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VOLUME 7? NUMBER 4
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CURR6NT GOPICS
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rrUIE OFFICIAL vote in tho Oklahoma clec
X tlon was as follows:
For the constitution 180,333
Against tho constitution 73,059
For prohibition 130,3,61
Against prohibition 112'o5n
For governor, Ross, socialist 9,240
For governor, Frantz, republican 4.06,507
For governor, Haskell, domocrat 134,162
The majorities for other candidates on the state
ticket were greater than Governor Haskell's not
withstanding his-vote was larger than anyother
.mtin on tho ticket, but no democratic candidate
ran below 129,000 votes.
THE 'PRESIDENT has announced that on No
.. vember 16 he will sign the Oklahoma con
stitution and proclaim the state, Oklahoma be
ing the forty-sixth in the. order of admission.
Referring to this assurance a writer in the New
York World says: "Mr. Roosevelt does not
Indorse the very radical constitution of Okla
homa, but his duty under the act of congress
is- to' admit tho new state when satisfied that
it has r provided a government 'republican in
form.' ' He will hand the state over to demo-.
cratic ofllcials already chosen. Political and.
sectional considerations havo always ruled in
the admission of states. At first southern and
ndrthern states were admitted in pairs or alter
nately, fiv3 of each joining the union up to
1821. ,In that year Missouri's admission niark'ed
the' movement westward. The longest' gap in
state-making ended when Arkansas was adniit
ted fifteen years later. Michigan followed.
Then Florida and Texas Were offset by Iowa
arid "Wisconsin. "Wisconsin in 1848 brought the
'ttitaV up to eight northern and nine southern
spates admitted, and Toxds'liad the right "'to
divide 'into four states, a right which will prob
ably never be claimed. With 1850 began the
admission of debatable states. California was
safely neither southern nor northern. Minne
sota and Oregon gave the admitted northern
states a majority of one; Kansas, admitted-January
29, 1861, had been 'claimed by
the.slavery and anti-slavery men, and 'the 'latter
had won. West Virginia was . admitted as a
war measure in 1863. Since then no state has
been admitted south of the line defined by the
Missouri compromise. Oklahoma will be- ttie
Ulli JU V"J M.VXAM. J V.WU,
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k MADISON, Wis., dispatch to the St. Paul
Jtjl Pioneer-Press says that a committee was
organized! at Madison to promote the candidacy
of Senator Robert M. LaFollette for the repub
lican nomination for president. The confer
ence at, which the committee was appointed was
.attended by thirty leaders .of tho state. An
executive committee to direct the work was
also chosen. ,
f OVERNOR STOKES of New Jersey signed,
VX on October 29. Senator Colliv's hill nrn-
I; viding for a popular expression in the selection
oi , unueu states senator. The governor also
signed the direct primary for the nomination of
all candidates for office except governor, con
gressmen and-presidential electors, by direct pri
mary vote instead of through delegates.
O
'tttILLIAM B, RIDGELEY, comptroller of the
it-
other national bank having capacity for inT
creased circulation to take out tho additional
notes. National banks aro urged to take this
question up immediately with the department
by telegraph and tako out the additional cir
culation as rapidly as possible. The comptrol
ler's ofllce will be glad to furnish whatever in
formation is needed in regard to circulation
printed and on hand and bonds available tor this
purpose."
I
currency, issued on October 30 tliln ntnfo.
mont': "Tho comptroller's office will in every
proper way iacuuato tno immediate increase
of national bank note circulation. With ' this
end in viow all such national banks as have
government bonds in the hands of the treasurer
of tho United States to secure deposits, and also
have any available capacity for increased circul
ation, will be allowod to substitute other bonds
satisfactory to tho secretary of the treasury, is
a basis for government deposits, provided tho
go ornment-bonds thus released are used tg. in
crease circulation. This rule will apply not
only where tho bank transferring the bonds from
the deposit account to the circulation account
take out additional circulating notes, but also
where an arrangement can bo made for any
O
N EXPLAINING tho Ridgeley statement the
Associated Press said: "The object of
Comptroller Bidgley is to give quick relief 'not
only in the large cities, but also in the country
districts where the banks have difficulty in ob
taining currency from their reserve agents.
Many banks have less than the maximum ambunt
of circulation outstanding. Many of these -have
given bonds on deposit to secure government
deposits. Mr. Ridgley is urging these banks,
to substitute other bonds acceptable to the sec
retary pf the treasury and have the government
bonds thus released for taking out increased
circulation. There is a possibility of increasing
thq circulation from fifteen to twenty million
dollars in this way, which circulating notes are
now on hand in the vaults of the comptroller's
ofllce. There are over ninety millions of gov
ernment bonds in the hands of the treasurer to
secure government deposits, and it would be
possible to increase national bank circulation
"by over $300,000;000 before the limit of capital
stock is reached. The telegraph and telephone
lines aro being used to urge banks to take
prompt action in this matter.""
A GUTHRIE; Okla, dispatch -says:' "A 'Guth
rie newspaper man, L. G. Niblack. will
administer the oath of office-to Governor Charles
N. Haskell of Oklahoma. Tho inaugural "cere
monies will be conducted here Saturday j No
vember 16, the day statehood for the two ter
ritories becomes effective. A feature of the oc
casion will be a barbecue in the afternoon.' The
inaugural ball will be held at night. Mr. Niblack
secured a notary's commission at the request
of Mr. Haskell."
