Newspaper Page Text
By I. A. FUMING.
Team1 work 1 Just as essential In the
conduct of manufacturing, commercial
or financial business as it is in the na
An establishment with officials and
employes working .strictly for 'them
selves and without aim or object, with
out hearty co-operation can no more
stand than can "a house divided against
7here the greatest results are to be
obtained all the units of an establish
ment must work as one, every energy
concentrated on doing well that part of
the day's programme assigned to each
Perfect accord and harmony of action
and unity of purpose from the head of
an establishment to the humblest em
ploye Is absolutely necessary that the
best results may be obtained.
Nine exponents of the national game,
sars though each player may be, will
not attain success against other experts,
where each particular bright light is
working with ee single to his own rec
ord and personal glory
Team work on the part of some of the
employes and officials of Washington's
financial institutions have greatly en
hanced their prosperity. There are many
profit accruing angles to the banking
business each a position of importance
centering around the "keystone center."
guarded by the president of the insti
tution. Team work of this character has led
to wonderful financial success not only
to the men who play the game, but to
the shareholders of an institution and
to the city as well.
Team work of this kind builds up an
e-prit de corps that has not only fre
quently resulted In added profits for in
stitutions, but to the creation of such
close personal relations between officers,
depositors, and emploes as to make the
day's work a pleasure, not a drudge, to
cement close personal friendships and
aevelop In the oftlie a working force of
twenty units working with the force,
direction, and results of one unit.
One ot the largest of the six local
trust companies has brought this team
work to such a degree of perfection that
the results obtained are surprising even
to the shareholders of the 'institution.
Lett ear it earned Zl per cent, and It
was nit an especially good jear for the
banking business at that.
This corporation has "over 30,000 de
Harmon), unity of action, one for all
and all for one. and a most desirable
spirit prevails In the highest degree.
Its office Is next door to a happy home.
The score of emploves. more or less.
come fn practically at the ume time and
with the active viie president, a dally
associate, adviser, and supervisor, they
work to the close of the dav none go
Inp home before alL If there Is an error
In the "cages ' or in the books. It Is
the work of all to aid in finding the
answer before any leae.
Once a week this happy family assem
bles for social Intercourse and exercise
in a bowling match, and here, too, the
highest team work is developed.
fctone s handicap Is nv e, Devereaux
buwls from scratch, and Stetson has a
handicap of twentv-flve pins bides are
chosen and the real struggle begins.
This diversion and the monthly dinners
at the expense of the trust company on
the 1st of each month tend to the great
est possible unity of purpose and team
work for the bank. The "blue" envelop
is unknown in this bank.
Real co-operation and harmony exist
among the emploves and officials of the
majority of local fiscal Institutions, but
this especially happy and effective force
furnished the text for this team work
Attention Is called bv a correspondent
to the convertible clause In the certifi
cates of Indebtedness and bonds of the
Georgetown Gas Light Company, sug
gesting possible complications In the
event of the Washington Gas Light Com
pany acquiring the minority holdings ot
stock of the former.
It Is true that there is a clause making
the certificates, &.C., convertible "If the
Supreme Court of the District of Colunv
bla will allow the company to Increase
its capital stock to a fair valuation of
In this event, four shares of stock
may be obtained for $100 of certificate
In 1S5I the Georgetown Gas Light
Company was granted a charter by Con
gress for a corporation with J150.COO capl
tal. To-day, flftv -eight years and four
months after embarking, the company
has still the same capitalization. So, too,
has the Washington Gas Light Com
pany, $2,600,000. organized sixty-tour years
To this extent our lawmakers have
quibbled, while other corporations meet
and vote Increases In securities without
leave from the "men on the hill."
Our correspondent .suggests that "If
tjje- Supreme Court of the District ai
r-lows this amalgamation it would be also
allowable to convert the bonds Into
But the efforts of both gas companies
to Increase their capital stock have been
futile probably will be until the amalga
mation has been accomplished.
In these merger or amalgamation prop
ositions now before local financial Inter
ests, no recourse to either court or Con
sjress has been contemplated. Neither
has any disturbance of underlying e-
Safety and large returns on money
always desired by investors. Hence,
for a limited time, such an oppor
tunity is offered in our Commercial
Bonds, secured by a first mortgage
on improved real estate, with ample
margin, and arranged so that the
bondholders may share in the large
profits, besides having liberal inter
est (independent of the profits)
tguaranteed by a responsible trust
jtompany. Bonds $100 and multi
ples thereof. If you desire to learn,
without cost, something new to
ivour advantage, write to-day for
pOur Plan." Never before pre
!ented. IMMR C0YE COMPMY
lltto IMmz HUE, IIJLHI
tBST CLASS OPPORTUNITY TO MAKE A
f Urge amount ot mootr u a limited partner in a
I flnCrdui firm ot banker, vfaoas barfnew Is to brine
at new corporation or consolidate and tmdmnlta
(old one and naderwriu and brine oat fitst-cUm pre
f enrd stocks and bonds, far men who hat a sjood
irrpotation and character, vbo can Inrcst from $100.
f0 to $1,000,000."
