Newspaper Page Text
THE WASHINGTON TBEES, SUNDAY, JANUARY 1, 1911.
Material Prosperity of Washington Demonstrated by Important Statistics of Banking Institutions and the Stock Exchange
THE RECORD OF THE GOOD YEAR 1910
Statement of the Comparative, Clearings
of Washington Banks.
Washington Bank Statistics From Cur
's rency Comptroller' sTieport
IN THE CAPITAL OF THE NATION
n-Jdl.,-"- K - -- -i
National banks ..
Savings banks ...
Trust companies J3.10O.OOO
National banks 4,460.662
Savings banks 350,100
AGGREGATE UNDIVIDED PROFITS. .
TniBt companies J1.W2.S
National banks 711.614
Savings bankSv 233,067
Total capital, surplus and undivided profits
Trust companies J24.229.048
National banks ............. 23,012,053
Savings banks 10,808,357
BANKERS ARE HOPEFUL
. IN A CONSERVATIVE WAY
Symposium of Views Indicates That They Are Not Over
Enthusiastic, But Believe That Brakes Are Too
' Securely Set for Any Serious Danger.
NEW YORK, Jan. 1. Conservatism
with very mild optimism In the banking
outlook for 1911 is expressed by repre
sentative bankers of the country, a sym
posium of whose views is published In
yesterday's Evening post The follow
ing are some of the expressions:
Pavid R. Forgan, president National
Cltv Bank, of Chicago "We look for
gome more trade reaction leading to an
easier money condition, and therefore a
gradual recovery of courage, confidence,
and enterprise. This country has not
gone to the dogs."
Ralph P. Stacy, second vice president
of the National Bank of Commerce, of
Seattle '-The best feature of the pres
ent outlook here is ,a somewhat better
demand for lumber. "We do not look
for a great revival in business condi
tions during 19U."
C. H. Huttig, president of the Third
National Bank, of St. Louis "One of the
most encouraging features is the proba
bility that Congress will, at Its spring
ncs-Bion, pass a satisfactory currency
bill. The monev market prospect is for
an abundance of loanablo funds "
A. C. Jobes, vice president of the
First National Bank, of Kansas City "I
do not look for anv material revival of
business during 1911, but am of the
opinion that conditions will run along
very much as, thev are now until after
another croD shall hae been harvested."
Graham G. Lacy, vice president Tootlo
Lemon National Eank. of St, Joseph "I
think the most healthful feature 1b the
M-M I I M"I"I"!"!"H - H - I - I'
CHAPTER X (Continued).
LL. this was deadly uninteresting
testimony to a public thirsting
for the gruesome accounts of
rjosslhle eve-witnesses. When
the experts were called to deliver their
opinions on Barton's sanity or insan
ity, the throng yawned The first of
tho scientific brigade was a physician,
who studded his testimony with formid
able technical terms and rid himself of
ii burden of bewildering measurements,
from all of which It followed that death
had been caused by a "sharp instru
ment" (he would not say "knife" If his
life were at stake), which instrument,
Btarting from the sternoclldomastoid,
had seered the parotid, Jnclslng it ob
liquely, had passed through the external
carotid artery, had been deflected on the
maxillary angle, had cut the stenoclldo
mastoid again and had eventually been
checked by the sternal fork.
After the illumination testimony, and
the equally clear opinions of other ex
perts, a clockmaker was summoned to
tho stand a man who had been commis
sioned by the State to examine the
clock that had fallen from the mantel
piece. His testimony was no more In
teresting to the crowd than that of tho
experts. But Barton hung on every word
that the man spoke.
"The clock which I was asked to ex-I only by threatening to clear the court
nminc," he testified, "is of an old pat- room was the judge enabled to restore
tern It has a good movement" whVh 13 Sffiedf W- '
in excellent condition. I may say that I "Barton, don't try to deceive us at a
clocks so well made and well finished ' time like this. Consider the effect of
tannot be bought nowadays. The hands I 'our declaration, if it proves to be
mu mui' neu una uointen tn i:Tn r ia i
- uu n ii t ij. , '
- - - - - - . w. At io .
