TITE OMAHA DAILY REE: SATURDAY, OCTOHEH 3. 1003.
FIVE m HURT IN A RIOT
;MrsLa1 and Tepntt of Oxford, Ohio, Are
Bath Wmndei
ONE MAN NARROWLY ESCAPES MOB
II la HanirO Several Tlmti, bat
Each Time Is Let Ilonn Jaat
Before I. He lias Be
come Esllnct.
OXFORD, O.. Oct. 2. Five men were
eiioutly Injured and one narrowly escaped
lynching several times as the result of
'last evonlng's' riot at this place.
j Those Injured arc:
! John Woodruff, marshal of Oxford, be
lieved to bo fatally hot.
Jacob Mannxl, deputy marshal, seriously
I Shot In the back and shoulder.
IDrneet Jotten, a country school teacher
of Monroe, O., believed to be fatally shot
In the abdomen.
Louis Splvey of Wagonvllle, Ky., ser
iously shot In the back and breast,
Joseph Splvey, skull fractured by stone,
aviso of Wagonvllle, Ky.
The 8plvey brolhers Here visiting Edward
Richardson of Bolllnfrsvllle, Ind., Just
.arose the state line from Oxford. They
same to attend the annual street fair.
Trouble Ucgtua In Saloon.
The town was filled with strangers when
the three men began carousing In a
saloon. Tbey pulled their revolvers on the
bartender, who ejected them, and then
tbey proceeded to raise more trouble In
wthar saloons.
When Marshal Woodruff undertook to
arrest them ho was mortally shot. A fu
sillade of bullets In the crowdod streets fol
lowed the shooting of the marshal. Deputy
'Marshal Manrod was shot twice when he
took the place of his chief. During this
fusillade In the street Ernest Jotten, while
returning from his school to his boarding
house, was struck In the abdomen by a
stray bullet and Is now In a critical condi
tion. After the shooting the three men ran In
different directions, with crowds after each
one, and each was hit in the head with
.stones by those pursuing them. Louis
Splvey was shot by a citizen. The excite
ment was intense when the three men were
Anally lodged in Jail, after running a mile
from the scene of the shooting.
Edward Richardson was dismissed after
It was shown that he had nothing to do
.With the shooting and was only accom
panying the Splvey brothers.
The crowd that bad been pursuing the
three men In different directions finally
concentrated about the Jail and battered
down the door and took Joseph. Splvey out
' to lynch him. There possibly never was
uoh an experience of anyone In the hands
vft a mob as his. He was hauled from place
to place with a rope about Ids neok and
-wrung up three different times and yet es
caped, with his life.
In their haste the mob did not pinion his
arm or legs and he managed to use them
ma as to prevent strangulation the first
time he was hung. At another time he
Iwas let down so he might write a farewell
letter to his wife and children and at an
other time someone cut the rope. '
Before' the mob finally succeeded in hang'
several shooting scrapes before, having
served teims in the penitentiary at Frank
fort for shooting to kill.
They ancrltied the whole trouble at Ox
ford to their drinking, which not only
en uied th disturbance In the saloon, but
also resisting the officers In the street. Jo
seph Splvey, when asked today for his
nearest of kin. replied that Deputy Sheriff
Urannoa was his best friend. Jirannon is
the officer who broke through the crewrt
and cut the rope the last time Splvey was
strung up last night.
Deputy Ursnnon Is highly commended for
his bravery and for preventing the lynching.
STORY OF THE0UTLAW QUEEN
A Trill Wild Flower, Only Twenty
Three, with a Record of Stren
uous Outlawry.
Dora Fox, the queen of the outlaws of
Oklahoma, has been caught. No woman
ever led a stranger life than has Dora Fox.
She is only 23 year old, but for eight years
this slim, bronse-facod plrl, with a mouth
and features that not even her life In out
law camps has relieved of their beauty,
has been the leader of an outlaw band.
She had escaped from Jail under the eyes
of her guards; she had led her band
through a dozen fights with sheriffs; she
had disguised herself and visited towns
where the officers who were after her were
resting, and now at last she has beon cap
tured after a chase of years, which ex
tended across three states and had been
participated In by a dozen determined
sheriffs. The story of this remarkable girl
told by herself Is as follows:
"My parents died when' I was very little.
They left nothing. I had lived all my life
on the plains. I knew horses and cattle,
and I knew nothing else. Naturally, I
turned to the cattle camps to earn a
living. That was when I was 14. I cooked
and sometimes I helped the cowboys. A
year after this I commenced the life that
has brought me here. I was working on a
ranee In eastern Texas. There was a
pretty hard crowd of boys on the ranch
and at last I overheard -a conversation
which showed me that three of the men
on the ranch were Martin, Jack Simmons
and Bert Casey, all notorious outlaws.