, So partknUrt draft until satisfactory refnrncas
'are exchanged. Firm has a very wccttafnl money
i makteg bustoe corerinf a period of oter fifty- years,
"with a food, dean, anccessCnl, money-maktcs no
lord; baa offlcea in Stm Tork ad aertral other larct
ciUasof the Dntted Btatoa. Address FIRST CLASS,
Tt Washington Herald, IX a oVSm-tf
N"""""""""i",i"" I J- ..J I I J
curltles been given consideration up to
The holding company Idea prevails.
The Washington Gaa Company would
take over the stock of the pool which
to-day holds practically all of the mi
nority stock and -lock it away with the
3.519 shares which the company now
On Its normal market value. ' aa a
dividend payer only few owners of S
per cent Gas bonds would care to make
a change of their Income produced for
a stock that our correspondent admit
will yield but little on an investment
The Washington Gas Company may
buy the majority holdings In the George
town Gas Co. at least It will consider
the proposition. n
If It does it will be purely discounting
the dim and distant future as well as in
getting rid of a thorn In Its side mi
nority bunch, small though It Is, ot
shareholders who utterly refuse to rec
ognize as legal the common law mar
riage of the two companies heretofore
known and recognized for a period of
Washington's largest bank, the Biggs
National, organized before the war. has
enjoyed a most prosperous year.
From September 1. 1911. to September
4. 1911. the Rlggs National earned 133.
156 on a profit basis at par with the
leading fiscal InsUtuUons of the large
cities of the nation. Not a Baltimore
national bank came within speaking dis
tance of the local tnsUtutlon; not a New
Orleans Institution came within 50 per
cent of the record; Omaha's best was
10.e00. and Philadelphia had but one
national bank that imde much more.
The Biggs National In the year named
made 2.69 per cent on net funds, earned
1096 per cent on capital, surplus, and
profits, and 32.S2 per cent on its capital
stock. It also raised Its annual distribu
tion to shareholders from" 10 per cent to
26 per cent.
It pay to be big and to have good
New York connections.
A New York exchange says that the
Pennsvlvanla has purchased the Chesa
peake Beach road to give It connection
from Washington to a deep tidewater
port. This means that there will be
much maintenance money spent on a
road that has long needed the paternal
assistance of a rich owner.
The Capital Traction Company has cost
for construction, power houses, plants,
units, and equipment up to June 30, 1912,
the sum of J16.S31.4T;, a cost per mile of
road of $304,613.
On June 30. 1912. the company still held
$3b".5W bonds In the treasury and $1(3.500
In the sinking fund.
From July 1 to December 31. 1911. it
paid JDS.062 Interest on bonds, and for the
hrst half of the calendar year It paid
J136.7C a total of S24.S21. The surplus
for the vear ended June 30. 1912. was
J1W.7TB, after charging off to depreciation
SI.OM Additions during the year were
valued at $357,834.
Pay-as- ou-enter cars are one of the
most Important factors In reducing claims
for damages Injuries and accidents cose
the Capital Traction Company during tne
5 ear ended June 30. 1912. JSS.470.
Facts anent the Washington-Virginia
Railway Company's earnings are espe
cially Interesting on the eve of the pro
posed merger with the Maryland-Virginia
The company has 45 S3 miles of road In
Virginia and 4.19 in the District, as well
as 3.23 on Government reservation.
June 30, 1912. It had J19.SO0 mortgage
bonds in its treasury. For the jear end
ing with that date It had earned a net
operating revenue of J368.S60 and a net
Income of $$3,033. Its surplus at the close
of the jear was J3SS.S97.
These figures have not been published
before, neither have the Capital Trac
The action of the local stock maket
from day to day shows the net results
of the uncertainty of the merger propo
sition as a whole. Failure of the pro
moters to make public announcement,
probably because the time Is not ripe, in
their opinion, has not only killed off spec
ulation, but It has made Investors chary
Members of the exchange and bankers
generally have been importuned time and
time again by holders of the preferred
stock of the Washington Railway and
Electric Company, with requests for ad
vice. The drop in the price from 96 to
902, unexplained, caused much uneasi
ness. As a rule, the advice given to these in
quirers is of this character:
"Nothing can hurt the position of the
preferred shares and the bonds of the
Washington Railway and Electric Com
pany. They are amply secured and no
merger proposition can In any way dam
age their rights or value hold on to the
It Is good advice and one cannot go
wrong in following it.
The next meeting of the District Bank
ers'' Association will be held Monday
evening. October 28, in the red parlor of
the New Wlllard. Befreshments will be
It may be that the consideraUon of
the bank examiner matter for local In
stitutions may come up. as the acUon
taken last year has not been fruitful In
tesult, the naUonal examiner for this
district having refused the tender of the
position as examiner for the association.
The question of Interest on deposits' will
not be discussed.
Merger matters are at & standstill. Re
ports have It that the Arlington Light
and Power Company and the Alexandria
Light and Power Company Interests
plan to test the right or merger with
the Maryland-Virginia company in the
courts. That an injunction will be asked
for to prevent the voting on Tuesday, Is
reported as probable.
The Potomac Electric Company is serv
ing the Arlington company with power.
It is claimed that majority stockhold
ers In the various companies have agreed
to the merger.