... ;ifeii.-uaj- uutii. ji couia nave run
forty-eight hours longer when I looked I
at tho works. It did not stop, but be- ,
cause It had been upset. After having '
been righted It could have been started immediately,
simply by touching the pendulum. lL"S?..e 'V.lf
j-houid say that the clock stopped at the I
time Indicated by the hands." '
'The crime must, therefore, have been '
committed at the same hour," comment
ed the prosecuting attorney, as he dis
missed the clockmaker.
The witnesses had now all been heard.
After a delay of several minutes the
prosecuting attorney rose from his seat
to sum up the State's side of the case
Barton, somewhat reassured by the
clockmakcr's testimony. listened to the
prosecuting attorney's summing up
without apparent emotion. Inwardly,
.However, he writhed under the stinging
invectives that were hurled at him. Be
sides the rhetorical display which was
intended primarily for the jury, the ora
tion contained much sound reasoning
irom which there seemed no escape.
As the nrosecutlncr attnrnpv snnlrp.
murmurs of approval rippled through
tuuuiuum. wnen ne concluded
mere was an niithiirt nt iinnitmcj
which was very quickly suppressed b
Barton shuddered as he heard the
maximum punishment demanded for his
crime a punishment that meant not
only death, but the Ignominy of a pub
lic execution. During tho thundering
arraignment of the prosecuting attorney
tho thought constantly passed througn
his mind: .
"I must speak; I want to speak; T
will speak. Over and over again he
repeated. "I will, i -will, i will."
curing tbe long epeech of bis lawyer
determination of bankers to put a curb
upon speculation of -all kinds, and in
sistence upon the conduct of all business
along more conservative lines and a
careful scrutiny of all credits."
F. O. Watts, president First National
Bank, of Nashville "Big crops of every
kind the slowing down In manufacture
that is present, and the slight degree of
personal and general economy that trails
such a period as 1910, will more than
llkelv make easier money markets dur
Caldwell Hardy, president Norfolk Na
tional Bank, of Norfolk. Va. "The sit
uation in a broad sense needs Intelli
gent legislation, and it is to be hoped
that we may get something eventually
from the monetary commission and Con
gress." W. II. Bucholz, vice president of the
Omaha National Bank "A decided
check to extravagance and a conclusion
to curtail speculation are encouraging
features of the outlook."
W. P. Manley, president of the Se
curity National Bank, of Sioux City
"The most helpful feature is the dispo
sition on the part of banks to make
no advances for speculative purposes,
but to confine their engagements to
legitimate business requirements.''
II. B. Wilcox, president of the First
National Bank, of Baltimore "Ono of
the most helpful features is the fact
that our bankers have been preaching a
doctrine of "go slow' for some time past,
which, we think, is having Its effect."
k : : 1 1 1 n wwi Mil
- :"M"!"I"I - :"I":MI! VI M'HII 1 I I I'M'
he stared fixedly in front of him. He
clinched his fist, determined to utter his
secret. "I will speak, I will speak, I
will speak," he insisted to himself.
His counsel sat down at last. The
courtroom was silent as a tomb. With
instinctive politeness. Barton bent for
ward and thanked him. He had not
heard a word of tho plea which had
been made for his life.
The judge turned toward the prisoner
and sternly asked:
"Have you anything to say In your
own defense?" Barton stood up, with a
terrible effort, so haggard and pale that
an officer stepped forward lest he should
faint. He swept the man aside and In
a strong voice, which evidently im
pressed the Jury by its sincerity, he re
plied: "May it please the court, I am inno
cent and I can prove it." He breathed
heavily and stopped for a second, gazing
straight ahead of him with stark -staring
eyes. He opened his lips. Those who
stood nearest to him thought they heard
him mutter "I will." He lifted his head
and spread out his fingers as If to blot
out some menacing vision. Then he
shouted with explosive suddenness:
"At 12:20 o'clock, the time when the
murder was committed, I, an annocent
man, was sitting in the house of my
friend. M. Ledoux. 14 Rue du General
Exhausted by his supreme effort, over
come by his victory over the unknown
force, which up to that moment had
dominated his will, he sank down Into
his seat and sobbed with joy. A half
dozen court attendants sprang to his
assistance. Such was the uproar that
T Yinvt rnnslrtprea. 1
have told tho
....."";-" .rr.-u , , .vi-,,.
irmn nufur u nnn liial hi iiiliiu
"Your honor," spoke Barton's lawyer,
"I ask that the witness be summoned
answered the Judge. "I or
der the witness named by the prisoner
at th tar to he broucri
tit into tnis court
within the hour. Officer, you will go to
14 Rua du General Appert and Dring .
Ledoux with you. The trial Is postponed
for one hour.
