LUCIAN SWIFT, J. & MoLAIN,
MANAGER. : , EDITOR
TUB JOURNAL la published
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You will find in this paper to-day the
first installment of a story by that popular
novelist, poet, critic and naturalist. Mau
rice Thompson. This is not his last work
but it is among his latest and is a charm
ing story written in his best style.
In one of his optimistic speeches the
other day in Virginia, the president in
jected some very good and eminently sage
counsel. After briefly and enthusiastical
ly portraying the wonderful prosperity of
the country, he uttered this word of cau
tion: "What we want to do now is to be
prudent in our prosperity, save while we
can, and be strong if the storms should
come, and they do come now and then.
"Whatever comes, let us be fortified by
the practice of economy while we are so
well employed." The same day Vice
President Theodore Roosevelt addressed
l,€oo members of the Boston Home Mar
ket Club, and in the course of his remarks
So complete has been the success of our
economic legislation and administration that
this very success brings with it a certain
element of danger. Since the days of Jeshu
run the tendency of prosperity to unsettle
the people who benefit by it has been a com
monplace of philosophy. No law and no ad
ministration of the law can insure prosperity.
All that can be done is to make the condi
tions such as to give the best chance for
honesty, business capacity, industry and in
telligence. This has been done, and so tri
umphant has been the result j that it can
enly be jeopardized by over-eagerness to dis
count the future or recklessness In the en
joyment of the present. No laws can insure
good fortune, either to the individual or to j
the community, when the one or the other
embarks on a career of speculation. If ihe
business -world loses its head, it has lost what
legislation cannot supply. Just exactly a3
no laws can make a farming community pros
per in time of drought or flood, so the '
•wisest conduct of the government cannot off-
Bet a genera! business refusal to act with
moderation and prudence. Against our own
folly we must ourselves be en our guard.
These distinguished gentlemen coinci
dentally sounded a note of warning which
this busy and pushing country ought to
heed. That "over-eagerness to discount
the future or recklessness in the enjoy
ment of the present" has often shortened
the most promising conditions of pros
perity. The great wave of stock specula
tion which has been sweeping over Wall
6treet and making a record of average
daily sales of shares of 1,667,443 during
April, and some days showing sales of
between three and four million shares,
contains the element of danger, even if
there is no inflation of the currency, for
Wall street is just now engaged in the
risky business of discounting the future.
The present trade conditions are subject
sometime to reversal as the president
said in his speech. Nobody is cocksure
of "boom" grain crops or of increasing
foreign demand, and few persons can be
found who believe that railway earnings
■will keep on expanding forever. Storms
do come now and then, as the president
says, and so they are blessed who are
ready to reef their sails and weather a
But Americans lose their heads in a
boom. Down in Texas, to-day, the specu
lation in oil properties has reached the
danger point, for men and women are
snatching at everything which is labeled
"Oil," and waltzing around and shouting
over hypothetical and mythical wealth,
and seeing visions of gains in the dis
tance, as travelers in the deserts of Ari
zona see the illusive images of the mirage,
which presently melt away. Few heed
the signs of inevitable collapse in such
cases and pull out of the storm's track
in time. Most of our panics have been
caused by inflation bubbles, which, burst
ing, scatter ruin in all directions. It was
so in 1837, when excessive issues of bank
notes inflated the currency far above its
intrinsic value and the speculative craze
ended in burst balloons. The crash of
1873 was largely due to a craze for rail
way building and the inability of some
of the largest of such enterprises to re
alize profits to pay loans advanced on
them. Reckless overdoing of the busi
ness shook credit and a panic followed.
The crisis in the autumn of 1890 was
caused by much speculation based on
prospective silver inflation, and that of
1893 is chargeable to the Jeshurun con
dition referred to by Vice President
Roosevelt, for Jeshurun "waxed fat and
kicked" and "became sleek," and then
he began a rapid toboggan slide toward
the rocks. There is always peril in the
Jesbui;:a condition,. Attar tli« axneri
ence of 1893 the people of this country
ought to have learned the admirable qual
ity of thrift. Many of them have. But
many more need to follow the president's
counsel to "be prudent in our pros
It was stated in open court to-day, in
response to a Question fr6m the bench,
by one of the men arraigned for keeping
a slot gambling machine in his place,
that the men who own the machines and
located so many of them in the news and
cigar stands early this year, would
have one-third of the gross re-
ceipts, the proprietors of the place
one-third and the police one-third.
This, it should be understood, is
not a street rumor, but a statement made
in the court by a man who claims to have
ben a party to this alleged agreement or
understanding. Meanwhile, what a lot of
nice campaign material this republican ad
ministration is providing for the next mu
nicipal campaign. It is true that "Doc"'
Ames has never been able to succeed him
self In office, but why the city of Min
neapolis thinks it necessary to take even
an occasional dose of Amesism is a hard
nut to crack.
The Course of Business
The furore of stock speculation swung
to the top this week in the trading of
three and a half million shares in a single
day. This activity led to a considerable
setback in prices yesterday; but the feel
ing was that the reaction was entirely
healthy and that, while it may check the
wild spasm of trading, values will never
theless be maintained around present
prices for the higher priced stocks. There
have been advances of nearly thirty points
in some of the shares this week. Senator
Hanna is optimistic; he says the predic
tions of a Black Friday, made by Russell
Sage, will not be realized, for the reason
that Mr. Sage belongs to a past genera
tion, and is basing his judgment on what
would have happened in his prime under
similar conditions; but Mr. Sage over
looked the tact that the basis of values
has changed, and that while in his day
competition was tremendously sharp, at
the present time consolidation has eoft
ened this a good deal, even if it has not
done away with it entirely.
