12,064,121 4,228,322 2,072,079 30S,24fi 5.403.5(50 51 IS. (ISO 387,138 100.109 2.04S.390 1.007,799 303,068 13^.775 10.717 1.210.711 27.022 56,672 94.479 959.243 189.703 12.543.ti50 132,642 267,194 18.302 | 2,624.257 535,617 719.950 37.325 i 900 380.243 17,145 j 1,167,853 3115.225 311.041 1.011.188 257,558 525.693 453,913 244,385 14.324 12,370 171.191 144.996 11.307.410 2.44S.402 810,679 289.010 7,465 25,775 469,065 263,995 176.267 869,716 302.742 226.063 74.500 21.352 60.559 164,782 190.470 23.222 3.003 68,816 3.292.166 6.118.718 1,944.143 13.486 7,411 980,570 3.277 282,769 41,625 177.053 69,849 1.10'i.282 1,810,475 5.554.537 2,838.965 435.608 22.790 198.551 Range fok Yeai: 1901. Lowest. Highest. 1902. Sale Pric Sale Prices. Low. Hiqh. 42} Jan. 21 91 June 5 83$ 83| 70 May 9 108 Mav 3 99 99$ 81 1 Jan. 4 113 May 7 107f 107$ 83| Feb. 27 97 June 5 954. 951 555 Oct. 88| Apr. 22 67$ 684 87 May 9 117 J Mav 7 134$ 135} 54} Jan. 4 89 Nov. 25 90^ 901 145} Jan. 4 196f Dec. 30 185 190 29 May 9 52* May 3 48f 49} 27 May 9 50} Apr. 30 37* 38} 72} Jan. 4 82} Apr. 30 75 75 91 Jan. 140 Nov. 11 204 2064 120| Jan. 3 13(5 Apr. 18 149 151" 16 Jan. 3 27 Nov. 11 291 29J 90 July 27 94 1 Mar. 15 92 93 75 May 10 904 June 24 88 88 41 Dec. 9 56 Mar. 14 47 481 23 Jan. 21 52| Dec. 31 76 76 58} Jan. 21 77} Sept. 16 87 88 134 May 188 May 6 178 1791 175 May 200 May 3 19H 192 168 J Jan. 21 215 Mav 1 253$ 2534 207 Mar. 1 24S Apr. 11 1754 June 5 1165 Jan. 4 1824 190 10} Jan. 19 31 Apr. 16 21' 21 28 i Dec. 5 574 Apr. 15 371 371 12 Jan. 10 20} May 28 14| 16 54f Feb. 11 00 May 28 494 491 106} 73 May 9 101 Nov. 8 106 115} Jan. 6| Jan. 11 124 Nov. 25 21 18 Apr. 29 31} 32| x40 Jan. 31 60 Dec. 28 73} 74' 16$ Jan. 4 28} Apr. 29 45} 46} 105 May 1854; Apr. 3 176 176 xiss] Jan. 3 258 Dec. 31 278 284 29} Jan. 21 53* May 6 41$ 41$ 80 Jan. 21 103j June 14 90 90 18 Jan. 30 45 June 5 524 53$ 20} 14i Dec. 17 17 Dec. 5 20} 36 Dec. 12 401 Dec. 5 39 39} 44. Feb. 5 12} June 5 161 17 13$ Jan. 8 224 Sept. 30 28} 28} 24 , Mav 9 454 June 4 36} 36* 59} Jan. 391 Jan. 21 75' Dec. 31 68} 68} 4 62} Dec. 31 524 53} 41 Jan. 31 *68 Apr. 13 51" 51 81 Jan. 4 95 Apr. 11 81} 85 17 Jan. is 36 Apr. 20 1671 May 9 208 Mar. 15 ' 187* 187} 404 May 9 754 Dec. 26 88 88j 69| Jan. 21 88 Dec. 20 89 91 124 May 154; J une 29 163* 1644 21 Jan. 21 43} J une 21 47} 48} 48 Jan. 21 874 July 1 I 86} 86$ 21 Jan. 41 June 15 42} 42} 774 Dec. 16 81 i Dec. 28 81} 331 82 13.V ,j an. 25 Apr. 30 34f 35 Jan. 4 49 Apr. 30 591 59$ 39} Jan. 21 764 Nov. 25 64 64 108} Jan. 21 135} Sept.27 125 130 230 Apr. 1 1 355" Nov. 22 67 Jan. 3 90 Dec. 18 85 87 76 May 9 111 J June 17 140! 141 v 83 Mav U 145 Dec. 5 131 132 150 May 9 177 June24 1474 148} 27 Jan. 9 41 Nov. 25 37| 39} 79', Jan. 15 93 Sept.27 89 91 12; Jan. 21 30 May 2 29 29$ 10< ; Mar. 4 180 Nov. 25 67-j Jan. 19 nil July 19 112} 112} lnl; Jan. 15 Mav 1244. Oct, 23 3(51 Nov. 25 125 128.1 9 59 59.1 49 Apr. 9 94] Nov. 25 1231 125' 15 Jan. 21 35 j Apr. 20 26} 581 26; :Y, Mav 9 OS: Apr. 19 58} 69 Jan. 4 1244 June 14 11H 113 139J Jan. 21 174} Nov. 25 57* Sept.28 120 Sept. 18 158j lOOg 16 May 9 53 53 100 Feb. 6 115 115 47 Mar 1 95 Sept 28 894 111 Price July 11, Range for Yeak 1902 to July 11th. Lowest. Sale Prices. 74} Jan. 27 954 Jan. 27 101 Jan. 14 93} Feb. 21 605 Feb. 14 112} Jan. 28 85} Jan. 6 1804 July 7 45 Feb. 20 334 Jan. 22 744 Jne 27 134| Jan. 21 1375 Jan. 11 22$ Jan. 25 90} May 5 83} Jan. 22 434 Jan. 24 49} Jan. 14 75 Jan. 16 1604 Jan. 27 186 Jan. 14 204} Jan. 14 230 Jan. 18 152 Jan. 15 15} Feb. 21 301 Feb. 20 10} Jan. 8 44} Mar. 15 95} Jan. 14 118 Jan. 21 14$ Jan. 15 59} Jan. 15 28 Jan. 14 170 Mar. 11 253 Jan. 15 41 April 7 88} May 19 39 Feb. 1 13 Feb. 3 33 Feb. 24 10 Jan. 15 18* Jan. 14 m May 19 05} May 19 51 May 17 50 Mai-. 20 52 May 29 Jan. 2 Mai. 5 Jan. 15 Jan. 14 Jan. 14 Jan. 15 30 181} 00 81} 137 37 1 71 Jan 331 Jan 801 Jan 19 44 64 125 325 7S; 1021 Jan. 15 Jan. 14 Jan. 15 Jan. 15 April 7 Jan. 15 38 89 •>v Jan. 27 Mar. 12 May 12 Feb. 7 Mar. 3 Jan. 15 150 Mar. 7 105 Jan. 27 US, 1 Jan. 22 30' Jan. 2 90" Jan. 14 24 Mar. 5 51 Jan. 13 96} Mar.. 1 1 153} Mav 19 46} Jan. 15 1175 May 21 84 Feb. 4 WALL STREET GUIDE NEW YORK stock EXCHANGE QUOTATIONS Continued. STOCKS. Salc- in HUH. /'(// New York, New Haven and Hartford 100 New York, Ontario and Western 100 Norfolk and Western 100 Pref loo Northern Pacific 100 Pref 100 1 Pacific Coast Co 100 1st pref 100 2d pref 100 Pennsylvania Peoria and Eastern Pere Marquette Pref Pittsburgh, Cincinnati, Chicago and St. Louis Pref Reading Co., voting trust certificates 1st pref 2d pref St. Louis and San Francisco 1st pref 2d pref Shares. 9,567 3,80(5,255 1,931, HOT 33,449 5.046,031 H1 1 .255 58,716 4,582 17,510 501 5,830,380 100 165,916 22,886 Range for Yeah 1901. Lowest . urn 100 loo 100 50 50 50 100 100 7,136 50,864 17,252 5,573,426 2,666,553 3.003,575 274,369 37.H93 100[ 513,999 St. Louis Southw Pref Southern Pacific < Southern, voting Pref., voting tri Texas and Pacific Third Avenue i N< Toledo, St. Louis Pref Twin City Rapid Trans Pref ■ertilicates. , tificates. . . Western, votim 100 100 100 100 trust certificates. 100 100 100 100 100 521.317 100| 774,602 100.11,332,070 5.:32.N<)7 1,558,482 2,897.987 35,419 271,346 270,428 136,830 2,150 Union Pacific Railway 100 22,445.193 Pref 100 1.4(37.863 Wabash 100 Pref Wheeling and Lake Erie 1st pref 2d pref Wisconsin Central Pref r Miscellaneous Stocks. Adams Express .' Amalgamated Copper American Car and Foundry Pref 100| American Cotton Oil 100 1,255.364 2,996,511 362,663 94,294 187,141 567.200 232,002 Pref American Express American Ice Pref American Linseed Pref .' American Locomotive Pref American Malting 100 Pref 100 American Smelting and Refining 100 Pref 100 American Sugar Refining 100 Pref., new/. 100 Anaconda Mining 25 Brunswick Dock and City Improvement 100 Colorado Fuel and Iron 100 Pref 100 Columbus and Hocking Coal and Iron 100 2,916 100 11.826.038 100 966,603 312,442 213,819 10,768 29.088 348.520 87.528 ■ 346,852 275,461 448,022 179.876 55.360 35,429 2.356,229 456.727 8,174,362 39.326 1,148,286 62,629 907,722 8,542 183.529 New Yorl Consolidated Ga Diamond Match Distilling Co. of America Pref General Electric International Paper Pref National Biscuit Pref National Lead Pref New York Air Brake Pacific Mail People's Gas Light & Coke Co., Chicago Pressed Steel Car 100 Pref 100 Pullman Company , . . .100 Republic Iron & Steel 100 Pref 100 100 1,103.110 Sale I 'lias. 206} Feb. 26 24 May 9 42 Jan. 10 82 Feb. 15 77} Jan. 21 84} Jan. 21 52 Feb. 1 89 Feb. 25 63 Jan. 8 xi 37 May 9 14$ Jan. 22 33} Jan. 9 72 Jan. 2 I 57 Jan. 30 *88 Jan. 4 24} Jan. 4 1 65 May 9 38 Jan. 3 2H Jan. 4 75 July 15 53* Jan. 4 16 May 9 ! 4UJan. 3 29' May 9 18 Jan. 21 ! 67} Jan 21 23} Jan. 3 117 May 9 10| Feb. 16 28 May 9 ' 65} Jan 21 147 Apr. 19 76 May 9 81* Jan. 21 lHJan. 3 23} Jan. 4 ; llf Jan. 31 45 May 9 24 May 9 14} Jan. 21 38.1 Jan. 17 14,084 77.240 56,699 308,973 272.288 225,062 188.374 I 17,256 | 184.050 j 33,230 1 105,819 302.990 3.355,174 350.521 185.486 54,945 725.172 383.617 145 Jan. 8 60} Dec. 17 *19 Jan. 21 *67 Jan. 19 I 24 Mar. 8 85 Apr. 10 169 Jan. 12 | 25} Oct. 2 62 Oct. 10 5* Jan. 24 31 Jan. 24 221 Aug. 13 83| Oct. 4 44 Feb. 4 22} Dec. 19 381 Oct. 7 88 Feb. 26 1031 Bee. 24 111 Dec. 21 28} Dee. 23 S 8} Jan. 19 41} Jan. 21 116 Mar. 23 121 Oct. 23 187 Jan. 18 \ 1274 Oct. 10 , 6? Oct. 14 23} Sept. 13 1831 Jan. 10 181 May 10 69" Jan. 21 I 37 Jan. 21 92 Jan. 2 15 Mar. 14 74} Dec. 24 133 Julv 15 301 May 9 95} Jan. 21 30 Mar. 7 721 Mar. 5 1951 Jan. 21 11} Sept. 13 55} Jan. 21 \ Highest. Soli Prices. 217 June24 404 May 1 111* Nov. 25 92| N ( >v. 22 1000 May 9 113} May 7 78 Dec. 2 1031 Dec. 2 83 Nov.29 1614 Apr. 23 50 Sept. 27 94 Nov. 13 86 June 17 81 Dec. 30 113 Dec. 30 58 Dec. 30 82i Dec. 30 64} Dec. 31 56} Dec. 19 88 Mar. 12 76J Junel!) 391 Apr. 30 71 June 10 63S June 5 35} June 3 945 Nov. 27 52} May 3 129.1 Jan. 9 25} May 22 39} May 22 1095 Dec 31 160 Nov. 30 133 May 2 99} May 1 26 June 3 46} June21 22 June 4 60} Mar. 28 38 Mar. 28 26 June 17 49} Apr. 17 202 Dec. 24 130 Junel7 35 June 14 89} July 8 35} June 17 911 Jan. 8 210 Nov. 19 411 Mar. 15 77} Mar. 22 30} July 9 GO July 9 33 5- Nov. 19 91} Nov. 19 8 June 20 30 June 25 69 Apr. 20 104} June 20 153 June 3 130 July 19 *54} Apr. 16 ! 14} Mar. 19 136} June 17 142| Apr. 29 25} June 17 238 Apr. 15 1 1 1521 Aug. 29 10} June 18 \ \ 34} Nov. 9 1 289} Dec. 6 28 Mar. 22 81} Sept. 10 46 May 3 103^ Nov. 18 25} June 12 93; June 17 175 Apr. 26 491 Nov. 11 ] 120* June 21 52 Jan. 2 89 Apr. 29 225 Oct. 17 24 June 17 82 Apr. 1 | Price July 11, 1902. Low. High. 231 234 32? 32? 57 575 92 94 69 72 100 105 75 80 1535 154} 37 43 93 98 I "66} "i;6; 84} 85} 70} 70} 68} 691 84} 84} 73 73} 1 1 30 31 681 68} 64? 65} 365 37 96 96 42} 43 1 130} 131} 21 21" 37 37} 119 119 105} 1061 89? 90 45 22} 63 37} 261 49" 30 45? 221 64" 3? ! 26: 49} 93} 198 198 63} 64 31? 32} 89} 89} 52| 535 95 97 225 230 9}- 9? 321 33} 23| 23f 50| 54 31} 32} 93 5? 22} 24 46} 465 97} 98 128} 1301 119 119 100 100} 11} 12} 89} 90} 125 127 16} 171 223} 224} 133 135 4? 5 35 351 313 314" 20} 20} 73} 74 48 48 104 106 21 21} 87 90 172 172 40} 40} 101} 101? 48 4,8} 86? 86? 240 243 17} 17} 73} 73} Range fob Year iw)\! To Jfl.v llTH. Lowe-!. Sale. /'/ ins. 209} .Jan. 80 32 Mar. 11 55 Jan. 14 90 Feb. 21 67} J une 23 100} 79 Jan. 20 147 Jan. 14 39 Jan. 8 71 Feb. 15 80 May 17 80} Jan. 7 113 Mar. 25 52} Mar. 10 79? Mar. 10 60 Jan. 14 55} Jan. 2 82? Julv 9 70} May 5 24} Mar. 6 55 4 l Mar. 5 58 Jan. 27 31? Jan. 27 92 Jan. 14 37} Jan. 15 122 Jan. 8 18} Jan. 21 35 Jan. 15 107 Jan. 20 157 May 15 98» Feb. 28 865 Mar. 6 21} Jan. 1 1 41} Jan. 13 17 Jan. 27 49! Jan. 27 28 Jan. 14 19} Jan. 30 39} Jan. 24 198 July 11 61 Mar. 25 28} Apr. 11 85} Jan. 14 30} Jan. 10 86 Feb. 3 210 Jan. 13 9} Julv 11 32 Julv 10 15 Jan. 14 43 Jan. 13 29; May 19 89 Jan. 3 5 Jan. 20 21 Jan. 20 431 Apr. 22 95 Apr. 30 116} Jan. 6 115 Jan. 2 100 Julv 9 10 Jan. 13 84 Jan. 8 130 Jan. 29 14} Jan. 16 213 Jan. 15 130} Jan. 13 4} July 9 33 Jan. 3 276} Jan. 15 19 Jan. 14 725 June 24 435 Jan. 14 ! 