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The Commoner.
16
VOMJME'6, NUMBER SB
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Sfefe -,.'" 'rA
your' worldwide wanderings is all that
owr poor command of language can
Express. Few of us, it is truo, met
S you in the bay and greeted you on
the waters and guarded and guided
youf footsteps homo. Mr. Outright, I
helievo, is the only Normtilito who en
joyed that pleasure, and while the
reason might be somewhat embarras
sing to most, and perhaps all of us,
I will say it was not for want of a
dosiro to do so. But you needed no
words of men at the beginning to in
sure you of a hearty welcome home.
The handshake, the eye, the voice,
every gesture of 'every Normalite you
have met has been a heartier welcome
than any words that I could command.
But if you remember only one thing
that I have said to you this evening
let that one thing be that it is Normal,
the small and it may be despised town,
but the Nazareth of the nations, that
welcomes you last and most lovingly."
D. R. Tuttle, the village grocer and
head of the Sunday school, spoke the
welcome of the latter organization,
and asked the audience to join In
the singing of the hymn for which
Mr. Bryan had often expressed his
preference, No. 104 in the book of
"Penticostal Hymns." "I'll Go Where
You Want Me to Go," was its title,
and Mr. and Mrs Bryan joined the
: audience heartily in singing it.. : -
''.: .
V A HIGHLY FAVORED BANK
' Many df the newspapers of August
20, printed a Washington dispatch re
lating to a .scheme said to be in pro
cess of the incubation in the vicinity
of the National City bank the Stand--ard
Oil concern. The Washington cor
'' respondent for the Kansas City Jour
nal, a republican paper, says that It is
generally understood in Washington
that there is "something doing" in
United States 4 per cent bonds due in
1907, and the impression Is also gen
eral that the National City bank of
New York is about to make another
f
much as the government in case the
bonds are held until maturity.
"Wo can pay 103 &, or at the rate of
$1,032.60 for a $1,000 bond advertises
the philanthropic National City bank,
which It points out Is only of 1 per
cent less than the holders will receive
by July, 1907. The bank also points
out that this is a fine time to invest
in all kinds of railroad bonds, etc.
Now, at first glance this looks like a
good proposition, but it has some
flaws. The National City bank is not
lending money at less than on an aver
age of 4 per cent. One per cent inter
est will be paid on these bonds on
October 1, 1906, and on January 1,
April 1 and July 1, 1907. So the Na
tional City bank is offering to pay par
plus 84 per cent for the pleasure of
collecting three-quarters of 1 per cent
interest on its money for a period of
eleven months. As ,the bank would
normally receive 4 per cent per annum,
skeptics are asking how it expects to
.make money collecting per cent
against the 3 2-3 per cent it would re
ceive at its usual rates. The value of
the bonds to the National City bank is
therefore roughly estimated as follows;
Purchase price, $103.75; customary
rate of interest on money for eleven
months, $3.G6; total, $107.41. From
this must be subtracted the three-quarters
of 1 per cent discount, leaving a
total value of $106.66, To be accurate,
the expenses of advertising and get
ting possession of these bonds must
also be added, which would, probably
bring the total up to about $107. It is
this price, therefore, that the bonds
are worth to the National City bank at
the lowest calculation.
The question now arises as to why
these bondSy are worth so much to the
National City bank that it is scouring
he country for them, Are these banks
so eager to be designated public depos
itories that they would purchase these
bonds? It would seem not, for they
would have to pay the National City
bank $103.75, plus the cost of advertis
ing, etc., together with a fair profit, in
return for which they would stand a
chance of being made a government
B. Ailes, also once an assistant secre
tary and now a vice -president of a
Washington bank, is credited with be
ing the Washington agent of the Na
tional City bank. The two form a
strong team when dealings with the
treasury department aro concerned, es
pecially when backed by the Standard
Oil company's bank. The fact that the
bank offers to pay for telegrams from
holders of $5,000 or more worth of
those bonds indicates its desire to get
possesion of them quickly, so the
"melon" will likely be cut before long.
In any event it is safe to predict that
holders of the bonds will do well to
take the tip from the bank and hang
on to their bonds.
WON'T EQUAL THE SCHOONERS
The cruiser Milwaukee is another
one of the things, which will tend to
make this city famous. Milwaukee
Sentinel.