They were planning a raid one evening and
I overheard the whole thing. In my ex
citement I made a little noise and they
discovered me. I was seized and In half
an hour I was galloping over the range
In the direction of the rendezvous with my
arms bound behind me.
"When we reached the place Simmons
told me on account of what I had over
heard I would have to remain a prisoner In
ttie camp or become one of the gang.
'Take your choice little girl,' he said. 'I
know you well enough to know that If you
take an oath to stand with us you'll do it
like a man. Don't do It though, unless you
want to.' At first It seemed an awful thing
for me to do, but I had no other friends,
so I swore to be true to them.
I had not been with the gang two weeks
when we were surrounded by a posse and
we had to fight our way out. I had com
mitted no crime, but I was pointed out aa
the most desperate woman on the range.
There were stirring years after that. We
were in Old Mexico and all through the
southern states. Half of the time posses
were on our trail, but we fooled them time
after time. Once we were cornered and
had to fight again. Three of the boys were
lag him until he was dead the officers captured, but Simmons and I escaped. For
mUbed him and rushed him off to the 7ear" 1 w compelled to wear men ciotn
ibifcr orlnrm. where the mob was held at bav ln' disguise. After the fight we were
yCUr some time and finally order enough was Dr"r we" "ro"n UD wenl l r
(Secured for speeches to be made by ex- - """""
Ulnjror Tlanaaran. Rev. Dr. Thomas J. Pot- I recognized me and I was captured.
for and the brother of Marshal Woodruff. "Tney 1 m n outlaw. They aay I
BWtula the speeches were being delivered m theU' lessor of train robbers, horse
the officers spirited the Splvey brothers thieves ana muraerers. wen. i aont care
Unto the cellar of the Jail and then out ,Kut Tnat- Tney 1 m cruel- They
through a coal chute and made good their
heecape with them to the Butler county
Mail at .Hamilton, O.. a distance of fifteen
Knlles.
P., Hob Finally ' Disperses.
ft, Tbe-mOb than finding that It had been
Ipoeten, dispersed and the village was quiet
Muring the latter part of the night
r This village with 1U three large lnatlru-
Ptions of learning Is noted- for Its culture
iVand order, but It was the scene over a year
"ago of the lynching of Henry Corbln, a
negro, for the murder of Mrs. Horner and
a striking feature of the attempted lynch
ing last night was the part taken by the
negroes, who protested every time the rope
was slackened and Joseph Splvey was let
down to say his prayers, write to his wife
' and children or for any other purpose of
- mercy.
. Some of the negroes raised quite a dls
i turbanoe while proclaiming that If the man
had been a' negro he would suraly hare
been lynched In the first place without any
one having given heed to his appeals. The
' mob was without a leader at any time, hut
say I have no womanly Instincts. That Is
a lie. I am not cruel, and even though I
have lived my life on the prairie and In
hard camps I have a woman's heart."
Kansas City Journal.
RECORD SHOOTING 'ON INDIANA
Believed the Old Battleship Has
Eclipsed All Rivals at
Target Practice,
Again the record for battery practice
with guns has been broken, if the Jubilant
claims of the officers on the battleship In
diana be well founded.
It was Just a week ago that the battle
ship Alabama came into port from the
battery practice grounds of Menemsha
Bight, and it went abroad how that fine
vessel had again sustained Its high reputa
tion In the annual record practice.
Saturday the battleship Indiana, last of
the fleet to complete Its work at the targets,
came in from the Bight and on board were
many exultant claims that this old veteran
till it would not have been foiled but for tn8 w nad eclipsed even the record
the appeals of Woodruff's brother to let I mada bT straight shooting gunners of
the law take Its course, Alabama. And this fine result. It was fur
' . . .... I ther Urged, had been accomplished under
I conditions that were nowavs favorable.
HAMILTON, O., Oct. l.-The physicians Captain W. H. Emory commands Indian
attending the Splvey brothers, two of the He was not on board, but his other officers
Bve men Injured In the riot at Oxford last told of what the shlD had dona in the nrao-
venlng, report both today in a serious con
ditlon. . . : ,
Louis, who was shot by citizens that were
Misting the officers. Is in such a serious
condition that the physicians cannot probe
for the bullets. Joseph Splvey, who may
recover, presented a horrible appearance.