1041 Jan. 3 I 15} Jan. 18 78} Jan. 16 148 Mar. 17 , 371 May 17 ! 98} Jan. 15 | 39 Jan. 14 l 82} Feb. 4 215 Jan. 13 15} Jan. 2 ! 68 Jan. 16 62 WALL STREET GUIDE. NEW YORK STOCK EXCHANGE QUOTATIONS— Continued. STOCKS. S.-tles in 1901. Par .100 ..100 ..100 ..100 ..100 ..100 ..100 Shares. 85,610 1. 549.005 65>12 1,374,752 408,194 317.138 133,018 Standard Rope & Twine Tennessee Coal & Iron United States Express United States Leather Pref United States Rubber Pref United States Steel 100 12,988,558 Pref 100 6,084,078 Virginia-Carolina Chemical lOOl 54,365 Pref lOOl 13,204 Wells. Fargo & Co 100j 4,670 Western Union Telegraph 100 1,589.362 Westinghonse Electric & Manufacturing, assent 50| 26,865 1st pref 50 425 Range nm Year L901. Lowest. Sale Price*. 3* Mar. 6 49| Mar. 7 53' Jan. 26 7fMay 9 694 May 9 12* Oct. 4 47 Oct. 4 24 May 9 69 Mav 9 51 July 12 116 Apr. 27 130 Jan. 11 81 Jan. 21 145 Nov. 26 157 Nov. 27 Highest. Sale Prices. 8£ June 13 76| June 18 100 Apr. 19 164 May 2 83f Aug. 28 34 Jan. 2 85 Jan. 2 55 Apr. 30 101 ; Apr. 30 72 Mar. 30 125 Aug. 30 199 1 Dec. 30 100] }Iay 6 180 Dec. 26 187 Dec. 27 Price July 1 1902. Low. High. 6* 7£ 63A 64^ llli 1141 12 12| 83£ • 84 14A 15 55' 55 39i 39* 90£ 90* 69$ 70J 130.1 130.', 200 215" 85£ 80£ 208 Oio 213 216 Kangk fob Yeak 1902 to J n.Y 11th. Highest. Sale Prices. 4 Jan. 10 61} Jan. 14 97 Jan. 2 1H Feb. 20 79J Jan. 21 14 Jan. 2 504 Jan. 14 36 j J'ne 19 874 J'ne 19 60 Jan. 18 120] Jan. 17 185 Jan. 24 84*- July 10 169* Jan. 15 180 Jan. 8 Lowest. Sale Prk( 8| Apr. 74 & Apr. 126J Apr. 14| Apr. 86i Apr. 19| Apr. 64 Mar. 46J Jan. 97| Jan. 761 Apr. 134: May 220 Mav 94 f Apr. 230* Apr. 234 Apr. RAILROAD EARNINGS. The following table shows the gross earnings of all important Steam railroads from which regular weekly or monthly returns can be obtained. The first two columns of figures give the gross earnings for the latest week or month reported by July 11th, 1902, and the last two columns the earnings for the period from July 1 of previous year to and including such latest week or month in current year. ROADS. Adirondack Alabama Great Southern Ala., New Orl.,*Tex. & Pac. June. NVw Orleans & North Eastern. . Alabama & Vicksburg. . Vicksburg, Sh. & Pacific Ann Arbor An nap., Washington & Baltimore. Atchison, Topeka & Santa Fe Atlanta & Charlotte Atlanta, Knoxville & Northern . . Atlantic & Birmingham Atlantic Coast Line Atlantic, Vald. & Western Baltimore & Annapolis S. L Baltimore & Ohio j Baltimore & Ohio Southwestern. J Bangor & Aroostook Bath & Hammondsport Bella., Zanes. & Cincinnati Bellefonte Central Bridgton & Saco R Buffalo, Attica & Arcade Buffalo, Rochester & Pittsburg. . . Buffalo & Susquehanna Burlington, C. Raj). & Northern.. Canada Atlantic Canadian Pacific Central of Georgia Central of New England Central of New Jersey Central Pacific Chattanooga Southern I Ihesapeake & Ohio Latest Gross Earnings 1902 Week or Month. April 2 1 week June June June June 1st week July May May April May June May June May May Mav May May May April May 1st week July Mav May February 1 -t week in July li h week in June March May April 4t h week in June Lsl week in Julv 1902 Year. 14,960 41,286 160,528 69,247 80,888 31,674 7,382 4,911,389 229,669 53,183 15,913 846,762 21,384 8,297 4,405,692 146,337 1,985 16,513 4,811 2,708 2,704 105,443 73,724 399,700 123,195 695,000 163,929 47,850 1,196,124 1,655,533 3,407 195,870 1901 Year. 13,054 35,429 148,444 63,437 63,161 28,902 5,902 4,837,478 213,680 41,057 8,0:26 714,99!) 19,325 8,435 4,007,106 117,176 1,979 15,994 3,832 2,799 2,582 125,873 65,792 399,772 106,871 599,000 137,240 52,410 1,316,044 1,647,389 1,891 266,597 July 1 (Previous Year) to Latest Date. 1902 Year. 170,770 2,413,876 2,023,260 1,019,932 1,080,252 31,674 76,506 54,690,804 2,483,355 572,677 140.199 7,633.030 269.977 97,014 46,697,556 1.568.479 32.884 73.124 53,256 34.521 24,416 105.443 772,157 4,959.604 1.187.097 695.000 7,748,026 449,309 1901 Year. 16-2,708 2,132,883 1,929,814 920,669 896,936 28.902 59,458 49,857,388 2.386,539 437,880 81,108 7.163,174 235,045 83,636 43,091,303 1,322,117 37,706 69,332 38,194 33,711 25,007 125.873 659,338 4,559.003 1,172,246 599.000 6,920,714 534,035 16,848.818 98,282 195,870 16,065,655 92,870 266,597 WALL STREET GUIDE. RAILROAD EARNINGS Continued. 63 K< IADS. Chicago & Alton Ry Chicago, Burlington & Quincy . .. Chicago & Eastern Illinois Chicago Great Western Chicago, Indianap. & Louisv Chicago, Milwaukee & St. Paul.. . Chicago & North Western Chicago, Peoria & St. Louis Chicago, R. I. & Pacific Chicago, St. Paul, Minn. & Oni. . . Chicago Terminal Tr. RR Choctaw, Oklahoma & Gulf Cincinnati, New Orl. & T. Pac. . . Cleveland, Cin., Chic. & St. Louis. Peoria & Eastern Cleveland, Lor. & Wheeling Colorado & Southern Columbia, Newberry & Lau Columbus, Sand. & Hock Cornwall Cornwall & Lebanon Cumberland Valley Denver & Rio Grande, Rio Gr. W. Detroit Southern Detroit & Mackinac Duluth, South Shore & Atlantic. . Erie Evansville & Indianapolis Evansville & Terre Haute Farmville & Powhatan Fort Worth & Denver City Georgia RR Georgia Southern & Florida Gila Valley, G. & N Grand Trunk System Grand Trunk & Western Detroit, Gr. H. & M Great Northern: — St. Paul, Minn. & Manitoba. . ) Eastern of Minnesota ) Montana Central Total system Hocking Valley Houston & Texas Central Illinois Central Illinois Southern Internat. & Great Northern Interoc. (Mex.) Iowa Central Iron Railway Kanawha & Michigan Kansas City Southern Lehigh Valley RR Lehigh Valley Coal Co Lexington & Eastern Long Island Louisville, Hen. & St. Louis Louisville & Nashville Macon & Birmingham Manistique Mexican Central Mexican International Latkst Uk<»> Eaknim.- July 1 PttET lOVB \ BAB to Latest Date. 1902 1902 1901 1902 1901 Week or Month. Year. Year. Year. Year. $ $ $ $ May 703,826 747,158 8.498,023 8,278,927 May 4,477,203 4,345,887 49.:J18,501 45,963,032 1st week in July 113,700 104.500 113,700 104,500 1st week in July 125,830 118,770 125,830 118,776 4th week in June 108,114 99,723 4,572,227 4,139,850 May 3,484,399 3,232,192 41,739,407 38,813.022 May 3,960,122 3,G63,232 42,731,019 39,410,413 June 122,102 97,701 1,448,324 1,343,881 April 2,119,178 1,972,937 24,205,172 21.824,999 May 876,877 797,269 10,872,717 9,827,730 4th week in June 41,500 38,787 1,626,123 1,430,092 4th week in Mar. 89,707 75,378 4.054,742 2,877,751 3d week in June 108,113 100,080 5,400,919 4.889,917 4t h week in June 478,104 477,948 18,716.879 17,877.490 4th week in June 69,446 62,103 2,518,848 2,488,303 January 194,003 143,593 1,542,222 1,162,839 4th week in June 136,840 135,196 5,559,423 4,794,649 May 14,200 11,877 169,020 162,921 3d week in June 28,320 25,062 1.201,683 1,035,959 May 9,291 10,295 103,739 98,543 May 27,181 30,735 307,656 248,716 May 104,811 84,708 1,084,362 985,651 1st week in July 312,900 290,900 312.900 290,900 4th week in June 29,559 20,669 1.237.250 1,147,235 May 76,882 88,977 798,307 785,714 4th week in June 77,391 68,233 2.690,569 2,484,210 May 3,321,228 3.641,472 37,646.465 35,549.695 1st week in July 6,227 5,398 6,227 5,398 1st week in Julv 23,420 25,483 23,420 25,483 May 7,886 6,217 68,856 58,335 May 187,052 168,548 2,040,864 1,932.610 May 142,034 129,455 1,848.839 1.716.893 June 101.227 97,623 1,246,635 1,203,811 May 33,018 32,824 340,836 338.110 4th week in June 774,028 735.034 29,628,837 28,212.060 3d week in June 81,144 82,560 4,336,754 4,116,434 3d week in June 21,884 20,137 1,119,568 1,005,395 Jun Q 079 ftTQ O ,\J t *J ; i V oa qoq Q71 iOU. U\JO . o t 1 June 122,521 169,455 1,772,278 2,151,648 June 3,195,400 2,685,020 36,963,213 29,055,619 1st week in July 118,732 111,465 118,732 111,405 April 369,265 422.192 4.452,234 4,898.851 June 3,261,486 2,910,434 40.782.198 36.900,460 June 12,195 9,216 135,126 114,980 4th week in June 101,773 106,010 4,838,756 4,990,611 Week June 21 83,900 77,350 4.139.205 4,113,560 4th week in June 75,277 52,889 2.540.352 2,284.123 June 6,265 5,262 82.623 59,747 1st week in July 11,433 13,639 11,433 13.639 Mav 506,939 475,817 5.096.715 4,484,586 May 1,944,391 2,274,323 25.511.269 23,880,212 May 929,292 1,940.723 19,710.610 18,799,847 May 42,047 33,161 384.983 323,003 May Inc. 7< ,241 Inc. 62S ,200 J une 57,898 53,527 697,078 668.484 4th week in Ju'e 776,150 658,120 30,668,762 28,022.207 June 10,355 6,654 125,882 108,381 June 13,557 12,410 85,884 97,368 4th week in Ju'e 502,095 391,572 18.868,202 17,105.916 April 535,387 485,246 5,141.883 4,666,935 64 WALL STREET GUIDE. RAILRO A I) EARNINGS— < bn tinned. ROADS. Mar. Mexican Ry Mexican Southern Milieu & Southwestern.. . . Mineral Range Minneapolis & St. Louis. . . Minneap., St. Paul& Sit. St Missouri, Kansas & Texas Missouri Pacific & Iron Mt Central Branch Total Mobile. Jackson & Kansas City.. . Mobile & Ohio Nashville, Chat. & St. Louis Nevada-California- Oregon Nevada Central New York Central & Hudson Riv. New York, Ontario & Western. . . New York. Susquehanna & West . Norfolk & Western Northern Central Northern Pacific Pacific Coast Co Pennsylvania— East of Pitts. & E. West of Pitts. & E Pere Marquette Philadelphia & Erie Philadelphia, Wilmington & I>. . . Pine Bluff Arkansas R Pittsburgh, Cin., C. & St. Louis. . Pittsburgh & Western Plant System : — "1 Alabama Midland J Brunswick & Western I Chas. & Savannah j Savannah, Florida & West'n. | Silver Springs, Ocala & Gr. . . . J Reading Co. : — Philadelphia & Reading Coal & Iron Co Total, both Companies Richmond, Fredericksburg & Pot. Rio Grande Junction Rio Grande Southern Rio Grande Western Rutland St. Joseph & Gr. I St. Louis & North Arkansas St. Louis & San Francisco St. Louis Southwestern St. L., Yandalia & Terrc Haute.. San Antonio & Aransas Pass San Francisco & North Pacific. . . San Pedro, Los Angeles & Salt Lk. Savannah, Florida & Western. . . . Seaboard Air Line South Carolina & Georgia Exten. . South Haven & Eastern Southern Indiana Southern Pacific Co Central Pacific Galveston, Bar. & San An Galveston. Houston & Northern Latest Gross Earnings. July 1 (Pkkvhm - Yeak) to Latest Date. 1902 Week or Month. Week June 2 1 3d week in June April May 4th week in Ju'e 4th week