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About The Loup City northwestern. (Loup City, Neb.) 189?-1917 | View Entire Issue (Jan. 30, 1908)
Loup City Northwestern ■■ ■ -X . LOUP CITY, NEBRASKA, THURSDAY" , JANUARY 30, 1908 VOLUME XXYr NUMBER 12 MONEY IS PLENTIFUL A RUSH OF FUNDS BACK INTO RE • SERVE BANKS. INTEREST RATES GUT DOWN Indications Seems to Be That There Is Really More Money in Sight Than Is Needed. New York—The feature of the fin ancial section last week was the con tinued rush of funds back into the re serve deposits of ban^s. The return ing flood of money to reserves was perceptible in the foreign money cen ters as well as here and as effective in forcing down official discount rates of the Bank of England, the Bank of Prance and the Imperial Bank of Ger many. and the open market rates in all markets. Notwithstanding this de cline in the attraction for money abroad the price has risen strongly toward the rate at which exports of gold would be profitable. The grow ing redundancy of our own money market has been responsible for this action. Supplies have pressed upon the New York loan market with increas ing urgency, carrying the call loan rate down to almost nominal figures and reducing the interest rates on time loans to figures lower than were enjoyed at any time last year. The remaining issue of New York clearing house loan certificates has as a con sequence been going into rapid retire ment. The rapid easing oi the money marsei ixiis uul oeeu auecieu uy me notice of withdrawal of 110.000,000 of government deposits from New York banks, partly because of the large cur. rent deficit in the government rev enues. but also by reason of the ac cumulation of funds being more rapid than the demand to take them up. This is made manifest by the heavy tide of bank notes out of the circula tion of the country, reflected in the current redemption of these issues at the United States treasury, and by the growing movement on the part of the banks to retire them by means of deposit of lawful money with the United States treasury. The inferences are plain that the heavy imports of $100,000,000 of foreign gold and the Tapid issue of over j,000,000 national bank notes which followed the runs on the banks last fall, to say nothing of the various emergency issues of clearing house certificates, are now proving redundant in the country's circulation. Such a result is the in . variable sequence of financial panic as \ soon as normal conditions of confi dence in the banks begin to re-estab lish themselves. MRS. EDDY LEAVES CONCORD. Head of Christian Science Church Moves to Boston Suburb. Concord, N. H.—Mrs. Mary G. Baker Eddy, founder and head of the First Church of Christ. Scientist, on Sunday left her home. Pleasant View, in this city, and by a circuitous route in a spe cial train went to Chestnut Hill, Brook line. where she will permanently re side in a house recently purchased by the Christian Science denomination. Mrs. Eddy was accompanied by her secretary, Calvin A. Frye, Archibald McLennan, one of the trustees for Mrs. Eddy's property. Rev. Irving C. Tomlinson. a Christian Science • reader,” and a dozen other men and women of the Christian Science be lief. John D. Aids Unemployed. f*'ew York—To aid the large number of unemployed of Tarrytown who have appealed to him for help, John D. Rockefeller sent word from the south to the superintendent of his estate at Pocantico hills to lay off all foreign ers and give employment to needy residents. In addition Mr. Rockefeller has given permission to those in want to go into his woods and cut wood to warm their homes. CHECK TO IMPORTS OF MEATS. British Government Prohibits Landing of Frozen Article. London—The medical inspector of the local government board has recom mended the prohibition of imports of boneless frozen meats on the ground that its unchecked admission might constitute a danger to public health. Indians Have Old Bible. Marshfield, WIs. — Rev. Joseph Brown, a Sunday school missionary, has found among the Indians in Ocon to county, Wisconsin, a bible given to the Onedia trii in 1754 by the secre tary of the Prince of Wales. The present was made in behalf of the Church of England. Foraker Opposes the Primary. Columbus, O.