9
VOL. XLVI.- NO. 14,641.
PORTLAND, OREGON, MONDAY,. NOVEMBER 11, 1907,
PRICE FIVE CENTS-
DISLIKE ATTITUDE
CORPORATIONS
Democrats Will Assail
the President.
ATTACK POLICIES IN CONGRESS
Minority Will Try to Shake
Public Confidence.
LEADER OUTLINES POLICY
John Sharp 'Williams Declares That
Roosevelt Errs by Attacking Or
ganizations Instead of Individ
uals Who Compose Them.
OREGONIAN NEWS BUREAU, Wash
ington. Nov. 10. President Roosevelt's
corporation policies are to be assailed by
the Democrats at the coming session of
Congress. This Is a session when men
of both parties will make political
speeches for use In the campaign next
year, and naturally the Democrats will
be as active In this line as the Repub
licans. Notwithstanding the tremendous
popularity of the President, among Dem
ocrats as" well as Republicans, certain
men of the minority party have deter-
(- mined to assail the President with the
view of trying to shake public confidence'
in the Republican leader.
The line of attack has been (outlined In
an .interview given by John Sharp Wil
liams, recently elected Senator from
Mississippi, but who still is a member of
the House -of Representatives, and is also
the Democratic .leader In that body.. In
criticising the President's attitude to
wards corporations, Mr. Williams said:
"The President's idea that great crim
inals oanngt be punished or great evils
corrected without conferring upon the
Federal government the. power of national
Incorporation of all concerns engaged In
Interstate commerce Is a. very mistaken
one. The President's clilef mistake con
sists In the fact that he has seemingly
forgotten that a corporation per se can-
, not commit a. crime; that whenever a cor
porate action results in a public hurt it is
and must be due to some man or some
men who have used or misused corporate
power.
Cannot Fix Responsibility.
"A corporation not only has no soul,
but is not a eentlent being and cannot as
such commit a crime. Under the law as
written now the man, or men, who use It
to violate law can be held to strict per
sonal liability, and nothing short of so
holding them will stop the great evils the
exposure of which has come very nearly
bringing about National hysteria.
"It may be that somewhere an obscure
agent of a corporation Is used by the
magnates to perpetrate an offense, as Is
sometimes the case In railroad rebates,
and there are those who "would cry out
against punishing the subordinate merely
because he obeyed the orders of his su
perior. On second thought, it will, how
ever, lead ene to this conclusion: "That
any American citizen who is an agent
or servant of a corporation must ,be
taught the lesson that his real ultimate
boss is not the magnate, but the law, and
that he must obey the law at his peril.
In great abuses, however, it Is the mag
nate, and not th,e subordinate, who com
mits the sin. The recent Standard Oil
disclosures, and facts which are known
. about the United States Steel corporation,
constitute abundant proof of the asser
tion. We must get back to individualism,
holding the Individual responsible for
crimes, whether perpetrated by tolm In'
the name of the corporation or not.
Aim at Individual.
"We are forgetting too much the cor
ner stone of all civic righteousness, which
la individual responBiblllty. Landing be
hind the bars three men, whose names
. are constantly upon the publio tongue for
plain violation of both State and National
law, will do more good to check trusts
and Interstate commerce evils than any
number of injunctions or receiverships.
Then when you come to think about it
what good are injunctions or receiver
ships to people and what harm Is done
to the malefactors? Again, what good
does the fine do the people and what
harm does it do to the criminals? Say the
Government fines the Standard Oil Com
pany $29,000,000 and collects It.
"Have you punished Rockefeller or
Rogers? Not at all.
"Have you punished the Standard Oil
Company Itself? There Is no such thing;
It Is a legal fiction, and cannot feel pun
ishment. "You have taken JM.000,000 out of the
surplus and thereby hurt many innocent
stockholders as well as the real criminals.
Shift Fine on Consumers.