in Ju'e 1st week in July 1st week in July 1st week in July 1st week in Julv Week June 28 June June May May June May May 1st week in Julv May May May May May 4th week in Ju'e May Mav April May March Mav May May May April April 1st week in July June March June May 4th week in June 4th week in June June April June February May 4th week in June May May June. May April April April 1902 Year. 96,000 19,420 2,907 53,861 99,877 169,953 237.651 524,000 15,000 539,000 4.835 530,133 636,711 17,425 2,919 5,803,862 370,758 163,016 267,154 710,565 3.334,746 395,933 9,901,838 Inc. 212,948 595,593 1,085,658 2,357 1,899,289 326.491 12,568 2,274,634 1,166,812 3,441,440 104,472 47,530 11,618 454,400 ' 105,538 19,985 601,453 155,720 185,496 247,620 118,278 19,532 712,568 257,171 20,428 5,042 64,442 6,832,856 1,655,533 621,036 27,991 1901 Y'ear. 82,100 17,258 3,476 55,029 87,204 134,240 233,125 512,000 22,000 534,000 3,164 481,026 574,463 14,738 2,763 5,893,359 493,522 213,772 250,742 679,965 2,919,509 430,046 8,402,038 668,300 I 207,364 589,394 1,029,258 1,520 1.670,013 367,798 609,441 2,574,734 2,840,616 5,415,350 96.262 46,462 9.604 449,400 101,205 16,558 620,147 144,844 171,175 226,047 102,218 13,139 609,441 232,556 18,173 4,904 50,674 6,941,974 1,647,339 671.832 20.007 1902 Year. 4,513,500 548,270 3,515.663 6,211,200 237,6.1 i 524.000 15.000 539,(00 167,730 6.501.227 7,902,732 143.057 34,873 70,800.000 5,194,651 2,474,267 267.154 7,797,246 38,606,714 4,551,914 92,207,518 Inc. 7 9,531.191 6,313.586 10,884,732 30,632 19,938,561 3,210,005 7,769,185 27,609,767 26,327,767 53,937,534 902,079 490,700 11,618 5,341,154 1,560,572 1.344,511 214,516 21,618,884 7,278,028 2,131,164 2.166,528 1,132,580 7,769485 11,553,557 256,882 64,556 627,396 77.079,008 16,848,818 0.070,058 1901 Year. 4,232,700 539,042 3,275,504 4,513.371 233,125 512,000 22,000 534,000 141,396 6,139,912 7,662,327 137.732 29,663 66.333,100 4,819,814 2,291.590 250,742 7,329,146 31,015,582 4,670,709 I 84,723,318 ,105,700 8,684,906 5,577.187 10,599,032 24,105 17.790,418 2,910.210 7.349,631 25,720,336 26,315,338 52,035,674 835,802 479,805 9,604 4,908,081 1, '403, 150 98,861 19,282.513 7,387,174 1,996,817 2,296,976 1,039,001 7,849.631 10,929,051 261,959 66,971 439,662 70,959.651 16,065,655 5,741,622 WALL STREET GUIDE. 65 RAILROAD EARNINGS- fw;// ,„,(. ROADS. I, VVY.-T Qross Eabmikg 1902 Week or Bfonth. Southern Pacific Co. : Gulf, Western Texas & Pacific. Houston, East & West Tex Houston & Shreveport Houston & Texas Central Louisiana Western Morgan's Louisiana & Texas. . . New York, Texas & Mexican . . . Southern Pacific of California. . Southern Pacific of Arizona. . . . Southern Pacific of New Mexico Texas & New Orleans Southern Railway Terre Haute & Indianapolis Terre Haute & Peoria Texas Central Texas & Pacific Texas, S. V. & N. W Toledo & Ohio Central Toledo, Peoria & Western Toledo, St. Louis & Western Tor., Hamilton & Buffalo Union Pacific RR. : ) Oregon RR. & Navigation.. . . - Oregon Short Line ) Wabash West Jersey & Seashore Wheeling & Lake Erie Wichita Valley Wisconsin Central Wrightsville & Tennille Yazoo & Mississippi Valley April April April April April April April April April April April 4th week in June June June 4th week in June 1st week in July May 1st week in July 4th week in June 1st week in July June May 1st week in July May June May 1st week in July May June 1902 Year. 14,851 56,266 10.197 369,265 154,431 398,792 34,485 1,810,085 378,537 194,857 245,875 868,550 140,851 40,139 10,236 138,202 11,500 49,768 25,901 45,319 35,381 3,710,057 333,394 298,150 313,163 4,602 115,500 8,652 454,413 1901 Year. % 12,794 61,147 14,037 422,192 140,215 (173,008 32,195 1,784,025 421,768 249,124 266,204 762,489 123,988 36,698 12,519 143,040 10,600 47,707 27,057 41,338 35,224 3,619,341 302,596 272,350 251,480 3,479 113,159 9,649 362.842 July 1 (Previous f sab) to Latest Datk. 1902 Year. 777,807 192,284 4,452,234 1,595,664 6,353,428 310,061 18,054,621 3,986,615 2,183,209 2,458,532 37,678,338 1,689,718 548,359 586,230 138,202 147,300 49,768 1,151.677 45,319 504,381 43,639,839 333,394 3,413,734 3,519,554 ' 115,500 133,895 6,595,309 1901 Year. 723,577 159 846 4,898,851 1,394,292 6,700,653 242.853 15,71)5.208 3,588,174 1,951.119 ■-'.321,370 35,697,772 1,576,013 543,318 707,409 143,040 129,500 47.707 1,157.079 41.338 399,281 39,964,132 302.596 3,253,034 2,954,105 ' 113,15!) 151,482 6.127.941 FAMOUS MEN OF WALL STREET. On the following pages we give a short financial history of a few men who have made Wall Street famous by their gigantic operations. In this brief work we have been obliged to mention only some of the most prominent ones and to confine these sketches to a decidedly small space. The great fortunes amassed in a few years by our Rockefeller, Carnegie, Morgan, Gould, Sage and others would have made old Croesus turn green with envy. Even the famous lamp of Aladdin, the product of a fertile imagination, has been more than outdone by our modern financiers. Just a word from the mouth of Mr. Havemeyer, of Sugar trust fame, will put the price of sugar stock up or down twenty points, while Mr. Morgan can refuse to answer a question and up goes the price of stocks of the various properties in which he is known to be heavily interested. Mr. Morgan, like James R. Keene, and James J. Hill, is known as a great bull, and the bulk of his large for- tune has been made by improving and developingprop- erties and placing them on a paying basis. 5 It is the man w r ho is optimistic, who believes in the future of his country, and who is ever ready to look upon the bright side of life that wins lasting success. True, Jay Gould began his career as a wrecker of values, but later in life evidently saw his mistake and became a great reorganizer, building up the now famous Southern Western Gould system of railways before his death. Most of the great bears who won renown by mak- ing large fortunes quickly on the short side of the market lost their money later on. Addison Cammack and Daniel Drew are, perhaps, two of the most promi- nent examples. Xo country in the world offers such opportunities for amassing large fortunes as the United States. To-day we lead the world not only in the rapid strides of commerce, but also in wealth, and opportunities are just as great, if not greater, than was the case twenty or forty years ago. This coun- try is still an infant in growth and the next twenty years will see even greater developments than have been witnessed during the past. 66 WALT, STREET GUIDE. COMMODORE VANDERBILT. Cornelius Vanderbilt, the founder of the Yander- bilt fortune, began his business career in a rowboat plying between Staten Island, Governor's Island, and New York City, doing the rowing himself. In the course of time the enterprise grew into a boat pro- pelled by steam, and from one boat, in a few years COMMODORE VANDERBILT. developed into the largest fleet of steamers and ferry- boats in the country, at one time consisting of over sixty ships. In the early days of the railroad he refused to have anything to do with railroad enterprises, but later began to realize that the railroad business presented a large field for operations, while that of steam- boats was confined to local territories. His first venture in this direction was when he secured con- trol of the Harlem Railroad, and in the operation got up the celebrated Harlem " corner," in which the board of aldermen granted him a franchise to lay tracks on Broadway, and after the stock had made great advances they gave the tip around to their friends, who all sold it short, after which they re- pealed the ordinance. But the Commodore was enough for them, and worked the * corner " in such a way that when they went to cover the stock commenced to advance rapidly to 100, 150, 175, and finally 179. The members of the common council were obliged to make their final settlements at the latter figure. The Com- modore had all the stock, and the aldermen lost a million or more, while their friends lost several mill- ions. It is said Vanderbilt cleared five or six millions on this deal, besides "getting even" with a lot of people who had not hesitated to take his money and then attempted to sell him out. The Commodore's great feat of cornering the com- mon council was not his only famous achievement. He did the same with the Albany politicians, compel- ling many of the members of the State legislature to settle with him, most of them having gone short on Harlem on inside information that the legislature would refuse to pass certain bills desired, granting the company A'aluable privileges. Commodore Van- derbilt never forgot this transaction, and often re- ferred to it in after years in his own language, stating that " we busted the whole legislature and made them go home without even paying their board bills." His next enterprise was in connection with the Xew York Central. Having successfully fought and beaten the legislature in the matter of Harlem, he was encouraged to look for larger game. He com- menced to manipulate the stock of this company very largely in the market, and on one occasion it advanced twenty points between Saturday and Mon- day. This was new to Wall Street in those early days, and old-timers stood aghast, but it was like a play- thing in the Commodore's hands. The company was so prosperous that there was talk of the coming divi- dend for a long time before it really developed, and when the famous 80 per cent, dividend was actually declared, speculators, as a rule, who had been trading in Central had become so poor that they were unable to carry much of the stock in order to avail them- selves of the huge profits. Commodore Vanderbilt and his son, Wm. H., to- gether accumulated what, at the time of the latter's death, was the largest private fortune in the world. In seventy years the Commodore rose from an humble beginning to be the proud possessor of $90,000,000. In his fight with the legislature at Albany, which occurred only one year later than that with the common council above related, he had the fight of his life; he hardly knew which way to turn, and often in later years pathetically described his feel- ings at this crisis. He sent for old John Tobin, who formerly had been a gate-keeper at his ferry-house on Staten Island, but had been put in the former Harlem deal and at this time was worth over a mill- ion dollars. After explaining the whole situation to Tobin, he said, " John, don't them fellows need dressing down ? " John answered in the affirmative, but did not see how it was to be accomplished, as " them fellows " at that moment seemed to hold the trump hand. After a pause, the Commodore, again addressing John, with an intensified emphasis in his tone, said, " John, let us teach them never to go back WALT. STREET GUIDE. 