George O. Walson. cashier of the Na
tional Metropolitan Bank, will return to
morrow from a three weeks' vacation.
It Is understood that much of the time
was spent In central New York, chiefly
William A. Mearns has returned from
his New Hampshire summer camp pre
pared to stay a while.
There was nothing doing in local se
curities yesterday, the exchange stand
Congratulations are in order for Miss
Alice E. Malone, for ears associated
with G. B. Chlpman A Co.. E. F. Hut
ton & Co., Chapman & Co.. and now
with Carpenter. Baggott & Co.. a prom
inent Wall Street firm with-local offices
in the Woodward Building. Miss Ma
lone will be elected a director of the
North Capitol Savings Bank-fshe will be
the first woman In Washington to go on
a local bank directory.
Tb practice of fssnrl&c sbt&s and goods against
ba it m in fritoesa abaca the fiiutstn
Growth of War Clcrad in the Bal
kan! Cauiei liquidation
in American Stocks.
AIL OTHER EXCHANGES CLOSED
Yesterday was a closed gay on the
American exchanges other than the
New Orleans cotton bourse.
London was open and many orders
were sent from New York, generally on
the selling side. Stocks were much
The war cloud In the Balkans grows
on apace and all Europe trembles In fear
of other potrers being drawn into action
and a general European blaze started.
During the last few days London, Ber
lin and Paris have thrown overboard
nearly a million shares of American
Foreigners like American stocks. They
pay much better than theln own Invest
ments, and. more than that, when the
danger signal Is set they can be more
readily disposed of than anything the
Europeans carry In their strong boxes.
With the war cloud growing, the early
and easily scared turned to liquidating.
Wise stock manipulators quickly took
the supporting blocks out from under the
American market and also took the for
eigners' holdings as cheaply as possible.
London prices to-day were materially
easier than the levels of our own closing
The declines of minor Importance were:
Atchison, 7-S: Canadian Pacific. 7-5;
Northern Pacific. 1-S; Erie 3-4; Erie firsts
1-4; New York Central. 3-1; Pennsylva
The special weakling of the session
was Louisville & Nashville, a Morgan
stock, which was thrown over freely
and for a net loss of 3 1-2 points.
Reading was also a mark for the
bears, and lost 3 points, while Union Pa
clflc was 1 3-4 off. Southern Pacific lost
17-8, while Steel common was 2 points
below our closing parity.
These serious losses In the leaders as
sures a decldeuly weak opening In our
own market when trading la resumed
Many brokers assembled In banks and
other offices yesterday and discussed the
The general opinion seems to favor
another week of liquidation, although
there Is nothing in the home situation to
cause worry save the political campaign
now rapidly nearlng Its end.
Commission houses are decidedly cau
tious In their operations. Speculators
favor the bear side. In the event of
further spread of hostilities the bears
will pres their advantage.
JEW Y0EK COTTON.
Sew T Oct. C Cndrr effertns cf American
cotton U H rrts of the world the mirtet hat
declined during- tho vctk under reriew It miefct
be that epmiUtlTo liquidation baa iVayed sols'
part In securinc this end. but tn the main the
heary morenirnt c f the crop beinr mu'l IM as
afiinst the somewhat reluctant demam f r exrvrttv,
has had the effect of brlncinc about a drcfloe.
Early in the year 13 000 000 bale was considered
maximum, but berauM of some famrable weather
conditions and the absesce of frosts at the cartiett
date on record, estimates by many competent ob-
serrers now exceed a crop of 14,500 Oft) bale. This
Is why the market has declined and also why the
ralljlriff power absent.
RANGE OF PRICES.
AeUTe securities of the Wsihinxton Stock Kx
chwse for 1912 to due Fmobbrd br ". B Hibbi
& Co, members of tho 2Coir Yort Stock Exchange.
Chicago Board of Trsde. and the. Wuhicston Stock
Amourt. Bonds. ITtjch. Lot
IIS) MO Cipiti Tnetion 5o 111 110
60 POO rotomie 1st Ss 119 106H
08.000 rote-mac Coo. Ss V2H 101
63 00 Washington Rsa &s HIV.
S7.000 Washington Ballwsr as.. ',
S3 American ftrspbo. com.. 42
St American ftrapho. pfd.... 80
J63S CWital Traction. 13
f 111 Eattern Light & Fuel .. 1S4
S K3 Lanston 93
S.39 Mergenthaler S
Sffn Watnington Itr. com 91W
1I.SS Washington Rr rfd .... 9TV.
513 VV ashington- irginia ccm Sj
311 Washlngtoo-ViixinU pfd. ftU
1U66 Washington Gas- 91'i
Baltimore. Md., Oct. 11-LIVK POULTRT
Chicknis, old hen heary, rrr lb, 14; dx small tu
medium, per lb 13; da rwtn-. per lb. 10c; do.
youmr. large, per lb, II; do. small, rrr lb, 2ft. Duck.
white retina, per" lb, II; do. Mtaeorey. pet lb.
13a.U; do puddle, rcr lb, 13; pigeons, younS. per
pair, 3); da old, per pair. 3; guinea fowl. old.
each, 3; da young, 116 lbs and crcr. each, 40; da
young, smaller, each, 35.