"If not. you have caused the Standard
OH to levy an assessment on the stock
holders which would also punish the In
nocent as well as the guilty, or else the
directors would meet the situation, by
raising the price of oil from a ij to 1 cent
per gallon, whereupon you punish the
consumers.
"The tiling to do Is to find the male
factor through whose vote as director or
through whose action as an officer the
crime found Its' perpetration In violation
of the law and punish him. The Standard
Oil is an exception to the general rule,
as It has very few stockholders. - What
I have indicated would apply a great deal
more to any other large corporation.
"What we need in this country more
than anything else Is a more virile and
strenuous expression of the powers of the
State, both In making laws to meet new
conditions and in executing those on the
statute books. Especially Is '"the latter,
course to be commended."
EXPECT A SHORT SESSION
; 0
Many Important Bills Will Have to
Go Over Because of Convention.
OREGONIAN NEWS BUREAU, Wash
ington, Nov. 10. Republican leaders In
the House of Representatives propose
to prevent all general legislation that
Is not absolutely necessary at the com
ing session of Congress. Representa
tive Watson, of Indiana, who Is very
: ; - . v,'o) 1
Nicholas Murray Butler, Who Makes
Appeal for More Money for Colom
bia University. "
close to the Speaker, says that Mr. Can
non . believes it will be advisable to
pass the necessary appropriation bills
and then adjourn.
MONEY FDR FORT STEVENS
IMPROVEMENTS WILIi BE MADE
' TO COAST DEFENSE.. -
Policy of Concentration Will Be
Pursued, Leaving Half the Forts
In the Hands of Caretakers.
WASHINGTON, Nov. 10. The annual
report of Secretary Taft to be submitted
to Congress at its convening In December,
will contain estimates aggregating $5,525.
920 for construction and other work In
the Coast Artillery Service during- the
fiscal year 1909. This construction work
Is to provide in part for shelter for the
coast artillery troops authorized by the
act of January 25 last, for which It is
necessary to erect 30 company barracks,
six band barracks. 178 sets of officers
quarters and 218 sets of non-commissioned
staff officers quarters. By the legislation
of the last Congress, the Coast Artillery
received an Increase of 44 companies, with
a corresponding number of officers.
In accordance with the decision of iSec
retary Taft last November a concentra
tion scheme Is being worked out In the
Coast Artillery service by which some of
the 78 separate forts of modern coast de
fences are to be completely manned and
the remainder placed In the hands of care
takers. Thirty-two of the principal forts
we're selected as main posts, having as
nearly as practicable garrisons of 100 per
cent of a full manning detail, the re
maining forts being regarded as sub-posts,
will be left to such care-taking detach
ments as are necessary for the proper
care and preservation of the defenses. It
Is proposed in furtherance of the con
centration scheme to concentrate at the
main posts the necessary barracks and
quarters for accommodating the Increment
to the Coast, Artillery provided for by
Congress, and to follow this with the con
centration at those main posts of the bar
racks and quarters necessary for the ac
commodation of the troops now at the
sub-posts.
The posts at which work is to be done
and for which appropriations are to be
asked for are given in round numbers:
Baker. Cal., $185,000; Stevens Or., $107,000;
Wlnfleld Scott. Cal., $392,000 and Worden,
Wash., $334.000
DEMOCRATS ASK RECOUNT
New Jersey Voters Not Satisfied
With the Official Returns.
NEWARK, N. J., Nov. 10. Governor
Stokes will be petitioned by the Demo
cratic members of both branches of the
Legislature, It is said, to call a special
session of the Legislature for the pur
pose of ordsring a recount of the entire
state vote for Governor as recorded last
Tuesday. This decision was reached at
the close of a conference at the Conti
nental Hotel in Newark today at which
Democrats, independents and others from
various parts of the state were in at
tendance. VICTIM STRUGGLES HARD
Quarter-Acre of Ground Torn ' Vp
WheSfe Dead Body Is Found. " 1
JOHNSTOWN. Pa., Nov. 1. Badly
mutilated and bearing marks showing
that he had been shot repeatedly and ter
ribly beaten, the body of William Cline.
a prominent citizen of Bolivar. Pa., near
here, was found today in a field a short
distance from that town. The earth was
torn up over a space of a quarter of an
acre around the body. Indicating that
Cline had made a hard struggle for - his
life. The motive of the crime is thought
to have been robbery.