Both ears are torn and his neck Is raw and
swollen from the effects of the rope, while
tils faee is also disfigured. His most serl
one Injury Is a scalp wound which was
caused by being hit by a stone.
told of what the ship had done In the prac
tice work Just ended. These related how
thle hard hluina- old battleship had estab
lished a new record for guns of the 8-inch
type now one seaman, Treanor, a gun
pointer of one of these 8-Inch guns, had
made four straight hits In two minutes and
sixteen seconds.
These 8-lnch shells were hurled at a tar
get l.COO yards distant and whose bull's eye
measured only four feet In diameter. Every
one of tliese four shots struck the bull's
-confessed today that , they had been
Gold Medal
At Pan-American Exposition.
' mvf i mmy i vfjff
I
39B3S
GREEN TRADING STAMPS WITH ALL PURCHASES
House Fur
nishings....
ensnennnnnnnunnnnnnnnennnunnnnunnunnnuunu
Paints! Paintsl
Liberty Brand ready
mixed house paint
Per gallon..... 198v
Half gallon 60c,
Quarts 28c
Large Steel Range
with 6 8-in. holes, large
18-1 ii. oven, high closet.
$26.50
$4. 50 wringer waBh bench $3.98
11.50 curtain stretcher. .. 1.25
Four-fold clothes rack .... 38c
2-blade slavr cutter.. ........ 22c
BASEMENT.
IS'
fo)
1
Y
A
m
kie):aswas!
Kaufman's OiTheetra will give two
coiii'orn Saturday, 2:30 tn 6:00 after
noon, and 7: to 10:00 evening.
Saturday Attractions
VH QIVR TTIADINO STAMT8 WITH F.VKRT rURCHASB IV EVERY DEPARTMENT.
WE ANTICIPATE OVERWIIELMINO BrSINESS SATURDAY AIT OVER TUB HOUSE. COMB EARLY.
THIS A 13V E RT1 8 EM ENT INDICATES GREAT BARGAIN GIVING, AND THE TRADING STAMP PLAN GIVES
YOU THE OPPORTUNITY OF FURNISHING AND DECORATING YOUR HOMfl WITH THE CHOICEST AND
MOST CHARMING ARTICLES THAT ANY HOME OF TASTE COULD POS8ESS.
WE WANT YOU TO SEE THE WONDERFUL ELECTRICAL SIGN IN OUR HARNEY STREET WINDOW. IT
IS A TRIUMPH IN 1T8 WAY. BEST TO BEE IT. ON EXHIBITION SATURDAY MORNING
Main Floor Bargains in Dry Goods
50c
89c
75C QUALITY BED BLANKETS FOR FORTY-NINE CENTS A PAIR.
11.50 QUALITY BED COMFORTS FOR NINETY-EIGHT CENTS EACH.
loo AND 15o FANCY OUTING FLANNEL FROM 10 TO It O'CLOCK-TWO CENTS
$1.00 QUALITY FEATHER PILLOWS FOR FORTY-EIGHT CENTS EACH.
ir,C QUALITY KIMONA FLANNELS ONLY TEN CENTS A YARD.
5oO QUALITY PRETTY SILKS ONLY TWENTY-FIVE CENTS A YARD.
KG QUALITY 6S-INCH DRESS GOODS, VERY HEAVY ONLY, YARD. 60 CENTS
BIG TABLE OF 25C. AND S'.C EMBROIDERIES, ONLY, A YARD. 12ft CENTS
BEST QUALITY ATRON GINGHAMS PER YARD, s CENTS.
A Bares In In Pettlooets. Fine Fleece Cloth, at J1.26,
riiaw MA,MriuH utn.n .xtra henvv and
vim r.iiirranwn, at ..ia, i.u, 1.4o,
iV.1:.1.0:..:.. 50c
French lelaln, at 17.95. 16.95. A "&
W.50, 6.6o and w.U
Oriental Silk, at 15.60
and
lounging Robes An elepant assort
ment to select from. Come and get
one.
Ladles' Neckwear.
On Snturday we make a special sale
of ladles' neckwear, Including stork
collars, collar tops, four-ln-handK,
Bscotx, scarfs, postillion stocks,
Windsors, etc. Goods worth up to
eacn, d'ic ann ,,,
A YARD.
Quality, five ruffles, a one
twenty-flve skirt, at
Silk Petticoats.
Fine taffeta, colors black, white, Hsrht
or ruffles, black and all A QSi
leading colors, from J8.50 to.."1-'
611k Waists.