President Mitchell, of the Illinois Trust
and Savings company, takes a similar
view. He says combinations are bene
ficial to the people, and will be proven so;
that the price paid for the Burlington is
not high, for the reason that the St. Paul
officials refused a similar proposition. The
St. Paul officials are shrewd business men,
and they would appreciate an extra good
offer. The fact that they refused a propo
sition to take their road shows their faith
in the earning power of the St. Paul prop
The iron market holds firm, and it is
diflicult to fill orders promptly. Some of
the railroads are obliged to defer all the
building they would like to do until such
time as rails can be secured more prompt
ly, and possibly on better terms.
The export trade of the country is be
ing maintained at high water mark. For
the nine months ending with March, the
United States has exported $60,000,000
more than the United Kingdom, her great
est rival. That this is a period of great
business activity the world over is sug
gested by the last monthly report issued
by the treasury bureau of statistics, which
shows that of the twenty-four countries,
or political divisions, named in the table
presented, ten show an excess of exports
over imports. It would not seem as if
this condition could be broken easily. The
years of hard times forced people to great
economies, and they have only within a
year or two been able to buy those things
which have been in a sense necessary.
It is this buying the world over that is
now making business good. People are
employed, and when employed they will
The primary election law continues to
advertise Minnesota. Newspapers in all
parts of the country are discussing our
new law and approving or disapproving its
provisions. By a large preponderance,
however, the sentiment of the press seems
to be in favor of the law. Wisconsin
started out with a great blare of trum
pets about what would he done with the
primary law at this session of the legis
lature, but has not yet succeeded in get
ting a measure through both houses upon
which the both are agreed. Meantime the
subject is being discussed under the head
of the Minnesota law, and Minnesota gets
Morgan's Prehensile Arm
Doubtless Count Canevaro and Count
Goluchowski have been (stimulated to
energy at white heat to consummate their
ambitious scheme of effecting a Euro
pean combination against the commercial
exploitation of our great and glorious
country, since Mr. Morgan moved his
cire-aded prehensile hand to sweep under
the control of his strong combination of j
chevaliers of industry the pick of the j
transatlantic transportation lines, in
order to complete the combine's connec
tions and bridge the ocean for the facile
and economic passage of American metal
products to Europe. This arrangement
will deepen the conviction that competi
tion in business with the United States is
becoming impossible. The two counts, •who
represent the European business and in
dustrial gentlemen who are on the anx
ious bench, v.ill tear their respective hair
over their plans for vengeance.
There is a further view to take of this
maritime operation of the Morgan syndi
cate. When to the Leyland line of steam
ers, the syndicate adds other lines and
practically masters transatlantic traffic,
even Senator Frye will hesitate to intro
duce the ship subsidy bill which figured
at the last session of congress, for its
liberal provision for swift passenger
steamers would hardly touch fleets of
freighters. It was not intended to do so.
Hence the syndicate is putting big money
in foreign bottoms, while, under a sub
sidy measure which would cover ten-knot
freight ships, the greater portion of the
vessels could have been built in. Ameri
can yards and freights would have been
so reduced that our vessel owners could
have wrested from Great Britain a large
proportion of her coal carrying trade.
Senator Frye is said to be preparing a
new subsidy bill, but he would do well
to take the hint given at the last session
of congress and make the objective of the
bill, not the large increase of dividends
for companies running swift steamers, but
the building up of freighting lines which
are needed badly and would be most ac
ceptable, provided their owners will lower
freights on both oceans for the benefit
of shippers. This would be one effective
way to check ar>v ra.no.citv which t.he
THE MINNEAPOLIS JOUENAL.
Morgan syndicate may develop in the
matter of ocean freights.
a D,. n nn The governor of Kansas,
st nun on who . s full of g00(1 numan
Silver Mugs feelings, heard one day
that a Kansas wan had
been presented by his wife with a set of trip
lets. He at once bought a solid silver mug
and dispatched it to the trio, announcing that
every time a Kansas lady did that, he would
be ready with a silver mug for the offspring.
Immediately, or within a few months, to be
exact, sixteen Kansas women entered the
arena with triplets, forty-eight babies being
added to Kansas" population in bunches of
The governor Is doing his best on his mod
est salary of $3,000 a year, but he is said to
have expressed the wish that he owned the
factory where silver mugs were made.
If the Kansas ladies are going to keep up
this gait for the rest of his term, it will be
the governor's play to apply to the legisla
ture for a small appropriation for silver
General Luther B. Hare is back from the
Philippines, where he first went as colonel of
the Thirty-third volunteers, which was re
cruited !n Texas. "When 1 first met General
Wheaton in the Philippines," said he, "he
asked me how many men 1 had. I told him
I had l,3ut>. "How many sharpshooters?" he
asked. 1 have 1.295." 1 said, and he nearly
fell off his horse. "How many crapshooters?'
he next asked me. "One thousand three hun
dred and six, including me,' I replied." The
regiment succeeded in giving the natives the
Thirty-third degree wherever it appeared.