Shot In Kentucky Duel.
FERNANDA. Ky., Nov. 10. As the re
sult of a quarrel over an election bet,
William Hopkins,' son of Rev. Thomas
Hopkins, and Frank Foley, of this place,
fought a duel here today. Hopkins was
instantly killed and Foley is slightly injured.
KILLS HUSBAND
DUG
QUARREL
Minon Glaze Shot
Back by Wife.
in
ASKED HER AID IN SWINDLE
Woman Becomes Hysterical;
Tells Incoherent Story.
SHE SAYS IT WAS SUICIDE
Circumstances Against Truth of
Her Statement Couple Recent
Arrivals From Russia Well :
Dressed, but Without Money.
Mlnon Glaxe, a Russian wine salesman
who came to this city a week ago from
San' Francisco with his young wife' and
little son, was shot In the back and in
stantly killed yesterday afternoon in the
rooms occupied by the family at 229
Eleventh street. The fatal shot was un
doubtedly fired by Mrs. Mary Glaze, the
man's wife, who was alone with him at
the time. .They 'had been quarreling vio
lently nearly all day and twice the wife
had called up the police station by . tele
phone saying she was afraid Glaze would
kill her. Immediately before the" firing
of the shot loud words . were heard by
other occupants of the house. '
'Mrs. dase, who is In the St. Vincent
Hospital Jn a state of nervous collapse,
declares that her husband shot himself.
A post mortem examination, however,
shows the bullet entered behind the left
shoulder blade, and that the man could
not have- fired it. , Absence' of powder
burns indicate that the shot was fired
from a distance.
' - W ife Called on Police,.' ' - "
. It is' known that Glaze tad been abus
ing the woman shamefully, and it is said
by the police that he was demanding of
her, earlier in the day, that she engage
In a plot to swindle a local merchant out
of goods so that they could raise- money
to leave the city. They came to the
United States less than six months ago
from Russia, and Glaze was able to speak
little English.
Mrs. Glaze must have collapsed at the
moment of firing the shot, for her screams
followed the report Immediately and she
staggered out Into the street crying out
that her husband had killed himself.'. She
fell in the street in a swoon, real or
feigned, and lay until picked up and as
sisted to the home of a neighbor, where
she was kept until arrangements were
made to send her to a hospital.
The little son, Victor, ( years old, pre
sented a pathetic spectacle as he mingled
with the crowd that was gathering and
described graphically how his father had
killed himself.
The little fellow was not old enough' to
realize what had happened and prattled
In a childlike way, telling how his father
had shot himself in the mouth and eyes.
The child was taken care of by neigh
bors. The lad was playing in the street
at the time of the tragedy and saw noth
ing of it
Glaze's body was found lying face up
EXPORT TRADE BREAKS ALL
Flow of Gold Certain to Come Hither Through Entirely Natural Causes
"Comparisons," said Mrs. Partington, "are ' odorous, '. " but a comparison of Portland's export trade,
in this season of legal holidays and financial stringency, with the trade for the corresponding period last
year, or any other year when the banks were all open, speaks eloquently of the underlying strength which
will enable the Pacific Northwest to weather any financial gale that blows. Here are some of the exports
from Portland during the -first week of the November "closed season": . -
Wheat, bushels '. 244,015
Flour, barrels 140,978
Barley, bushels 205,804
Lumber, feet 6,000,000
This immense tonnage of Oregon staples was shipped on six steamships and one sailing vessel, and the
total value was $957,136. There was no legal holiday in the first week of November, 1893, which has some
times been recalled in connection with the present situation ; but, with no special clogging of the financial
wheels, the best we could do in the first ten days of November, 1893, was to export four small cargoes of
wheat and flour of a gross valuation of $244,550, or about one-fourth the amount cleared in the week end
ing last Saturday. ' .