—County Prosecutor Welty appeared before the supreme court in chambers and argued the at tack on the state primary law brought by him at the request of Senator For aker. AS TO OUR TRADE SITUATION. Conditions Are Quiet and Prices Ap pear to Be Falling. New York—Bradstreet’s has this to say: Trade and industry are still quiet, commodity prices have quite general ly moved downward, collections are backward, an increased quantity of railroad equipment is reported idle, less satisfactory reports as to the de mand come from the iron and steel and coal Industries and an increased disposition is noted to discuss wage reductions as an offset to restricting production. Wholesale trade as a whole is slow to open though heavy cuts in cotton goods by western jobbers, equalled or exceeded by eastern houses, have aroused interest and attracted buying in these and kindred lines. Travelers on the road report buying to be of a filling-in character, sufficient merely I to replace broken stocks, and a slow and late opening of spring trade is looked for. Reports as to collections indicate slowness in meeting engagements and mention is made of numerous exten sions being asked and granted. Business failures for the week end ing January 23. number 408, against 431 last week, 252 in the like week of 1907, 276 in 1906, 228 in 1905 and 242 in 1904. Canadian failures for the week number fifty-one, against forty. four last wreek and eighteen in this week a year ago. Wheat, including flour, exports from the United Slates and Canada for the i week ending January 23 aggregated I 4,418,213 bushels, against 5,412.867 bushels last wreek, 3,328.255 bushels this week last year, and 3,639,679 bush els in 1902. For the thirty weeks of the fiscal year the exports are 135, 731,021 bushels, against 07.961.421 bushels in 1906-07 and 160,906,365 bushels in 1901-02. Corn exports for the week are 1,171, 428 bushels, agiusl 900.280 bushels last week and 2,064.883 bushels in 1907. I For the fiscal year to date the exports are 28,130.951 bushels, against 31,073, 031 bushels in 1906-07. MILLION LOST AT PORTLAND. City and County Building in Maine Capital Destroyed. Portland, Me.—A fire which caused a property damage of $1,000,000 de stroyed the city hall and police build ing, and endangered the lives of more than 700 persons. Although known as the city hall, the building was divided between city and county offices, while the police building sheltered the su preme, judicial and municipal courts, in addition to the police department. The fire was the worst in the state since the great Portland conflagra tion of 1866, when the business and residential sections were almost com pletely wiped out. That there wre no fatalities is re markable, as there were more than 700 persons attending the Western Maine Knights of Pythias jubilee, gathered in the auditorium of the city hall, when the flames wrere discovered. The financial loss is $1,000,000. HITCHCOCK DEFENDS BRYAN. Nebraska Member Takes Part in Polit ical Debate in House. Washirgton—Although the urgent deficiency bill was technically up for consideration in the house Friday, not a word pertinent to the bill was spoken. Under the privlege of gen era! debate, several members ad dressed the house oti a variety of sub jects. but the one which attracted the most attention was a criticism by Mr. Hitchcock of Nebraska of a political forecast by General Charles H. Gros venor of Ohio. The debate brought to the feet numerous democrats, who sprang to the defense of Mr. Bryan, while General Keifer of Ohio, support ed by several other republicans, un dertook to refute all the arguments concerning Mr. Bryan's two cam paigns. Minister Sorsby III. Lapaz, Bolivia—The American gjinis t<«!- to Bolivia, William B. Sorsby, who recently suffered an apopletic stroke, resulting in paralysis, is in a danger ous condition. Physicians are con stantly at his bedside. Magoon Leaves Havana Today. Havana—Governor Magoon, who has been summoned to Washington, will sail from here at 10 o'clock Monday on the reenue cutter Hatuey for Tam pa. He expects to reach Washington on Thursday. Prospect for Widows' Pensions. Washington—Congressman Norris, who is one of twenty to introduce a bill granting pensions to widows of soldiers of the war with Mexico and c:vil war. said after a conference with the commissioner of pensions, his dep uties and the law officer of the depart ment that the prospects for a general widows’ pension bill were exceedingly bright. He did not say that his bill would be taken by the committee of invalid pensions for report, but he be lieved such legislation would be enact ed the present session. AN AUXILIARY CRUISER. % LEGISLATION IN THE HOUSE URGENCY DEFFICIENCY MEASURE UNDER CONSIDERATION. Chairman Tawney Warns Members to Be on Guard Against a Large Defficiency. Washington—The urgent deficiency appropriation bill occupied the atten tion of the house Thursday to the ex clusion of all other business. A sur prise was sprung when Chairman Tawney of the appropriations com ] mittee warned the members that the country was confronted with the cer tainty of a $100,000,000 deficit unless the estimates for the next