Barton's declaration had stupefied ev
eryone. His partisans In the court room
were jubilant. His opponents, unable to
denv the importance of such an alibi, re
fubed to believe him. The jury was
stunned. Thev had been so Impressed
bv the prosecuting attorney's summing
up that thev had paid but Htle atten
tion to the weak defense offeied by Bar
ton's counsel. If the alibi could be
proved, the charge of murder against
the-prisoner muft fall.
Barton's attorney leaned over .and
asked: "Why didn't you tell me this
Barton replied truthfully and yet un
convlnclngly: "Because I could not."
For an hour the court room and the
corridor presented a scene of extraordl
rarv animation. The trial, which had
dragged along in the morning without
incident, had ben suddenly transformed
into a sensation. At the sound of a
gong the crowd in the hall flocked back
into the court room. A handful of men
and women who had been refused admittance-
I" the morning had wormed
their wav in, despite the guards at the
doors. The doors. The crier again
pounded the table in front of him with
his gavel and the Judge solemnly re
entered. In a dead sllerce M. Ledoux
waa called to the stand.
New Year Present to Investors of Nearly a Million Dollars The Story of Banking,
Commercial, Real Estate, "and Laboring Prosperity Told Largely in Fig
ures General Comment.
From practically every point of view
the year 1910 has been ono of great
prosperity to the financial, security,
and business Interests of Washing
ton, This in contradistinction to the
rest of the United States and especial
ly with reference to the gloomy year
on Wall Street has but the more em-!
phatically emphasized the fact that
the Capital stands practically sepa
rate and alone, feeling but slightly
the Jars that come to her slster'dttes,
strong enough In herself and as the
seat of Government, to move along in
the even tenor of her way, undisturb
ed by panics and depression.
As a material evidence of tills pros
perity, speaking in actual facta and
figures, is the wonderful growth in
the bank clearings, which are J28.646,
397 greater than the clearings for
the preceding year and clearings
tell a Btory, straight and indubitable.
Further pvidence of the materialis
tic prosperity is shown in the actual
distributions of cash on account of
Interest and dividend payments which
will bo made within the next day or
two payments to holders of stocks
and bonds as investments, for Wash
ington is not a speculative city. The
grand total of this distribution, $933,
S93, is probably in excess of the esti
mates of the most optimistic of tho city
Nearly a Million Dollars.
Moreover, payments are not made
by all corporations and banks in the
city at the same date. Many of the
banks will make their distribution for
the quarter with February and the
same is true of tho Gas Company.
Then, too, the figures of payments to
be made at once do not Include many
private corporations' distribution; only
payments on the stocks and bonds of
corporations and banks listed on the
local Stock Exchange. If It were possi
ble to obtain a statement of all pay
ments, the grand total would not be
far from a cool million of dollars, much
of which will seek reinvestment In
local securities within the next few
weeks. Nor has this anything to do
with the payment of salaries, the regu
lar monthly distribution by Uncle Sam
to his employes, estimated at ,500,000
a month of Jl.500.000 for January, 1911.
On the Stock Exchange.
Turning to the Stock Exchange, the
records show that there were transac
tions Involving 62,427 shares of stock
and J2.630.153 par value of bonds during
the year. As compared w Ith the record
of 1909, there was a material gain, al
though 1910 was a poor year for securi
ties everywhere but In Washington.
Two large Issues of bonds have saved
the local market: have given tho brokers
a larger business, and have made for
more commissions. The Capital Trac
tion Company issued Jl.480.000 5 per cent
bonds, and they were marketed above
M-M-n i iiiiiiiniiiis M-i-t
MAURICE LEVEL f
(Copyright. The Frank A. Munsey Co.) 4-
1 1 Hill '1-1 !!! I I I I I l'I 1 1 1 1 M1
An officer, unattended by any witness,
stepped up to the bar, clapped his heels
together, saluted and said:
At 11 Hue au uenerai Apperx i was
told that M. Ledoux died on March 13."