Mr. Morgan picked up a nice. corner ocean
yesterday, with a frontage of 50,000 to 100,000
miles, lying high and wet, with sewers and
sidewalks all in. A sign has been stuck up
: NO SAILING ALLOWED HERE. :
How's the weather? It's great at Bemidji.
The Pioneer says: "The frogs are croaking,
the fish are running, the ducks are flying,
the ice is out of the lake, the city is being
renovated from one end to the other, the
saloons close promptly at 11 p. m. Some
people are sorry and others are happy. So
jogs along the dreary old world."
Dr. Keys of Brooklyn, arrested for spitting
in the street cars, claims that it was "a case
of unconscious cerebration affecting the la
bial muscles," and he threatens to call an
array of medical experts to prove his conten
tion when the case comes up. There Is too
much unconscious cerebration going on.
Let's get next to ourselves.
Dr. Bixby of the Nebraska State Journal
recently put in a de lux set of store teeth,
and the Daily Drift column Is lurid with the
agony caused by the doctor's efforts to go
agaiust the steak as of yore. The game to
play is to take a few extra bites out of the
soup and let the steak pass.
In New York city they have settled the
question of street signs by the expedient of
making the owner of each corner lot put
them up at his own expense. This is sim
ple, If the owner can be induced to unlimber
without taking the case to the supreme court.
The Fairmont News advises people with
gardens to vaccinate their neighbor's hens
with a 22-caliber rifle. The lawsuit usually
costs more than the garden brings in.
It is said to be hysteria and not insanity
that ails Carrie Nation. Whatever it is, it
is the kind of attack that makes "papa" de
sire to eat at the restaurant.
The story that Mr. Morgan had acquired
the Washington monument and would chop
it up into fence posts for his estate in the
country is denied.
A miner's letter from Alaska tells about
killi:;g a mastodon. One would not care to
buy stock in that miner's prospect hole.
When the first horsefly saw the automobile,
he went out into the woods and hired the
hornet to kick him.
The Commoner sees the hectic flush on the
ebeek of the D. B. Hill boom.
HOW IT LOOKS OUTSIDE
Princeton Union —The Minneapolis public
was agreeably shocked this week when a po
liceman was discovered who would not
countenance crime at the command of his
superior officers. Mayor Ames hasn't recov
ered from the jar yet.
Stillwater Gazette—The statement by a po
lice officer, Myron F. Johnson, who has re
signed after eight years of splendid service,
that the Ames administration is rotten to the
core. is given some credit be.-ause of John
son's good record.
Battle Lake Review—One by one the offi
cials of Mayor Ames are resigning, disgusteJ
with the manner of shielding criminals and
raiding hotels. Mayor Ames Is not adding
much to the good name of Minneapolis.
Albert Lea Tribune—A Minneapolis police
man actually resigned because he claimed
that under the present administration he
could not do his duty as the law provides,
and so he quit. Here is a man who has some
respect for his oath of office and the people
of Minneapolis should place his name In the
academy of immortals, for there Is probably
not another such an officer in the United
States. This remarkable man's name Is My
ron F. Jchnsqn and he had been on the police
force In Minneapolis for eight years; but this
administration was too much for him to
Owatonna Chronicle—A very remarkable
event In Minneapolis is the recent resigna
tion of Patrolman Johnson, one of the old
members of the force appointed by Mayor
Eustis In 1893. Johnson resigned voluntarily
and unexpectedly, giving his reasons briefly
in the following words: "When this 'big
mitt' gang is permitted to operate right un
der my nose, and my hands are so tied that
I can do nothing. I think it is about time
for me to step out." If Ames had only known
what kind of a man Johnson was, wouldn't
he have fired him quick before this?
Mankato Review —Mayor Ames' administra
tion in Minneapolis must be getting bad when
one of the most conscientious and faithful
officers. Patrolman Myron F. Johnson, Is
obliged to resign because he could not "stand
for" things permitted to continue right under
his nose. Policeman Johnson says that he
could not arrest men whom he saw openly
breaking the law. In the last six weeks his
beat has been filled with a gang of crooks
and gambling men getting hold of lumber
jacks and strangers that enter the city. He
makes other sensational charges against these
criminals, who, he says, are protected by the
Owatonna Journal—A Minneapolis patrol
man has resigned because he found that the
policy of the police department compelled him
to wink at crime. • ♦ • still there can be
little doubt that Mayor Ames' policy is pop
ular in Minneapolis, the majority of whoso
voters knew perfectly well before they elected
him what sort of an administration he would
be most likely to give them. Things occa
sionally happen in this free country of ours
which make one doubt sometimes whether
popular government is always a blessing.
ED HOWE'S CHI'RCH
Council Bluffs Nonpareil.
Ed Howe of the Atchlson Globe announces
that he will issue in pamphlet form "The
Atchison Psalms: a Brief Summary of the
Principles of the Atehison Globe's Church."
He states that the book will be a "collection
of sound moral principles that will not offend
any man or woman; they will aim to teach
common-sense principles of living, without
offense to the followers of any religious
faith." Howe's church promises to meet the
requirements laid down by Mrs. Partington
to her son Ike when she told him "to attend
some good heterodox church where the gospel
is dispensed with."
