THE SUNDAY OBEGONIAK, PORTirAXD', KOVEMBEE: 22. 1993". (
3'
WHEKE
AT TKB time that the speculative
frenzy of "Wall street "was respond
ing instantly and freely to the many
propositions of capitalists and others -who
"were perfecting Industrial combinations
or trusts, as they are sometimes called,
A. Barton Hepburn, vice-president of one
of the larger banks of New York, felt
that the moment was opportune to sound
a note of warning.
His long experience as a hanker, and
especially as the Controller of the Cur
rency (which is the administrative au
thority over tho National banks of the
United States), and the accuracy with
which many of his earlier predictions had
been fulfilled, caused much attention to
be paid to the few cautious, careful and
moderate words which he spoke. It
jseemed to him that the country was ad
vancing too rapidly for the capital that It
possessed. He thought that the organiza
tion of industrials and tho expansion of
new capital ought for a time to be
checked.
"What he cold, while it attracted much
attention, did not seem- to affect the
action of any one who was busily en
gaged in manufacturing capital stocks
or In speculating the market or promot
ing the sale of new stocks Yet, what Mr.
Hepburn felt justified in saying in a few
words was echoed in a brief opinion ex
pressed by Russell Sage. Whatever Mr.
Sage says Is sure to fix, at least for the
moment, the attention of every one en
gaged in financial affairs. But there Is a
natural wonder whether a capitalist of
euch vast resources, and one especially
whose chief vocation is that of lending
money upon call, might not be tfcmpted
sometimes to express an opinion for the
purpose of Influencing the market. No
one can say Justly that Mr. Sage ever did
that, and yet what he says 13 usually
accepted with some reservation.
Concordance of Opinion.
A few weeks after Mr. Hepburn had
ventured tho cautious opinion, that there
should be a check to capital expansion,
one of his successors as vice-president of
the largest of American banks, as he was
also a successor of his "as an officer of
high authority in the Treasury Depart
ment, having been Assistant Secretary of
the Treasury, In a more formal and em
phatic manner, at a public banquet and in
response to a toast, expressed exactly the
idea which both Mr. Hepburn and Mr.
Sage had thought It worth while to de
clare as their own.
This banker, F. A. Vanderlip, argued
with some detail that the surplus capital
of the country had been practically ex
hausted by the esnormous drafts that had
been made upon it in the past five or six
years, and that there could not be such
expansion without 'causing shock, demor
alization and, probably, disaster. What
each of these three widely-known finan
ciers predicted, the great money center of
the "United States, and, reactively, the
other money - centers, had been feeling
throughout 'the entire Summer.
During the period of the most severe
depression and excitement In New York
City, Mr. Hepburn was the guest of an
association of bankers In New England,
and to them made an address in which he
touched upon certain currency questions;
and, after that address, in a more infor
mal manner, added to what he then said
and what ho had spoken a year earlier in
the way of monition. He declared that,
in his view, it was probable, if not inevi
table, that there would be In general com
nnerce, business and Industry, a reaction.
Just as there had been In the world of
finance, stocks and speculation.
It was known in New York that this was
the opinion of many of the leading bank
ers, but 7iot any of them cared to express
it publicly. Mr. Hepburn was asked to ex
plain In some detail the financial condi
tions both of business and of corporations,
as well as of the currency situation, which
was in sorae'fealures so acute during the
Summer of 1903 that President Roosevelt
felt that he might be justified in summon
ing Congress into extraordinary session,
partly for the purpose of considering tho
currency subject.
Accumulation of Capital.
"When Mr. Hepburn was asked what was
meant by his statement that the -surplus
capital which had been so handsomely
accumulated In the last five or six years
had been absorbed, he replied:
"Soon after the country, in the great po
litical canvess of 1896, decided In opposition
to the financial dogmas with which Mr.
Bryan's name was Identified, there began
to be a reaction from the period of dis
tress and demoralization which character
ized the years from 1890 to 1896. In addi
tion to that, there were two or threo
years of most favoring crops, and the re
peal of the so-called 'Sherman silver law
In the Summer of 1893 had caused, confi
dence to some extent to be restored; but
it was not to be perfectly restored until
the peoplo of the United States had decid
ed, in a general election, whether there
was to be free and unlimited coinage of
silver at the ratio of 16 to 1, or whether the
gold basis was to be established as the
permanent basis of our currency.