Fine grade taffeta, accordeon pleats
blue, royal blue, pink, gray, red
and fancy-worth $5.00 O QH
2.95
f, 00
Saturday s Sale
Women's Dresalnac Racks
Klmonaa.
Ladles' Hoae.
DO dozen samples of ladles' fancy lisle
hose. In lace and plain fancy. All
this season's goods and worth up to
9kc a pair. On ale S.itur- Rftr
day, at, per pair CJVW
I.nd lea' I ndrmrar,
60 doien ladles' "fall weight" knitted
underwear, "gray color", taped neck
snd crocheted finish, "shaped".
garment. On ifln
a
and
We Invite careful
stock of kimona
line Is enormous.
Inspection of our
i and sacks. Our
we have the
80o, on sale Saturday, at
Worth v
sale Saturday, each
Kid Gloves.
Our "Leila" kid gloves. In all the new
ran shsdns. Fitted to the hand, and
worth $1.35 pair, f r(
a. v vr
warranted.
Saturday, per
pair
Attractions in Pictures
See the New Amsterdam
picturea They are beautiful.
They are exquisite. They are
charming. They are burnt on
leather and ar hand colored.
Pricea are very low. Up from
38c
Pyroraphy Outfits up from
$2.25. Every point guaran
teed to give every satisfaction
or will exchange for another
one.
We have the largest and
most complete stock of every
thing in pyrography supplies
to be found west of Chicago.
Look over our line. It will pay.
Art Department Second Floor.
At the Meat Market
The most tempting meats In town. Trices
positively less on basis of quality than
anywhere.
SATURDAY SPECIALS
No. 1 Fresh Dressed Spring;
Chickens, per pound
Itonat Focf. per pound Bo and V
Shoulder Steak, 4 pounds for :'3c
Mutton Chops, i pounds for 2oc
Mutton Hnast, per pound 4o
Fresh Rlhlied Bulling Href, per pound ,V
Home made Corned Hecf, per pound
No. 1 SugHr Cured Hnin IH'ji'
No. 1 Hugar Cured California Hams, hot
brands. Winchester or Rex, per lb.....TVi'
Boiled Hams, tier pound 11 Un
Three pounds Rendered Lard c
Bait Pork, per ).ound ts:
llic
Saturday Specials in Parlor Furniture
Friday we place on sale two carloads of Parlor B'urnlture Just r
cclved. All are the newest creations of the tipbolsterc-r's art. consisting of
5, 3 and 2-plece suites, odd Divans, Arm and Reception Chairs, Corner
Chairs, etc. The frames are made from genuine roahofrany and imita
tion, highly polished. The coverings are all silk damasks, tapestry and
imported velours. You must see them to understand their charm. This
sale continues one week. Of many of the choice pieces there are but
one of a kind, and we nudge you with the trite saying, "First come,
lirst served," .
Suites
Regular price 13 reduced to ... .116.60
Regular price $Z7 reduced to 122.50
Kegular price 130 reduced to IWi.OO
Regular price $.13 reduced to lift. 75
Regular price $:if reduced to $30.00
Regular price $i reduced to $33.00
Regular price $4o leduced to $H5.00
Regular price $43 reduced to $37.00
.Kegular price $t reduced to.
Kegular price $u& reduced to.
..$39.50
..$49.W
Divans
Regular price $11.75 reduced to.... I 8.75
Regular price $14 reduced to $11.60
Regular price $1 reduced to $15.00
Regular price $'J0 reduced to $lti.26
Kegular price $21 reduced to $17.75
Regular price $23 reduced to 118.25
Regular price $13 reduced to $19.26
Kegular price $27 reduced to $22.00
Window Seats
Regular price $3.25 reduced to ....$2.15
Regular price $4.00 reduced to $2.95
Regular price $8.50 reduced to $5.95
Regular price $10 reduced to $8.25
Regular price $11.25 reduced to.... $8.75
Regular price $13.60 reduced to.... $10.00
Regular price $15 reduced to ..... .$12 20
Corner Chairs
Regular price $3.25 reduced to. ...$2.45
Regular price $8.00 reduced to $5.98
Regular price $8.75 reduced to. ...$6.96
Regular price. $12.00 reduced, to.. $8.95
Regular price $13.50 reduced to.. ..$10.60
Regular price $15.00 reduced to. ..$13.50
Regular price $17.00 reduced to... $13. 75
Carpet and Rug Dept. Third Floor -
Another large shipment of Oilcloth received from an overstocked Jobber
comprise the finest qualities that regularly sell at X0c, aro and 40c a yard all
goods well seasoned. To make room for our regular stock we will place these on
sale In two lots-
Lot No. 1 18c square yard
Lot No. 2 23c square yard
Bring your measurements.
