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The Commoner.
VOLUME 11, TTOMBER 21
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An Indianapolis, Ind., dispatch to
the New York Sun, says: "Harvey
M. Cook of Avondalo, Pa., has nomi
nated Governor Marshall for tho
presidency next year by moans of
two tomatoes, which have been sent
to tho govornor. That such a nomi
nation is effectivo Mr. Cook asserts
Is proved by tho fact that ho nomi
nated Presidents Taft and Roosevelt
in a similar manner. Each tomato
bore on its ruddy surface tho in
scription 'Thomas R. Marshall, 1912.'
The manner of its coming there was
obvious. The grower had stitched
some sort of fiber to tho skins of
tho fruit while it was green, and the
subsequent growth had made the
lottors appear, except for tho stitches,
as a' part of the skin. In a letter
to tho govornor Cook said that he
was tho originator of the process by
which tomatoes may bo made to
make presidents. All he asked in
return, ho said, was tho governor's
autograph."
President Taft, in an address be
fore tho Marlon club in Indianapolis,
made a vigorous defense of Canadian
reciprocity. Ho cited the work of
Blaine and McKinley to show that it
was not a departure from republican
principles.
Colonel John T. Sullivan, of New
Orleans, was elected grand exalted
ruler of the Order of Elks at At
lantic City.
"Several hundred persons T Tvere
killed and several millions- dollars
worth of property were destroyed in
forest Hres in Ontario.
Carr, sr., of Ludlow, was overjoyed
upon tho receipt of a message an
nouncing that Thomas Carr, jr., was
allvo and well. A grave had been
dug, a choir chosen and every ar
rangement made for tho funeral.
Last week the body of Thomas Carr,
a carpenter of Denver, who had died
in a hospital In Chicago, arrived in
Durango. The widow of the Denver
man, accompanied by her four chil
dren, explained at Durango that she
had been persuaded to come there
by the trainmen, who were sure that
the body of Thomas Carr was des
tined for that point. Mrs. Carr of
Ludlow, firm in the belief that the
body in transit was that of her son,
and that the Chicago underaker, as
well as tho railroad people, had made
a mistake, continued to wait at Du
rango. Later a' friend at Ludlow
wired her that her son was alive.
This information was obtained from
a letter which had lain in the post
office at Ludlow for several days.
The letter was addressed to Mrs.
Carr, and was from her son's wife.
Thomas Carr, jr., resides in Fort
Smith, Ark. He had previously been
a patient in the hospital in. which
the Denver Thomas Carr died on
July 3, and this is believed to have
been responsible for the tangle.
Preparing for the Central Bank
Carroll G. Pearso, superintendent of
schools In Milwaukee, was elected
president of the National Educatipnal
association in session at San Fran
John W. Gates, the trust magnate,
is seriously ill in Paris. .
-a'Governor Hooper, of -Tennessee,
has unde.r, advisement the calling of
the Tennessee legislature in extra:
session to consider the matter of re
funding the state debt. Consltu
tlonal amendments passed sby the
legislature have beon declared to- be
"invalid.
A Trinidad, Colo., dispatch to the
Denver News says: After having
waited a week at Durango for -the
arrival of the body of her son whom
she mourned as dead, Mrs. Thomas
The Lancaster county democratic
convention met at Lincoln, Neb., and
adopted resolutions from which the
following Js taken: "The demo
cratic party, of Lancaster county, in
convention assembled,, renows t its
fealty to the .principles "which have'
made it the. people's p'arty and ar
rayed it on the side of the people in
all of the political struggles between
greed and justice. We take a. just
pride in the fact that this county has
f urnished' to the nation the standard
bearer of the party in. .three national
campaigns ; that nearly , every na
tional reform since 1896 has been in,-
sp.irea Dy vy,, j. uryan. We esteem
him, tho greatest living exponent of
the great truths which form the
foundation of the' republic and con
gratulate him that his tireless efforts
in the advocacy of the great truths
which he has espoused, have been so
effective that his opponents have first,
ridiculed, then maliciously onnosed.
and. enacted -into law and sworn they
were the originators. For tho un
paralleled public service he Bhall- for
ever rank with the Immortals In the
neart or the American people. We
congratulate Hon. John A. Maguire,
our representative in congress, on
tho faithful, efficient work he has
performed as our representative."
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EltS Is a chance, boys, to ret aflae tent and "carar
out." Many hours of enjoyment will be yours if
you toko advantage of oar liberal offer, cor the
tent is well mado, and Is slmplo and easy to plaeo la
position. It is a typical Indian Wijrwam and la de
signed in style similar to those, used in tho United
Btatea army. It Is made from an excellent quality of
tontlnjr, seven foet hi eh and measures 0x6 feet at the
base. Wrlto today and I will tell you how you an
est this tent for a little easy work.
A. M. PIPER, 731 Popular BUg, Dee Maine, lews
In an address before the Christian
Endeavor convention In Atlantic
City, Speaker Champ Clark declared
that any man who misses two
general elections should be disfranchised.
It is stated in Paris that the nego
tiations between Germany and
France on the Moroccan situation are
progressing favorably.
LUCKY
"Have pity on a poor, lame man
who ia hungry and cold."
"Stranger, think yourself lucky.
You're only cold in one leg; I'm cold
in both." Pele Mele.
"What are her days at homo?"