There were no legal holidays in November, 1906, when our general prosperity was flooding full and
strong, but the total value of all exports for the first ten days of November, 1906, was but $310,154. That
last week's export business was not a temporary spurt, is shown by the . fleet, now in port and en route.
Four mammoth freighters; for which cargoes of. an aggregate value of more than $800,000 are now waiting
on the Portland docks, arrived in yesterday, and twice that number was: already .here receiving ' cargo or
discharging inward cargo preparatory to loading outward with wheat, flour and barley.
In the face of the financial difficulties whichhave checked the normal flow of gold to this country to
pay for these rich cargoes, it' has not been an easy matter for Portland exporters to make such a remark
able showing so early in the season; but, fortunately for Oregon and for the entire Northwest, the prod
ucts which this country have for sale are all strict necessities for which the buyer must settle in any kind of
coin demanded. Payment of drafts covering these cargoes may be delayed, but it cannot be deferred indefi
nitely, and, if our exporters can continue to -float cargoes as expeditiously as they have since the trouble
began, it is only a matter of a short time before the gold will be drawn in this direction in spite of a!14he
efforts that can be put forth to retard its flow.-
But this -immense export trade is not the only magnet .that is drawing gold to the Pacific Northwest.
While we are sending out cargoes of wheat, flour, barley and lumber to Europe, Asia,' Africa and Austra
lia, the East and Middle West are still buying Oregon fruit and livestock in large quantities. Hops are
not selling at very good prices, and the rail lumber trade is feeling the effect of the Eastern money panic;
but the returns from both of these commodities will,- in the aggregate, reach a large gum. -
permost. The woman's statement that
he had committed suicide was at first ac
cepted by the police and those who en
tered the room. The shot appeared to
have taken effect in the breast, directly
over the heart. The police dropped the
matter until the -post mortem examina
tion at the morgue revealed that the bul
let had entered .from behind and had
emerged at what, was at first thought to
be the point of entrance. This discovery
at once stamped the tragedy as a mur
der and two detectives hurried to the
hospital, where they' remained to see that
the woman did not escape.
J Not Taken to Jail.
As, Mrs. Glaze's condition was such
that-lt was thought best to keep. her at
the hospital last night, the officers "were
detailed to remain on guard. She will
be taken to the City Jail this morning.
"'"xy ,v'-::
Victor Glue, 6-Year-Old Son of the
Murdered Man.
Little is known of the Glazes, further
than that they came here from San Fran
cisco early in the week and rented the
rooms where the tragedy occurred yes
terday. When the police were called by
Mrs. Glaze, they failed to arrest Glaze
on Jhe charges preferred by the wife that
he had threatened her life, the husband
assuring the officers, in broken English,
("Concluded on Pace .)
CONTENTS TODAY'S PAPER
The Weather. -TESTETtDATS
Maximum temperature, MJ
degrees; minimum temperature, 46 degrees-
' ;
TODAY'S Fair; easterly winds.
Foreign.
Str Percy Ecott starts sensation by flippant
retort to Admiral. Page I.
Thousands perish In Earthquake In Turkes
tan." Page 2?
, Financial Sit nation.
Strain lifted from financiers tn Kew York.
- Pass 1. .
Inland Empire bankers report country In
stitutions In good shape. Page 5. '
National.
Roosevelt gets suggestions for reform laws
from Chicago lawyer. Page 3. ' -
Navy getting big fleet ready for cruise to
Pacific. Page 8. ;
Democrats oppose Roosevelt's attitude to
ward corporations. Page 1. ..