It is said that Henry Guy Carleton, the
playwright, who stammers very badly at
time 3, not so long ago stopped Nat Goodwin
on the street and said to him: "Nat. will you
g-g-give me half an hour for f-f-f-flve min
la Aguinaldo Important f
For our part we think that resistance in
Luzon will soon dwindle Into a very poor
and unimportant kind of outlawry. But does
it pay to coddle Aguinaldo now as we co un
wisely did before? Is it conceivable that he
counts for anything—that we can with dignity
consider him iv our more or less enlightened
Minneapolis Journal's Current Topic Series.
Papers by Experts and Specialists of National Reputation.
WHAT THE GOVERNMENT
DOES FOR THE PEOPLE
XII—MINT SERVICE OP THE UNITED
(Copyright, 1901, by Victor F. Lawson.)
The United States has now three mints in
operation, located at Philadelphia, New Or
leans and San Francisco. In addition to these
it maintains assay offices at New York, St.
Louis, Deadwood, Denver, Helena, Boise,
Carson, Seattle and Charlotte, N. C. The
institutions at Carsou and Charlotte were
formerly mints, but owing to a decline in the
importance of the miuiug fields tributary to
them, they were reduced to assay offices. On
the other hand, the Denver office will soon
become a mint, congress having appropriated
1500,000 for a building and $150,000 for its
equipment for coinage operations.
An assay office is practically an outside
agency for a mint. It receives bullion, as
certains and pays coinage value, less any
charges that may be laid for the service, and
ships it to one of the mints. The equipment
and organization of a mine is expensive, and
it is cheaper to concentrate jcoinage oper
ations iv a few institutions than to multiply
mints. An assay office renders practically
the same service to the mining industry that
is rendered by a mint. The New York assay
office receives bullion upon precisely the same
terms as a mint, but the others make a spec
ial charge of Vs of 1 percent in addition to
Regulations Regarding Coinage.
Bullion that is of standard fineness and
requires no treatment to fit it for coinage is
received arid coined without charge. If it
contains base or other metal which must be
removed, a refinery charge is made, and if
it is above the standard an alloy charge is
made. The law provides that these charges
shall equal but not exceed the cost of the
service. From 1792 to 1853, coinage was free
at our mints; from 1853 to 1873 the charge
was one-half of 1 per cent; the act of 1873
reduced the coinage charge on gold to one
fifth of 1 per cent and excluded silver from
coinage on private account; in 1875, as a
measure to promote the resumption of specie
payments, the coinage of gold was made free.
Exchange of Coin for Bullion.
When an owner of gold bullion presents it
at a mint or assay office it is weighed in his
presence and a receipt given in the following
U. S. Mint tune- Font No. 7-B.
r^, ■'■:'"^-;. /HMnt of tbe THnitefc States,
a -e&» £&«*«», ;......;,..:—— ,*f°
0 (-^ececk^&co ft** : — —~: — "
HI '":v- i:, ■?*.';'■■;■':'.!■ '•■■■.• ; - '' '- •: ■' . •
C _-; '■ ■ ' '•'-..' a <fy«</ </c&a^**'
/. . • " - ■ ■ (Dunce*
| Z weyA«M_. _„ -: : —- ■■■ • ; — —.-^fa**.
/f%. : _ —
'WJT — -—*•——— .;. % _ mi f ■ ■ ■ ■ - ran SumwirTMCtT. I
This receipt does not state the .value of
the deposit; that must be ascertained by as
say, and the depositor is told to return at
a given time, the next day or within a few
days, and receive payment. The theory of
free coinage originally was that the govern
ment would receive a depositor's bullion and
return the identical bullion iv the form of
coin, as the old-time grist mills used to re
ceive a fanner's wheat and return the flour
made from his own grain. But it is simpler
From Graftou and Back. * * By Cecily >llen.
Copyright, 1901, by Ocily Allen.
When the news spread through Grafton that
Frank Wilson had given Jennie Holmes a
position as clerk In lift store, the gossips of
that self-important little Bounty seat were
thrown into a fine (tatter. The women shook
their heads over their teacups and prophesied
that no good thing could come out of such
an innovation. The men, encircling the stove
in the store of Frank's only competitor in
•'groceries, dry goods, crockery and general
merchandise," decided that "ef ol' Sara
Wilson knowed there was a gal swishin' her
skirts roun' hid flour barrels an' 3iigar sacks,
he'd just naturally turn over in his grave."
And the whole town and surrounding farming
district announced that it was ail duo to
Frank Wilson's having attended a business
college in the city for three months.
But in due lime the women on "trading
trips," gravitated towards Jennie. She had
an eye for colors and knew ju*t how much
it would take for baby's first short drest, or
Martha Jane's pinafores. The bluft farmers
liked her too, because she seemed to read
aright the mysterious instructions entrusted
to them by busy wives at home. There was
no complaint about the calicoes and ging
hams matched at Wilson's store, and Jennie
always threw in a stl'-k of candy for the
littlest one, to say nothing of smiles and
And the strangest of all, she did not spill
sugar, nor drop thi cracker box, nor leave
the molasses faucet running, as her em
ployer's competitor had foretold. In fact she
fitted into the niche so admirably that on
two occasions, Frank saw fit to raise her
last piece of good furtune, she
bought an organ on the installment plan,
and the wee front room at her aunt's home
was thereby transformed into a veritable
Enter then the proverbial serpent, in the
form of a demonstrator whose mission was to
teach stolid wives of farmers the gentle art
of warminc up canned baked beans. ohe
wore a striped silk waist very long and very
pointed in the front, very high as to collar
and very tight as to sleeve-she had a pretty
arm-and her silk-lined skirt gracefully swept
up the saw dust on Frank Wilson's floor.
