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About The Plattsmouth journal. (Plattsmouth, Nebraska) 1901-current | View Entire Issue (Jan. 2, 1913)
Semi-Annual Clearance Sale!
Wednesday Morning, January 1st, 1913,
we begin our Semi-Annual Clearance Sale. It is not necessary for us to
rifle the dictionary to find words to prove that this is a genuine bonafide reduction sale our
former sales are proof enough.
Everything in the store will be sold at a discount of from 5 to 50 per cent. All single
suits aDd overcoats for men and boys wii! be cut way down. We cannot list them here but if
you will come in you will soon find the proof of our statements. Come early.
Always the Home of Satisfaction
,- HAPPY NEW YEAR
Firs! Hall of Fiscal Year Shows
Two Million Surplus.
REVENUE RECEIPTS INCREASE.
Working Balance of Treasury, Which
Is Actual Cash in Uncle Sam's Pock
etbook, Amounts to Eighty-eight
Was Mnglon, Jan. 1. Uncle Sam
clowxl his accounts for tho year 1012
with plenty of money In his pockets
and u balance sheet ol' receipts ami
cxpci.dl'ures that bespoke the pros
perity of the nation.
For the first half of the current
lucid year ending yesterday disburse
inepts exceeded receipts by between
12,000,000 and $3,000,000. according to
titlniitoH of treasury officlales
deficit a year ago was over $21,397,000. l" U1 1 11,1,11 21,1,0 wasninBion.
This Improvement over last year Is Resident Taft had a number of ap
dm. to th n.iiiHrk;Lbl lnrrnno in ens. ! polntments for the day at the White
tms and Internal revenue re-
cnlpta during the last six months. He-1
wdpts from all sources from July to
ttian $23,000,000 greater than during Eve Money on Pazer and McCarty. owner of the road, with S. W. Ladd of
tho corresponding period of 1911. T0!, Alleles. Jan. 1. Al Palzer of Detroit, called on the railway commis
Tbe aggrograto expenditures for the , osslnn, la., and Luther McCarty of sion and talked the matter of Issuing
ix months were about $35(5,000.000. gprlnfffleld, Mo., will meet In a twenty- $3,100,000 in stocks and bonds for the
This was pearly $r,,0O(),0O0 greater ,0.,nd ,,0lt ,lt ,e Vemon arena to-1 purpose of continuing the line to
than i lie same period last year, tho ,1;u. ..,, thp vif,tor wlll .. nri):hlmA nmnha.
Increase being duo mainly to large ex
penniturcs for the nrmy and the In
creased pension payments as a result
of the pension legislation of the last
Tin. genernl fund of tho government
contained upwards or $140,000,000,
while a year ago It held only $120,
820,000. The working balance of the
treasury, whl:h Is the actual cash In
T'ncle Sam's pocketbook, amounts to
about $ys,0i)u,0ii0. The year 1011
closed with a working balance of $71,.
The treasury holds about $1.1 53.fiC.ri,
000 In sold. This Includes $l.r0.non,.
000 In th" reserve fund, the greater
part of the remainder being represent
1 by gold cert ideates In circulation.
YEAR IN WALL STREET
New York Banks in Better Condition
Than Any Time Since 1907.
New York, Jan. 1. The year 1912
ln Uio finamlal district was far from
aatlsfa-tory. In (he stock market
lower prices and restricted business
were the most adverse features'. Of
the various commodity markets the
cotton exchange almost alone had an
active and profitable year.
The dulltii" In the stock market
Ice Skates-Roller Skates-Sidewalk Skates
50c Up to $2.50
Boys' Wagons -Sicds- Air Rifles
SALE GOODS STRICTLY FOR CASH
founl pi'itial r flection in the opera
Moris of loc:il hanks and trust com
panies, but oil these Institutions are
believed to bo In better condition
than nt nny time since the end ol
1907, Qnd many have added handsome
ly to their resources and surplus ac
counts. STEEL TRUST BRANCHING OUT
Will Build Plant in Canada at Cost ol
Now York, Jan. 1. Tho United
States Steel corporation is to extend
the sphere of its manufacturing oper-
atlons into Canada. In a statement
Chairman Elbert H. llary said:
"We have decided to establish a
Manufacturing plant at the site which
.vo secured some years ago at Sand-
wlch, Can, just opposite Detroit. In
tha comparatively near futuro we shall
begin the construction of some blast
furnaei n and mills. Wo shall probably
build a wire mill, rail mill, structural
mill, bar mill and perhaps some- other
mills. I suppose tho first cost will bo
in the neighborhood of $20,000,000.'