Faclflo Coast.
Sentiment that the delegates to th Repub
lican Convention from Alaska should go
uninstructed. Page 9.
Sensational murder and suicide in Victoria,
B. C. Page 2.
Portland and Vicinity. -
Mlnon Glaze shot and killed by wife during
quarrel; case has mysterious features
Page l.
Depositors of Title Guarantee & Trust Com
pany hold turbulent meeting; demand
removal of Receiver Hill; W. M. Ladd
guarantees Interest on savings 'accounts.
Page 5.
Benjamin Fay Mills lectures on Walt Whit
man. Page 9 ,
Record for one day's sailings broken by ves
sels crossing .Columbia bar. Page 9.
Rev. J. C. Corby denounces state banking
laws and scores recklean bankers. Page 5.
Hunt Club plans another horse show for
next year. Page 10.
TK. 4- s -b 1
PHUT IS MORE
THAN EMERY
Sir Percy Scott Sends
Flippant Command.
ANSWERED BY THE ADMIRAL
Order Called "Contemptuous
and Insubordinate."
THOUGHT HE MAY RESIGN
Storm of Consternation, Stirred Cp.
Sir . Percy Best Versed Man on
' ' Gunnery' in British (Navy.
.:' Hero of South Africa.
LONDON. Nov. lO.The German Im
perial yacht Hohenzollern, which Is bring
ing Emperor William "and hl party . to
visit. England land which was expected to
enter Sando'wn Bay; Isle of Wight, to
night, . has been greatly delayed by a
heavy fog and has been obliged to anchor
with' the cruisers escorting her for the
night.',' " '
An -extraordinary Incident has come to
light In connection with the visit of
Emperor William. It Is related that at
the conclusion of the recent maneuvers,
the Channel fleet and 'the first cruiser
squadron were ordered by the admiralty
to repaint, etc., in honor of the German
Emperor. Upon receipt of this order.
Sir Percy Scott, commander of the
cruiser squadron, sent the following
signal to two of his vessels:
"Paint work appears to be more In
demand than gunnery, so you had better
come in in time to look pretty by the
eighth instant." .
Admiral Lord Charles Beresford, In a
general order to the fleet repeating the
instructions to repaint, refers to. the
signal sent out by Sir Percy Scott as
"Contemptuous in tone and insubordinate
in character," and orders Sir Percy to
have it stricken from the signal logs.
Sir Percy Bcott and the members of his
staff were summoned aboard Admiral
Beresford' s flagship last Friday and the
admiral's reprimand was read t to them.
This affair has created consternation
tn the fleet and there is a probability that
It will lead to the 'resignation of Sir
Percy.
Rear Admiral Sir' Percy Scott Is prob
ably the .best-versed officer In, gunnery in
the British Navy, and he la well-known as
the man who "saved Ladysmith" in 1S99,
because he devised a special carriage for
B-lnch and. 4.7-inch guns from the cruiser
Terrible, which he commanded at Durban,
whereby these, pieces were carried by rail
into Ladysmith just before Its investment
by the Boers. Sir Percy was noted In
and about Durban, of which port he was
made commandant, for his blunt and
direct statements.
Sir Percy Scott commanded the gunnery
school of the' Royal Navy in 1903-05, and
be has been director of naval target prac
tice. He was naval aid to King Edward
in 1903-05. -He is the Inventor of the night
RECORDS
signal apparatus now in use in the British
Navy.
NASI'S SENSATIONAL DEFENSE
Former Spanish Minister Makes
Ugly Charges.
MILAN, Nov. 10. A local newspaper,
known as the organ of the law courts,
has ' published a sensational statement
concerning the defense to be made by
Nonzlo Nasi, former Minister of Public
Instruction, who Is being tried before the
Senate Committee charged with falsifying
documents and defrauding the state
treasury. According to this paper, Nasi
Is ready to produce letters that the late
Premier Zanardelll asked for funds for
the purpose of subsidizing the press. He
will produce also receipts from certain
pawnbrokers alleged to have been signi
by Zanardelll. If Nasi follows the-course
Emperor William, Who Will Be the
Guest This Week of King Edward.