The demonstrated first patronized and i&en
really liked Jennie. She told the winsome
little clerk that her energy and talent were
wasted in such a narrow sphere. She really
ought to be in the city, where her abthty
would command a good salary, and wnere sho
might in time rise to be head of a depart-
Daily New Yorß Letter.
BUREAU OF THE JOURNAL,
No. -21 Park Row, New York.
The Polo Season Opens Monday.
- May 4 -Polo has come into renewed popu
larity among the wealthy devotees of sport
who'can afford the luxury of this game auj
the coming season in the polo field will be a
brilliant one. On Monday the season proper
opens at Lakewood, and then a series of in
teresting games will occur at George J.
Gould's picturesque country home, Georgian
Court. These games will be the first of those
officially scheduled by the board of control of
the Polo Association, and thus mark the offi
cial opening of the sport, although several
interesting contests have already been held
in the vicinity of New York. Mr. Gould is
completely wrapped up in polo and has one of
the strongest teams in the country. A year
ago he organized three teams, but this year
he will leave the fortunes of Lakewood !n
the hands of two organizations, although this
will not cut down the number of contests by
any means. There are many polo clubs about
this city and Philadelphia and there is never
lack of opportunity to secure interesting con
tests for the handsome cups and trophies of
fered every year.
What the Boom Means.
Ever since the present phenonflnal move
in Wall street started, now many months ago,
hotelkeepers, restaurant and cafe proprietors,
florists, jewelers, horse dealers and others
who prosper only when people are troubled
with that flush feeling, have been rubbing
A Pertinent Caution.
is pertinent to admonish people of small
means to risk no more In speculation than
*hey can afford to lose; aJid more particularly
to put th«ir capital into business least likely
to be affected by gambling in the shares mar-
and more convenient and a saving of time to |
the depositor for the government to advance
the coinage value as soon as the bullion has
been assayed. The law authorizes the secre
tary of the treasury to keep a supply of eojn
in each mint for this purpose, "when the
state of the treasury will admit."
Bullion is received at a mint by the weigh
clerk, who represents the superintendent of
the institution, and the weighing is wit
nessed by the registrar of deposits, who rep
resents the administrative office at Wash
ington. From the weigh clerk's vault the
bullion goes to the deposit melting room,
where it is melted as a precaution against a
filled bar. From the new bar two clips are
taken at opposite ends and sent to the as
sayer. If they agree in results the bar is
paid for on that basis.
Preparing the Metal for Coinage.
This bar now passes from the custody of the
superintendent of the mint to that of the
melter and refiner. He receipts for it, and
gives a heavy' bond to the government, al
though in this, as in all such positions, the
j bond is insignificant compared with the trust
i confided to the officer. The melter and re-
I flnor of the Philadelphia mint has $30,000,
--! 000 to $40,000,000 in his custody. Under his
direction the metal is giveu the treatment
required to fit it for coinage and is manu
factured into ingots of suitable size for the
rolling machines. This done, it is delivered
by him back to the superintendent, and
simultaneously turned over to the coiner and
receipted for accordingly.
Th*coiner now has the metal in the shape
cf ingots of the fineness of coin and manu
factures it into coin. It first passes through
' several sets of rolls, then under a punch
which punches out the individual pieces.
Each of the latter is weighed separately to
see that it is within the limit of tolerance;
then it goes through th° milling machine,
which gives it the raised edge, then it is put
in a retort or furnace and heated to a cherry
red. When taken out the pieces are dipped
in a mild solution of sulphuric acid to clean
and soften them before going to the press
Keeping Track of the Precious
Then the pieces go to the coining press.
The coiner delivers the money to tho super
intendent and takes his receipt. The latter
turns it into the treasury, or pays it out for
more bullion. At least once every year there
is a complete shutdown and settlement, and
each of these three departments of the mint
must show the metal charged to it. The
heads or the departments have a daily settle
ment with their subordinates, who must ac
count before they leave the building for the
metal that has been left in their bands dur
ing the day.
Out of each delivery from coiner to super
intendent the latter is required to take in
discriminately in the presence of the assayer
a certain number of pieces, which are sealed
merit. Jennie was not quite sure what the
latter elevation implied, but she was proper
ly dazzled by the fair words of the new-found
acquaintance, and when the latter suggested
that she had a friend who had the necessary
influence to secure a position for "any one,"
particularly .any one she might recommend,
Jennie was duly grateful.
So when, a month later, she received a
few lines, written in a sprawling attempt a:
English angular penmanship, announcing that
an opening awaited her in the great city, Jen
nie was wildly excited. So great was her
excitement that she did not notice the ex
pression on Frank's face when she offered
her resignation and told him the good news.
Yet he went with her to the train, saw her
comfortably fixed for the day's journey, and
tried not to look wistfully into the sweet face,
fairly shining now with happy anticipations.
Then he went back to the store, tne new
clerk and a realization that it was not
the girl's sales but her gentle personality
which had roused his interest—and some
The demonstrator, clad in a new tailor
made suit and a silk waist, even more gor
geous than the one which had dazzled Jen
nie and Grafton in general, met her at the
depot and piloted her to the boarding-house
where she had, with all good intentions, se
lected a tiny hall room "with running water,
dear; and you don't often get that in a
"I'll be around in the morning, my dear,
and take you to the store. My friend will
be expecting you of course, but my being
with you will make it pleasanter. Then I
shall not see you for a week or ten days. I'm
going out on the M. & C. R. for a trip. But
you'll be so busy you won't be lonesome."
