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The Commoner.
VOLUME 3, NUMBER ,
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THE MARKED DECLINE IN THE PRICES
- of hogs and cattle Is attracting very general
attention at this time. The Lincoln (Neb.) Jour
nal, a republican paper, in its issue of October 11,
said: "The farmers of Nebraska were from three
to five million dollars poorer when they closed
their barn doors last night than they were on
Saturday night a week ago, and the general opin
ion is that they have the packers alone to thank
for it. That is the conclusion that was forced
upon close observers of the live stock markets
who waited till Saturday night to express an
opinion of the recent movement of hog prices of
the past few days. And that is not all. If the
opinions of the experts count for anything, the
drop has only begun. Said one of the keenest .
commission men on the South Omaha market yes
terday afternoon: Trices will go lower, and I
predict that we shall see hogs selling at four fifty
or lower before the fall is checked.' " The Jour
nal summarized the situation as follows: "Hogs
declined at South Omaha from $5.06 1-4 per cwt,
on Monday, to $5,101-2 on Wednesday, and
$5.18 3-4 on Friday. At the same time the general
provision market declined only 2 per cent, while
retail prices of fresh pork in some localities act
ually advanced. Live stock commission men pri
vately admit that the slump is due to manipula
tion and the usual defenders of the packers have
very little to say. Chicago advices are that the
prices will be pounded down still farther. Stock
raisers are indignant and qome talk is heard about
the necessity of forming an independent packing
company."
OF FOUR RETAIL MEAT DEALERS INTER
viewed by the representative of the Journal,
three said that the price of hogs has little to do
with the price they were required to pay for pork.
The Journal says that "the interviews with the
meat dealers seem to establish the fact that
neither they nor the public gain by the onslaught
on hog prices and it appears that the millions the
farmers lose must be a net loss to the state and
a net gain to the packers." a he Journal resents
the claim that the slide in prices is due to natural
causes and points out that the pork demand Is
still sufficient to keep selling readily at the old
prices and the general opinion is that it is all
manipulation by the packers. The Journal says:
"No other theory is advanced In the market cen
ters with men who make a business of handling
hogs."
ST sr
WALL STREET WAS GIVEN A SCARE ON
October 12. The New York, correspondent
for the Cincinnati Enquirer says that' the widest
and sharpest breaks so far noted in the stock
market during the present bear movement were
made on that day. The Enquirer correspondent
adds: "The bear onslaugh, centered upon the
security issues of the United States steel corpora
tion and allied inuustrlals. Low record prices for
the issues of J. Pierpont Morgan's billion-dollar
combination were smashed tim and again. Brok
ers gasped when steel common fell to 121-2 and
preferred to 7 1-2, the new bonds touching G8 1-2.
There were brief periods 'n the trading around
midday, when utter, demoralization seized the
market. The bear cry was, 'There is a lack of
public confidence that is sure to cause a continua
tion of bad business until tho doubtful questions
surrounding the affair i of the United States ship
building corporation have cleared away.' "
rHE INQUIRY INTO THE AFFAIRS OF THE
shipbuilding trust was resumed October 14
and was productive of fresh developments that
will claim the attention of the financial world.
According to an Associated press dispatch under
date of New York, October 14, on that day Mr.
Dresser was succeeded on tho stand by George
P. Dailoy, assistant treasurer of the Corporation
Trust company of New Jersey and one of the
resident directors of the shipbuilding company.
Mr. Dailey testmed that his company made a
practice of furnishing resident directors for cor
porations organized in New J rsey, and that on
this ground he and two of his fellow clerks had
been made directors in the shipbuilding company.
He said that in order to qualify ho had bought a
single share of stock, but did not know who had
ald for It or how It had been paid for. He ad
mitted mat at the time he acquired the qualifying
share he did not have a personal bank account,
and on being questioned finally said that he and
the others acted on the direction of the attorneys
for the company. According to his testimony, the
directors of the shipbuilding company had exer
cised no discretion in the matter of buying the
Bethlehem steel works, but had followed the di
rection of the counsSl, Mr. Dailey declaring that
he knew nothing of tho plan to buy the works un
til he came to the meeting. He had never visited
any of the plants of the steel trust and had not
ordered an appraisement of the property, and
while he admitted that he and his fellow directors
in New Jersey knew nothing of the shipbuilding
business except such information as reached them
in the documents laid before him, he would not
admit that he was merely a dummy director.
When questioned concerning the increase of the
capital stock from $30,000 to $45,000,000, the
witness could give no details of the meeting, or of
such transaction.
IT t?
THE OHIO CAMPAIGN IS 3EC0MING MORE
and more Interesting. Even the Chicago
Cnronicle, whose editor and correspondents a few
weeks ago predicted an overwhelming victory for
the republicans, now confess that the state may
he in doubt. The Washington correspondent for
the Chronicle, in a dispatch to his paper under
date of October 8, said that he was "Informed by
reliable democrats who are implacably hostile to
Tom Johnson that according to the present out
look Senator Hanna Is in grave danger of losing
the legislature." These authorities say that Tom
Johnson and his associates have completely out
classed the republican leaders in the manage
ment of the campaign. The Chronicle correspon
dent says: "In the language of a former demo
cratic member of congress from Ohio, who Ib
openly hostile to Johnson and who views the
course of events in that state with keen regret,
the republican campaign, up to the present time,
has been a complete frost. Johnson has outdrawn
Senator Hanna at his meetings. He seems to
have made a deeper and better impression upon
the people."