President Reaches Washington.
Washington, Jan. 1. President and
Mrs. Taft accompanied hy Colonel and
Mrs. George W. Ooethals and tho
I"irty lnut accompanied the president
A - 1. I t- -1
House offices. Colonel Ooethals will
remaln ln Washington for some time
to con"ult ,v'lh congressional commit-
I heavyweight champion pugilist of the
world, on the assumption . that Jack
Johnson lias been eliminated from the
I fighting game-. Despite the efforts to I
make Palzer a favorite in the betting
even money continues to prevail.
WORKMEN'S BILL READY
Majority Measure Wifl Go Before the
Omaha, Jan. I. Tho Nebraska em
ployers' liability and workmen's com
pensation commission held a final ses
Biou in the city hall, with all members!
but one lu attendance. The bill em
bodied in the preliminary report as
the majority recommendation was per
fected with modifications along lines
suggstcd by the public hearings and
will bo sent to tho governor as the
(oucmslons of tho majority members,
while the minority members bave re
Borved tho privilege of submitting u
separate bi'l. The division nntong the
commission membership turns on di
rect liability and general application
of the law to all employers nnd em
ployees as acalnst a limited bill, In
cluding only (hose who elect to come
under It, coupled with a state Insur
: ince measure
THE PLACE TO BUY BOYS' AND
1 BAUER'S OLD STAND C
ATTEMPT ON LIFE
Convict Disarmed by Guards Be
fore He Could Use Knife.
Lincoln, Jan. 1. While Deputy War-
don II. It. Anthes was taking a crowd
of visitors over the prison, Jack K.
Martin, a convict, sent up from Ord,
drew a knife and attempted the life
of the deputy. Anthes got out of his
way and Martin then stinted after
(lnurd Stephens. He was disarmed,
however, before be could do any dam-
ape and now is sH'iuliiig his time in
Martin wns sent tip for burglary and
hud 'nearly completed a nine-year sen
ile had frequently shown a
vicious nature and for that reason hud
ltf-on ( lonely watched.
INTERURBAN TO LINCOLN
Omaha, Lincoln and Beatrice Ready
to Begin Work.
Lipcoln, Jan. 1. The move on the
part, of the Sharp interests toward the
building of an interurban line from
Lincoln to Omaha has bad tho effect
of awakening the officials of Lincoln
as far as Bethany and a road graded
clear to Omaha.
Ilarvov IliiKHer of Ohio, nrinclnal
The owii'Ti say that a construction
compeny will take over the bonds and
lMgin ?onstnictlon of the road as
soon as Issued
CONTEST CLAIMS ARE FILED
Jefferis and Burbank Ask Pay for De-1
fendina Contestees. !
Lincoln, Jan. 1. One of the claims
against the state which the coining
session of the legislature will be
called upon to settle Is a bill for pro
fessional services filed with the and-
'r Allwrt W. Jefferls and Byron
es. Burbank as attorneys In the contest
cases brought In Douglas county
against the Republican members elect
of the senate and bouhe.
The lell totals up to the sum of $S2."
and Is Itemized as "consultation and
professional services." The auditor
has refused to draw variants for the
tbove amounts until the legislature
has settled the matter.
"Pop. what's the millennium?"
"It's a time coming, my son, when
there will be jobs enough In every ad
ministration to go around among those
who want 'em."-Baltimore American.
Nation Gasps Over News of
How Financial Giants
By JAMES A. EDCERTON.
X Wall street they call It the
"pugilistic Investigation," in the
same way that they say of any
concern that has tied up with J.
P. Morgan & Co. or has been merged
through Morgan's influence that it has
contracted a "Morganatic marriage."
Even Wall street has Its humorous
side, one of tho funny things ln the
eyes and ears of the brokers being the
bleating of the lambs that have been
The "pugilistic" pun comes from the
name of Representative Arsene P.
Pujo, chairman of the house commit
tee now Investigating the money trust.
Mr. Morgan, the star witness of the
investigation, says that there Is no
money trust. Samuel Ur.termyer, the
counsel of the PnJo committee, admits
that there may be no money trust reg
ularly incorporated as such, but main
tains that, there Is a small group of
! men controlling the bulk of the mon-
I PV. im! list I'lcs nnrl rreiltts nt thn mnn.
try, which amounts to the same thing.
To begin at the beginning, ns the
man said who was about to discuss
the subject of original sin, it required
quite n light In congress before the
money trust investigation was ordered
at all. William J. Bryan had some
thing to say on the matter, as bad va
rious New York bankers and newspa
pers. Sniiie of the high financiers tried
to drag the constitution into tho af
fair and tallied about the unconstitu
tionality of such a proceeding. Others
even went so far as to say that (hoy
Would noL answer questions. A com
mon remark beard In certain high
finance quarters was that it would
Mr. Common People Heard From.