J
O
UDGE PETER ,S. GROSSCUP. of the United
d isr.n.T.GS court oi umcaeo lias Deen maict-
od nnd arrested together with other directors
of the Mattoon and Charlestown Interurban
Railway. Judge Grosscup and his associates
are charged with manslaughter because of the
collision on an electric railway 'at Mattoon, 111.
in which collision several persons were killed.
Judge Grosscup was released on $5,000 bail.
A CABLEGRAM from Berlin says: "Maxi
milian Harden, editor of Die Zukunft,
was acquitted today in the suit brought against "
hlniby General Count Kuno Von Moltke. form
erly military governor of 'Berlin, for defama-
. tion of character. In addition General Moltke
was condemned to bear the costs of the trial.
The trial, which began October 23, attracted the
greatest interest throughout Germany. . Counsel
' for Harden charged that the court clique, of
which Von Moltke was a member, was guilty of
infamous practices, and also had sought to exer
cise undue influence over Emperor William. The
name of Prince Phillip X. Zu Eulenburg, ex
Gorman ambassador to Vienna, and Lieutenant
General William v6n Hohenau, one of the em
peror's adjutants, were mentioned by Harden
as being members of the clique referred to as
the 'round table,' and an army officer who had
served at Potsdam testified to having taken part
in orgies at the house of Major Count Lynar,
which had resulted in the dismissal from the
service in disgrace, of the count and Lieutenant
General von Hohenau. Von Moltke denied that
such a clique as tho 'round table' could exist
and a4so denied the other charges brought
against him., Harden declined to withdraw any
thing he had. written on the subject, but said
he did not accuse Von Moltke of crime. Justice
Kern, tho presiding judge, today mode the, ver
dict as easy for Von Moltke as was consistent
with the conclusion arrived at. He said Harden
was justified in what he had written, but ther
was no evidence' that Von Moltke had at any
time acted upon abnormal inclinations or that
ho knew what took place at Major Gount Lynar's
villa or of Lieutenant General Hohenau's be
havior. The trial is. already having considerable
political effect. One hundred and forty socialist
daily newspapers are attacking the monarchial
principle with studied fury, mocking, sneering
savagely and assailing the exotic conditions
which have been described as 'flourishing in tho
hot house atmosphere of the court.' "
.qpHE FINANCIAL AGE, a New York publica
X tion, has this to say concerning the origin
of the financial difficulties: "The commence
ment of the trouble ni New York City can be
directly traced to the cupidity of a few rich
.directors who controlled banks. We are not .
referring t6 the Heinzes, or the Morses, or tho
Thomases, but to the men who deliberately sold
out their depositors by disposing of their stock
to a lot of plungers and wreckers for the few
thousand dollars they received above the market
value of their holdings, with a full knowledge
of the caliber of the men to whom they were
making the sale. They are the men who should
be held responsible "for the present trouble. It
may be said that a bank director has the same
right to make money as any one else. True, but
he has no right to make money by jeopardizing
tlie money of the depositors who, because of
.their confidence in him, have caused his stock
to' be worth so much more than he paid for it.
His moral duty remains and should be placed
ribove any business cupidity."
THE WALL STREET Journal is responsible
for the following: ' "The ' average price of
twenty railroad stocks is now at the lowest point
it has ever touched since the date of the second
election of McKinley. The record is as follows:
November 7, 1900 ; 82.83
January 22, 1906 . 138.36
Gain , 55.53
January 22, 1906 138.36
October 29, 1907 83.49
Loss 54.87
Thus in less than two years the Btock market
'has lost all that it gained in the preceding five
years. As a matter of fact, at the present level
the average price represents only the gain that
was made during the first administration of Mc
Kinley. From August 8, 1896, after which the
election of McKinley appeared to be probable,
to November 7, 1900, when he was elected for
a second term, the gain in the average price was
41.01. The gain in actual values as determined
by the earning power of the railroads has been
immensely greater than anything now indicated
by market prices."
AN ASSOCIATED Press dispatch under date
of Washington, October ..3,1, says: "Treas
ury officials are agreebly surprised at the number
of banks throughout thecountry which have al
ready indicated their purpose to comply with
the suggestion of Comptroller Ridgley that addi
tional circulation be taken out. , Although the
suggestion was made only yesterday afternoon,
a large number of telegrams were received at
the department as early as 9 o'clock this morn
ing asking for additional circulation varying in
amount from a few thousands to $2,000,000.
George E. Roberts, former director of the mint
and now president of the Commercial National
bank of Chicago, is here, and has "engaged $2,
000,000 additional for circulation for his bank.
Sol Wexler, vice president of the Whitney Cen
tral National bank of New Orleans, is also here
and is making arrangements to materially in
crease his holdings. Other prominent bankers,
through Washington representatives, are ar
ranging for the deposit of the necessary securi
ties preparatory to taking out national bank
Rotes' to the limit of their capital stock. The
comptroller now has in his vaults national bank
.currency to the amount of $167,000,000, and,
while a considerable proportion ot this belongs
to banks that have already reached their limit
utt
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