Newspaper Archive of
Catholic Northwest Progress
Seattle, Washington
May 24, 1901     Catholic Northwest Progress
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May 24, 1901

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It* Said a hright little miss, as she jumped on her wheel, "l would rather have this than your auto-mobeel ;" "Iudeed ?" said her rich friend, "hut my carriage nohle Is more properly called the new auto-mohle." Mrs. ProndleighYes, my daughter plays the piano by ear entirely." Mrs. Nexdoughre--lndeed? Sometinles it sounds as if she were using her foot. You kiss the tremhling maiden, and you dwell In Paradise for one sweet moment !--Well, Her lips, so sweet, may but an hour ago, Have closed around a pickle !--Who can tell ? Studd--]t was economical for your wife to make her own pan- cake hat. Skinner--Yes, but I furnished the dought for the trimmings. "What do you think! Clarice went out and sang at an enter- tainment in a private insane asylum." "Did she say whether they showed their insanity much ?" "Oh, yes; they encored her three times." "You know Will was just crazy to marry me," said the young bride. "Yes, that's what everybody thinks," replied her jealous rival. "The boy," concluded' the oculist, "is color hlind; but don't worry, you can make an impressionistic painter of him." Criticus--D'Auber is certainly a genius. PaletteWhat's he been up to, now? Criticus--He has jnst sold a five hundred dollar picture of a one- hundred dollar horse. WEALTH WON IN WALL STREET d Tales That Are Told of New-Made Millionaires by the Recent Flurry in Stocks. ]two uld behard to select a contingent from Chicago that has not made large sums. Any estimate of the winnings of the Gates contingent less than in the millions is wrong; any figures that have not six naughts and one numeral as to John l)upee's increase in wealth are incorrect, and Norman B. Ream, Arthur Orr and others have been enriched hundreds of thousands. The little fellows, men who start with a thousand or more and are still in with $5o,ooo to $2oo,ooo profit, are to he classed in the "too numerous to mention" contingent. Chicago advices received in Wall Street reported the following Chicago men as among the big winners in thebull market: John 11 Dupee, $1,ooo,ooo; John J. Mitchell, $2,ooo,ooo; Marshall Field, $2,- ooo,ooo. In the Union Pacific rise it is said that Charles Head Smith made $5oo,ooo within ten clays. Other winners include E. J. Ber-: wind, lhe coal man, and some of his friends, who are understood to i have cleaned up betweeu $6,ooo,ooo and $8,ooo,ooo as the profits of i a pool in the stock of the Atchison road. The Berwind pool began l buying Atchison eomm'on last year when it was selling around $2o a share. On Friday morning the stock soM at $9o. Wall Street got word of the big accumulation of Atchison stock and reports were circulated that the accumulation was being made in the interest of the Pennsylvania road. This,however, met with positive official denials. The pool, it wasrepo rted yesterday, liquidated all its hold- ings this week. The money made by the commission houses must not be over- looked. Neither must the fact be forgotten that large amounts of money have been made on foreign options pnt out in London. The saying is thta .'(hey'will sell an option on anything i n London, and during the past few months London brokers have been selling those things invented by Uncle Russell Sage known as calls. These calls have been largely on American securities, and they have been grabbed up hy traders in New York. The calls were sold when the market was normally prosperous and were held until the great rise hegan. Then the stocks were called from the gentlemen in London, to the enormous profit of the American buyers. The commission houses have, of course, heen just raking in money. All the big houses liave outside brokers, who are known as the $2 brokers. In speaking about the commission business recent- ly one of lhese $2 brokers said: "My business for March amounted to $6,c)o, and on last Tuesday it anmunted to $4,5oo. There are 1,too brokers who are memhers of the Stock Exchange. ] do not he- lieve it: would be an exaggeration to say that the business of each one of these 1,oo has averaged $5,ooo a month for the past six months. If my estimate he correct, $33,ooo,ooo has heen made by the Stock F.xchange brokers since election. ()f course,, not any- where near all the members of the Stock Exchange are actix/e trad- ers, so thai this amonnl must be divided up among a much smaller numher. Of all the financiers who have come out of Chicago during the past few years, the Moore hrothers have had the most meteoric career and have made the most money. Everyhody recalls the Dia- mond Match deal and how the Moores went broke. Now they are many times over millionaires and they have made most of their money out of the formation of the United States Steel Corporation. Nobody can more than guess at what Judge Moore and Iris brother have made, but I suspect that it is not far from Szo,ooo,ooo. Of course it is of no avail to consider the money made by men like the Rockefellers and Mr. Morgan and their innnediate friends. They