BUTTER Otamery, fancy, per lb. 3U31H; da
choice, Ss30; da. good. 27a2S: da taints. lb. 31a33.
da blocks, S0a32; ladle, per lb. 3a3; Maryland '"
rennsylTania rolls, per lb, ZlaZ!; Ohio rolls, per lb.
20413. west Virginia rolK prr lb. 3rHa21: atore
packxd. per lb. SOSaSl; Maryland, Virginii. ami
Pennsylcania dairy prints, per lb, SDSaZI; ptoccrs
EGGS Maryland. PennaylTanla, and nearby
firsts, loss off, 2S; West Virginia. 27a3; Western
firsts, lose off, 3; Southern firsts, loss off, 26a27.
TO HONOR FLAG
Lawrence Citizens Protest Against
Display of Bed Emblems by
Lawrence, Mass.. Oct. 12. As a protest
against the display of red flags by the
Industrial Workers of the World at the
recent textile strike, 39,000 men, women,
and children marched through the
streets to-day carrying the Stars and
Stripes, in a patriotic demonstration
such as seldom has been seen In this
country. The parade was watched by at
least 100,000 people. Special trains
brought hundreds from Lowell, Haver
hill and Manchester. N. H.
The parade was followed by a flag
raising on the common and a series of
public meetings. '
The paraders passed under an arch of
"For God and Country. The Stars and
Stripes forever. The red flag never. A
protest against the I. W. W., its prin
ciples, and methods."
Marshal John Sullivan had a big police
force on duty, more than ISO regulars
and reserves, but there was no trouble
or semblance of- friction.
While the streets were thronged by a
marching host and spectators, ths mem
bers and sympathizers at the I. W. W.
were four miles away with their leaders
holding a field day on the plains In
Methuen to , raise funds for the cause
and for the defense of Etto'r, Glovanlttt.
and Caruso, whose trial for murder will
be resumed Monday in the Superior
Court at Salem.
There were speeches by William D.
Haywood. Carl O. Treses, Elizabeth
Gurtar Ibu, mat other leaders.
Three Locations, One of Which Will
Probably Be Chosen for
BUILDING 10 COST 400,000
By I. A. FLEMING.
Real estate Interests and some owners
of desirable sites are much Interested In
the probable location of the new building
to be erected as a home for the Depart
ment of Commerce and Labor.
The government has agreed to take a
Ave years' -lease of a suitable building
to be erected oq a site still to be se
lected. A number of property holders have
formed the opinion that they are to be
favored with the commission. The build
ing must cost when completed HOO.000.
The three available sites that seem lo
hare the call at this time are located
on the southwest corner of P and Seven
teenth Streets. Just west of the State.
War. and Navy building; the northeast
corner of Pennsvlvanla Avenue and
Twenty-first Streets, and the property on
the east side of Vermont Avenue, be
tween K and L Streets.
Owners of these sites have been mak
ing their financial arrangements In the
event of the selection of their property.
An interesting problem is offered In the
query as to whether the erection of a
J4CO.000 building, such as the Department
of Commerce nnd Labor must have, on
a certainty of a fair rental for a period
of five years Is a good business proposi
tion. It may be that the probable longer
tenancy of the government with this de
partment or some other department or
bureau may have a value, but some ot
the locations mentioned are entirely out
of the way fcr a modern office bulldinif.
unless remodeling later on to an apart
ment bulldlnc might solve the problem.
Office hulldincs have not made great
returns for their owners In Wsshlngton.
the expenses of operating being so great,
the keeping of pace with the demands of
the tenants, that there has been little
net profits on the returns.
Invasion orth of Ilanont Clrrle.
The problem offers good opportunity
for discussion "Business continues to
take In one building after another In
Connecticut Avenue, new structures or
remodeled residences of the one-time
elite of the Capital
Heretofore the west side of the avenue
north of Dupont Circle has been free
from encroachments. Towles. the pho
tographer, has broken this record, hav
ing taken No 153) for a studio The
price paid for the property was CO.000.
The best example of remodeling on the
avenue Is nt lm. where the southern
one of a double residence building, old
fashioned and long Idle, offering no re
turns to the owner, has been remodeled
Into a brlsht. light business structure,
with quarters for stores and business
parlors that will be sure to cttract at
tention and rent well. In the meantime,
the building at 1217 Is a candidate for
renovation and remodeling.
While It Is not exactly up-to-the-minute
news, there are comparatively few peo
ple In the city who know- that the Chllds
Catering Company, with a capital of over,
JUVW.OOa has leased the premises U3-
ltIT Pennsylvania Avenue and will make
extensive alterations, after which the
company will open a restaurant.
The Chllds Company ha establish
ments In New York City. Chicago. St.
LouK Baltimore, and eleven other cities.
It Is verv successful and. once having es
tabllshed Itself In a city, soon starts
branch eating places wherever the exi
gencies of business will warrant.
Gnats Eat His Money.
rrrm h, New Tork Times.
Mangin Street was beside ltelf with
excitement Sunday morning when Iidor
Ftcln rushed coatless and hatless from
the office of his livery stable and raised
his voice In penetrating lamentation
"My goats, my goats." he cried so that
all tho neighborhood heard, "they have
eaten my good money."