The average citizen also had
thoughts on the proposition. He had
a vague feeling that all was not right
with stock gambling and other prac
tices In the world of money. He had
a suspicion that these things had a
connection with the high prices that
were pinching tdm. At nny rate, he
felt that the matter should be investi
gated. Now, the average citizen outnumbers
the high financier by several thousand
to one. Moreover, his vote Is potent
ln elections. Therefore bis voice was
heard In the halls of congress, and the
Inquiry was ordered.
It was placed in the bands of the
house banking and currency commit
tee, of which Mr. Pujo Is chairman.
This committee was divided, one sec-
! tion headed by Carter Class of Vir
I glnia, tho ranking Democratic mem-
ber taking up the recommendations of
the monetary commission as to enrren-
CJ rcrorm. ami tiie other. hMdod by
Chairman Pujo. investigating the mon
ey trust. It Is with the Pujo commit
tee that we have to deal.
The Inquiry has had few dull mo-
nients. Some of the testimony has
been sensational. Most of If has been
! Illuminating. Best of all. It piomlstM
to bring results.
One broker showed nigiis of being
recalcitrant. When questioned as to
his profits In a certain transaction he
de-iiiurred on the ground that it was
private business. Yet It was a deal in
volving concerns doiug business in
many states. He was given all night
to think It over and decided to unswer.
It turned out that his profits had been
Morals and the Stock Exchange.
A former president of the New York
Stock Exchange. V. K. Sturgis. was on
tho stand, lie was asked concerning
"washed sales" and "matched orders."
These are resorted to for the purpose
of producing a seeming activity lu a
given stock. Tor example. Broker A
buys a large block of P. I. Q. nnd X.
stock. Through another broker he
then sells an equal block of the same.
This makes the stock appear active
and induces the public to buy. As a
result some more lambs arc shorn.
When asked If he n proved these nnd
other like practices Mr. Sturgis an
"I approve of transactions that pay
their proper commissions and are
properly transacted. You are asking
me a moral question, and 1 am giving
you a iStocic Exchange answer."
This rcnly was so bold and frank
tbat even some of the Wall street news
papers took Mr. Sturgis to task. He
had intimated that morals have noth
ing to do with tho Stock Exchange.
Although that view is so generally ac
cepted as to be coiumouplnce, It did
not sound well when baldly stated by
one ou the Inside.
Mr. Sturgis and others who are or
have lt;n in authority ln tho Stock
Exchange gave more testimony lu kind.
Some of it shocked the country and
alarmed Wall street.
Just before the holiday recess Mr.
Morgan appeared. Accompanied by n
long array of lawyers, among whom
were :i former nt.ibassador to England
nnd a former United States senator,
the arrival of the biggest figure ln
Wall street created quite a stir about
Washington. When the brokers saw
the retlnuo of distinguished counsel
Mr. Morgan took with him the common
remark was. "They must have some
OUT OF PI
The Way Lambs Are Fleeced
Disclosed Good Results
Due From Probe.
tlilng on the old man." If so, it did
not show in the testimony.
Morgan Denies Having Power.
As a witness it was unanimously
agreed that Mr. Morgan acquitted him
self well. He denied having any sense
of power, testified that character couut
ed for more than money lu making
loans, said that it was impossible for
any one ever to get a monopoly of cash
and credits and apparently answered
every question In a frauk and open
manner. The easy way he talked of
millions made some of the legislators
gasp, and the gasping Increased when
he testified to paying $3,000,000 for
about $r0,()00 worth of stock In the
Hy all bis questioning TJntermyer
could not get the witness to divulge his
! v -m .0Mim0- ted
Photos by American Prtss Association.
CHAIRMAN PUJO AND GOVERNOR ELECT SULZER OF NEW YORK.
AT TOP. f'RONT VIEW OF NEW YORK STOCK EXCHANGE,
WHICH IS UNDER INVESTIGATION.
motive for this purchase further than
to say that he thought it was a good
thing to do. The purchase was made
from Thomas F. Ryan, who is himself
some noise in the world of money.
When Morgan swore that Ryan seemed
unwilling to sell, but finally did so.
there was more gasping than ever.
Tor a man without power to compel
Ryan against his will to part with a
corporation as rich as the Equitable
was n thing so astonishing that noth
ing less than a gasp would have done
it justice. It also came out during the
testimony that when Mr. Morgan saved
Wall street in the panic of 190" the
money with which it was done came
from the United States treasury.