Lonesome? Ob, no; Jennie was not lone
some. She was simply sick from the tip of
her new tan shoes to the crown of her new
sailor hat with a strange, vague illness
which is not defined in medical publications.
She was glad when the well meaning but
chattering demonstrator took herself off.
The next day found her Installed in a bar
gain square of the big department store.
The rush of people made her head swim,
the rude, captious bargain seekers terrified
her, the thick air stifled her, and the cold,
wary glance of the floor walker, always
suspicious of new clerks, made her long for
the friendly If unspoken approval of her
former employer. That night as she walked
home she was only too glad to avoid crowded
cars, for the thought of a crowd was hateful
to her now—she wondered if every day would
be like this, so long, so dreary.
their bands gleefully and raking in the duc
ats. Only frequently they have been forced
to forego the hand-rubing business, so fa3t
has the purchasing medium rolled in. The
fact really is, people are making so much
money in Wall street between the hours of
10 and 3 that it takes the remaining hours
of the day and night to get away with the
portion they choose to spend. Of course
there have been a tew persons who have lost
money in the market since it took its up
ward turn, but they have been few indeed.
With the rapidly increasing values, about
every one has made money by the simple
process of buying stocks, holding them for a
use of a few points and then selling to the
next man, who has followed the same pro
gram. Fortunes of all sizes, dimensions aud
shapes have been piled up and the possessors
seem to be possessed of a philanthropic de
sire to share their success with the wine
sellers, flower dealers and ether venders of
pleasure and luxuries. Incidentally, the era
of the chorus girl is at hand, and there is a
run on the automobile market to supply the
demands of admirers. The cafe of the Wal
dorf-Astoria is a nightly pandemonium, and
it takes the attendants from 4 a. m. to 4
p. m. to get things picked up for the next
session. The same holds good all over town
where the high rollers gather.
The "Calling" of Shopping:.
Shopping as a profession has developed and
expanded among both men and women in
New York until it has reached the dignity
Look Ont for Your Capital.
St. Louis Republic.
Be cautious as to the nature of your invest
ments. Be careful not to trade beyond the
limits justified by your capital. And remem
ber that the shrewdest old heads on Wall
p'reet make a pom' of selling when the peo
ple are wild to buy.
SATUKDAY EVENING, MAY 4, 1901.
and put in a box that is double locked and
can ouly be opened by the action of both.
Once every year the president appoints a
body known as the annual as3ay commission,
composed of prominent citizens, to examine
and test these reserved coins and report,
upon them. This is a check upon the work
of the year and an assurance to the president
and through him to the country that the coin
is being kept at standard. At the same time
the reservation for the assay commission is
made other coins are withdrawn and sent to
the director of the mint at Washington and
assayed at once.
Taking Care of the Fractions.
When a depositor is paid for his bullion
he signs a voucher which is forwarded to the
office of the director of the mint at Washing
ton, with the original receipt and all the
particulars of the transaction. Every calcu
lation is verified there, and the accounts are
passed over quarterly to the auditor for the
treasury, in whose office every transaction
and calculation is a second time reviewed.
In computing the fineness of bullion de
posits the figures are carried out to the
quarter thousandth, and the fractions thrown
to the government.
The fractions that thus inure, although in
significant on each deposit, are in the aggre
gate an important sum, and frequently affect
the wastage of the year. There is a legiti
mate and necessary loss in melting, pouring
and handling the metals over and over, as
r.ust be done in mint operations. The law
provides that an allowance may be made
therefor. But for the fiscal year ended June
30, 1900, although the mints bandied in round
numbers $155,000,000 worth of bullion, turning
it over repeatedly, the government came out
ahead on the year's operations to the extent
of $8,601.95. This gain was due in part to
the fractions thrown to the government, as
Standard of Weight for Coins.
The standard of weight in the mint service
is a brass troy pound procured In London in
1827 by Albert Gallatin, then our minister to
Great Britain. It is kept in the Philadelphia
mint, and is used only as the standard to
which the weights in use are adjusted. The
deviation from standard permitted on a dou
ble eagle is a half grain, or one part in 1,032,
and in practice the mint never makes a deliv
ery of coins below standard, although within
the limit of tolerance, without at the same
time delivering an equal amount that are
above standard and within the limit.
The standard unit of value is the gold dol
lar, which contains 23.22 grains of fine gold
and with the alloy weighs 25.8 grains. The
standard of fineness of all gold and silver
coins of the United States is 900 parts in 1,000.
The alloy is of copper and is used to harden
the coin and save it from abrasion.
Gold and Silver Coins Sow Minted.
The gold coins now provided for by law are
the double eagle or $20 piece, eagle or $10
piece, half eagle or $5 piece, and the quarter
eagle or $2.50 piece. The $1 piece has been
discontinued as too small for commercial
use. Most of our gold coinage has been in
double eagles, the total output of gold from
the foundation of the mint down to June 30,
1900, having been $2,147,088,113, of which
$1,533,8215,060 was it. double eagles.
The silver coins now minted are the dol
lar, the half dollar, quarter dollar and dime.