"Oh, a society leader has no days
at home any more. Nowadays, she
has her telephone Hours." Smart
I Set. '
Tho peculiar features of the new
money organization In New York
known as the "National City com
pany" is described by the New York
correspondent for the Philadelphia
Public Ledger in this way:
New York, July 9. Before the
dog days are ended the National City
company will, in all probability, have
been organized. It will be sure to
attract attention and possibly to in
vite strong criticism by reason of the
fact that it is a child of the National
City bank and is to take over certain
business heretofore done by that
bank, and in addition is, to seek or
accept other business not permitted
to a national bank. It is to be in
alliance with some of the greater
banking institutions of the United
States the Riggs,of Washington; the
American Security and Trust, of
Washington; the Newport Trust
company, of Rhode Island, and the
Fidelity Trust company, of Kansas
City, as well as a number of smaller
Institutions. And it is to be inti
mately associated with the second
largest bank of the United States, the
Continental and Commercial, of Chi
cago. In addition to the interest
which will be occasioned by this
organization, because of the power
ful financial groups which are to be
associated with it, there are two
other features which at this time
should be regarded as of great im
portance. First, the National City company,
when organized, will represent the
most perfectly artificial ized organiza
tion yet perfected for carrying on
large financial operations, and so
perfected as to stand wholly outside
tne national banking law, so far as
:the character of the business to be
done by it, its organization and its:
OWrie,rphipn are concerned. u It may"
be that it is the la$t and highest re
finement of the principle of co-opera--tive
organization. Recently the Na
tional City bank declared a cash
dividend of 40 per cent. It was then,
announced thai any stockholder
could tak'e this dividend in. 'caBh, if.
that were his wish, but that any
stockholder could, on the other hand,
give his assent to such nse' of the
dividend as would enable him to be
come a ' beneficiary participant in a
proposed securities company to be;
called the National City company.
Therefore, if all the stockholders'
preferred to participate in the or
ganization of the National City
company, then the $10,000,000,,
Which is the" aggregate dividend at
40 per cent, would become the work
ing capital of the National City com
pany. But the stockholders must
make choice on or before July 15.
At first some of the stockholders
were somewhat puzzled bv this an
nouncement. They sought explana
tions and received them verbally as
well as by a printed circular. The
explanation showed that if a stock
holder preferred to take his divid
end, not in cash, but in the form of
participation in the ownership of the
National City company, then, follow
ing certain legal formalities, by
which he expressed assent to that
plan, his stock in the National City
bank would bear upon it a certified
formula, stating that the owner of
the stock assented to the plan. Of
course, the statement is verv techni
cal and the assent of the stockhold
ers Is framed in careful letrnJ vt.
biage, but the effect of such assent
is this the national City bank stock
holder, who gives his assent, finds
his stock clothed or 'enriched with
a new value, namely, that which it
acquires through its participation in
the organization of the National City
company and the presumable divid
ends it will thereby earn.
One effect of this assenting partici-
pation seems almost paradoxical, for,
by reason of it, the book value of
the National City bank stock Is de
creased, whereas the market value
is sure to be considerably and pos
sibly greatly increased in .the course
of a few years. No one but a stock
holder in the National City bank is
permitted to share in the ownership
of the National City company. If
any stockholder should sell his stock
then the value that is in that stock
by reason of these participation
rights would pass into the owner
ship of the purchaser of the stock.
Here,, then, is a financial organiza
tion to be possessed of $10,000,000
of working capital, and yet it is an
organization which is to have no
capital stock at all. It is to be the
closest kind of a close corporation.
The stockholders consent to the for
mation of a board" of trustees whose
power is to be absolute and perma
nent. This board of trustees will
name the directors. The board,
which is to be constituted late in
July, is to consist of James Stillman,
who is the creator of the National
City bank, as we now know that in
stitution; Frank A. Vanderlip, its
president, and Stephen S. Palmer, a
director. There seem to be in this
organization certain characteristics
of the Atlantic Mutual Insurance
company's highly successful method
of declaring scrip dividends, upon
which interest. Is paid for several
years, itBelf considered one of the
great triumphs of modern 'financing,
and also a pageiaken from the rec
ord made by Thomas J Hyan When
he created the board of .trustees of
the Equitable Life Assurance society,
which possessed ' absolute control
over the stock bouent by Mr. Ryan
,o' .JamesA,Haz4en' Hyfre, Uiajjbe.ing a
juiujurity .oi i,ue .socft,.. ine,r4iiquu-
auie. , jaui. me or.ganizers..ot tne na
tional City company have gone 'much
farther than any of those who have
created trusteeships have "hitherto
gone. Tiie trusteeship, is. as absolute
as any created by will for Ythe man
agement and controt of very large
estates. The trustees are to pay over
to the National Ciy bank all profits
that may be earned, by their onera
tions and if expectations are met
some of these profits will, be very
large.' The Nationat'CJiy bank is to
receive, these profits. as nn agent, dis-
,buj:sing them pro rata to the stock
holders of .the bank, . ,
Pnrposo of the Now Company-
Of course the purpose of this or
ganization is to make it possible for
the National City bank to do by in
direction and in a perfectly lawful
way many things which it is unable
to do under the national banking
law. For instance the new organi
zation may buy bank stock; the na
tional banking law forbids any na
tional bank to become the owner of
bank stock. The National City com
pany may deal in real estate; the na
tional banking law forbids a national
bank to hold any real estate except
ing such as is necessary for its bank
ing house for a longer period than
five years. In no event can a na
tional bank buy real estate, but It ia
permitted to take real estate to se
cure a bad" debt, but must dispose of
that real property within five years.
The plan as it has been worked oux
appears to be & step in advance of the
plan adopted for the organization of
a securities company created by the
First National bank a few years ago.
It will enable the National City bank
many of whose stockholders are also
controlling stockholders in othel
national and state banks, indirectly,
to operate these banks as branch In
stitutions. The national banking IkW
does not permit a national bank to
have any branch, institutions.
-v. . .. HOLLAND.
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