07 on their word again as long as they draw breath. We will try the Harlem corner once more." Tobin put up his million, and Leonard \V. Jerome also went into the deal. Jt took live millions to carry the deal through, but the amount was soon forthcoming from the Commodore's friends. As this was the fight of his life, he went into it with even more than his customary vim, and strange as it may seem, bought nearly 30,000 shares more stock from the members of the legislature and their friends than there was in existence at that time. When the members of the legislature and their friends went to purchase in the open market, to cover their short sales, not a share could be had. Vanderbilt and his brokers had every share safely secured in their strong boxes. It is needless to say that there was consternation at Albany when they discovered the true status of af- fairs. The Commodore threatened to put the price of Harlem to $1,000 per share, but Mr. Jerome, while having no sympathy for the legislature, had a patri- otic desire to take care of the Street, and through Jerome's influence the Commodore was persuaded to let the legislature go — at $285 for Harlem. In other words, the stock that sold at $3 per share about the time Vanderbilt came in the Street reached $285 in 1804. It could have been put to $1,000 per share, just as Northern Pacific was recently. Even Daniel Drew, as shrewd a speculator as he was, came near being swamped in the Harlem " corner," but finally escaped by paying a million. Wall Street has probably never seen the equal, from every standpoint, of Commodore Vanderbilt, considering the time at which he operated and the comparatively small opportunities existing then to those of the present day. DANIEL DREW. Daniel Drew began life as a poor boy, just as did Commodore Vanderbilt, and was likewise entirely un- educated, which goes to show that education is not necessary to success in the acquisition of money. This fact is illustrated in both the lives of Drew and Vanderbilt. In fact, in all probability, education would have spoiled them for money-making careers which they afterwards enjoyed. In the life of Daniel Drew we find a remarkable example of the possibility of attaining great success by stubbornly following up one line of thought or one idea. His first business venture was, after obtaining $100 by serving as a substitute in one of the early Indian wars, to invest the money in cattle and drive them to the New York market. He was the first to try the experiment of driving herds of cattle from Ohio over the Allegheny Mountains to the Eastern markets, and although this trip required great hardships, and often resulted in the loss of half the herd, they could be bought so cheaply in the West at that time; that profits were enormous. From this he entered the steamboat busi- ness, and was a worthy competitor of the senior Van- derbilt. Like Vanderbilt, he soon saw the opportuni- ties for making money in Wall Street, and began his operations in stocks, first securing control of Erie, DANIEL DREW. which was manipulated to suit his own speculative fancy in some such manner as Harlem and New York Central were handled by Commodore Vanderbilt. Daniel Drew, at one time, could command more ready money on short notice than any man in Wall Street; or, in fact, any man in America. His wealth was estimated at $13,000,000, which, in those days, was equivalent to many hundred millions now. A large part of this fortune was made from operations in Erie stock. The stock often fluctuated 20 or 30 points in a day or two. Wall Street owes its term " watering stock n to Drew having been a drover in his early days, and, as such, following the old practice of giving cattle salt just before reaching the market, in order to create thirst in them, so that they would drink large quan- tities of water, thus appearing larger, fatter, and weighing more when placed on the scales. The mod- ern meaning for this term is not far removed from its original meaning. It was a sad day for Drew when Jay Gould became prominent in Wall Street. The latter soon ousted WALL STREET GUIDE. him from the Erie board, after which " Uncle Daniel's" troubles began, and he was almost ruined in 18C8. One of his most famous exploits in operating was when he was apparently " cornered " in Erie by a pool which had been accumulating stock quietly. He surprised them by throwing 58,000 shares on the market, which he had obtained by converting bonds under an old loop-hole in the charter of the Erie road, which broke the stock from 95 to 50, wiping out the broadest margins and putting a whole army of bulls to utter rout. Millions were lost or won in a day in this deal. Drew was despised, feared, and revered on account of this unparalleled achievement. WILLIAM H. VANDERBILT. William H. Vanderbilt was not a Wall Street specu- lator in the true sense of the term. He was more of an investor, and his investments had always a healthy WILLIAM H. VANDERBILT. effect upon the market. His first experience in rail- road matters was in connection with the Staten Island Railroad, thirteen miles in length. The road had been mismanaged and was deeply in debt, and through the influence of his father Wm. H. was appointed receiver. The Commodore undoubtedly wanted to find out by this experiment if his son had any capacity for railroad management. In two years the entire indebtedness of the road was paid and the stock, which had been worthless, rose to 175. After his marvellous success in this experiment, his father made him vice-president of the Harlem Rail- road, the stock of which was then selling below 10, but in a few years became one of the most valuable railroad properties in the country. The Commodore was so highly pleased and agreeably surprised at his son's management of the Harlem road that he made him vice-president of the Hudson River Railroad also. This great executive power Wm. H. manifested in every successful movement which his father directed, and unparalleled success was the result in every in- stance. When his father died, at the age of eighty- two, January, 1877, Wm. H. was fifty-six years old, and found himself the happy possessor of a fortune variously estimated at from seventy-five to ninety million dollars. This fortune rapidly grew under the management of the younger Vanderbilt till, at the end of seven years, at his death, his wealth was estimated at over $200,000,000. JAY GOULD. The son of a farmer and country grocery- store keeper, at the age of sixteen young Gould began his career as a clerk in a variety store, and of all the self-made men of Wall Street he probably had the most difficulty in accumulating the first thousand dollars of the amazing pile which he left his family at his death. He studied surveying and became quite an adept at this, afterward being employed to survey the county and make maps of it. From the beginning he, however, revolted at being an employee of other people's brains, and one of his early ideas was to become his own boss. In a short time he bought out the firm, wrote a history of the county to accompany the maps, and peddled his books among the residents. This natural inclination of his to buy out every con- cern with which he became connected was well shown in his future operations. He had previously invented a mouse trap. His next venture was that of becoming interested in the Pennsylvania tannery, with a capitalist named Pratt, but this did not prove to his liking. On his visit to New York he was attracted by the greater advantages which the Empire City afforded for ex- tending his business, and came here to reside. His first railroad investment came through his marriage with the daughter of a wealthy merchant of New York who owned shares in a railroad which was then in a very bad financial condition, and Gould was em- ployed by his father-in-law to see what could be done in the way of disposing of the same before they be- came absolutely worthless. After Mr. Gould had looked over the road carefully, he became favorably impressed with the possibilities of its future under good management, and instead of selling his father- WALL STREET GUIDE. 