The streets swarmed with neighbors
anxious to get the details of the tragedy.
Ever" one In the block new Stein's fam
ily of goats Nellie. Billy, and Baby.
They had come Into his office when he
was paving off his help, and while his
back was turned had eaten a great many
receipts, large portions of hli ledgers,
and. besides, a roll of $143 In bills, which
he had left on his desk. All that was
left of this fortune was a corner of a
"What shall I do?" nked Stein, wring
ing his hands.
"Cut the beasts open." suggested some
Others suggested the use of the X-ray.
and even body peered at the goats witn
a new Interest. Some of the glances
seemed so covetous that Stein suddenly
became alarmed, and pushing every one
irom nis omce. he led the three goats to
the stable, padlocked the door, and sat
outsldo until far Into the evening, think
ing what he had better do about It.
Just send your name and address for
a Free Paekavce and the Positive Proof.
Do not allow these dreadful diseases to
rob you of your health and1 strength
when you can cure yourself very easily
rlght in your own home. My Wonder
ful "Home Treatment" Is making so
many extraordinary cures of chronic
and acute cases. Thousands of suffer
ers who have taken it will gladly tes
tify. Jnst emd far the Free Treatment
and be rosivlaieea.
Catarrh sad Atrtksaa are too serious
to neglect. In the foul slimes of Ca
tarrh and Asthma the germs of Con
sumption breed rapidly and the whole
system, Is Impaired and left open to tho
attacks of dangerous diseases. Horrible
suffering results days are one long
torture ana nignts sleepless agony.
I My Remedy cleanses the system of
Impurities, stops the dripping in the
throat, hawklnsr. foul breath, head
noises, loss of taste .and smell, hoarse
ness, watery eyes, neais tne scsds in
the nose.r rtrevents srasnlnsF for breath
and sleepless nights.
Do not aeiay a moment, out sena now
for the Free Packasre and mv book.
both of which will be mailed in plain
wrapper. Be tmre Mai aseatleta rear
T. N1U. 17 fcrtaa Mi MrM.;firNk, Hit.
s 1.L'I .
PLANS TO SOLVE;
COST OF LIVING
Prof. Fisher, of Tale, Wonld Stand-
- ' ardiie the 'Value of Golf -Dollar.
GOES BACK TO SEIGSIOIAGE
In an address before the International
Congress' of Chambers of Commerce, la
Boston. Prof. Irving Fisher, of Tale
University, proposed a remedy for the
unstable purchasing power of money,
to Increase the weight of the gold dollar
by increasing the weight of the bullion
on 'which is is based. In other words.
his plan Is to restore a "seigniorage on
gold. But he goes farther In that this
seigniorage Is not to be fixed once for
all, but to be continually adjusted so
that the dollar shall always retain the
same purchasing power. An official In
dex number ot prices. like that now con
structed by the Bureau of Labor win
show from time to time what the seign
iorage is to be. If the Index number
shows that the price level has risen one
per cent the bullion dollar will auto
matically Increase that amount. In part.
Professor Fisher, said:
"The great fall of prices ending in IS
waa often referred to as an appreciation
of gold. Just as the rise of prices since
1898 is often referred to as a depreciation
of gold. In other words, the dollar, the
pound sterling, the franc, the mark and
all other monetary units In gold were in
creasing In purchasing power before 1S9C
and sln-e M9S have been decreasing, in
both cases the purchasing power varied.
"The continual variation tn the real
value of the dollar Is the bane of busi
ness. It Is one of the sources of booms,
crises, contractions and depressions by
which modern business men are per
petually vexed. Unfortunately, as yet.
the rank and file of business men do not
realize the close connection between the
cvcles of trade and the Instability of the
stable Unit nf Value. ,
"I firmly believe, however, that the
time must come when business men
throughout the world will feel the need
of a more stable unit of value. Business
men app-eclate the necessty of a scien
tific determination of the yard, the
pound, the hour, the horsepower, the kil
owatt. &c The governments have bu
reaus of standards to make sure that
these units are determined to the h'ghest
possible degree of precision. Vet our
yardstick of purchasing power, the dol
lar, the most essential and universal unit
emploved by the business men. Is per
mitted to change Inces-antfy. The whole
world complained when the dollar ap
preciated and complained ngaln when it
depreciated No one will deny that the
oretically It ought neither to appreciate
nor depreciate, but to remain unchanged.
We have, at present, a dollar of fixed
weight, but not of fixed purchasing pow
er, and we shall never secure a fixed
monetary jardstlck until business men
universally appreciate Its Importance.
Personally. I hope that an International
conference on the cost of living, while
It could not be expected to secure this
result Immediately, may lay the basis
for It In the years to come.
Mnur It-medlei "nmcesleil.
