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About The Plattsmouth journal. (Plattsmouth, Nebraska) 1901-current | View Entire Issue (Jan. 2, 1913)
ALL 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 GOVERNMENT HASJBALANCE 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 Million Dollars. 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 The 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 congress. 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,. 473,000. 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 ALL SIZES! Ice Skates-Roller Skates-Sidewalk Skates 50c Up to $2.50 Boys' Wagons -Sicds- Air Rifles E3 (0 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 $20,000,000. 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 Legislature. 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 VnSI," THE PLACE TO BUY BOYS' AND TOT AT 1 BAUER'S OLD STAND C f 3 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 the "hole." Martin wns sent tip for burglary and hud 'nearly completed a nine-year sen lenci 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. Indefinitely Postponed. "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. GIRLS' ALL KINDS! ffiffffiS GROW! m THE; i Nation Gasps Over News of How Financial Giants Juggle Millions By JAMES A. EDCERTON. I 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 shorn. 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 "hurt business." 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 something enormous. 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 swered : "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 i OUT OF PI "HOIK TRUST" 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 Equitable Life. 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 In Boston. 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 concerns. 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 Interlocking directorates. 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 zation began." 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. T,' ('!