69 in-law's stock to some stranger, took the shares him- self at their market value, bought more, final ly obtain- ing control of the entire property, and sold it to a rival company at a Large profit. This is the method followed by Mr. Gould in his early transactions in Wall Street, and it is needless to say that it did not take many deals of this kind to put Mr. Gould in financial shape to cope with the largest operators JAY GOULD. in the Street, and he was not slow to take advantage of his opportunities. The particular incident which will probably be re- membered long after others relating to Mr. Gould's career are forgotten was his connection with the " Black Friday" panic, in which he, "Jim" Fisk, and one or two others endeavored to " corner " gold, but in the midst of their operations the Government com- menced to sell gold in large quantities, thus break- ing the " corner," and also breaking many of the largest concerns in the Street at the same time, from the wrecks of which Mr. Gould himself had a very narrow escape. He later secured control of the Erie Railroad, ousting Daniel Drew, who had previously had everything his own way in connection with that corporation, and somewhat in the same manner as the company had previously been used for the benefit of insiders, Gould continued to manipulate its stock. Many old-timers still remember the famous fight be- tween Gould, Fisk, and Drew on one side and Com- modore Vanderbilt on the other, in connection with Erie, at the culmination of which Gould, Fisk, and Drew took refuge at Taylor's Hotel in Jersey City, to escape jurisdiction of the local courts, to which Vanderbilt had applied for relief. This matter was later amicably adjusted between the various parties. It was as the managing power of the Erie Railroad that Mr. Could laid the broad foundation of his for- tune. The money and influence which he gained in connection with the Erie corporation enabled him to extend his operations in the acquisition of railroads, until through Union Pacific and its various connec- tions, Wabash, Missouri Pacific, and a number of southwestern roads, it seemed probable at one time that he was in a fair way to grasp the entire control of all transcontinental railroads; and who can say, had his death not occurred when he was a compara- tively young man, but what this result would have been obtained later? Among all Wall Street operators Mr. Gould stands conspicuous in the brilliancy of his feats, acomplished against powerful odds at times. True, some of his methods were, from time to time, questioned, but he evidently was a believer in the old saying that " everything is fair in love and war," probably class- ing Wall Street operations with the latter. Even the railroad field was not large enough to satisfy his great ambition, and one of his great feats was his fight against the Western Union Telegraph Company, during which fight Mr. Gould paralleled most of the important lines of the Western Union and cut rates until the old and larger corporation found its profits were being reduced towards the van- ishing point, and then was glad to make terms with its new competitor, a union of interests being the result, with Mr. Gould controlling the new concern. One of his last great coups was in wrenching con- trol of the New York elevated railroads from Cyrus W. Field, in which Mr. Field lost the bulk of his fortune. Mr| Gould, like Wm. H. Vanderbilt, died young, his early demise undoubtedly being the result of his unusually active and fertile brain and untiring en- ergy. At his death, his estate amounted to over $100,000,000, and since that time, owing to the many advances which have occurred in the price of stocks owned by the Gould family, such as Missouri Pacific, Manhattan, Wabash, and others, this fortune has greatly increased, and is probably worth three times as much to-day as it was five years ago. As an example, take Missouri Pacific, which, as late as April, 1807, sold as low as $10.50 per share and early in 1001 sold above $120 per share. CYRUS W. FIELD. He was born in Stockbridge, Mass., in 1810. At fif- teen years of age he came to New York with but a trifling sum in his pocket, and worked for A. T. 70 WALL STREET GUIDE. Stewart for several years, after which he became a partner in the paper firm of E. Root & Co., in Maiden Lane. By 1853 he had acquired a competence and partially withdrew from mercantile pursuits. Mr. Field's undying fame comes from his having CYRUS W. FIELD. conceived the idea of laying a telegraphic cable direct from Newfoundland to Ireland. He was assured by high, scientific authority that this idea could be car- ried out, and when once convinced he was prompt to act. He soon succeeded in securing in New York sub- scriptions amounting to $1,500,000, which he thought would be sufficient. His first attempt failed in 1857, but succeeded in the following year; but when the cable became silent and refused to work soon after, the incredulous public thought this would end all attempts to pursue something which seemed miracu- lous, and for seven years no further move was made to lay a cable, as the Civil War intervened, but in L865 Mr. Field took up the enterprise in which he had never lost faith, and owing to more modern methods a better cable was constructed and a more suitable machine; made for laying it. The famous steamer "fireat Eastern " started to string the cable, but after going some 1,200 miles the line parted, and an attempt to grapple it was unsuccessful. The year following, however, the great feat was accom- plished, and but few private? citizens have ever re- ceived such honor- were showered on Mr. Field in ISO*;, when both Km ope and America realized that principally through the efforts of one man they were joined by the Atlantic cable. He had pushed a vast project to a successful issue in spite of incredulity, ridicule, indifference, and strenuous opposition. But few thought, in those days, that the time would come when there would be ten or twelve cables spanning the ocean-bed between America and Europe, much less that the time w T ould come, which seems near at hand, when we could send messages across the ocean without even the aid of wires. Mr. Field, like Jay Gould and Wm. H. Vanderbilt, died comparatively young, but as a result of his great achievement left a name whose praises will be sounded for all time to come. RUSSELL SAGE. Among the prominent financiers or Wall Street operators none has stood the ravages of time like Russell Sage, who may be found at his office every day at certain hours, even though having passed his eighty-second birthday at this writing and w r ith pos- sessions estimated at not less than $100,000,000. Of this a large portion is always carried in cash; in fact, since Daniel Drew's time no Wall Street operator has been known to have so much available cash at RUSSELL SAGE. all times as " Uncle Russell," as he is familiarly termed in the Street. 11 was he who made dealing in "puts" and "calls" famous. Mis privileges are considered as good as Government bonds anywhere in the Street, and the fact that he has never de- WALL STREET GUIDE. 71 faulted, although at one time his losses on " puts " were something like $8,000,000, accounts for their high appreciation. He is a great money-lender; this, with his " put " and " call " operations, being his principal business outside of having large interests in many corporations, among which are Western Union, Manhattan " L," and other local enterprises. Owing to his rigid economy, a great deal of sport is often made at " Uncle Russell's " expense, and it is said he never buys a suit of clothes costing more than eight dollars. Although he has seldom been known to give money to charity, it is said that Mrs. Sage is very liberal in this direction and her charities are encouraged by Mr. Sage. J. COOKE. All old-timers have reason to remember the failure of J. Cooke & Co., which, together with the failure of the Warehouse and Security Co. and that of Daniel Drew, brought on the panic of 1873. Banks sus- pended all over the country, and even the New York Stock Exchange was closed for several days, by order of the governing committee. The effect of this panic lasted several years, and was similar in every way in its effects to that which occurred just twenty years later. J. Cooke & Co. during the war period were J. COOKE. the leading bankers of this country, and it was through this house that most of the Government war loans were floated. It is easy to imagine what the result of such a failure would be to the business interests of the country. J. Cooke was the J. P. Morgan of that time, but let us hope that the house of J. P. Morgan & Co. will never meet with a like fate. ROSWELL P. FLOWER. Congressman, governor, banker and great bull leader of the buoyant speculative period beginning ROSWELL P. FLOWER. in 1897. Roswell P. Flower was the senior member of the house of Flower & Co., and as their operations were on an extensive scale, and usually for inside interests, such as the Rockefeller Standard Oil party, Flower probably had the largest following among the public of any bull operator that has been known in recent years. There had recently been extensive advances in the price of all securities, B. R. T., for example, having gone up from around 40 early in 1898 to 137 1 / £ in April, 1899, near which point it was hold- ing on May 13th when suddenly, out of a clear sky, the morning papers announced the death of Roswell P. Flower. His death was entirely unexpected, and came like a thunderbolt on the speculative com- munity, with the result that what is now known as the " Flower panic " occurred on that day, B. R. T. opening off 18 or 20 points from the closing price of the day before and the other Flower stocks propor- tionately, but after the first flurry prices rapidly recovered. This incident is a good illustration of 72 WALL STREET GUIDE. why speculators should always keep ample margins with their brokers, as on this occasion it would have been impossible to communicate with out-of-town traders in time to enable them to protect holdings, although no loss resulted except where margins were exhausted, as it was merely a momentary flurry, and the market recovered almost immediately. WILLIAM R. TRAVERS. William R. Travers, originally from Baltimore, where he had met with business misfortunes, came to Wall WILLIAM R. TRAVERS. Street to recoup. He was not very long in getting established in this, to him, new field. Although he began the ascent of his prosperous career at the very bottom of the financial ladder, it was only a short lime until he was thoroughly established in his new calling. He was, at one time, in partnership with Leonard Jerome, an uncle of the prominent reformer, William R. Travers Jerome, the name of the first having been bestowed upon the last as a result of family friend-hip. Mr. Travers's prestige as a leader became so great that he attracted a numerous fol- lowing of operators, who, with their eminent leader, formed a set widely known as " The Twenty-third Street Party." Addison Cammack, the celebrated l>e;ir, was a prominent member of