are regarded as the greatest winners in Wall Street and their winnings mount up into the millions. It would he absurd even to " guess at the amount. But the good times have hrouglat fortunes of greater or lesser dimensions to prohahly a greater number of persons than has heen known before in the world's history. Here are a few instances: A few days ago some mention was made in the papers of the fact that Otto Loeb, a well-known Wall Street trader, had raked off $5o,ooo by the sale of some Union Pacific stock which he had been carrying for years. The statement of facts was incorrect. The truth is that Mr. Loeb bought 5,ooo shares of Un- ion Pacific on Wednesday morning. It kept goiug up and up by seconds, and in fifteen nlinutes it had reached a point where he I concluded to let go. He sold and in just one-quarter of an hour he ' had made a clean profit of $35,ooo. One of the customers of a large firm of brokers in,Wall Street told tiffs story on Friday: "I had a little money to invest and I bought mo shares of National City Bank stock at 325 . Today it is worth 8oo, and t have made a profit, therefore, on that :transaction of $47,5oo. Of course that is a paper profit, but the stock is of the kind that is not likely to depreciate or be affected by slpeculation, so I think I have a right to say that I have made on the fransaction THE CATHOLIC ". ROGRESS.. the amount I have just named. About the time that I bought the City Bank stock ] took a flyer in fifty shares of Standard Oil at 5oo. It is now worth 8t5, so that my profit on that deal is $15,75o , mak- ing my total profit on the whole transaction $63,25o." Another customer of the same firm of brokers hought 5oo shares of City Bank stock at 546. He has made $127,ooo. According to what should be fairly reliable information, Charles W. Morse, ex- President of the American Ice Company, has been huying hank stock and is $5,ooo,ooo hetter off than he was when he bcgan his pur- chases. The story goes that he bought City Bank stock at 35 o, and that he also l)urchased Knickerhocker Trust Coml)any's stock anti stock of the Bank of New Amsterdam. He got the latter at l 6oo and it is now quoted at 1,4oo. Joseph Heimerdinger hought  Colorado Fuel and Iron a few weeks ago on the advice of Presiden Qsgood of that company, and he sold out on Wednesday at a profit of $500,0oo. Ex-Congressman Jefferson M. Levy, Philip J. Britt, who is a sort of continuing counsel to the successive Tammany Sheriffs; Ja- col) Field and Oscar Tschirky, the major domo at the Waldorf, are also among the winners. Mr. Levy's friends say that he has cleaned up $3,ooo,ooo, while young Britt is said to have made $2oo,ooo. Jake Field, who is regarded as one of the higgest traders in Wall Street is credited with having won out about $5,ooo,ooo in the past three months. Oscar guesses he's macle "almost as much as the chief room clerk." These are instances of the winnings of men who are either experienced Wall Street operators or who occasionally take flyers in stocks. There is another class made tap of comparative strangers to Wall Street who have also made comfortable fortunes. A number of residents of Western New York and Western Penn- sylvania mnst be included in this list. "And now, my children." said the teacher, who had heen talking about military fortifications, "can you tell me what is a huttress?" "Please, ma'am," cried little Willie, snapping his fingers, "It's a nanny goat." OIL MADNESS IN TEXAS. DREAMS INSPIRED BY THE FLOW OF THE BEAUMONT GUSHERS. An Industrial Revolution From the Use of Oil as Fuel Talked Of I In the Meantime There Is Furious Speculation in Oil Shares--- Standard Oil Company's Position. NEW ORLEANS, May 22.--The oil craze, which has heen pre- vailing in Southeastern Texas and Southwestern Louisiana for some weeks, has struck New Orleans. I.argc numhers of oil shares are being dealt in here and all kinds of projects rclating to oil are being discussed. There was quite a boom in I13eaumont att(l the surrounding country ,there hefore the oil craze struck it. "l'he Texas city is a lumber town, the very center of the yellow pine district of Texas and until two years ago it knew nothing except lumbr. 13ut the lumher industry, while profitable, is not pernaanent, and Beaumont saw the clay when its yellow pine heing exlaausted, it would sink back to insignificance. Two years ago the experiment was made of growing rice. lit succeeded and a rice boom was started. Lands which had been quoted at Se an acre when the hmther was cut from them rose to $25. ;l'he oil craze has now completely ldlled the rice boom. If the rice boom increases the price of the laud tenfold, the oil craze has multiplied it forty times. It is now everywhere held at $i,ooo an acre; and in some favored localities commands $25,ooo. Nor are these prices merely fancy ones, for the court rec- ords of Jefferson and Orange Counties show many sales at these figures. Now that the country is shown to be full of oil, the wonder is that it had not been discovered sooner. The explanation lies in the fact that the flat country of Louisiana and Texas, lying only a few feet ahove the level of the Gulf of Mexico, presents