"It so happened that a year or two later
there came the announcement of the'dls
coveryvof enormous deposits of gold In the
w hole Alaska Peninsula; and almost coln
cidently with that there was a great In
crease in gold production in the United
States. Now all of these causes operated
to restore confidence, and, furthermore,
to stimulate trade and commerce. We
began to export our surplus products in
enormous quantities abroad. The appar
ent trade balance in our favor each year
for several years was In the neighborhood
of J500.000.000. Domestic Industry and trade
were very greatly quickened. The iron
and steel Industry responded most im
pressively to this new impulse.
Prosperity In the West.
"Through this great productivity of.
crops, of precious nnetals and of Industrial
agencies tho country began to discover
that it was accumulating capital. It was
able, by means of its surplus foreign
trade, to absorb a large amount of Ameri
can securities held In Europe for many
years. It was able to pay off some of our
indebtedness abroad; and It was discov
ered that we were establishing what are
called "bankers credits' over there. Rela
tively, I have often thought that the in
crease of surplus capital In the "West was
even greater than elsewhere In the United
States. Farmers, who had been in debt
many years, were able to pay off their
mortgages, to- buy improved machinery
and to add to their lands; and the records
furnished by the banking departments of
the various states showed that they were
accumulating money.
"We. therefore, had a greater amount of
surplus capital certainly greater In fig
ures, probably greater relatively than in
any other time in our history. The Inevi
table result of that followed. When blind
capital, as It Is sometimes called, or sur
plus capital, becomes very large, it seeks
utilization. People want to make as much
money as possible. That is the time when
capital is in plenty. It is used up In these
ways, and then there follow demoraliza
tion and panic"
Where the Surplus Went.
Mr. Hepburn was asked to detail more
specifically some of the uses of this sur
plus capital.
"There were, for one thing, large in
vestments in foreign loans. Some of the
richer corporations of New York bought
great blocks of European loans. Ameri
can capital was interested In the financ
ing of some of the English war loans.
There began even to be purchases of
English consols. In addition to that
there came atthat time the great im
pulse to consolidate various industrial
properties and to bring together various
SURPLUS eTVPITAL HAS GONE
railway systems; the conspicuous ex
ample of that being, so far as "industry
is concerned, the organization of the
United States Steel Corporation; and, so
far as railroads are concerned, the move
ments which led to the unification of
some of the Pacific railroad systems.
These and many minor undertakings
some minor only In the sense that they
were not as largo as the United States
Steel Corporation, but were yet very large
were promoted, and for a time found
apparently easy absorption.
"But there came a time when it was
apparent that the power of absorption
was gone. Commercial and financial ex
pansion had reached its limit. The sur
plus capital had been used up, so to
speak. Credit itself was being strained.
And when, a year ago, there came heavy
demands for money for crop movements
In the West, it was evident to skilled ob
servers that the strain was really upon
us. There began to be he'sitatfon, then
stronger evidence of the Inability or re
fusal of thoso who In the past had sur
plus capital, to purchase securities; and,
little by little, the reaction made Itself
felt, until it culminated in the excite
ments and vivid object-lesson of the
summer of 1903."
Check to New Investments.
Mr. Hepburn was tnen asked to ex
plain what he meant by his intimation
that the wise man of business. In view of
all that has happened within tho first
'half of the year 1903, would check his
own business expansion and curtail and
fortify himself against any period of de
pression or distress.
"The meaning ought to be self-evident
There cannot be any such HquldatIonas
has been In progress for nearly a year
without there resulting from It, not only
a check to new Investments, to new
propositions, but also a limitation of de
mand, which causes a market more or
less dull, according to the extent to which
the limitation of the demand goes. There
is an impression that Wall street is some
thing apart from the rest of the nation.