this party and a great admirer of Mr. Travers. Mr. Tfavera was a great bear, and most all of his fortune, together with that of Canunack, was made in operating on the bear side of the market. Mr. Travers was endowed with great wit, and many stories are still told illustrating this personal trait. CHARLES F. WOERISHOFFER. Mr. Woerishoffer's career is one worthy of study, and furnishes a good example of what can be ac- complished by any man who sets himself at work upon one idea, devoting himself steadily and per- sistently to accomplish his one purpose. He pos- sessed a peculiarly personal, magnetic power of im- pressing people with confidence in the schemes which he inaugurated. Although at one time a leader on the bull side, in connection with Henry Villard in his Northern Pacific and Oregon Railway and Navigation schemes, he later had a falling out with Villard and turned a rank bear, selling all the Villard properties short and eventually making a bankrupt of Villard and his fol- lowers. One of his most notable deals was his fight for the control of Kansas Pacific against Jay Gould, Russell Sage, and other capitalists, in 1879. He represented a large body of Frankfort investors, and had en- gaged to sell a large quantity of the Denver exten- sion bonds at 80 to the Gould- Sage syndicate. The syndicate, however, knowing that they had the con- trolling influence, declared the contract off for the CHARLES F. WOERISHOFFER. bonds ;il SI), but offered to purchase them at 70. Wberishoffer then, for a lime, seemed to be greatly put out that they had broken their contract, but did WALL STREET GUIDE. 73 not complain. He immediately cabled to the English and German bond holders and soon secured the ma- jority of the bonds which the syndicate wanted and deposited them with the United States Trust Co. His next move was to inform the syndicate that they could not obtain a single bond under par to carry out their great foreclosure scheme. In this deal Woer- ishoffer made over a million dollars, besides bringing Gould and Sage to terms after they had repudiated the former contract. This gave Woerishoffer a great following in England and Germany, and enabled him to carry out his great operations in Northern Pacific against the Villard clique previously mentioned. The world would probably have heard a great deal more of Woerishoffer had he not died in 1886, at the youthful age of forty-three, leaving a fortune esti- mated at from three to six million dollars. siderable height. They had everything planned to bring the " corner " to a climax at two o'clock on a certain day, and supposing that Little was in igno- rance of their plans, had expected to completely over- whelm and hopelessly ruin him. An hour prior to the time appointed by the clique for his disaster he walked into the Erie office, opened a bag filled with convertible bonds, and requested an exchange of stock for the same. He had purchased his bonds in London and had them safely locked up for the emer- gency, which he promptly met on its arrival. He got the stock, settled the contracts, and broke the " cor- ner." Mr. Little's convertible-bond trick was used later with signal advantage by his speculative suc- cessors in Erie, who demonstrated on several occa- sions, using Mulberry Sellers' expression, that " there were millions in it." JACOB LITTLE. In the early days of the Stock Exchange, when its building was located on William Street between JACOB LITTLE. Beaver and Exchange Place, Jacob Little was one of its leading members, and made and lost in that his- toric place nine fortunes. He was one of the most prominent speculators in Erie in the early days of Daniel Drew's manipulation of that property and its stocks. This was early in the history of " corners," and as Mr. Little was almost invariably a bear, the loading members of the Erie board formed a pool to " corner " the stock and ran Erie shares up to a con- GEORGE J. GOULD. Like W T m. H. Vanderbilt, George J. Gould was edu- cated by his father to manage and care for the im- mense Gould properties which had been organized by Gould the elder, and like Wm. H. Vanderbilt, his suc- cess has been remarkable. Of course ho has had the benefit of a period of unusual prosperity, during which stocks of his various companies have greatly GEORGE J. GOULD. enhanced in value. Take Missouri Pacific, for ex- ample, which only a few years ago sold at $10.r>0 per share, and as the Gould fortune numbers among its n WALL STREET GUIDE. assets a controlling interest in the Missouri Pacific Railroad, the reader can readily see how the Gould fortune has increased in late years. It is probably worth two or three times as much now as it was at the death of Jay Gould. Among the other Gould holdings are Manhattan Elevated, Western Union Telegraph, the Wabash Rail- road, Missouri, Kansas and Texas, and large interests in many others. JAMES R. KEENE. One of the most remarkable careers known to Wall Street is that of James R. Keene. Born in London, JAMES R. KEENE. he came to this country when a youth of seventeen and started out in the study of law. He removed to San Francisco in 1853, and became well informed in mining matters through various cases that were put in his hands while practising at the bar in that city. About 1 hat 1 ime he managed to raise a few hun- dred dollars and invested same in a mining stock then selling very low. Ee then took a long journey for his health, which consumed many months. After nearly a year's absence, Mr. Keene, on his return, was sur- prised to find thai the mine in which he had invested had turned out to be a veritable bonanza, and the stock he had bought was then worth over $200,000. With this money Mr. Keene secured a seat on the board and began to do an immense business. His further investments were also crowned with success, and he was one of the first to realize that prices for mining securities had advanced too rapidly, and, like old Daniel Drew, he reasoned that what had gone up so high and so rapidly was bound to come down. In spite of the strong contingent which opposed him, he began an active bear campaign, and on his vigorous at- tacks the entire list soon gave way and prices began to topple from their dizzy eminence even more quickly than they had advanced. Keene netted in this bear deal over $3,000,000, with which, in addition to the money previously made in his bull operations, he came to New York, and after a short visit to Europe began active operations on the bull side of the market. He reasoned that since the panic of 1873 there had been such great depreciation in values, with the return of prosperity all good securities would greatly enhance, and with his four or five million dollars commenced buying stocks at panic prices. Soon the turn came, which resulted in the high tide of speculation of 1879 and 1880, and the advances which occurred were im- mense. Keene's millions doubled and trebled until he was a modern Croesus. Gould and other specula- tors began to grow green with envy at Keene's un- precedented success. His investments w r ere nearly all in good, reliable securities, and, considering the short period over which these operations extended, his profits w r ere probably larger than had ever been made before by a single trader. Here Mr. Keene made the fatal mistake too com- mon among speculators. He began to imagine that failure was impossible, and he started to run a " cor- ner " in wheat, which proved later to be a signal failure. He was also largely interested on the bull side of the stock market at the same time. He speculated not only in stocks and wJieat, but in corn, pork, lard, and fast horses. Just about the time when he thought he had wheat " cornered," the farmers in the West began to race their wheat to market in order to secure the high prices then ruling, and even Keene's millions were not sufficient to buy the immense quantities that came in from the country. Mr. Cammack was quick to per- ceive that Keene was extending his ventures too far, and had a private talk with Mr. Gould. These two champion bears then united their efforts to upset the market, and each day brought additional forces to their aid. Then, too, the banks, as is usually the case when a man begins to get in a tight place, be- came timid, and Keene's brokers were loud in their calls for more margins. The banks then helped the bears along by calling in loans, and all the machinery of depression was put into active motion. Properties that had been considered good and solid investments for a long time were unmercifully raided and some of them shattered to fragments. In the general slaughter which took place Mr. Keene's brokers sold him out, and when he figured up his losses they WALL STREET GUIDE. 