Intimated by the paper he will arouse
much indignation.
ENTOMBED ALIVE IN UE
COAIj worker -beyond all
means of rescue.
Slow Death ' by Starvation Awaits
Michael McCabe, of Mahanoy
City, Pa,
MAHANOY CITY, Pa., Nov. 10. (Spe
cial.) Alive, and unhurt, but in darkness
that will never be lifted, Michael McCabe,
a miner, is awaiting certain death by
starvation 800 feet below the surface of
the earth in the Draper colliery near
here.
While McCabe was at work yesterday
he fired a blast that blew away one of
the mine pillars, and fleeing In the wrong
direction got Into a blind shaft. A fellow
workman managed to get out before the
roof caved In.
The mine breach extends to the sur
face where It yawns 60 feet wide right In
front of McCabe's home, where his wife
and six children vainly hope for his res
cue. Mine officials say it may be a year
before It will be possible to reach the
place where the man is shut up. There
is no communication with him.
COLUMBIA NEEDS MQNEY
President Butler Points Out Im
perative Need for Larger Income.
NEW YORK, Nov. 10. President But
ler of Columbia University makes a plea
for further endowments In nis annual
report to the trustees of the university,
made public tonight. President Butler
says that the amount of the gifts re
ceived In money during the year amount
ed to $459,070, and that the deficiency In
the cost of maintaining the work of the
university reached 158.109.
"This sum," he states. "Is exclusive of
the interest charge of $S8.043. Naturally,
this result Is ground for grave concern.
It points once more and with new empha
sis to the undeniable fact that Columbia
University is not sufficiently endowed to
carry on the work which has oeen laid
upon it. The cost of Instruction is con
stantly Increasing. It Is within the mark
to say that an additional free Income of
$100,000 a year Is an absolute necessity
if the university is not to restrict Its
educational opportunities."
TEXAS PROBES MiLL TRUST
Action Began ' on Charge of Con
spiracy In Restraint of Trade.
AUSTIN, Tex., Nov. 10 An anti-trust
stilt has been filed by the Attorney-General
In the Twenty-sixth District Court
against 130 Texas milling companies al
leged to be In conspiracy In restraint of
trade. The state alleges that the defend
ant companies have violated both the 18H9
and 1903 acts and asks for penalties
against each defendant In the sum of $75.
000 for the alleged violation of the act
of 1899, and $56,250 for violation of the
act of 1903.
The state also asks for judgment for
forfeiture of charter rights and the fran
chise of each domestic corporation and
cancelling the permit to each foreign cor
poration, and fo an injunction perpetu
ally enjoining the defendants from trans
acting any further business in the state.
DISAPPEARS WITH MONEY
Northern Pacific Cashier Missing
Along With Young Woman.
ABERDEEN, Wash., Nov. 10. (Spe
cial.) R. E. Lewis, who came here from
Ohio to take the position of cashier at
the Northern Pacific Railway Company's
office, has disappeared, and while the lo
cal officials are reticent about the amount
of funds that are missing it Is variously
alleged to be from $1000 to $1500. Lewis
is still at large. In going away he is
said to have been accompanied by a
young woman on whom he has spent his
earnings-
t I - - f f j. . f It
( , $ f .' f i ' 1
; sV ' ') A
FINANCIAL DAY
BREAKS BRIGHT
European Gold Eases
Situation.
DANGER GENERAL CRASH OYER
New York Banks Are Sending
Money to West and South.
SMALL NUMBER FAILURES
Interesting Comparison Made With
Record of Bank Suspensions in
. 189 3 New York Reserves Will
Be Further Strengthened.