"Among the possible makeshifts or pal
liatives which deserve careful considera
tion are: tariff revision, legislation reg
ulat ng monopolies co-operative devices,
publicity as to prices and profits, the
reduction of middlemen, the repeal of the
tax on oleomargerlne and other taxes
which directly affect the cost of living,
municipal markets, the utilization of
I. '., ."JSTSS!
man disease and disability, the Introduc
tion of workman's compensation and in
surance, the organization of housekeep
ers' market ilubs. the encouragement of
simplicity in living, the regulation of
cold storage plants, the revilon of gov
ernment regulations ai to weights ana
measures, especially as concerns the use
of package in retail trade, and the es
tablishment or an elastic currency.
"Among the more ambitious plans
which aim to go to the root of the mat
ter Is one of my own. This is similar to
a suggestion of Gov. Woodrow Wilson
that the weight of the gold dollar should
be increased enough to restore some of
its lost purchasing power. My proposal
Is not literally but virtually to increase
the weight of the gold dollar by Increas
ing the weight of the bullion on which
It is based. I had intended to pass over
tills plan with a mere mention, but It
has been suggested by the Boston com
mittee on programme that I should ex
plain It main outlines. This I am nat
urally very glad to do. as far as tlmn
permits. For further and more technical
details I refer you to the closing chap
ter of my "Purchasing Power of Money.
Woold Increase the Weight.
"I have said that my proposal Is vir
tual to increase the weight of the gold
dollar. But this Increase In weight would
not be added to the coins themselves,
but only to the bullion out of which they
are made. In other words, the proposal
Is to restore the ancient custom of a
'seigniorage' on gold coinage. At pres
ent there is no seigniorage. Coinage Is
free and the .weight ot a gold dollar Is
as great as the weight of the bullion
which the miner takes to the mint and
for which he receives back a dollar. He
now takes S.S grains of gold bullion to
the mint to secure a 3 8 grain gold dol
lar. The coined dollar weighs the same
as the uncoined or 'bullion dollar.' If I
may use such a term. My proposal is to
Increase the weight of the bullion dollar;
that is, to require 26 or Z! or 18 grains
of gold bullion to be taflen to the mint to
secure a S5.8 grain gold dollar. The
coined dollar would remain unchanged In
weight (5.8 grains), but the bullion re
quired to secure the coined dollar the
bullion dollar would be heavier. The
difference In weight between the two
would be the seigniorage. It would not
be fixed once for all. but would be con
tinually adjusted so as to give the dol
lar always a fixed purchasing power. As
the coined dollar would be interconvert
ible with the bullion dollar, the two would
always be equal In value. The ultimate
dollar would be as It now Is a dollar of
gold bullion but this dollar would no
longer be of fixed weight and variable
value, but of fixed value and variable
Would Be Automatic.
"The adjustment of the seigniorage
would be entirely automatic, dependent
on an official Index number of the price
level. Index numbers are now familiar
and well tried devices for measuring
changes in the general level of prices.
The new official Index number could be
modeled on the well known Index num
bers already in use. such as those of the
United States Bureau of Labor. Brad
street, Gibson, the Canadian Labor of
fice, the British .Board of Trade, the
London Economist or Sauerbeck, the
London wool merchant. "
The system here proposed is, so far as
I know, the only one proposed which Is
purely self-acting. If the official index
number shows a rise of prices In any
vear, say 1 per cent, it would be manda
tory for the mints to add 1 per cent to
the segnlorage. Expressed the other
way about. It gold loses 1 per cent of Its
value, the mints would pay 1 per cent
less. 'This would tend always to pre
serve a uniform purchasing power ot the
monetary unit. As soon aa anydepreel-
dMoee-u-ros, the Joerease of, tkes
Bltwaaf wouM operate to'correct K. Th
prtavunt mint price la ftxad: R.le S'lns.
MUd.per os-nca of gold ,11-14 ttee to Bn7
tetVor tmao aer ounce of nM -W ate
to ttta -United States. The proposal H
a-ftaaaiy that Instead of always paying the
afsBsa money price for cotd, no matter
how much It appreelatea' or depreciates
to purctsaabac power vover goods, we
would par exactly what It Is worth.
There la no virtue 1b a Axed -mint price
ror gold, mu there la virtue In a-nxea
purchasing power of monsy. 4 -
' Flam Receive Appawraa.
"The proposed plan has been Indorsed
by those who have examined If to detail.
It escapes, the objections to most' pro
posals for Improving the standard of
value. It would work aa automatically
as too mint now works, or aa the regu
lation of the coinage of the Philippines
or of British India under the present
gold exchange standard, to which sys
tem, aa I have shown In the 'Purchasing
Power of Money. the present proposal
is analogous. The operation of the sys
tem would not depend upon the discre
tion of any official. 1 most strongly ob
ject to any system of regulating the
value of money through the exercise ot
Judgment by a government official.
Such systems are absolutely impracti
cable and dangerous. Their occasional
promulgation has made most people sus
picious of any proposal to alter the exist
ing standard of value. Even the gold ex
change standard for silver countries was
looked at askance until actual experience
proved its workability. The system here
proposed Is at bottom precisely the same
thing; In the gold exchange standard
the. ultimate basis Is gold outside of the
circulation. This system has been spplied
only to silver countries. The present pro
sal Is simply to apply it to gold countries
andrto readjust the par between the money
In circulation and the gold outside so as
to maintain constancy of purchasing
Plan Has siren Tried.
The plan Involves no untried elements.