THE FORMER DEMOCRATIC MEMBER OF
congress interviewed by the Chronicle cor
icspondent further explains: "The trouble with
Senator Hanna is that he has completely aban
doned the methods which have won success for
him in politics. Instead of fighting Johnson with
his own weapons he undertook to sneer him out
of the campaign. He could nc't have conceived a
plan more to Johnson's liking, for, whatever one
may think of Tom and his peculiar Ideas, you
must give him credit for possessing brains. Just
as soon as he saw what Hanna was doing he
began to harrass the old man and caused him to
lose his temper in the most outrageous way. The
natural and Inevitable result of this sort of thing
was a revulsion of sentiment In favor of Johnson
and the democratic ticket. I was one democrat of
hundreds in Ohio" and elsewhere who believed that
when Johnson was "nominated he would be de
feated by 100,000. It is unfortunate that Hanna
fell into the blunder which is now threatening
him with defeat. We who oppose Johnson are
hoping that there wm be a turn in the tide after
the 15th of the present month, but the republicans
will have to wake up and use their best efforts to
bring it about."
A CENSORSHIP HAS BEEN ESTABLISHED
in the war department, Lieutenant Colonel
H. A. Greene, secretary of the general staff, be
ing assigned to act as censor. The Washington
correspondent ior the Chicago Chronicle says:
"The reason given for the inauguration of the
censorship 'is that too much news appertaining to
the general staff's working gets out The mem
bers of that body are extremely sensitive and in
ordor to maintain their prestige and reputations
as great army officers they have determined that
the staff shall be surrounded by a veil of absolute
secrecy. General Young has directed that noth
ing shall bo printed about the general staff with
out having first been scanned by Colonel Greene,
Who, of course, will act as e. henchman of Young.
All officers have been ordered by General Young
not to give out any information to the press.
The order has excited no end of criticism and
indignation. It is pointed out that a censorship
during war time might perhaps be excusable but
that it is unheard of in what is supposed to 'be a
time of profound peace."
A VIGOROUS PROTEST IS MADE AGAINST
the censorship by the Army and Navy Reg
ister, which is regarded as the organ of the mili
tary arm of the government. In an editorial, tho
Army and Navy Register says: "This growing
spirit of secrecy in the war ad navy departments
vill invite no end of criticism. It will lead scof
fers to argue the charge of exclr.siveness and aris
tocracy, which will lead to direct public prejudice
against the service's personnel. If there is any
real reason for confidences the reputable news
papers will surely observe such requirements dis
creetly, but haphazard and indiscriminate exac
tions of secrecy and silence will result disastrous
ly." SENATOR JOHN P. MORGAN OF ALABAMA,
while visiting at Sprinafield, Mo., was inter
viewed by a correspondent for the Chicago Tri
bune Senator Morgan is quoted as saying: "I
would like to see put into the next national dem
ocratic platform the strongest possible declaration
that this is a white man's country and that the
democrats have never believed the negro should
share in the administration of the government."
Senator Morgan added that "if this' were done
there would be no fear that any man or rarty
could make headway against such consistent utter
ances on this issue." The senator declared that
the republicans have decided to let southern states
determine the political status of the black man
and adds: "The south no longer fears negro
domination, and yet the cotton states are as
strongly democratic as ever. It has been said
that the elimination of the negro from politics
would divide the white men of the south on other
Issues. The south is not losing he old democratic
faith because the race question has been divested
of its former incentive tc solidify the white
voters."
GOVERNMENT JURISDICTION OF MAR
riages is the solution of the divorce evil
advocated by Dr. George E. Howard, lecturer in
history at the University of Chicago. A corre
spondent for the St. Paul ispatch quotes Dr.
Howard as saying: "Every cc inty in the United
States should be divided into districts for each
of which a registrar should he appointed. It
should be .the duty of the registrar to license, sol
emnize and register all marriages contracted un
dei civil procedure In his district, and to license,
register and attend all marriages solemnized by
religious celebration. .The lawmaker cannot reach
the root of the divorce evil. Wo find the cause
for divorces planted deeply in the social system,
part in false sentiment regarding marriage and
family, and this can only be removed through
more rational education and some sort of gov
ernment supervision. We can, by careful and uni
form statutes, render conditions favorable for
reform. There is in this country a sad lack of
appreciation of the functions of marriage. Not
as much care Is exercised in the union of human
beings as in the breeding of fine animals."
? IT
AS A RESULT OF THE FALLING OFF IN
the volume of business in the stock market
during the last twelve months, there has been
sharp decline in the price of stock exchange seats.
The New York correspondent for the Cincinnati
Enquirer says: "Early last winter a seat on tno
exchange was sold for $82,000. This is the high
record price. At $82,000 a seat the total value or
stock exchange seats amounted to $90,200,0(JU.
Since, last winter there has been a steady decline.
This has been caused by the falling off in the de
mand for membersblp privileges on account or
the shrinkage In brokerage business. Last Thurs
day a stock exchange seat was sold for $52,500. At
this price the total value of -stock exchange seats
amounts to $57,750,000, a shrinkage in value oi
$32,450,000 since early last winter. The price oi
a seat on the New York stock exchange is alwajs
a good indication of the activity of the stock mar
ket In any given year. When business is &ct v;
and brokers have all tho business tney can anH1"
there is a demand for seats, which causes a siiarp
advance in their prices. When business fans ou
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