The) Com m o n er.
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JfOVE&tBEU 1, 1HT -' -
,jKrary; Suspension or receivership -of the-Wesfc-fogkoiiM'
jElectric company and the Westing
house Machin company And the Nerast Lamp .
company. The manufacturing companies are 'in
a absolutely solvent condition. The condition -of
the Security Investment company will in no,
ay affect the "Union Switch and .Signal com
pany, and the Westinghouse Air Brake company
would like it explicitly understood that it was
at the request of the Pittsburg clearing houso
that we have suspended trading temporarily."
The embarrassment of the concerns is attributed
to inability to secure funds on account of the
stringency in the money marketr The amount
involved will run up into the millions.
THE EVENTS of Friday, October 25, are de
scribed in this way: Union Trust com
pany of Providence, with deposits of $29,000,
000, and' several branches, closes its doors; Bor
ough Bank of Brooklyn, with deposits of $1,500,
000, closed Its doors; International Trust com
pany, a small affair connected with the Brook
lyn bank, closed; the United States Exchange
bank, with, deposits of $500,000, suspended;
First National bank of Brooklyn suspends, de
posits $4,200,000; "Williamsburg Trust com
pany shuts up, deposits $7,500,000; run hegan
on Riverside bank; call money 75 per cent at 2
p. m.; the run continued on the Trust Company
of America, which received $4,300,000 from
the sub-treasury; it is said that the run is sub
siding and that the company has plenty of cash
to meet all demands; another supply of small
bills was rushed from Washington to New York;
a run began on the Lincoln Trust company;
American securities at London were higher; a
receiver has beon appointed for the Knicker
bocker ..Trust company, which closed the other
day; the large loans to brokers made by J. P.
Morgan and others yesterday were Renewed today
at 20 per cent to run until Monday; interna
tional hankers are arranging to import $10,
000,000. to $15,000,000 in gold from London
and Paris; stock market unsettled; general
selling not active but big declines in some stock.
-ftj-EWSPAPER dispatches from BInghamton,
XM- N. Y.j, quote Mr. Bryan as saying: "I notice-that
one of the officers of a bank that closed
its doors yesterday attributes it to the president.
That, is not the reason. Don't blame the sheriff
but blame, the horsethief. Don't blame the offi
cials' who make and enforce the laws, but blame
the criminals who make the laws necessary.
Blame the unscrupulous financiers who have
piled up predatory wealth that has exploited a
whole nation."
WRITING TO the New York World a reader
says: "There was a panic in 1873.
President Grant was serving his second . term,
There was a panic in 1893. President Cleve
land was serving his second term. There Is a
condition of panic in 1907. President Roose
velt is serving his second term. Do these facts
savor of cause and effect, or are they merely
coincidences? Do they make for those who
argue against a second term?"
MR. ROOSEVELT is, of course, deeply inter
ested . in the financial situation. A
statement that seems to have good foundation
and printed in the New York World, follows:
"Everything within the power of the adminis
tration will be done at once to check the finan
cial disturbances, and government funds almost
without limit will be deposited in the national
banks thrpughout the country to support sub
stantial business interests, but these funds will
not be utilized to help the speculators. This de
cision was reached by President Roosevelt im
mediately after his return to Washington at a
conference with Secretary Root, Assistant Sec
retary Bacon and Postmaster General Myer, with
Secretary Cortelyou taking part over the long
distance telephone. The president declared that
he would not issue a statement for the purpose
of having a calming effect, but Comptroller
-Ridgeley made one In which he called attention
to the fact that all the national banks of the
country are in excellent condition and need little
help, and that within thirty or sixty days, when
the farmers will begin to realize on their crops,
the financial stringency will be relieved to'
a g'reat extent, if not completely. There is now
an enormous' cash balance of $237,772,764 in
the treasury, and half of this amount can be
. deposited in thenational banks temporarily wlth-
out- crippling the treasury in the slightest de-
greo. All thfr aid necessary will bo extended to
the banks, as President Roosevelt will take
heroic measures to provont a commercial panic;
as ho Is convincod that such a calamity will 'dim
the glory of his administration. He will pre
vent this if possible and ho is confident it can
be done, as in his judgment the prosperity of tho
country rests upon such a substantial basis that
It can not bo disturbed by the suspension of one
or two trust companies, Secretary Cortelyou,
who is in Now York looking Into tho situation,
has tho hearty indorsement of the president."