Its novelty consists solely In combining
Into ar' coherent system a number of ele
ments all of which have been tested by
experience. It Is not a flat money scheme.
It is not an abandonment of the gold
standard. It Is merely making the gold
standard stable. The ultimate basis Is
still gold bullion Interconvertible with
gold coin. But this gold bullion, the ulti
mate source of the monetary unit. Is to
be of fixed Instead of variable value.
All nations can adopt the svstem with
out disturbing any existing coinage, pa
per money or banking arrangements.
There would be no outward change In the
appearance of the currency. Even silver
countries can get Its benefits If they
adopt (with India, the Philippines, Pan
ama, Mexico, and the Straits Settlement')
the gold exchange standard. The ma
jority of people would never know what
had happened any more than the ma
jority of people In India jet understand
what happened In 1893. But all classes
would enjoy the safeguards of a stable
standard of value. I-onjc term contracts
would be safe. Crises would be almost
Impossible. The fundi mental reason for
much unsound speculation would be
taken away. The rising cost of living.
so far as this means a fall In the pur
chasing power of monev, would come to
Would Partlnllr Solve PmMrm.
"It is not pretended that to stabilize
the purchasing power of the dollar would
fully solve the whole problem of the cost
of living. This larger problem concerns
the purchasing power not simply of tne
Individual dollar, but of the whole In
come. The purchasing power of a man's
Income depends not only on the purchas
ing power or each dollar, but also on th?
number of dollars of Income he can se
cure. But It Is Impossible In this short
paper to cover the whole problem of thr
cost of living. The branch or it which
has been discussed the problem or a
stable yardstick of purchasing power
will serve as a sample of the truly great
problems to be considered by the pro
posed International conference.
These problems are not only great, but
pressing. . Industrial unrest Is almost uni
versal. This unrest Is the direct, al
though usually urrecognlzed. result of
the mighty upheavals going on in prices
with the imperfect adjustment In wages,
salaries, interest, rent, and contracts ol
all kinds. This unrest has already ex
pressed Itself In bread and meat riots
and other forms of violence on both con
tinents. Furthermore, this Industrial un
rest, with the attendant excitement, is in
turn the chler cau-e or our political un
rest. This manifests ltfelf in new par
ties and new proposals, and in a great
mass or legislation to control or lower
"Such legislation includes tariff re
form, railway rate legislTlon, the project
of a parcel post, anti-trust legislation,
and public utilities legislation, designed
to give the consumer lower rates tor
water, ga. electricity, telephone, and
trolleys. Many or these projects are
sound and desirable In themselves, but
few of them are far-reaching enough to
arrest appreciably the rising tide or the
cost ot lUlng. Disappointment In the re
sults expected from false panaceas Is
Inevitable. This disappointment will
greatly Inflame the growing discontent
and make worse the unmistakable trend
toward socialism, syndicalism, and vio
lence. Needs Scientific Remedy.
"Unless the problem of the cost of liv
ing Is dealt with in a thorough and
Declares American Bankers
Stiould Not Finance Turkey
Greek Consul Gives Reasons Why People of United'
States Should Not Grant War Loan to Otto
man Empire Defends Balkan States.
Br SOTEHIOS NICHOLSON.
Turkey, through her representatives,
has crossed the lines of Europe, through
failure to obtain the necessary funds
to declare war against Christian king
doms, and has arrived in New Tork, and
has set her nets to fish out the American
dollars for the purpose of war.
I do not believe that the man who has
Christian blood and who believes in hu
manity, whether he has millions of dol
lars or thousands, will ever aid or give
a hand to Turkey in slaughtering more
Christian blood than she has shed for
Turkey has forgotten that the country
to which she has turned her face to
obtain the necessary funds for war is
the country where the foundation stone
of peace was laid, and that the citizens
to whom she applies for these funds
are also members of the peace founda
The reason which Turkey gives for
her action to obtain these funds are
stated to" be simply defensive ot the
Such .reasons are. without doubt,
groundless, and without foundation.
In the first place, the patience and
the forbearance of the Balkan nations
ta fight and to give Turkey a chance to
better govern herself and the Chris
tiana of different nations residing In
her conquest territories have been for
centuries well known to the world.
But. alas! even though Turkey changed
her form of government to a constitu
tion. 1 the revolutionists and different
comities by her own subjects on the
boundaries of the Balkan states, asl
well aa in The interior parts of thatj
country hay never ceased to exist.
dentate war, unless avrwefiilat la doaa f"
to at. least help the coeaBVBj mpia vaa
derstaad what la really aac aa. discon
tent -Bsay'turn to fair aad reform to
revolution. The Index nuiahere of Brad
street's and the London Economist show
that the price lever of. the first eight
months of 113 Is S per cent in America
and per cent- In England above the
level ot the year before and the highest
point yet reached In this generation. Nor
la, the end yet In sight.