All silver eoina-ge it present is from bullion
purchased under the act of July 14, 1890,
commonly known as the Sherman act. There
is about 61,000,000 ounces of this bullion still
on hand. It was all purchased for coinage
into silver dollars, but under the act of
March 12, 1900, the secretary of the treasury
was authorized to use it for subsidiary coins
i as might be required, provided that the total
Days that dragged into weeks and which
meant only nerve-racking hours in the bar
gain square and grim, silent evenings in the
hall bedroom, taught Jennie Holmes many
lessons. No one seemed to appreciate her
as the demonstrator had predicted. The same
faces seldom appeared twice in front of her
counter, and she was actually starving for the
sight of one familiar face, the sound of a
familiar voice. Sometimes she caught her
self wondering what was going on in Frank's
store, whether he had saved the piece of red
henrietta cloth for Mrs. Morrison, who came
to town only once a month. She was almost
tempted to write and remind him of it—but
she did not.
Jennie and the demonstrator drifted apart.
The latter, during her brief sojourns in town,
was busy laying in fresh supplies of clothes.
Fine raiment palled upon Jennie, and when
the voluble demonstrator took her departure,
Jennie turned to her magazines, papers and
hor"e letters with a feeling of relief.
Then came her promotion at the store,"and
with it a friendship worth having—a friend
ship which represented rescue from the deso
lation of a hall bedroom and the horrors
of cheap boarding-house fare. For the trio
of girls took furnished rooms and cooked
those things which were at least wholesome
! and of good quality, of not elaborately pre
| pared. Her sales book each day showed a
I steady advance. Placed now In a regular
department she had her regular customers.
Dim visions of being head of a department
loomed up before her and yet—
They had been to a fashionable theater.
They had worn their "very best," these three
busy women, and had treated themselves to
seats in the front row of the balcony. Be
tween the acts from this point of vantage
Jennie had leaned over to watch the gay as
When she reached her room 6h« turned the
gas. on full head, and, tilting her mirror, she
studied her face. It was not an unpleasant
task. Indeed, the floor walker in her depart
ment had remarked to one of his friends that
the little country girl was "devilish pretty,
by Jove." She shuddered as she recalled his
words and his foppish appearance, even to
the plated fob which hung from his silk
embroidered vest. i
Then, strangely enough, her thoughts went
back to Frank Wilson, with his strong, reso
lute face, his square, determined shoulders,
his keen blue eyes, which could be wonder
fully friendly without a gleam of imperti
nence in their clear depths. She brushed her
hair vigorously as she berated herself thus:
"Jennie Holmes, you're a goose.
of being a most important calling. It is the
women to whom this occupation appeals most
forcibly, although there are several men in
this city so engaged, all of them being styled
"purchasing agents." Not only is it an
agreeable calling for women, but many of
them are enabled, to make handsome livings
through it. Most of the people in the busi
ness started in the small way of executing
commissions from out of town friends, and
from this they expanded into making it a
regular business for all the persons to whom
they were recommended by the same friends.
In addition to executing commisisons, the
•'purchasing agent," or professional shopper,
often Is called upon to pilot about customers
who fome to town for a shopping tour and
wish to be conducted to the best places for
their respective purchases. This the shoppsr,
of course, can instantly do, and has the fur
ther advantage of being known by the clerks,
thus insuring the showing of the best goods,
while the customer has the advantage of the
best information without being obliged to
pay extra for It. The "purchasing agent"
makes her profit through the discount al
lowed by the management of the stores, 10
per cent being the usual allowance, although
different stores have different figures aud
also different rates on various lines of goods.
Yonog Cornelina In Line.
Young Cornelius Vanderbilt does not appear
to have been greatly hampered In life Dy
the fact that he received only a paltry six
or eight million dollars from the estate of his
father, while the great bulk of it went to a
Inference Is Excusable.
The famous Hinky Dink Keuna of Chicago
was arrested and tried the other day for sell
ing liquor at his saloon on Sunday. Being
tried before a friendly Justice the person who
made the cooiplalnt narrowly eßcaped the
stock of the latter in the country should not
exceed $100,000,000. The present stock is about
The gold coins and the silver dollars are a
legal tender for all debts. The other silver
coins, known as subsidiary coins, are a legal
lender to the amount of $10. The latter may
be had in sums of $200 or more at any siib
treasury, or will be sent by express at the
government's expense upon payment o"f an
equal sum of lawful money. They are also
redeemable in lawful money at any subtreag
ury in sums of $20 or over.
SnbHidary and Minor Coins.
The subsidiary coins are lighter in propor
tion to their face value than the silver dollar.
The latter weighs 412V6 grains, but two half
dollars or four quarter-dollars weigh only
The 1-cent and 5-cent pieces are called
minor coins. The 1-cent piece consists of
95 per cent copper and 5 per cent tin and
zinc. The 5-cent piece is 75 per cent copper
and 25 per cent nickel. The minor coins are
a legal tender to the amount of 25 cents and
are redeemable at any subtreasury in sums
of $20. They are delivered in sums of $20,
free of express charges, on receipt of an
equal sum in lawful money.
Profit* of the Government Mint.