IN ONE OF HIS Now York speeches Mr. Bryan
saldl "If some moans could bo dovlscd to
give complete protection to' depositors there
would bo no temptation to withdraw money from
the bank, and I believe such a system can be
devised. When I was in congress, some four
teen years ago, I introduced a bill fOr tho rais
ing of a guarantee fund by a Small tax on na
tional bank deposits. The' bill provided that the
tax should continue until a sufficient fund was
provided, and that this fund ghttaltf be used for
the immediate payment of doppsitors of any bank
that failed. If we had such a fund depositors
would feel secure and runs on banks would bo
unknown. I was not able to secure tho passago
of tho bill, because largo banks objected on tho
ground that they would have no advantage over
small banks if all banks were absolutely safe."
This statement seemed to greatly disturb Alton
B. Parker of Now York.
UNDER DATE of New York, October 25, tho
'Associated Press carried this dispatch:
"Alton B. Parker said today that ho had seen
W. J. Bryan's statement in Schenectady yester
day that when in congress Mr. Bryan advocated
a law to protect depositors from exactly such
conditions as -occurred in Now York during tho
past few days. Commenting thereon he said:
'How glorious it Is to be a heaven-born finan
cial genius. What a pity congress could not havo
appreciated the wonderful advantages Of such a
law. Had they appreciated it we would not have
needed yesterday the patriotism of J. Pierpont
Morgan, that prompted him to throw twenty
seven millions into tho malestrora at a critical
moment; and twenty-five millions of tho govern
ment; the ten millions of Rockefeller and the
money and strenuous labor of public spirited and
honest bankers and business men, who strove
mightily to save business generally, and there
fore every citizen, from ultimate Injury. I am
sorry that ho did not mention the title of tho
bill. In the absence of specifications, there will
bo those who will think that its title may havo
been sixteen to one.' "
ATTORNEY GENERAL Bonaparte has confis
cated an amount of the product of tho
tobacco trust under the' confiscation clause of
the Sherman anti-trust law. In this connection
a letter written to the New York World by
Former Congressman Robert Baker of Brooklyn
will bo interesting. The letter follows: "It has
taken the administration a long time to act on
my proposed plan of effective 'trust-busting,' It
being almost .three years (to be exact, January
4, 19050 since I introduced my resolution In tho
house of representatives, which, after reciting
the power of the attorney general, under section
six of tho act of 1890, to confiscate trust-owned
goods In transit between the states or to a for
eign country, demanded to know why the at
torney general had not proceeded to confiscate
the goods Of the beef trust while In transit be
tween tho states. A reference to the proceed
ings of the house of representatives five days
later January 9, 1905 will show how ardent
ly the administration welcomed my plan to effec
tively 'bust the trusts.' On that day Mr. Jen
kins, chairman of the judiciary committee (to
which my resolution had been referred) report
ed to tho house a recommendation' that my reso
lution, H. R. 403, 'do He upon the table.' Tho
Washington correspondents who were then pres
ent in tho press gallery will doubtless recall, tho
unrestrained glee of the leading republicans
that that 'pestiferous agitator' Baker was once
more summarily suppressed for his efforts to se
cure an; enforcement of the criminal and confis
catory provisions of the anti-trust law. Not one
word was I permitted to utter on the floor of
the house in defense of my resolution, while the
spokesman of the administration, usually so
eager to defend the autocrat in the White House,
maintained a discreet silence on so delicate a
subject- Despite the fact that the confiscatory
provisions. of. the act of 1890 have been law for.
seventeen years, that this miscalled 'trust-bust-
Ing' administration had been in powor for four,
years when mjrrosolutlon was Introduced, that
it lias now had unrestrained power for ovor nix',
years, only one llttlo picayuno seizure of trust-,
owned goods In transit haH been made, although
the Standard Oil, Bteel, sugar, coal, lead, hoof,'
salt and other trusts havo annually shipped hun
dreds of millions of dollars worth of their pro
ducts, tho power to confiscate cvory dollar of
which has vested In successive attorney gcneraln
during all those years. Upon how slight n
foundation can an assiduously cultivated rcpu
tatlon for 'trust-busting bo built!'.'