'On the contrary, a, careful statistical
study published In Septemfier in the
American Economic Review baa driven
me to the conclusion that the price level
Is to rise, for many year to come un
less something vigorous and far-reaching
is done. Shall we shirk the problem or
shall we solve ItT If we are to solve It.
we can do so only through International
Investigation. No one nation can suc
cessfully' cope with the problem single-
handed. It Is too big. j
"An International conference Is the alii
Important. first step and this first step !'
all but taken. Whether or not It win!
actually be taken next December de-!
pends on how widespread and earnest u
demand Is made for it. The kind of de-j
mand which counts most Is the demand'
of representative business men like you.
If the Interest In the project continues
to spread among, business men as fast
as It has spread already, success is as
sured, and the way will be prepared for
a statesmanlike and businesslike treat
ment of a great world problem."
U. S. SAILORS IN.
Bluejackets of Atlantic Fleet,
Mobilized in New York Harbor,
March Through Gotham.
BIG REVIEW T0-M0BE0W
New Tork, Oct. li Starting this morn
ing with the greatest naval parade seen
In this country since the Hudson Fulton
celebration, and ending to-night with
c huge smoker in the Sixty-ninth Regi
ment Armory, this day was Just one
merry event after another for the 35W
sailors of the HT fighting 'vessels of'
Uncle Sam's navy now assembled In the
Hudson River. '
Only one incident occurred to mar
the programme, and that was the arrest
cf Commissary Steward, of the battle
ship Louisiana, who is accused of graft-,
Irg in the purchase of food supplies for
the Louisiana. He is charged with prac
ticing graft In various forms, from buy-)
ing Inferior food and splitting the differ-
erce with the contractors to selling to;
tie sailors delicacies which Uncle Sam
bought for the mess tables. A sweep
ing Investigation has been begun by the
feet commanders and arrests ot stew
ards on some of the other ships are
Seven thousand Jackies were In line in!
this morning's parade, which covered the.1
busiest portions of Broadway and Fifth,
Avenue. The procession was reviewed!
ty Major Gaynor from a reviewing!
stand, erected in front of the Public
Library in Fifth Avenue.
Ihouiiantls Attend Parade.
The marchers had their liberty for the
day and attended various functions ar
ranged In their honor. The smoker to-j
iisht was the biggest affair of its kind
ver attempted. It was given by the.
New York American, with the sanction!
of Admiral Dewey and Bear Admiral!
Osterhaus. The Jackie uniform was the,
ticket of admission, and more than 7,U
if them packed the armory to the roof.
There were loads of refreshments. Dur
ng the evening "2.5W bottles of beer. 4.0CO
bottles of soft drinks. M.O-J Havana.:
rlgars. thousands of packages of clgar-i
ettes. and 3,0uo packages of smoking to
bacco were distributed, and then cams)
tne show. Joseph Grlsmer and Ben At
well. of the Friars' Club, were the mas-
ter of ceremonies. Among the perform-!
era were George Coaan. Lillian Shaw.f
Mile. Dazle, Bud Fisher and "Tad. the)
cartoonists, and thirty others of stags'
fame, not to mention Jimmy Brltt, Tom.j
Sharkey. Terry McGovern. and a score
of other ring celebrities.
The Jackies owned the town to-day, andj
they will own It to-morrow. On Monday'
they will all be aboard for the reviewl
of the fleet by Secretary of the Navy
George Von L. Mevtr and the attendant
ceremonies. Shortly after noon Monday
President Taft will arrive on the May
flower, which will anchor near the fleet!
llagship. At 1 43 P- m. the President will
receive the commanders, and following'
this he will come down stream In rvlew.
The day will close with a dinner at tho
Hotel Astor. The fleet will again pass ln
review early Tuesday, when the battle
ships will steam out of the harbor, pass-)
ins the Presidential yacht near the
Statue of Liberty.
The latest trr of slot machine to be triad tn
Eccland fcr letters, instead of afllliEj; aa aahe
slTe slamrv jnnts upoa them tho fact that post
age has been paU.
though the Balkan states hare don
their utmost to bring peace.
One mljsht ask why it is that they
cannot be united and maintain peace
with Turkey. The reasons are obvious.
Turkey cannot govern herself. Most
of her subjects are Ignorant of the West
ern civilization and alwavs have mal
treated the Christians. They do not ex
tend to Christians the same rights that
other civilized nations give to the peo
ple residing In their territory. Irrespec
tive of nationality or religion.
On the other hand, later tlelegrams In
form us that war Is about to be declared
by the four Balkan states against Tur
key. These being facts. Turkey should
know better than to apply for a loan
for such a purpose at this time, as the
America people fully realize the rights
of the Christians, aside from the interna
tional law principles, to loan money to
Turkey for such a purpose.
AGENTS WE WANT AN HONEST
man or woman Immediately in every
town, and will make a salary contract
guaranteeing J2 per day or SOc per spare
hour to do easy, pleasant advertising
work. No experience necessary. On
sales we par 40 per cent extra commis
sion, give credit, and share our profits.'
Experienced canvassers making 15 to $10
dally profit. Write quick for our big
monev-maKing proposition. oii jauunu-
IK Broad St.. 'Provl-
dence. K. i.
ARCHITECTS AND BUIIDEIS.
CO TOU WANT A COTTAOs: OF ANT.
description or at any placer We will
nulla. For rree plans see
WALLACE COLEMAN. v
Stewart Bldg, (th and D bw. K. ML