Ever Profession Has Its Technical
Term
fWhat wage's do you expect?"
asked Mrs. Randolph of Aunt 'Phro
nie, who had come to hire as cook.
"Well, Ah tell yo Ef Ah cooks
an waits on do table, too, Ah 'spects
two dollars ebery week Ah lives;
b-u-t ef yo' all has family reach at '
de table an' Ah jes' hab ter cook, den
Ah charges er dollar an' fo bits."
Judge.
Positively Brutal
"Did it ever occur v to you," said
Mrs. Nagg'sby, "that no man ever ac
quired anything worth having with
out a strenuous effort?"
"Yes, indeed," replied Naggsby.
"And that reminds me that I acquired
you without the slightest effort on my
part." Chicago News.
COMMONER CLUB OFFERS
lAvAnUMir 4r nvt 1 v4-rtTTn1 rP Mof vtfvtA
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story in this way
J- &u v,' " This issue of bonds is known as the
'-' "-:''! " rbonded loan of 1907.. and was floated
under acts of 1870 and 1871; being is
sued from 1877 to 1879. There were
$740,933,000 worth of them altogether
issued of which $11G,755,150 are yet at
large. They mature on July 1, 1907,
and on or before that time it is up to
Secretary Shaw to pay them or to
make arrangements to exchange them
for 2 per cent bonds. He can do either
make nothing on the bonds and would
be in reality advancing $105 or more
for each $100 the government might
deposit with them. They could much
better afford to lend out their own
money. It is therefore apparently con
clusive that this is not the market for
the bonds that the National City bank
expects to tap.
Next comes the proposition that Sec
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redeeming these bonds. But if he re-
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fl Aanrtrtrl -fViov n4r onirflinir Hl-r ?o. nf
fcSnaer the taw. If he permits the bonds this time, with nearly eleven months Deg' .l1?!.??'. . .! i.oo
w iviu uiuub uulu juiy x, jlvvi, it WUl to KO. his method Of financiering WOUld Nebraska independent, Lln-
be criticised to tho limit. Redemption Ndfeimcs, DonveV, weekly i.qo
at anytning less man par wouiu mean
a loss to the National City bank. In
fact, to break even on redemption, the
bank would have to hold the bonds un
til next May, unless the secretary took
them off its hands before that time.
Thus the idea that the bank has gorie
into the deal to make a profit by re
selling these bonds to other hanks, or
by having them redeemed must be dis
carded. There remains then nothing
but the idea that the bank expects
these bonds to be refunded into 2 'per
cost him $110,755,150 principal plus
$4,670,206 interest, a total of $121,425,
350. Has Uncle Sam a trifle of $121,
000,000 to hand over or above his run
ning expenses between now and July
1, next?. Very likely not, and yet the
report has gone abroad that Secretary
Shaw proposes to redeem these bonds
in advance.
Here is where the National City
bank comes in. Of the "inn7 two
$83,480,700 worth are registered. It is
against the regulations for the treas
ury department to make known the
SS?..?f Jl01!0 5? fs b(?mLs, nd ifc is centB an is accumulating thorn for
witfi ... "uuuai ny Dank, that purpose. Just how much tne Na-
V ii iuuucuuo, can secure a list
or these from the department, yet it
is possible that it may have done so,
tor it has a long reach and its repre
sentatives are very close to the depart
ment although it could not obtain the
names with tho consent of Secretary
bliaw. But there aro $33,274,450 of
these bonds which are not registered
and which are held bv unimnwi ,
wo T oac1!. theso tne National City
bank is advertising largely throughout
the country press. It represents that
because of "the demand for govern
ment bongs die to the appoiutment of
a large number of temporary nubile
depositories" they will pay almost as
tional City bank expects to make on
such a transaction does not appear, as
it depends on circumstances when the
bonds are redeemed, how many old
bonds the bank x;an get and on what
terms it gets them. If tho bank can
get hold of $50,000,000 or $100,000,000
worth qt these bonds, it will be in a
very good position to make favorable
terms with the treasury department.
Just what information the National
City bank has that the public has not,
is an interesting theme for specula
tion. Frank A. Vanderlin. who was
formerly one of the assistant fecretar-
es or tne treasury, is a vice provident
i tne national City bank, and anltori
i
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