It is something like the view sometimes
held by public men that the New York
postofilce is a purely local institution; and
yet the New York postofilce is' of quite
as great importance to merchants and
manufacturers elsewhere In .the country
as it is to those of New York City. It
was once said by a former Postmaster
General that the pulsations of itsmighty
heart are felt all over the country and
the world. So, too, the pulsations of the
financial heart oi the country, which is
New York, are even more speedily and
perceptibly felt than are those of the
great center of the postal system of this
country; so that Wall street cannot ex-
REHABILITATING VANCOUVER BATVRAeKS
VEPr OF COLVMBA JZ&Uy v--3g5S--r ut ZZ FLfiOTUPON WHICH THE OTHER Five 1NZANTRY BARRACKS Q
C -,- crrc v . H.7-raW-rr; 1 P3 ( ) - MILLSE C0AJSTRLrC7-T W
JNFANTRV BARRACKS llJS; (llVT-: TlZfrvN , - S. - ' "5v)5
NEARLV COMPLETED !7K -srf wPxfzz -ZL (L?Q 77fW PATTtty QUART 'FTPS J2cr
VANCOUVER, Wash., Nov. 20, The
constructing and rearranging of the
military post and headquarters of
the Department of Columbia, situated at
"Vancouver, Wash., is one of the largest
works ever begun In the Northwest The
work when completed, according to the
plans which were approved by tho Sec
retary of War, will Involve a period of
about Ave years' time and be at a cost
to the Government of over a million dol
lars, a fact which proves the Intention
of the Government to locate permanently
a post atrthls point, thus setting at rest
all argument on the part of those who
have been advocating a change to some
other locality.
. The location of the Vancouver bar
Tacks is considered by the War Depart
ment as the healthiest and best In this
-part of the country. Upon completion
of the new buildings and the rearrange
Tnent of the parade grounds and roads It
will be one of the; prettiest and best ar
ranged military posts in the United
States. It will be what Is termed by
military people one of the "show spots
of the army'
The post, when completed, will have a
capacity sufficient to accommodate one
regiment of infantry and two batteries
of field artillery. This will include quar
ters necessary f or officers for such a gar
Tlson. In addition thereto it will ac
commodate tho commanding general of
the Department of Columbia and offi
cers of his staff with quarters-. There. will
also be erected here a new department
headquarters building with a cost "of
about ?75,000. Already plans of this build
ing are being drawn to be submitted for
approval.
There are tinder various stages of con
struction at the present time, a 4S-bed'
hospital, which will cost J6S,725, a bat
tery quarters costing $66,000; two infan
try barracks costing 555.000 each, a bat
tery gun shed which will cost $25,000, a
coal shed contracted for $26,226, and an
officers' quarters which will cost about
$45,000.
The buildings are all strictly modern
in every detail, and built throughout for
stability and convenience. The hospital
especially will be an ideal structure. It
will be constructed of brick, with stone
foundation. Its plumbing and sanitary
conveniences cannot be excelled. It will
be fitted wth a room especially for an
X-ray apparatus, and will be thorough, in
every detail. The bachelor officers' quar
ters will be built after the old colonla'l
style. It will be one of the prettiest
and best buildings in tho post. It has
t&jft$rtb$fejZW?& ' ' M -? ;tir X Wfiff"tlE'1i'"fHB
A. P. HEPBURN.
i-. ...-------..-.-.. -.----....--....--.A
perlence reverses without ultimately the
effect of them being also felt throughout
the country. Wall street is not a cause;
but it is a reflection of all the mighty
agencies that make industrial, commer
cial and agricultural prosperity, as It is
an Important reflection of all the agen
cies which make depression and distress.
Wall street does not cause all panics, air
though panics are usually first developed
there."
Mr. Hepburn was asked If, in his view,
accommodations for 16 bachelor officers,
besides an officers' mess and room for at
tendants. The barracks for the enlisted men are
constructed after a plan adopted by the
Secretary of War for their special fea
tures of convenience and appearance.
Each barrack will easily hold two com
panies of infantry, and will have in con
nection a large xand comfortable dining
room and a kitchen that would surpass
most modern hotels for convenience. The
-7r Jffs"- -T T v -iijrr 5?3
the currency system of the United States
was In any way responsible. He replied
that, while there were certain archaic
features of our currency system, certain
defects that should be remedied, yet, on
the whole, it i3 now In a healthful and
confidence-giving condition.
"There Is no reason,"-" he continued,
"why there should be any distinction
between tho revenues received, for cus
toms and those received from internal
taxes, so far as the utilization in tho
j battery quarters are a fac simile of the
I infantry, excepting they are larger. The
battery gun-sheds are a long-needed ne
cessity for protection of the field guns
from tho exposure of the damp Weather.
Each shed will be 191 feet in length and
will- hold 17 guns. They will be fitted
with rolling steel doors and be floored
with vitrified brick. The buildings will
all be of wood, excepting the hospital.