AN ASSOCIATED PreBs dispatch undor dato
. of New York, October 21, follows: "Wil
liam Jennings Bryan delivered thrco addresses
in. Now York today, the final ono being before
a large audlonco at Cooper Union tonight. Tho
subject of tho. evening address was 'The Democ
racy of Today.' Mr. Bryan was enthusiastically
received by his auditors and his remarks woro
frequently interrupted by applause. During tho
day ho addressed tho studontu of tho Dowltt
Clinton high school and the striking telegraph
ers. Mr. Bryan spoke tonight before an audi
ence that filled Cooper Union, while many
thousands wero turned away. Ho was Intro
duced by Augustus Thomas, president of tho
loagup. On tho subject of national control of
corporations Mr. Bryan said: 'The president
suggests tho national Incorporation of all rail
roads engaged In interstate commerce and all
corporations engaged In Interstate commerce.
Not since tho days of Aloxandcr Hamilton has
such a doctrine of centralization been advocated
as that suggestod by tho prosldcut. It would
ptactlcally place tho govornmont of tho Btates
in Washington. The democratic doctrine Is that
tho federal authorities attend to federal affairs
and leave tho states to attend to their homo
governments. The federal authority should bo
added to state authority, not substituted for It.'
He said that the federal government acting with
in Its present powers could curb tho trusts. 'Lot
congress,' ho said, 'say when any corporation
in interstate commerce wishes to control twenty-five
per cent of the output of the product It
deals In It must take out a foderal license, tho
license to be so safeguarded that the stock of
thb corporation can not be watered. Then tho
corporation will be under tho eyes of tho federal
government.' "
A CORRESPONDENT of the Pond Creek
(Okla.) Vldette, says: "As I write I havo
before ;no Watklns' 'Complete Choctaw De
finer.' I turn to tho word 'people' and there
find that the Choctaw equivalent Is 'okla.' I
now turn to tho word 'red' and find that Its
equivalent Is 'homma.' For five years I was
mlslsonary to the Choctavs. 1 have asked doz
ens of them to say 'red .people' in their language
and invariably they Would say 'oklahomma.'
Instead of pronouncing tho word 'okla' as wo
would, It sounds somewhat more like 'okala' but
in reality it Is a word of only two syllables, and
is invariably spelled by tho Choctaws o-k-I-a.
Their precise and overdone syllable pronuncia
tion may be responsible for tho muffled, and
partially uttered broad 'a' sound Immediately
following the 'k.' If you were to pronounce tho
word 'o-ka-la' a Choctaw would toll you it
was Incorrect. You would satisfy him better
by Just saying 'okla.' 'Homma' Is pronounced
just as it would be in English. In both tho
above wor,ds 'a' Is pronounced as 'a' In father,
and the 'b' as 'o' In go. The usage of this
phrase Is not in any sense obsolete, but Is very
common. Some authorities give the meaning
of the word as 'beautiful land,' and others 'tho
home of red man.' I am not seeking a repu
tation for presumption, but I do presume to say
that I consider these authorities mistaken. I
am convinced, reasoning a priori, that the origin
of the name 'Oklahoma' Is solely from the Choc
taw term for the 'red people.' "
THE BOSTON HERALD Is responsible for this
tale: "Dr. Ingram, bishop of London, Is
a learned ecclesiastic, but he declared that at
times young4 children, of whom he is extrava
gantly fond, upset him badly with their ques
tions. Once ho was addressing a gathering of
poor children, and at the close of his remarks
Invited any boy or girl to ask him questions.
The bishop answered several, but was flnaUy
floored by a little girl, who asked: 'Please, sir,
why did the angels walk up and down Jacob's
ladder when they had wings?' Dr; Ingram es
caped by blandly inquiring: 'What little boy or
girl would like Co answer that question?' "
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