fiscal year should be cut down materially. A dis cussion on tariff revision was injected into the proceedings, in which lead ers on both sides of the house tried to commit one another to a definite an nouncement as to whether, if success ful at the November elections, there would be tariff legislation. Chairman Tawney of the house com mittee on appropriations called up the bill. An. agreement was reached to devote the entire day to general de oaie on me measure. Mr. Tawney said, on the face of the estimates submitted to congress for the nest fiscal year the country was confronted with a certain deficit of $100,000,000. The estimates, therefore, would have to be materially revised and the figures reduced. Mr. Tawney declared that he deemed it his duty to call attention to this fact in order that expenditures may be kept within estimated revenues. “I do not make this statement for the purpose of exciting alarm.” he said. Mr. Tawney made it plain that there would be no new appropriations this session for rivers and harbors or pub lic buildings, for he said his calcula tions did not include them. Mr. Mann (III.) referred to the prom ises of both parties that if successful at the next election they would revise the tariff, and inquired of Mr. Tawney if it was not true that always imme diately preceding a revision of the tariff there was a great decline in the custom receipts of the government? Mr. Tawney responded that the es timates did not take into considera tion the matter referred to by Mr. Mann, nor the effect on the revenues of the government resulting from the recent financial depression. The esti mates were made prior to the money stringency and before the revenues began to fall off. •‘Is the gentleman ready to guaran tee revision of the tariff, provided the republicans prevail next November?” asked Mr. Livingston (Ga.) ‘ No,” *aid Mr. Tawney, ‘‘and I am not willing to guarantee that there will be tariff revision if the democrats prevail in November.” JOHN W. GATES IN NEW YORK. When American People Wear Old Clothes Business Soon Improves. New York—"When the American people start in to wear their old clothes it dees not take long to bring business back t6 normal,” said John W. Gates in discussing the financial and business situation in the country. It was Mr. Gates’ first appearance, in the Snancial district since he went to Texas early in December. He came to town to attend the board meeting of tho Republic Steel company. He said .here was a steady increase in the steel business. PARKER REPLIES TO BRYAN SIDELIGHT ON THE CAMPAIGN OF FOUR YEARS AGO. Mr. Parker Says He Was Lead to Be lieve His Candidacy Was Accept able to the Nebraskan. Albany, N. Y.—Ex-Chief Justice Al ton B. Parker of the court of appeals, who was democratic candidate in 1904 for president of the United States, was in Albany Wednesday in attendance upon the court. His attention was called to an extract from the speech of William J. Bryan before the demo cratic members of the Kentucky legis lature Tuesday, in which Mr. Bryan was quoted as saying that in 1904 he “took his medicine in Parker. Parker was the man above all others I did not want.’’ “What a pity,” said Judge Parkei. “that Mr. Brj-an failed to be equally frank in 1903. Had he done so the situation of the party could be vastly better than it is. There were but few democrats in that year who thought it wise to have a third term candidate. But every man of sense knew that unless a man could be found who would receive Mr. Bryan's support his warm personal following would seek revenge for the defeats of 1S96 and 1900. feo statesmen, politicians and inter ested citizens sought diligently to find someone that he would support. To some at least he said he would bolt ex-President Cleveland, Governor Hill, Senator Gorman and Judge Gray, but that it would be hard to oppose Parker as Parker had supported him. “This attitude induced the impres sion among many ihat my nomination would be as acceptable to Mr. Bryan as any except his own. That impres sion led to pressure upon me from many quarters to change my p’ans for life. And it contributed in no small measure to the movement which led to the control of the convention. “Subsequent events showed that Mr. Bryan had not been entirely open with those who had consulted him. For when, to his surprise, delegates began to be elected favorable to my nomination—when indeed the tide had grown too strong to be breasted, he started out on his famous tour of de nunciation. The dragon’s teeth which he then sowed yielded an abundant harvest—aye, all that he could wish. "But it would have been very much better for the party had he said in 1903, before sentiment had crystallized as he says now: ‘Parker is the man above all others that I do not want.’ ” CONTROL OF GRAZING LAND. National Live Stock Association Fa vors This System. Denver. Colo.—Resolutions favoring government control and leasing of pub lic grazing lands, submitted by the executive committee of the American National Live Stock association to the committee on resolutions at the na tional convention, were adopted by that committee and reported to the convention. Wants $14,OOC,OCO for Census. Washington—Director North of the census bureau asked the house com mittee on census for an appropriatior of $14,000,000 to defray the cost of tak ing the census of the United States for 1910. He said that 3,300 additional clerks were needed in the census bureau, some to serve from one to two years, and that 60,000 enumerators will be required. SOME LARGE CASUALTY FIGURES. What is Shown by a Bulletin Just Issued. Washington—Startling figures ap pear in the accident bulletin just is sued by the interstate commerce com mission. covering the months of July, August and September. 1907. The re port bhows that the number of cas ualties on railroads during that quar terly period were 23,063, including 1.339 killed and 21.724 injured. This is an increase of 157 in the number killed and 3.060 in the number injured, as compared with the corresponding period of 1900. Collisions and derailments in the quarter numbered 4.279. including 2.245 collisions and 2,034 derailments, of which 320 collisions and 222 derail ments affected passenger trains. The damage to cars, engines and roadway by these accidents amounted to $3,605, 696. This shows an increase in the number of collisions and derailments of 607 over the corresponding period of 1906. It is stated by the commission that the worst accident in the present rec ord. causing the death of twenty-six persons and the injury of thirty-three, was the result of a collision between an east-bound passenger train and a westbound freight train, and was due to an error in sending or repeating the number designating one of the trains in a dispatcher’s order. PRESS SEATS WILL BE SCARCE. Chairman of Republican Committee Requests Editors to Apply Soon. Indianapolis. lnri—Chairman New of the republican committee said that editors should make application for seats in the press section at the re publican national convention of 1908. The space available, it appears is so limited that it can be assigned only to newspapers taking “full, special tele graphic report,” and the number of seats requested should be the least possible. Aplications for seat should be addressed to Maurice Splain, 48 Post building, Washington, D. C. BELL WANTS CANTEEN AGAIN. Major General Says Conditions Much Better When It Existed. Washington—After making a care ful study of the facts relative to the army cimteeu system, and the reasons why the law which abolishes it should in his opinion be repealed. Major Gen eral Bell, chief of staff, made a com prehensive report on the question in the course of his annual report. Gen eral Bell says: "When the canteen was in operation there were fewer desertions, fewer fines and forfeitures imposed by sen tence of court-martial, less alcoholism and less venereal disease than prior to its establishment. The morals and dis cipline of the army have suffered, though of course, no one should be so narrow as to ascribe to the abolition of the canteen feature all evil effects observable. Bank at Boise Suspends. Boise. Idaho—The Capitol State hank of Idaho (limited.) of this city failed to open its doors for business, temporary suspension having been de termined upon by the directors owing to recent heavy withdrawals of depos its. Shaw Leaves Trust Company. New York—Leslie M. Shaw has re signed the presidency of the Carnegie Trust company, which he assumed early last March on his retirement from the treasury portfolio at Wash ington. Iu explaining his resignation Mr. Shav; said he had had “small dif ferences" with Charles C. Dickinson, the organizer. STATE BOARD WILL COMPLAIN. Missouri Pacific Grain Rates to St. Louis Are Excessive. Lincoln—The State -lailway commis sion has prepared a complaint to file with the Interstate Commerce commis sion against the Missouri Pacific rail road to compel that line to reduce its grain rates from interior points in Ne braska to St. Louis. The reduction asked is about 2 cents per hundred. Accused of Removing Tanks. Boyertown. Pa.—W. R. Javers of Quakertcwn. Pa., was arrested in con nection with last week’s fatal theater fire. He is accused of having been in strumental in the removal from the ruins of the theater of the two tanks used in operating the calcium light at the entertainment. The coroner wants to learn whether the tanks were tam pered with and evidence of criminal negligence removed. Public Service Commission. Lansing, Mich.