to miners and mineral experts the most uninviting field possihle. One would scarcely dig for minerals in a swamp. Such discoveries as have been made were purely accidental. Thus a man named Avery was sinking a well on his island planta- tion when he struck the famous salt mine of Petit Anse, on Avery Island. Subsequent investigations have disclosed that the salt de- posit is the largest in the world, covering several thousand square miles and extending from the Atchafalaya to the Texas border. It is known to be 2,4oo feet thick of solid rock salt, 97 per cent. pure, and it may be a mile or more thick. It lies only a few hundred feet below the surface, but as most of the country is swamp and there are hundreds of quicksands through which it is impossible to drill, it is difficult to sink a shaft, and only a few salt mines are in op- eration. In this salt country atother shaft struck a vein of pure sul- )hut around which has grown up Sulphur City in Calcasieu parish. "l'he sulphur deposit is nearly pure and is inexhaustble, but there is the same difficulty in mining as elsewhere, quagmires and quick- sands lying below the surface. The mine is now tim property of the Standard Oil Company, which has found it profitahle, but gives no details of its operations. The fact that oil was not discovered before is the more re- markable because in all the othe r mining operations oil was encoun- tered. As for oil springs and gas wells, they are uuiversal through- out Southwestern Louisiana ; hut the natives looked upon them mere- ly as curiosities. If a gas streak was struck they merely lighted it and seemed amused that it should hurn for several clays. All the time the existence of an oil pool in the Gulf was known. Some eight or ten miles from the coast immediately opposite the Louisiana-Texas houndary, a stream of oil rises from the bottom of the Gulf, and spreads over the surroun'ding waters, covering some :square miles. The oil has the usual effect of quieting the waves, and this pool is the refuge of the small vessels engaged in the coast- wise trade during the great hurricanes that sometimes sweep across' the Gulf of Mexico. Strange to say, no one ever seemed to see any significance in this pool. Occasionally shafts were sunk, mainly hy way of experiments, and the oil was narrowly missed. Some of the o cers of the Texas and Pacific sank a well for oil in what is now known as the oil dis- trict twenty years ago. They struck the oil, but only a pocket, and got a few hundred harrels. Tim enterprise cost some $io,ooo and proved nearly a dead loss, and no one cared to repeat it. A few years ago, when the result of this experiment had been forgotten, a well was sunk very near the first Beaumont gushers. The pipe was sunk i,ooo feet and found traces of oil, but it was finally abandoned. A few hundred feet more would have struck the big vein of oil. All these facts have only intensified the oil craze. To think that we have had a fortune under our feet all the time and did not know it, is the comment of tlle landowners of Texas and Louisiana. There had been organized up to April I6, 115 oil companies, with a total capital of $32,783,ooo, and they are being organized at the rate of ten a day. Besides there are the pipe lines, of which one '.; i., ", , i with $5,ooo,ooo capital has already been organized, and two each with $]o,ooo,ooo capital are proposed. One pipe line controlled by the Standard Oil Company has already heen constructed to Port Arthur. qt The great issue talked of in connection with tlie oil find is the attitude of the Standard Oil Company. Will the Standard Oil fight the new oil fiehls, remain neutral or buy them up and control them? are the questions asked. The company is reported to have sent agents to inspect the gushers soon after they were first opened. The report is understood to have heen unfavorahle ancl to have said that the oil was not adapted to refining and could not he used for machinery l)urposes or a lubricant. A second committee from the Standard Oil visited the I3eanmont a few days ago at the invitation of the Citizens' Committee. The second committee has taken a more cheerful view of the situation than the first, leaving out the ques- tion of refining of the oil, it recognizes that it may hecome valuable for fuel pnrposes. The only trouhle is that the field for fuel oil is limited; and the cost of transportation would be immense. To pro- vide the needed pipe lines, tank steamers, etc., would cost from $50,000,0oo to $6o,ooo,ooo. As for the Standard 0il Company it couhl not, it was reported, do husiness in Texas under the Anti-Trust laws of that state. The Standard has had e.nougla tronble in Texas, throngh the Waters- Pierce Company, its name in that state; and it wants no more. It was announced, therefore, that it wouhl not invest in the Texas oil country to any great extent unless the laws in regard to trusts were modified. It is reported, however, to have purchased the great Lucas gusher, the first tapped in the Beaumont territory, and to own the pipe line to Port Arthur, the 0nly one yet constructed, which will enable it to control the first output of oil, or arther its shipment