75 amounted to some seven or eight millions. As is usually the case, every attempt to recoup these losses was followed by disaster. He then began to plunge, with the natural result that losses became constantly greater, until nearly the whole of his immense pile was buried in the fruitless efforts to recover a por- tion of it. So ended the first chapter of Mr. Keene's career, and for a great many years thereafter but little was heard of Keene's operations. Mr. Keene is naturally a bull, and his large fortunes have usually been made on the long side of the market, which accounts for his having during the last few years become very prominent, having again accumulated even a larger fortune than previously. The bulk of this latter for- tune was made during the big bull markets of 1897, 1898, 1899, and 1901. During the latter year he was intrusted with the manipulation of the Steel stocks, and was generally considered to represent the Morgan interests in their Wall Street operations. It is to be hoped that Keene will profit by his previous experience and will not again be caught overloaded on a declining market. He is estimated to be worth $25,000,000. JOHN D. ROCKEFELLER. Said to be the richest man in the world, his wealth being variously estimated at from $200,000,000 to nearly $1,000,000,000. He is undoubtedly so rich that he does not know himself how much he is worth and whether or not his total possessions are greater than that of any other man — it is pretty certain that he enjoys the largest income, as his investments are in good, dividend-paying properties, so that every dol- lar is bringing in a steady revenue, and if he is not now the richest man in the world, in a few years he probably will be. He, like most of the prominent financiers of this country, began life as a poor boy, but displayed unusual talent as an organizer, and as the head of the Standard Oil trust accumulated his immense fortune. One notable trait has been apparent in all of Mr. Rockefeller's operations. He has not only made a success out of every enterprise undertaken, but he has also allowed his associates to make large profits, so that the Standard Oil Company not only numbers him among its wealthy members, but the name of his brother, Wm. Rockefeller, that of H. H. Rogers, Henry M. Flagler, and many others. In spite of his great wealth Mr. Rockefeller is in very delicate health, and it is safe to say that he would exchange his entire worldly possessions for a good stomach. On his estate of 2,000 acres, in the Pocantico Hills, Rockefeller often works for days at a time in the fields, hoping thus to regain his strength, but thus far his efforts have been in vain. He has a fine eighteen-hole golf course, but can- not play over it for fear of overtaxing his strength. After a day of exercise he sits down to a supper of JOHN D. ROCKEFELLER. crackers and skimmed milk, which is served at a temperature of 98% degrees, Fahr.; for nothing may pass his lips at a temperature lower than blood heat. Ice has been for years a forbidden luxury for him. Rockefeller must walk every day, whether he wants to or not. He often walks from his home in Fifty- fourth Street to his office at No. 26 Broadway. He cannot smoke cigars, drink wines or liquors, drive his fast horses, or sail in his fine yacht. Any one of these pastimes would upset him and make him sick for months. J. PIERPONT MORGAN. J. P. Morgan, unlike most famous men herein men- tioned, was left in very comfortable circumstances by his father, who originally established the banking business now bearing his name. On coming into busi- ness the junior Morgan had a capital of something like $10,000,000, which, in those early days, was an extremely large fortune, and with this start it is per- fectly natural that he should build up a great house and a great name. Mr. Morgan is a hard worker and possesses a rare tact for handling men with whom he becomes asso- 76 WALL STREET GUIDE. ciated. Known as a reorganizer of railroads for years, his greatest exploit was the organization of the United States Steel Corporation, and his profits in this direction are variously estimated at from twenty- five to fifty million dollars. In connection with the organization of this company, it is said that every- thing was ready to take in the independent companies, with the exception of the American Steel and Wire Company, which was then controlled by John W. Gates, who was inclined to hold out for better terms. Mr. Morgan immediately sent for him, and, according to report, something like the following conversation took place: " Mr. Gates, we want your stock, and we are willing to pay you so much per share for the common and so much for the preferred. If you decide to accept this offer, well and good; if you do not, we will get it anyway. We have raised a pool of $200,000,000 to operate in the stock market, and unless you give in you will be sorry later." To which Mr. Gates replied, " Can I be a director in the new company ? " As Mr. Morgan's answer was in the negative, Mr. Gates promptly complied and retired from the steel in- dustry, at least for a time. Another of Mr. Morgan's famous deals was the coin- J. PIKKPOXT MORGAN. bination of the Great Northern, Northern Pacific, and Burlington systems, in which deal ho. was associated and ably assisted by James J. Hill, and ibis combina- tion later brought on the Northern Pacific " corner " ;ind the consequent panic of May 9, 1901. Mr. E. H. Harriman and the Standard Oil party had recently secured control of the Union Pacific Railroad and also held large interests in the Chicago, Milwaukee and St. Paul Railroad, and they began to fear serious competition by the newly organized system above re- ferred to, consequently their brokers, Messrs. Kuhn, Loeb & Co., quietly began to buy all of the Northern Pacific stock, both common and preferred, that could be purchased in the open market without creating undue notice. Mr. Morgan, being in Europe at the time, did not learn what was going on until the stock began to advance very rapidly; and when it was found that the stock was " cornered," there were frantic efforts by the outside bears to cover, result- ing in advancing the price to $1,000 per share, which created much uneasiness in the security markets. Traders commenced to unload their long stocks in other issues, causing the May 9th panic, which, had not the banks come to the rescue of the operators, would have carried very serious after-results, as many failures could not have been avoided. " Corners " most always prove disastrous to market values. Mr. Morgan immediately sailed for home, and on his arrival the difficulty between the Standard Oil party and himself was amicably adjusted, resulting in the organization of the Northern Securities Com- pany. The Street is to be congratulated upon the fact that both Morgan and the Standard Oil party iire clever enough to realize the advantages to be gained by working in harmony, particularly where both parties represent such large interests. Mr. Morgan's wealth is variously estimated at from fifty to one hundred million dollars, but is probably even greater than the higher figure. ANDREW CARNEGIE. In Andrew Carnegie we have the typical American. Of Scotch descent, he came to this country when seven years of age and started life as a messenger boy, afterwards becoming a telegraph operator, until, by gradual steps, he climbed to the highest rung of the financial ladder, and it is now a neck-and-neck race between him and John D. Rockefeller as to winch is to become the richest man in the world. Andrew Carnegie's wealth is probably close to the half-billion mark. Unlike most other millionaires, the foundation of his fortune was not laid in Wall Street, but in the steel and iron industry, of which, for twenty years, he has been the leading factor in this country; and at the time of his retirement, when the Steel trust was organized, taking over his various properties, the Carnegie plants were beginning to compete with foreign manufacturers. Although, as above stated, the early foundation to his fortune was not laid in Wall Street, it was Wall Street that fur- WALL STREET GUIDE. 77 nished the money to buy his plants and which made him one of the richest, if not the richest, man in the world. Mr. Carnegie has shown great liberality in endow- ing libraries and other public institutions. It is one ANDREW CARNEGIE. of his doctrines that it would be a disgrace to die rich, and as his yearly income is something like fif- teen or twenty million dollars, he will have to keep on building libraries and endowing colleges for the rest of his life or suffer the disgrace and humiliation of dying rich. GREAT OPPORTUNITIES. In the short sketches of the lives of famous Wall Street operators herein given we have been obliged to be very brief, on account of space. There are scores of others w T hose operations would make very interesting and instructive reading; in fact, Wall Street numbers to-day among its great men hundreds upon hundreds who have amassed greater wealth than Jacob Little or Daniel Drew, and of whom the reader has perhaps never heard even by name, as great wealth is now becoming so common in this centre that but little attention is attracted to these operators, except when some brilliant coup or manipulation is carried through. Because we have particularly mentioned the names and dealings of many old-timers is no reason why opportunities are not so plentiful now as they were twenty or thirty years ago; in fact, they are not only as good, but many times better, and fortunes are being made on every hand. There are opportunities for every wide-awake, level-headed speculator pos- sessing the necessary talents. Two things, however, are particularly essential to successful speculation. One is nerve or staying quali- ties, and the other is patience. The trouble with most operators is, they can't stand prosperity, and even though they may have made purchases at the low points at which any certain stock sold on a given movement, as soon as the investment shows a profit of one or two points, or even less, they sell out and take it for fear the little profit in sight will get away, when, if they had the patience to stay in and buy more of the same stock on the reactions, in the course of a short time they would often be able to close out with tremendous profits. In operating, in order to be successful, you should thoroughly understand the conditions of the property in which you intend to trade, and then, when you have taken your position, stand by it; do not turn and run on every rumor, because if you do you will be sure to be misled at some time, and the result will be decidedly unsatisfactory. On the other hand, if you follow^ up a certain line of action in the same manner as Daniel Drew or Woerishoffer did during their lives, you are sure to meet w r ith success in the end. Another thing you must remember; pay no atten- tion to " tips," rumors, or the ordinary news gossip that comes out on the various tickers and in the newspapers. Remember that this stuff is being sent out merely to influence traders in the interest of insiders, and that by the time it reaches you it is very apt to be decidedly stale and, unless you are personally operating on the floor, do not try to "scalp" the market, but wait until conditions are right, and then go in either to buy or sell for long pulls. In this way a small investment will, if properly followed up, often net a fortune; in fact, there is no legitimate way by w T hich money can be accumulated so rapidly as in stock operations, when ordinary judgment and caution are used. Respectfully submitted, J. L. McLEAN" & CO. J. L. McLEAN & CO.'S PRIVATE CIPHER CODE (Abbreviated). Owing to lack of space in reproducing our Private Cipher Code we have been obliged to leave out a great deal of matter that will be found in our complete 44- page edition, but identically the same words are used herein that will be found in the larger code, so that either code can be used for reference. In case you do not happen to have our complete code with you, and you wish to say more than can be found in this abbreviated edition, add the same in plain language. ORDER PHRASES FOR STOCKS AND COTTON. Abruptly Buy for my account and risk. Abruptness . . . Sell for my account and risk. Abscond Have bought for your account and risk. Absconded . . . .Have sold for your account and risk. Absconding .. .Buy for my account and risk bales cotton. Absent Sell for my account and risk bales cotton. Absolute Have bought for your account and risk . . . .bales cotton. Absolutely. . . .Have sold for your account and risk bales cotton. Absalom Order good until executed or cancelled (G. T. C). ORDER PHRASES FOR GRAIN AND PROVISIONS. Note.