The foundations, however, will be of
i stone, so that at any 'tlmo-either brick
discretion of the Secretary of the Treas
ury and in the form of deposits in tho
banks is "concerned. If "the funds which
are now required by law because collect
ed from, customs dues to be kept in the
Treasury until paid out for Government
expenses were available for the public
uses, as the funds collected from Inter
nal revenue are, that would be a meas
ure affording considerable relief, espe
cially in times of stringency. As to
what is called asset banking, I am not
of tho opinion that the country is
ready for It, whatever may bo said of
Its merit as an abstract proposition.
Tho people havo become familiar with, a
bank currency, which they know is as
good as gold, because the entire faith
of the nation, as expressed in its bond,
is behind this currency.
"A bank note issued by a bank at
Eas,tport, Me.. -passes as readily In cir
culation . in San - Francisco as does, a
greenback or silver certificate, and there
is no exchange upon it. This sense of
absolute safety will, I feel, prevent any
Congress at present from approving any
method of securing national bank-notes
that differ from the present one. The;
Government bond which stands behind
tho note is as sure a protection "as bul
lion itself would be.
Increase of Circulation.
"It ' has . seemed to me, however,-that
it might be worth while for Congress to
pass 'such a law as would permit the
Secretary of the t Treasury, in his dis
cretion, 'to grant to any national bank,
i ume or emergency, me ngnt io in-
crease -its circulation up to a certain
rauo or lis capital. mt, or course, a
l-UiltHl,. Ul U1U.L. HI UU 311UUIU,Ut: MlilUtt
automatic, so that It would be Instantly
retired when tho emergency was passed;
and that can be done by taxing It at
such a figure as to compel Its retirement
fwhen the rate3 for money reached abnor
mal figure. That Is exactly what happens
when the New York Clearing-House Is
sues Its certificates, something that is
done only In times of great emergency.
The tax upon tliese certificates Is suffi
cient to compel their instant cancelation
when rates for money become normal.
Nothing should be done which would
make It possible to Inflate tho paper
money of the United States.
"The natural Increase of national banks
and the new circulation thereby pro
vided and the certainty that for many
years, probably, the gold mined each
year in the United States and in Alaska
will increase the circulating medium by
575,000,000 or more, ought of itself to
provide whatever additional currency the
normal and healthful growth of business
and production in the United States
GOVERNMENT WILL EXPEND ONE MILLION DOLLARS
FOR NEW-BUILDINGS FOR OFFICERS AND MEN
TH GUM 2HZ&S.
or stone superstructures may be erected.
The work Is all being done by contract
under the direct supervision of Construct
ing Quartermaster of the Department
Captain William C. Wren. Seattle and
Tacoma firms havo secured most of the
contracts. H. O. Roblson, of Woodlawn.
has secured the contract for the coal
sheds at $17,054. Vancouver Is -well rep
resented by the firm of Larncy &.Kig
gens, who have secured extensive con
tracts 'in plumb'lngwork.
EX-CONTROLLER A. B. HEPBURN
REVIEWS THE FINANCIAL SITUATION-OP
' THE COUNTRY
makes necessary. I am certain that the
great development of the West, Its ca
pacity to produce noble harvests on the
whole for climatic Influences in one part
of our country do not affect all parts
unfavorably the opening up of much of
the-yet' undeveloped West, will, of them
selves, speedily provide a surplus capital,
which, when it Is secured, may make
possible renewed Investments, renewed
enterprises and thereby a renewed season
of prosperity."
It is now reasonably pertain, that by
reason" of the warnlngsNgiven by Mr.
Hepburn and others, and. In addition,
the precautionary measures adopted by
the Treasury Department and the lead
ing bankers and financial and business
condition of the country is to be in the
closing weeks" of the .year satisfactory.
It Is expected that after the new year
there will be a healthful revival of In
vestment which will follow an Increase
of surplus capital.
DANIEIi STRONG.
(Copyright. 1903, by T. C. McClure.)
Battle-Hymn of the Republic.
Julia Ward Howe.
Minb eyes have seen the glory of the coming
of the Lord;
He is traiapltns out the vintage v where the
grapes of -wrath aro stored;
He hath loosed the fateful lightning of His
terrible swift sword r
His truth is marching on.
1 have seen Hfcn. la tha watch-Ares of a
hundred circling camps;
They havo bullded'Hlm. an altar In the- evening
dews and damps;
2 can read His righteous sentence by the dim
and flaring: lamps;
His day la marching on.