A larae selection of Rrussels Carpets In all the new colors and designs
and among these are some excellent hall and stair patterns at, per yard '
A ten-wire Brussels Carpet border to match noted for durability and for
holding color up-to-date parlor patterns with or without boorder :sn
per yard .' UOfc.
lH-yard samples of Brussels, Velvet and Azmlnster Carpets ends
bound make splendid rugs each ,
27xM-lnch Jute Wilton Rug both ends fringed each $1.28
27xt3-lnoh Belvldge Smyrna Rug heaVy wool fringe both ends $1.75
9-Oxl2-0-foot RruBKels Rug woven In one piece regular $17 value our price $12.48
9-0x10-6 BruHsels Rug In medallion centers small Persian design $12.00
t-OaU-t Velvet Rug made In Turkish designs and colors $17.j0
,59c
69c
Stock Rugs
These are mado from remnants of Brussels, Velvets, Axmlnsters and Wilton
Velvet carpets and are marked regardless of the original cost of the carpets.
A saving of from on-thlrd to one-halt the regular price.
We carry a full and complete Hoe of the Kissel's Carpet Sweeper. Prices,
$2.25 and up.
Groceries
We save money for you on all grocer
ies and give you the freshest, best and
largest selection. Courteous service,
quick deliveries. Tostal cards FUEK.
A Tancake Special, 2-Ib. package 8c
Hundreds of packages Just received.
Asparagus, new, l ib. can itc
Waking Powder, 1-2-lb can 13c
Lobsters, 1-2-lb enn 20c
Table Syrup, 10-lb. can 3Tc
Mince Meat, 3-lb. puckage 25c
Fruit Butters, Jar ioc
Baked Beans, 3-lb. can ioc
Wheat Breakfast Food, 2-lb pkg.,..10c
Good Tomatoes, 3-lb. can ioc
Green Teas, 2-lb. can 7C
Breakfast Cocoa, 1-2-lb. can 20c
Imported Sardines, per can ioc
French Mustard, .bottle 5C.
Olives, bottle 9,,
Butter rrom the Best
Dairies Every Day
Fresh Country Butter, per lb 10c
Bennett's Capitol Creamery,
sweet as a nut 25c
Big line of bulk pickles at low prices.
Medium Sour, pint Be
Small, sour, dozen 8c
fine Values in Teas
Coffees and Spices
Imperial Japan 25c
B. F. Japan, Gunpowder, Oolong
and English Breakfast 38c
Roasted Santos Coffee 12c
Toppy Seed, per potind 10c
Bennett's Capitol Coffee, finest on
earth, per pound 2Se
Millinery
As we have the name of having the prettiest nnd most
becoming as well as the best assortment of hats to be found
anywhere, we now offer for Carnival week some of our best
numbers at astonishingly low figures. Their equal cannot
be found, in quality and price.
We give FREE the Hperry & Hutchinson Trading
Stamps and in return or the stamps your choice of hun
dreds of beautiful articles for the home.
These are a few of our specialties:
A black Welvet hat, the latest shape with a heavy Jet sequence edge,
tbree ostrich plumes on side, satin or silk ribbon trim- gr f
med, worth $12.00 OU
The new boat shape In black velvet. 2 long ostrich Amazon pm f
plumes and Jet buckles, worth f 11.00 A JJ
A black velvet Gainsborough, Taney black braid on edge, trimmed with
three glossy black ostrich tips, Mack ribbon and Jet f OE
buckles, worth $10.00 OsrfO
White scratch felt hats, trimmed In black velvet, worth 4 A f
$3.00 nnd 3.50, for Is4v
A nobby hat. In oxford brown and gray, the best scratch felt, bound and
trimmed In silk panne velvet, with gold or steel ornaments, -4 rr
worth $3.00, for Is 5"
A Great Dintierware Sate
See our bargains iu dinner sets at $9.75, $7.48, $6.88,
$3.48, $4.98, $3.88. Many of these sets are worth more than
double. Come early for the best values.
Finest line of dinnerware in city, prices from $3.88 to $00
Our line of white China for decorating more than trebled
in last two weeks. Artists should inspect our new things
in this line.
Belgian Trescut glass salts and peppers with sterling silver tops, ea 10e
Haviland & Co. 100 piece dinner sets in pink or blue. Sterling $40.00
values, for this sale $23.50.