to market. CAR 4849'S MYSTERIOUS LOSS. The Mystery Cleared Pp by a Cowboy's Discovery in a California Valley. (From the Los Angeles Herald.) Santa Fe car 4849 had left a well-known fruit packer's estab- iishment in the San Gabriel Valley during the later clays of March of the present year, loaded with select oranges consigned to a com- mission firm in one of the great Eastern markets. It was a bright, fresh appearing car, with all the modern cold storage appliances, recently put in order for the fruit shil)ping season, which was just at its inception. Car 4849 was hut one of a ponderous train similarly equipped, loaded and destined. The journey had an uneventful beginning and l:ad progressed to a )oint in the distant rockies without espe- cial incident. l-"or days the hcavy laden train, manned with a sturdy crew, wound its way on its long journey over the Sierra' Madrc and Sierra Nevada Mountains alp the gradual slopes, eastbound, across the continental divide, through numerous villages, over sage brush plains and sandy deserts, faithful to its mission and its destination. "l?he Treat train, with its precious cargo of golden fruit, drawn by douhle-laeaclers had toiled through Eastern California, Arizona and a portion of New Mexico; t imd climbed the rugged steeps of the Rockies, phmged into and through the great tunnel at the crest of that range, and started on its flight to "I'rinidad, not far to the east, when the sensational incident of the journey transpired. Car 4849 had mysterfously and strangely disappeared. At Ba, ton, a division station on the Santa Fe, that particular car, with others, had heen noted in the conductor's report and turned over to a new crew. Strangely this car did not appear in the train reports when Trinidad was reached. Tle ill-fated car had dropped from sight, as if swallowed up hy the earth, and its miraculous disappearance could not be explained by the traincrew. The mystified traiumen were "called upon the carpet" and subjected to a searching inquiry as to the whereabouts and magical disappearance of No. 4849. The bewildered condnctor could offer no solution of the mystery that sur- rounded the lost ear. After may days of perplexity, confusion and annoying inves- tigation a cowboy in charge of his herd reported a strange discov- 'cry, which cleared away the mystery. No. 4849 was lying at the base of a precipitous emhankment in a thicket of underbrush, with its sides distended, its roof bulging and a confused mass of choice' oranges appearing through the clefts of its wrecked outlines. The car was lying one its side, dismounted from its t.rucks, a ntass of ruins, with its contents preserved bythe crisp mountain air under a clondless sky. The train in its rapid descent at a slaarp curve had hroken the flanges of a set of wheels and the ill-fated car was derailed. Bumping over the rotagh roadbed and ties had detached the conpling s at either end and the disabled car rolled down the steep embankment to the valley, hundreds of feet hel0w. ;Tle train bet mg on the down grade the rear section soon closed up tile gap, and hy means of automatic couplers had again hecome attached to the front section, leaving its disappearance shrouded' in deep mystery. Upon its discovery the cowhoy was suitably rewarded, the train crew reinstated, a major portion of the cargo was recovered and the shil)pers reimbursed. The wreck of 4849 lies deep in the gorge into whicii it plunged, lhe monunaent, of one of the most singular accidents in the annals' of the Santa Fe road. , i It was Stockton who said of thc fisherman who carried lfis worms in his mouth that he spoke with baited' "When we'remarried, dear, you won't be always threatening to go home to your motller will you?" .' .,  "No;I'll threaten to have mother come aiad live'Witlt us." ' : AN ESOTERIC CALLING. A man fell from a house top in the City of Aberdeen and w'as " brought into hospital with broken hones. He was asked what was ] 1 his trade and replied that he was a "tapper." No one had ever heard of such a thing before; the officials were filled witl! curiosity; they besought an explanation. It appeared when a party of slaters were engaged upon a roof they would now and then be taken with a fancy for th'e public house. Now a seamstress, for example, might slip away from her work and no one be the wiser; but if these fel- lows adjourned, the tapping of the mallets would cease and thus the neighborhood be advertised of their defection. Hence the ca- reer of the tapper. He has to do the tapping and keep up an indus- : trious bustle on the housetop during the absence of the slaters. When he taps for only one or two the thing is child's play, but when he has to represent a whole troop, it is then that he earns his money in the sweat of his brow. Then must he bound from spot to spot,  i,: reduplicate, triplicate, sexduplicate his shingle personality, and swell ii and hasten his blows, until he produce a perfect illusion for the ear, ii; and you would swear that a crowd of emulous masons were contin- i'] uing merrily to roof the house. It must be a strange sight from an upper window.--Robert Louis Stevenson in "An Amateur Emi- grant." : / i,