I have read a' fiery sospel, writ, In burnished
rows of steel;
"As ye deal with my contemners, so with you
my grace shall deal;
Iret the Hero, born oi ' woman, crush the
serpent with his heel.
Since God is marchlnc on."
He has sounded forth the trumpet that shall
never call retreat;
Ho Is sifting out the hearts of men before His
j u dgment-seat ;
Ohl be swift, my soul, to answer Hlml be
Jubilant my feet!
Our God is marching on.'
In the beauty of tho lilies Christ was bom
across the sea.
With a Klory In his bosom that transfigures
you and me;
As ho died to make men holy, let us dlo to
make men free.
"While God Is marching on.
It is a question In the minds of those
in charge why tho large contractors of
Portland did not secure their share of the
work. It seems reasonable that the Port
land contractors could do the work
cheaper than Seattle or Tacoma firms.
Tho enlargement of the iost will give
employment to a large number of men
for some time, and Increase the outp'ut
of the manufactories of this vicinity, as
most of the material is secured at home
markets. ' .
THE PALATIAL
OREGON BUIL
Not a dark office In the building; abso
lutely fireproof; electric lights and artesian
water; perfect sanitation and thorough ven
tilation; elevators run day and night.
Rooms.
A1NSLIE, DR. GEORGE. Physician and
Surgeon , 606-60T
ANDERSON", GUSTAV. Attorney-at-Law..612
ASSOCIATED PRESS: E. I.. Powell. iIgr..S0S
AUSTEN. P. C, Manager for Oregon and
Washington Bankers' Life Association of
Des Moines. la. ... .. 502-303
BAAR, DR. GUSTAV. Phys. and Surg.. 807-808
BANKERS' LIFE ASSOCIATION OF DES
MOINES. IA.; '. C. Austen. Mgr ..502-303
BATES, PHILIP S., Pub. Pacific Miner 215
BENJAMIN, R. W., Dentist 314
BERNARD. G., Cashier Co-Operatlve Mer
cantile Co -.I 204-205
BINSWANGER, OTTO S.. Physician and
Surgeon .-... ... 407-408
BOGART, DR. M. D.. Dentist : ,705
BROCK. WILBUR F. Circulator, Orego-
nlari ... . 501
BRUERE. DR. G. E.. Phys.... 411-412-413-414
CAMPBELL, WM. M Medical Referee-
Equitable Life ...TOO
CANNING. M. J. 602-603
CARDWELL. DR. J. R., Dentist 508
CAUKIN. G. E., District Agent.Travelers'
Insurance Company .......; ....718
CHURCHILL. MRS. E. J. 716-71T
COFFEY, DR. R. a. Surgeon.... 405-406
COGHLAN, DR. J. N 713-714
COLLIER. P. F., Publisher; S. P. McGuIre.
Manager .... ......415
COLUMBIA GRANITE CO 417-413
CONNELL. DR. E. DE WITT, Eye, Ear,
Nose and Throat .......tJ13-614
CO-OPERATIVE MERCANTDL.E CO.; J. F.
Olsen. Gen. Mgr.: G. Bernard. Cashler.204-205
CORNELIUS. C. W.. Phys. and Surgeon... 212
DICKSON. DR. J. F.. Physician- 713-714
EDITORIAL ROOMS Eighth Floor
EVENING TELEGRAM 325 Alder Street
EQUITABLE LTFE ASSURANCE SO
CIETY; L. Samuel. Mgr.; G. S. Smith,
Cashier -............. 303
FENTON. J. D., Phys. and Surgeon G09-510
FENTON. DR. HICKS C, Eye and Ear 511
FENTON. MATTHEW F.. Dentist . 50B
GALVANI, W. H.. Engineer and Draughts
man .... .... ..600
GEARY. DR. E. P., Phys. and Surgeon 403
GIESY. DR. A. J., Phys. and 8urgeoa. .709-710
GILBERT. DR. J. ALLEN. Phys 401-403
GOLDMAN. WIILLVM. Manager Manhat
ton Life Ins. Co, of New York. . . . 2C-210
GRANT, FRANK 8., Attomey-at-Law 61T
GRISWOLD & PHEGLEY, Tailors
....131 Sixth Street
HAMMAM BATHS, Turkish and Russian..