—A plan for a public service commission to regulate trans portatioi., telegraph and telephone lines, as well as concerns furnishing heat, light, water and power to the public, either directly or indirectly, was favorably reported to the consti tutional convention by the committee on the public service corporations. THE LAW HELD VOID IMPORTANT DECISION IN THE MISSOURI COURTS. REBATES TO TRANSFER SUITS Opinion by Judge McPherson in Which He Holds the Statute Denies Equal Protection. Kansas City. Mo.—Judge Smith Mc Pherson. in the United States district court declared void and unconstitu tional the statute passed by the Mis souri legislature in 1907 forbidding foreign corporations from transfer ring suits brought against them from the state to the federal courts upon pain of forfeiture of their charters. The application of the Rock Island, the Santa Fe, and St. Louis. Kansas City &. Colorado, the Milwaukee. & St. Paul and the Chicago & Alton Rail way companies for an injunction to prevent John E. Swanger, secretary of state from enforcing the law was granted by the court. The Missouri law upon which the decision is based provides, specifically, that if any foreign, or non resident railway corporation, created and ex isting under the laws of any other state, and doing a railway business from one point in the state to another point within the state, shall, without the written consent of the other party, remove a case from the state court to a United States court, or shall with out said written consent institute any suit against a citizen of the state, in any federal court, then the secretary of state shall revoke the license to do business, from one point within the state t« any other point within the state, either in carrying passengers or freight. And doing such business shall subject it to a penalty of not less than $2,000, anti not more than $10,000 for each offense. And such disability shall continue for five years. t It is alleged in this ease that com plainant is about to remove a case, and the secretary will follow that by re voking its right to do business. The defendant contends that this in effect is an action against the state, in vio 'aion of the eleventh amendment to the constitution. The complainant con tends that the act of 1907 impairs its contract with the state, and denies it • the eual protection of the laws be en forced. Judge McPherson in his decision goes into the law of the case at great length and quotes freely from previous decisions to sustain his position. Taft Gets the Big Four. Cincinnati, O.—To fight for the na tional convention delegates from Ohio's twenty-one congressional dis tricts, and to allow Secretary of War Taft to have the four delegates-at large without a contest is the plan of campaign suggested by an interview Monday afternoon by United States Senator Foraker, who arrived home Sunday from Washington on business. He says that the call for the state convention is illegal, and therefore he will not take part in selecting its dele gates. RIDGELEY ON GUARANTY FUND. National Banks Have No Power to Use Money for Purpose. Washington—Comptroller of Cur rency Ridgelev inclines to the opinion that national banks have no power to appropriate any of their funds to the guaranty of deposits in other national banks. Mr. Ridgelev makes this statement in a letter sent to Governor Hoch of Kansas, who had inquired as to the le gality of national banks entering into a mutual guaranty arrangement. The letter repeats a letter the comptroller sent earlier to G. C. Robertson, cash ier of the First National bank of Law ton, Okla. Bill for Postal Division. Washington—Representative Hitch cock introduced a bill authorizing and directing the postmaster general to create an additional division of the railway mail service at Omaha, and to assign to duty there one division su perintendent. in addition to those here tofore appointed and who shall be paid a salary of $:i,00l) per annum, and one assistant division superintendent at $1,800 a year. Mr. Hitchcock had an interview with Mr. McCleary, second assistant postmaster general, with reference to the proposed new di vision. TWO-CENT FARE LAW INVALID. Pennsylvania Supreme Court Holds It Unconstitutional. Philadelphia—The 2-cent railroad fare law now in force in Pennsyl vania, has beeu declared unconstitu tional by the state supreme court, which handed down on opinion affirm ing the decision of the common pleas court of Philadelphia, rendered last September. The vote of the court was 4 to 3, the dissenting opinion being handed down by Justice Mestrezat.