NEW YORK, Nov. 10. The most event
ful week in the financial history of the
present generation came to a close on
Saturday with conditions much clearer
than a week before, but with some clouds
still hanging over the financial horizon.
The previous week had closed with the
disquieting announcement that the New
York bank reserves had lost $a,000.000 in
cash In spite of deposits by the Govern
ment during the week of nearly an equal
sum, representing a net cash loss of $W.
000,000. The bank statement of yesterday
changes this situation. While It shows
a nominal decrease In required reserves
of $13,085,800, more than two-thirds of this
decrease Is due to the reserve require
ments caused by Increase In deposits be
cause of the taking over of loans from
the trust companies by the banks. More
over, the actual cash loss of $4,313,000 is
due to the system of averaging accounts
for the entire week( Including several
days before the arrival of the new gold.
Unless demands from the country are
very heavy next week the arrival of ad
ditional gold will more than offset the
loss of cash last week and make a credit
able showing tor reserve on Saturday
next.
Strenuous Days for Financiers.
The week began on Monday with a feel- -
ing of grave doubt as to the future of
the two trust companies which had been
subjected to severe runs. The, possibility
that they might go down and drag with
them such financial structures which still
stood erect, kept Mr. Morgan, the trust
companies' president and other financial
leaders In almost continuous suspension
until last Sunday morning and again on
Wednesday until 3 o'clock In the morning.
When it was finally announced early on
Wednesday by President King, of the
Lincoln Trust Company, acting as chair
man of the committee of trust company
presidents, that the management of the
Trust Company of America and the
Lincoln Trust Company were to receive
all the assistance they required In re'
turn for depositing the majority of their
stocks In the banks of the committee, the
situation cleared, confidence returned and
the stock market advanced generally
from 2 to 3 points. It was felt that the
danger of a general crash in New York
was over and the wave of the storm
would gradually subside.
Europe Guards Her Gold.
The restoration of comparative security
in New York was obtained only by de
mands on the markets of Europe which
created a tension not before experienced
since the Boer War. Indeed, the Bank of
England, in -order to protect Its gold re
sources, raised its discounts on Thursday
to 7 per cent, a rate which had not be
fore been fixed since 1S37.
The Bank of France raised its rate for
discounts to 4 per cent, the Bank of
Belgium to 6 per cent, and tlie Bank of
Germany at a special meeting called on
Friday, fixed the unusual rate of 7 per
cent. It is not surprising that these pre
cautions were taken to protect European
bank reserves in view of the fact that
nearly $50,000,000 In gold was engaged by
American banking Institutions within less
than two weeks. The first arrival of the
yellow metal came at the critical mo
ment when the trust company situation
was uncertain on Tuesday. Then came
smaller consignments on Wednesday and
on Friday the delivery of $12,361,000 by the
Lusitania. The demand for gold from
Europe came at a favorable time In some
respects for the outward movement of
American products of which the leading
ones are cotton and wheat.
Sending Gold to West.
The cotton movement has been a great
deal congested by the absence of small
bills in the Southern banks, but every
thing possible is being done by Secretary
of the Treasury Cortelyou and New York
bankers to aid the Southern banks in
meeting the situation. The same is true
In regard to the movement of grain,
which has thus far been easily handled
at Duluth and other Northwestern points
with the aid of Western banks.
New York bankers are sending forward
to the West and South all the currency
they can spare, especially to those points
wherein the money is most needed. The
premium on currency, which rose sls high
as 3 per cent during the week, though it
closed somewhat lower, has had a curious
effect upon exchange and the price of
United States bonds. It has distributed
the calculations based upon gold parities
of exchange and has made it possible to
pay a higher price to get gold and to
acquire bonds as a basis of circulation
than If no such premium prevailed.
One of the features of the situation thus
far is the small number of failures of Na-
(Concluded on Page 3-
4
' ' ' - ;
! ID 101.2L