300-301-303
HARDEN. MRS. L. K., Stenographer 201
HAVILAND. DR. W. K., Phy. & Sur... 512-513
HAWKE. DR. C. E., Phys. and Surg... 603-609
HOLLISTER. DR. O. C, Physician and
Surgeon 504-505
HOSMER. DR. CHARLES, SAMUEL;
Phy. and Surgeons.... . ....701-702
IDLEMAN. C. M., Attorney-at-Law ..615-613
JEFFREYS. DR. AN1CE F.. Phys. and
Surgeon, Women and Children only..... 400
JOHNSON. W. C 315-316-317
KADY, MARK T., Supervisor of Agents
Mutual Reserve Life Ins. Co... .......605
LANE, E. L., Dentist 513-514
LAWBAUGH, DR. E. A. ....804-805
LAWRENCE PUBLISHING CO -417-418
UTTLEFIELD & CORNELIUS- 212
UTTLEFIELD. H. R., Phys. and Surg 212
MACKAY, DR. A. E., Phys. and surg.. 711-712
MANHATTAN LIFE INSURANCE CO.
OF NEW YORK; W. Goldman, Man
ager .. ....200-210
MARSH, DR. R. J., Phys. and Surg.... 309-3 10
McCOY, NEWTON. Attorney-at-Law.. 715
Mcelroy, dr. j. g.. Phys. & sur.701-702-703
McGinn, henry e.. Attorney-at-Law.311-312
McGUIRE. S. P.. Manager P. F. Collier.
Publisher .... 413
McKENZIE. DR. P. L., Phys. & Surg 203
METT. HENRY 218
MOSSMAN. DR. E. P.. Dentist 513-514
MUTUAL RESERVE LIFE INS. CO.;
Mark T. Kady, Supervisor of Agents.. 604-605
NICHOLAS, HORACE B., Attorney-at-Law.718
NILES. M. M., Cashier Manhattan Life
Insurance Company of New York ......209
NOTTAGE. DR. G. H.. Dentist 608-609
NOTTINGHAM,. T. W., Mgr. The Warren
Construction Co .-216-217
O'CONNOR. DR. H. P., Dentist 309-310
OLSEN, J. F.. General Manager Co-operative
Mercantile Co 204-205
OREGON INFIRMARY OF OSTEOPATHY
409-410
OREGONIAN BARBER SHOP, MARSCH
& GEORGE, Props 129 Sixth Street
OREGONIAN EDUCATIONAL BUREAU;
J. F. Strauhal, Manager ........200
PACIFIC MINER. Philip S. Bates, Pub 215
PAGUE, B. S., Attorney-at-Law 518
PALMER BROS.. Real Estate and Busi
ness Chances .. ... 417-418
PORTLAND EYE AND EAR INFIMARY
.... .Ground Floor, 128 Sixth Street
REED, C. J., Executive Special Agent
Manhattan Life Ins. Co. of New York... 209
REED. WALTER, Optician 133vSlxth Street
ROSENDALE, O. M., Metallurgist and
Mining Engineer .. 310
ROTH. DR. JOHN B., Phys. and Surg.313-314
RYAN. J. B.. Attomey-at-Law 515
SAMUEL L.. Manager Equitable Life- 303
SCOTT. C. N.. with Palmer Bros 417-418
SHERWOOD. J. W.. State Commander K.
O. T. M - 517
SMITH. DR. ALAN WELCH. Physician
and Surgeon .... .. 207-208
SMITH, DR. L. B.. Osteopath 409-410
SMITH. GEORGE S.. Cashier Equitable
Life 508
STOLTE. DR. CHARLES E., Dentist.. 704-705
SURGEON OF THE S. P. RY. AND N. P.
TERMINAL CO 700
SUPERINTENDENT'S OFFICE 201
TUCKER. DR. GEORGE F.. Dentist. .610-611
UMPQUA LUMBER CO., W. J. Pender-
gast. Manager 601
VESTER, A., Special Agent Manhattan
Life - 209
"WARREN CONSTRUCTION CO.. T. W.
Nottingham. Manager 216-217
WENDLING. DR. ROBT. F., Dentist 705
WU.EY. DR. JAMES O. C. Phys. & Surg.708-9
WILSON. DR. EDWARD N Eye. Ear
Nose and Throat ..... 304-305
WILSON. DR.GEO. F.. Phys. & Surg. .706-707
WILSON. DR. HOLT C. Phs. & Surg.507-503
WOOD. DR?W. L. Physlclan..411-tl2-413-414
-Offices may be had by applying to tha
superintendent of tho building-, room 201(
second floor.
Stall SiiiiBn