White China salts and peppers for hand painting, Just about one-half
price, each 10c.
Fancy cut water pitchers, ree them to appreciate them, each OSc.
Best Redwing Stoneware. 1 gallon Jugs or crocks, each, 5c.
Cut glass olive or Jelly dishes, nice size, worth double, each, 9Sc.
Remember to Fill your Stamp Book Tomorrow and Get First Choice of Premiums
PVA. a. deifTfess) of BPPIiruPV which t hsk nfflnara
1U DPiv7 Drovers. wn .r. .n j.n urn, , th ,h)p malntaln ha, never been ,
' ' I nellen In nv n vi This tnAana A
hits of 1.7S a minute, which Is a new stand
ard for this type of gun.
It was not alons with Its 8-lnch, but with
all of Its guns, that Indiana did fine work,
and there was the Jubilant assertion that
when the final records have been worked
out it will be shown that when the old
fashioned type of guns which It carries
has been taken Into consideration It stands
at the head of the navy for all-around ex
eellence. Its final average of nearly four
hits a minute fur each un with Its 6-lnoh
rifles has yet to be equaled, whereas with
each type of heavier pieces It has, accord
tng to Its officers, done better work than
any ship having guns of the same class.
The battleship carries four U-lnch guns
in Its forward and after turrets, and one of
the gun pointers of these big rifles. Cox
swain Reldel, succeeded tn making four
straight hits In five minutes and twenty
' one seconds, or at the rate of .76 hits a
I minute.
The officers assert that the vessel's score
with the slx-pounder guns Is equaled by
only one other vessel tn the navy the bat
tleship Illinois. Summing up, they think
that Indiana now stands at the head of the
navy for all-around excellence In target
practice.
By reason of the Intimation which re
cently came from Washington that these
target records should not be made public,
that scored by the battleship Illinois has
not been published. New York Herald.
t
Unlike Any Others!
TUe full flavor, the delicious qual
ity, ttie absolute Purity, of Low
nys Breakfast Coco distinguish
It from all othurs.
no -Treatment- wun aiKanea; bo
adulteration with flour, starch or
ground 00 co shells; nothing but the
nutritive and digestible product eX
the chotoeat Cocoa Beans.
Ask Your Dealer for It
Jtew ftaasa tor rtes.
"This pie Is entirely too affectionate."
complained the Cheerful Idiot.
"What's that?" Inquired the pussled
waiter girt
"I say It's too affectionate the upper
crust la stuck on the lower. Bring me
some of that dropatlich pie over there."
And after some difficulty It was beaten
Into the bead of the distressed maiden
that he wanted some of the cranberry
pie with the lattice work cover. Baltimore
I America .
FINANCES OF THE NATION
' ' s
Eeview of Eecsnt Operations of th Se-ore-
. tary of the TreaBiry.
$30,000,000 ADDED TO THE CIRCULATION
Successful Precaution, Measures to
Maintain the Financial Eqnllle
rlara of the Conntry Bond
Calls evnd Cash Deposits.
"Holland," the noted correspondent Of
the Philadelphia Press, writing from New
York concerning the operations of the seo
retary of the treasury, reviews the finan
cial situation aa follows:
If the secretary of the treasury, Mr.
Shaw, were not convinced that there ought
to be relieving or at least precautionary
measures In line with those he has so often
and courageously taken. It Is presumed
that he would not at thla time offer to
redeem bonds that have still four months
to run, and that pay t per cent Interest,
I20.0O0.0O0 In all.
The Inference la that If there be present
or Impending stringency and the expe
rience of yesterday In the securities mar
ket Indicates that there Is fear of danger
of that kind then the holders of these
bonds will be glad to offer them for re
demption, so that this $20,000,000 may
speedily pass into circulation. There la to
be no loss of Interest, since Secretary Shaw
knew well enough that comparatively few
of these bonds would be offered for redemp
tion If a rebate of the Interest were ex
acted But with the rates for money at
what they are quoted, and with the demand
for It sure to be maintained during the
fall. It would apparently be a profit-making
temptation for the holders of these bonds
to accept the secretary's offer and convert
them immediately Into cash.
Offer Is Rene reel.
The really Important feature of Secre
tary Shaw's announcement of Thursday la
a renewal of the offer made aa soon as
congress adjourned to refund t per eent
and 4 per cent bonds Into the more valu
able paradoxical aa It may seem I per
cent bonda These I per cant bonds have
greater value than the others because they
are now practically the sole basis, and
must continue to be, of the national bank
ing system.