— Mo. 2 Wheat, No. 2 Corn, and No. 2 Oats are the grades regularly traded in and quoted on the Chicago Board of Trade. All orders for Wheat, Corn, Oats, Short Ribs, Lard, or Pork will be executed on Chicago market, unless instructed to the contrary. Abaft Buy No. 2 wheat. Abandon Buy No. Scorn. Abash Buy No. 2 oats. Abated Buy Short ribs. Abating Buy Regular lard. Abdicate Buy Mess pork. Abdomen Sell No. 2 wheat. Abduct Sell No. 2 corn. Abet Sell No. 2 oats. Abettor Sell Short ribs. Abhor Sell Regular lard. Ability Sell Mess pork. Abjure Have bought No. 2 wheat. Able Have bought No. 2 corn. Ablution Have bought No. 2 oats. Abnormal Have bought Short ribs. Abode Have bought Regular lard. A bolish Have bought Mess pork . Abolishing. Have sold No. 2 wheat. Abounded Have sold No. 2 corn. Abreast Have sold No. 2 oats. Abram Have sold Short ribs. Abridge Have sold Regular lard. Abrupt Have sold Mess pork. CIPHER WORDS FOR NEW YORK STOCKS. Where preferred or 2d preferred is desired, always mention same after using word denoting stock. Amal. Copper Babel. Am. C. & F. Co Baboon. Am. Cotton Oil Bachelor. Am. Ice Co Backward. Am. Linseed Co Badge. Am. Locomotive Baffle. Am. Smelt & Ref. Co Baffling. Am. Sugar Ref. Co Baggage. Am. Tel. & Tel Bailiff. Anaconda Cop. M. Co Balcony. Ann Arbor Baleful. At., T. & S. F Ballast. Baltimore & Ohio Ballasted. Brooklyn Rap. Trans Ballasting. Canada So Balloon. Canadian Pacific Balsam. Cent. RR. of N. J Balmoral. Chesapeake & Ohio Bamboo. Chicago & Alton Banana. Chi. & East 111 Bandage. Chi. Great West Bandit. Chi. Great West. pf. A Banish. Chi. Great West. pf. B Banner. Chi. Great West, deb Banquet. Chi. Ind. & Louisville Bantam. Chi. Mil. & St. Paul Bankrupt. Chi. R. I. & Pac Baptismal. Chi. Term. Trans , Baptist. C, C, C. & St. Louis Barber. Colorado Fuel and Iron Bargain. Colorado Southern Barefoot. Colorado & Hock. C. & I Bargained. Consolidated Gas Bargaining. WALL STREET GUIDE. 79 MISCELLANEOUS. Silk We believe it a good time to buy. Silken We believe it a good time to sell. Silly Will protect until we bear from you. Silver Would advise buying all you can on a margin of . . . . Simplify Will protect until we bear from you by telegraph. Stab temporarily very weak, but look for sbarp rally soon, and advise you to remit at least. . . .dollars to pro- tect your boldings. Answer by tele- grapb immediately. Tongue Unless you remit additional margins at once, must close your trades. Tootb Market declining. Your margin nearly exbausted. Will you remit additional margin, or sball we close your trades ? Tootbless Remit by first mail for furtber protec- tion of your boldings. Topaz Dollars. Thwarted Have you remitted? Tidily Cannot act without margin. Track Deposit margins in the bank. Tread Answer by telegraph immediately. Delaware & Hudson Baritone. Del. Lack. & West Barometer. Denver & R. G Baron. D., M. & Ft. Dodge . .- Baroness. Dist. of America Baronet. Erie Barracks. Evans & T. H Base. General Electric Basely. Glucose Sugar Ref Baseless. Hocking Valley Basement. Illinois Cent Bashful. Inter. Paper Bashfully. Inter. Power Co Bassoon. Iowa Cent Bastile. Lake Erie & West Bathe. Louisville & Nashville ( Bathing. Manhattan Elevated Baton. Met. St. By Battery. Met.W. S. El. Chi Bayonet. Mexican Central Bazaar. Mexican National Beach. Mo., Kansas & Texas Beadle. Missouri Pacific Bearish. N. Y. Air Brake Beastly. N. Y. Central Beat. N. Y., Chi. & St, Louis Beater. N. Y., Lack. & West Beautify. N. Y., Ont. & Western Beautiful. Norfolk & Western Beauty. Northern Pacific Beaver. Pacific Mail Becalm. Pennsylvania RR Became. People's Gas, Chicago Bedaub. Peoria & Eastern Bedbug. Pressed Steel Car Bedding. Reading Bee. Republic Iron & Steel Befog. St. L. & San Fran Beggar. Southern Pacific Begging. Southern Ry Below. Tenn. Coal & Iron Bell. Texas Pacific Belfry. Union Pacific Belmont. United States Steel Bequeath. United States Leather Bergen. United States Rubber Besson. Wabash Beware. Western Un. Tel Bill. Wheeling & Lake Erie Blow. Wisconsin Cent Blowing. Remember, unless otherwise stated in your message, telegraphic orders are good only for the day on which same are received. If you wish orders to remain good until executed or cancelled, use the word "Absalom," at the end of the message. FINALLY. All telegrams relating to market advices should be paid for by sender. We pay your telegrams for orders that can be executed and prepay our telegrams to you reporting the execution of said orders. Telegrams giving orders so far away from the market that it is impossible to execute the same, should be prepaid by customer. It is our aim to give customers at all times the most liberal treatment consistent with con- servative business methods. Any delay in report- ing execution of orders, or lack of attention at our head office or any of our branches should be promptly reported to MANAGER OF NEW YORK OFFICE, and the same will receive prompt attention. Respectfully submitted, J. L. McLEAN & CO., 25 Broad Street, New York. INDEX. A Few Points Worth Remembering 21 Broad-Exchange Building (Illustration) 8 Carnegie, Andrew 77 Change, if Conditions Change 21 Chicago Board of Trade 25, 26 Chicago Board of Trade, How Trading is Con- ducted on 31 Cipher Code, Private 78, 79 Closing Trades at Limit of Funds 33 Coffee Speculation 37 Cooke, Jay 71 Consolidated Stock Exchange, N. Y 19, 20 Consolidated Stock Exchange Trading Room (Illustration) 28 Cotton, Speculation in 35 Cotton, Table of Fractional Points in 31 Cotton Exchange (Illustration) 36 Dictionary of Commercial Terms and Phrases, Alphabetically Arranged, 43, 45, 47, 49, 51, 53, 55, 57, 59 Drew, Daniel 67 Famous Men of Wall Street 65 Federal Hall in 1789 (Illustration) 4 Field, Cyrus W 70 First National Bank's Large Dividend 7 Fractional Points in N. Y. Stocks, Table of 59 Fractional Points in Lard, Table of 26 Fractional Points in Cotton and Coffee 35 Fractional Points in Grain and Pork, Table of . . . . 31 Freight per Bushel at any Given Rate per 100 lbs. 41 Flower, Roswell P 71 Gould, Jay 69 Gould, George J 73 Great Opportunities 77 Hog Products, Relative Cost of 41 If Wrong, Acknowledge It 21 Items of Interest 37 Introductory 1 Keene, James R 74 Little, Jacob 73 Looking Into the Future 17 Lombard Street and Wall Street 5 Margin Required 13 Monetary Tidal Waves 18 McLean, J. L. & Co. — Illustrations of Offices of, 10, 12, 14, 16, 24, 28, 30, 33, 34, 36, 38, 40, 42, 44, 46, 48, 50, 52, 54, 56, 58 Morgan, J. Pierpont 76 New York Stock Exchange 5, 6 Opening an Account, Directions 13 Operating on Margins 7 Orders, How Given 13 Orders, Various Kinds of 13, 33 Orders, Kinds of for Wheat, Grain, etc 29 Orders, Stop 15 Orders, Make Them Explicit 15 Produce Exchange, N. Y 21, 22 Prosperity Now with Us 24, 25 Puts and Calls 23 Qualities Necessary to Success 17 Quantities and Margins, Lowest 37 Rockefeller, John D 75 Railroad Earnings 62, 63, 64, 65 Sage, Russell 70 Scalping 25 Scale Trading 15 Selling Short 11 Stock Exchange, N. Y. (Ilustration) 5, 6 Stock Exchange Quotations, Prices and Sales, also High and Low for the Year 1901-02 60, 61, 62 The Wall (Illustration) 3 Trading Instructions 35 Travers, William R 72 Vanderbilt, Commodore 66 Vanderbilt, William H 68 Wall Street, Looking West (Illustration) 2 Wall Street Operations, How Conducted 7 Wall Street, East of William Street, in the Panic of October 14, 1857 (Illustration) 18 Weights and Measures 39 Wheat, Corn, Oats, Rye, Pork, Lard and Ribs, Cash Prices for Two Years * 27, 29 Wheat Corner Days 37 When You Win, Some One Else does not Always Lose 19 When the Market Goes Your Way, etc 33 Woerishoffer, Charles 72 OVR FISCAL DEPARTMENT REALIZING that the enormous prosperity of the country and the consequent high prices ruling for dividend - paying stocks and bonds is forcing in- vestors to seek other and, in many cases, new enterprises, we recently made a thorough investigation of several western mining districts and have come to the conclusion that a gold-mining craze of no mean proportion is rapidly getting under headway in this country, and there are undoubtedly great opportunities for profitable investment in that field. We have therefore opened a FISCAL DEPARTMENT in connection with our Banking and Brokerage business. It will be our aim to handle only properties of great merit and promise therein, so that the interests of customers desiring to make outside investments will be fully protected. All correspondence relating to mining investments should be addressed to J. L. McLEAN & CO. NEW YORK CITY. N. Y. FISCA.L D£PA "R TMEJVT T. O. "Bojc 545