Just before Morgan took the stand
the committee experts exhibited a
chart that was one of the most inter
esting exhibits of tho entire inquiry.
It showed that ISO men practically con
trolled $'Jo.(K)0,000,000 of wealth in the
United States. These men are the di
rectors of eighteen banks and trust
companies, thirteen of them being In
New York, three In Chicago and two
Control 134 Corporations.
The information was got together
by Philip Scudder. the statistician of
the Tujo committee. Ho showed that
by means of Interlocking directorates
these eighteen concerns, with the ISO
men composing them, are interested in
134 big corporations. In which they hold
740 directorships. At the head of the
group stands Morgan, nnd associated
with him are the great names of the
financial world. The interlocking di
rectorates begin with tho eighteen big
private, state and national banking cor-
porations and extend from these to the
134 Industrial corporations. The con-
trol Is also exercised through what are
knowji as voting trustees. J. P. Mor
gan & Co. have eleven of these; the
First National bank of New York has
thirteen; the Guarantee Trust company
has eight, the Bankers' Trust company
four, tho National Bank of Commerce
eight and the Chase National bank
three. These are all known as Morgan
With the eighteen giant banking cor
: poratimn. not counties the 134 India-
trial trusts, the interlocking of the ul
j recroiates Is Interesting. I figured
i these out as fully as 1 could in a liniif
: ed time, rive 'neu have five director
; Khlps eaeh. three have lour each, nine
have three each, and a long list hove
two each. Mr. Morgan is a director ut
J. P. Morgan & Co. and the First Na
tional bank of New York. J. p. Mor
gan, Jr., Is a director of J. p. Morsau
& Co.. the National City bank and tie
National Bank of Commerce. Ceortre
W lWbln., I n . II . ... J . .. ..
. in.iui ib u u rw i r in .1 i- uni.
gan & Co. and the New York Trust
company. Among the men with the
most directorships the names of J. P.
Morgan & Co.. the First National bunk
of New York, the Guarantee Trust
company and the National Bank of
Commerce occur with suggestive fre
quency. Every man with three or
more directorships is connected with
one or more of these four concerns
with one exception. That exception U
E. II. Gary, bead of the steel trust,
which was organized by Mr. Morgan.
The men with five directorships eacli
are II. P. Davison and T. W. Lament.
Mr. Morgan's partners: George F. Bak
er, P. L. Iline and A. II. Wiggin. Bilk
er, Davison and Lamont are each con
nected with three out of the four bank
mentioned, Iline and Wiggin each witii
two. In addition, they have many other
directorships in the voting trusts and
the 131 Industrial corporations. The
reader who .has followed this some
what dry recital of facts can begin to
form some faint Idea of the system of
Tom lawson Says Things.
One of the diversions of the Inquiry
has been furnished by the page adH.
of Mr. Thomas W. Lawson of Boston.
Having paid for this space, Mr. Law
ful has said whatever ho pleased, and
that has been plenty. Having been In
the frenzied finance game nearly all
Ills life, Lawson may be said to speak
by the card. As to whether there la
or Is not a money t,rust, he says pictur
esquely and emphatically that thero is.
He add that it Is tho direct cause of
the high cost of living and asserts that
it has done "more damage to the Amer
ican people In any one year than has
been done to all the world by all the
professional highwaymen, burglars,
pickpockets nnd murderers since civili
Tho trail leads not only to Wash
ington, but to Albany. It Is fairly cer
tain that the Pujo committee will rec
ommend drastic legislation to regulate
the Stock Exchange nnd other abusen
of high finance. In addition, it now
grows apparent that the New York leg
islature will supplement this attempt
by state legislation.
Some years ago Governor Charles K.
Hughes appointed a commission to In
vestigate AVall street. This commission
reported certain abuses, but said that
the governors of the Stock Exchange
had promised reforms. It therefore
recommended that there bo no attempt
to incorporate tho body and bring it
tinder the state laws, adding, however,
that If these reforms Ave re not made
the people would demand Incorpora
tion. The Investigation of the Pulo
committee shows that the reforms
promised have failed to materialize,
' The prophecy of the Hughes commlt-
tee is being fulfilled. Thero Is coining
up an overwhelming demand to Incor
porate (he Stock Exchange, and thk
demand proceeds not only from the
people, but from tho members of the
newly elected legislature and governor.
If Incorporation conies the evils of
washed sales, margin gambling, short
selling, rehypothecntion of customers'
stocks and similar practices.
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