After the adjournment of congress, with
out having adopted the temporary remedial
legislation which It was hoped the so-called
Aidrich bill would perfect, Bee retail thaw
was convinced that the Treasury depart
ment should take Immediate steps to en
courage an increase of national bank circu
lation. The premium quoted for the 3 per
cent and 4 per cent bonds made them un
available, or almost unavailable, for use as
security for Issues of national bank cur
rency. The secretary, after consultation of an
Informal character with bankers of New
York, Philadelphia and Chicago, believed
that he would be justified In offering to re
fund t per cent and 4 per cent bonds, not
in excels of 1100,000,000, Into t pvr cent
bonds, the actuaries of the Treasury de
partment so figuring on the rate of ex
change that there would be a temptation
to make that exchange, while at the same
time It would rot be made to the dis
advantage of the Treasury department.
That entailed computations of the delicacy
and nicety of those which the dealers In
foreign exchange, who are the most skillful
experts, are compelled to make.
Caused Comment Abroad.
When the secretary made the announce
ment In March it caused more comment
across the ocean than In this country In
the offices of so-called financiers. It Is
known Informally and privately that It was
a subject of earnest discussion by the
British government. Here there had been
far more comment, not a little of It re
proachfully, because of the apparently
daring announcement of Secretary Shaw
last fall that he would receive, as part
security for national bank transactions,
other than government bonds.
In the winter a financier of New York
who was visiting in London learned that
there was astonishment Ihere that there
should have been any criticism of Mr.
Shaw for so reading the statute as to find
In It authority, in his discretion, to accept
other security than government bunds. In
this country criticism was publicly voiced
by Jacob Schlft, but after a year's ex
perience In this departure It must be ap
pareat to Secretary Shaw that his reading
of the statute has been Justified, and that
there should be no clogging of the treasury
relations with the national banks because
of a most technical Interpretation of a
statute, or a too rigid adherence to pre
cedents. For It Is now announced that the secre
tary proposes, at his discretion, to receive
what are called colloquially savings banks
bonds that Is, bonds which any state In
which savings banks have been highly de
veloped permits these banks to hold as se
curity for government deposits. Not a word
of criticism worth heeding has been heard
with respect to this announcement.
Brilliant Government Flannrlasl.
la Europe, wheat tle United States Treas
ury department proposed to float (200,000,000
of 2 per cent bonds at par, the proposition
was looked upon with amaxement. Nothing
like it ever had been offered by any gov
ernment of the old world. It was regarded
as- a test of the financial strength of the
American people. In the sense , that there
would have been no surprise had the propo
sition failed, and there would certainly be
amazement If it were shown that the Amer
ican public was about to absorb so great an
Issue an that, and especially if It were
done without disturbance In the financial
markets. If It were truly a test, then It
must he regarded as most satisfactorily
met. So far as the public was concerned,
there was no knowledge of this magnifi
cent piece of governmental financing while
It was under way.
Why It Succeeded.
It would, however, have been unsuccess
ful, and In fact would have been unthought
of, had the banking system of the United
States not been under the authority of the
Treasury department, and even, as one Ju
dicial decision has affirmed, actually a part
of the treasury.
The secretary of the treasury knew that
the customers for these, new 1 per cent
bonds would be the national banks.
Furthermore there has been a tacit
understanding that all government
bonds bearing a higher rate of Interest
might be refunded Into per cent bonds,
so that ultimately the entire permanent
debt of the government would be on a 1
per cent basis, this debt being the ground
work upon which, so far as national bank
circulation Is concerned, the banking sys
tem is to stand.
Secretary Shaw's announcement tn March
reminded the financiers of Europe of the
Interest which the Issue of the first large
loan st 2 per cent had caused. But the
later announcement was of a different char
acter In severs I respects, one being that
the secretary. In a semi-official way, ex
plained that this was a refunding proposi
tionsomewhat of an emergency charac
terand definitely planned so as to provide
the means by which national bank circula
tion could be Increased.
Bnnkers Support thaw.
Secretary Shaw was most ably supported
In this proposition by a group of bankers,
who could do what the secretary himself
could not do. The bankers could, by letter
and by personal appeal, urge the holders of
3 per rent and 4 per cent bonds to make the
exchange. These appeals met with speedy
responses, 'and offerings came to the Treas
ury department very rapidly and In large
amounts, so that before spring was ended
it was evident that this wss to be success
ful flnsming. Just as the secretary ex
pected would be the case, there was a large
Increase of national bank circulation secured
by these bonds, and on the last of July
380,000.000 of refunding 2s had been ex
changed for a like amount of 8 and 4 per
cent bonds. Bank circulation had been In
creased In excess of $30,000,000 by this trans
action, and It has been spoken of as an ex
ploit unsurpassed In brilliancy of concep
tion, and In the success which It met.