The issue of subsidiary and minor coins
on government account is a source of large
profit, amounting on minor coins for the
year ended June 30, 1900, to $1,794,633.04, or
more than the total expenditures of the mint
service. The profit on subsidiary coinage last
year was $3,008,428.fi5. The total earnings of
the mint service for the last fiscal year was
$10,641,940.00; the total expenditures, $1,703,
--492.64, and the net earnings of the service,
$8,&38,447.96. Against this, however, musit be
counted the liability oi the government for
all of this over-valued coin, which it has paid
out to the public at its face value and ;s in
honor bound to maintain at par with its
The first mint of the United States was es
tablished at Philadelphia, the then seat of
government, in 1792. The corner stone of
the edifice now occupied in Philadelphia was
laid in 1829. A new structure is now ap
proaching completion in that city, for which
$2,000,000 has been appropriated, and with its
equipment it will constitute the finest mint
in the world. It will be occupied about July
1 next. This institution gives employment
to about 500 people. The mint at New Or
leans was established in 1835 and now em
ploys about 200 people.
The mint at San Francisco was established
in 1852 and now employs about 225 people. The
total number of people employed in the mint
service is about 1,150.
Enormous Volume of Coinage.
The coinage of gold during the last fiscal
year was $107,937,110. The coinage of silver
dollars was $18,244,984: of subsidiary silver,
$12,876,849.15, and of minor coins, $2,243,017.21.
The manufacture of the minor coins involved
the striking of 101,801,753 pieces and of sub
sidiary coins 57,114,270 pieces. It may be
safely said that the above figures surpass
any record before made by any government.
The total number of pieces struck last year
by the royal mint in London and all its col-
I onial branches was 144,823,124, and this was
unprecedented in the history of English
coinage operations. The total number of
pieces struok by the mints^ of the United
State last year was 184,373,793.
■ ■ ''■'' v ,*>*''' .- -.-" -v; . "" ' ■ * i
thought that when you oame to town you'd
actually be a part of the life of this great,
bustling city—a part of the gay world you
saw at the theater to-night. And a pretty
figure you cut, working in a store with hun
dreds of other girls at $10 a week. You're
getting pale and ugly, too, and I have a good
mind to send you back home to Graf ton."
Then she thought of Thanksgiving Day,
only two weeks oft", and her aunt's little front
room with the organ, never opened now, and
—the store. "Oh, dear, the ribbon boxes
must be in a shocking mess by this time."
And she cried herself to sleep.
The next morning she was late at the store
for the first time. The girls left her writ
ing. It was a meek little letter, telling Frank
that ehe did not like her work and asking
very prettily for her old position if the open
ing could be made.
The reply came by wire:
"Position open. Will expect you Monday."
The trio in the furnished rooms resolved
itself into a '!uet. The other firls were sorry
to lose their bright-faced companion and se
cretly envied her the beatific expression with
which she made her preparations for depar
ture. They received one postal card announ
cing her safe arrival at Grafton. Then en
sued a long silence.
"I guess she found the store in as bad
shape as she anticipated. I can just picture
her straightening up ribbon boxes and
sorting trimmings," laughed one of the girls'.
And then she sighed and went back to such
realities as bargain hunters and "cash."
And the next day came the letter.
"I did not take my old position, but I think
I will like the new one just as well—perhaps
even better. Frank and I will be married
Christmas Day. Can't you come "up? It will
Me a very quiet affair; but I'd love to have
you. If you can't come, of course I'll send
you some of the cake. Give my love to the
girls I iiked. You know which ones I mean.
I am too busy to write more now. But come
if you can. —Jennie."
The two girls looked at each other and
pushed back their untasted lunch. Said one:
"We might have known it. She never wa3
meant for business life. Come on. We've
just fifteen minutes left, but we can get a
set o! that hemstitched table linen. 1 wonder
which express company goes to Grafton."
The other girl stopped to kiss a photograph
on the mantel.
"Little girl, we miss you, but not half so
much as he probably did when you came
And there were tears in her eyes when she
looked in her purse for a certain $5 bill.
younger brother. In fact, the eldest of the
Vanderbilt brothers seems to have received
an incentive to go ahead on his own hook
and carve out a little niche all for himself.
He has not only won for himself considerable
fame as an inventor, but is now announced
as one of the directors of the $50,000,000 con
solidation of mining machinery and engine
manufacturers which is in process of forma
tion. It is evidently the intention of Mr.
Vanderbilt, whose principle Invention to date
is the Vanderbilt locomotive fire box, to take
an active and leading position in the affairs
of the new company and not to be in any
sense a mere figurehead.
The »kto Work* North.
Until a few months ago the stalwart Irish
man held the monopoly of loading and un
loading vessels, and the negro 'longshoreman
was of small consequence numerically. Now
the tide has changed, and the negro has al
most a monopoly of the business. This is
particularly- the case with the lines sailing
for Cuba and southern ports. Some of the
lines now refuse to employ other than negro
help for this work, and as a consequence.
the piers about Wall street and East river,
from which place the Cuban steamers sail,
are interesting- spots on Saturday mornings
when the men are gathered in line to be paid
off. They receive 25 cents an hour. On the.se
pay days the colored woman Is also on hand,
and proves a large and robust barrier be
tween the roustabout and the barrooms across
the way, as well as an immediate and safe
depository for the funds. —W. *f. A.
He Didn't Lie Much.
Iroquois (S. D.) Chief.
Ell Perkins, the lecturer, who has a world
wide reputation as a liar, held forth In Huron
Saturday evening, and his effort was such a
feeble one when contrasted with the every
day work of local talent that the audience
demanded its money back.
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