Hot Euouarh Currency.
By reason of the enormous drains upon the
currency resources of the country, to say
nothing of the straining of credit by the
demands of those who promoted Industrial
combinations and by the railroads In Im
provements and In other colossal ways,
the floating capital of the country has been
absorbed. It was discovered In the sum
mer that the Increase of national bank cir
culation would not provide all the addi
tional currency needed, nor did Secretary
Shaw, content with that one transaction, re
main passive. He had, with the facility of
financial statesmanship, foreseen possible,
If not probable, emergencies In the fall,
and he had a very clear understanding of
the unprecedented liquidation In the se
curities market.
But not until the end of summer was
there knowledge of some of his purpose.
Then It was announced that he had some
I , 000, 000 In cash, which had been received
for government taxes, and which. In his
discretion, was available for deposit In
national bank depositories. This money
be purposed setting free In this wsy.
Then there happened a moat unlooked-for
development. Instantly the premium of I
per cent bonds Increased) because it was
presumed that there would come a great de
mand from the banks for these bonds to
secure the proposed deposit of 50,000.000.
Banks which had used z per cent bonds
to secure their own circulation began to
surrender circulation, so that they might
receive sgaln their I per cent bonds and
market them at a higher premium. There
could have been, under the law, no sur
render of circulation In excess of $3,000,000
a month, but the very demand for the
bonda might so Increase the premium as
to make It unprofitable to accept govern
ment deposit with these bonds as security.
It has been estimated that the profit on
government deposits, say of 1100.000 se
cured by t per cent bonds at a premium of
104 Is 760 so that If the premium on these
bonds Increases this profit Is wiped out.
Secretary thaw's Pwrpose.
Secretary Shaw might offset this by ac
cepting a larger amount of savings banks'
securities. Now It Is evident that the sec
retary does not rely on that method of off
set it rig the increase In the premium on, the
I per rent bonds, but that he proposes to
otter the opportunity for the Increase of
cash In general circulation by buying Imme
diately the 5 per cent bonds approximately
120,000,000 In amount and next he offers to
Increase the supply of S per cent bonds by
refunding operstlons not to exceed 130,000,
000, similar In character to that so success
fully carried on In the spring and early
summer.
If holders of t per cent and 4 per eent
bonds up to 120,000,000 can be persuaded tn
make that exchange, then there will be
provided a new supply of 2 per cent bonds
sufficient, doubtless, to meet the demands
of the banks which desire to receive gov
ernment deposits.
If the proposition should fall, that would
not Impair the Judgment of the secretary of
the treasury. He will have done his part,
snd, to speak colloquially. It 1s "up to"
the financial community. If there be such
financial distress as Is alleged, to take ad
vantage of the opportunity be offers ts)
the community.
Stories About Great Hen.
As Jonah fell overboard with a loud
splash, he encountered the whale, and the
following dialogue took place:
"80 this Is your place of business, is It?"
asked Jonah.
"Yes, sir," replied the whale. "Won't
you drop in for a momentf"
Not now. but I may call a little later."
"That'll be too late. I'm Just . closing
up."
"Well," said Jonah, "I'll Just step In long
enough to dry my clothes a little and have
one round. Will you Join me?"
"I believe I'll Just take one nip." said
the whale, suiting the action to the word. .
Ths rest Is history. Milwaukee Sentinel.
There Will Be no Strike.
NEWARK, N. J., Oct. t The employee
of the Public Service corporation, which
controls a big system of trolley line lit
this snd adjacent counties, have voted
overwliulmlngly agaltiKt s strike on the
company's system, according to a state
ment msde today by National Treasurer
Orr of the Amalgamated Association of
Street Railway Kmployes. Seveniy-rlve per
cent of the votes cast yesterday In bsxex
Passaic, Hudson and 1 nlon counties were
against the proposed strike, he said.
Sugar ts Cheaper.
NEW YORK. Oot. 1-AU grades of re
fined sugar were reduced 10c a .hundri
Heart Disease
may bo cured by strengthening the
heart nerves, enriching the blood and
improving the circulation with lr.
Miles' Heart Cure. tiafe sod sure.
Bold on guarantee. Send postal for free
book on olaeaaee of the heart and nerves
today.
jH. MILES' METHCAL. CO., Elkhart, Ind,