Barton was livid. He took his Iread
In his hands, moaned and fell back.
Hardly had the news of Ledoux s
death ben announced when the prose
cuting attorney sprang to his feet.
"Your honor and gentlemen of the
jury. It is needless for me to insist on
the graUty of the declaration we have
Just heard. If M. Ledoux were here to
testify, the charges against this prisoner
would still stand. You will, therefore,
not allow yourself to be Influenced by
this audacious attempt to instil in your
minds a doubt In favor, of the prisoner
at the bar. To what I have already said
I have nothing to add. It is for you to
Judge and to condemn without mercy.
Barton's attorney immediately began
a reply: "Your Honor"
Barton pulled him down and stam
mered: "It's no use. Stop. I beg you!
It's all over, all over."
Irritated by the postponement of the
trial, the Jury returned to the box In
ten minutes after the Judge's charge.
The verdict was "Guilty!"
Barton was a wreoc Terror had
laid Its hand upon him. His will had
triumphed too late over his super
stitious fear. He realized now the
madness that had preyed upon him
for the last three mtfaihs. He also
realized that nothing 3hort of a
miracle could save him and that the
day of miracles was past. All that .
he had suffered thus far was noth
ing compared with this new anguish.
His eyes the pleading eyes of a poor,
tortured animal wandered from face
to face. The moo mat naa aucnueu
the trial would presently shuffle its
way out into the street and into the
glad, freo air, and would melt away.
His numb brain heard a voice monot
onously declare, "Victor Barton is
condemned to death." A moment later
the same voice announced, "Three
days are allowed for appeal."
Ho felt that he was being led away;
that a hand gripped his arm. When
he came to his senses he was lying
on his bed in his cell. ....
That night he had a frightful night
mare. He dreamed that he had killed
old Forget of Boulevard Lannes. He
rushed down the stairs, . opened the
door-and ran out into the street. It
'was cold and the wind cut him. Ho
stopped. His head was light and his i
legs unsteady, like the neaa ana tne
legs of a drunken man. There was
not a sound. Shivering. with cold, he
turned up his coat collar, stepped
forward, stopped again to find his
way In the black night, and then
started off. He walked slowly, re
volving the details of the crime in his
troubled brain. He came to a de
serted, dark cross road. His body
shook so that he had to lean against
a wall. Suddenly .he fancied he heard
a footstep in the silence. He collected
htmnolf mri listened. Ho heard the
sound again, this time more clearly
It came from a point straignt anead.
He turned and ran. The sound fol
lowed him. Before him he saw the
long street, flanked by rows of flick
ering lights. He bounded along in
his fright like a rabbit with a pack
of hounds at his heels. He ran on
and on and on, losing all sense of
time. He had wound in and out
among the streets and had reached
a quarter of Paris unknown to him.
Ready to drop with-fatigue, but spur
red on by fear, he ran and ran.
The Conclusion of Thla Story Will
Be Found In Tomorrow's
Issue of The Times.
By I. A. FLEMING,
par. around 113 and better, so that even
a larger sum of money than the princi
ple of the Issue was Involved. The re
cent financing of the Washington Gas
Company brought into the market an
Issue of ,J2,820,000 high grade 5 per cent
bonds, and these too sold around 107 to
110, so that more" money was required
in the financing.
Moreover tho Gas financiering has
placed the stock of the Washington Gas
Company on a -$4.80 a share annual dlvl
dent basis, and mad a plausible reason
for the high prices at which the stoefc-:
haB been selling compared with its par
value of J20 a share. It has settled the
status of tho corporation, ended a battle
for a larger distribution to tho share
holders that has been waged for years,
changed the character of the stock from
a speculative to an investment security,
in keeping with the desires of a largo
number of people who held It and who
have held It for years as an Investment.
The cut In prlcepf the product and the
apparent desire dt the management to
reach a peace footing, also makes for
a more regular market for tho stock.
Keep Money Employed.
The flotation of these Issues, involv
ing over J4.600.000, was an important fac
tor In absorbing the floating capital of
the city for some weeks after their Issue,
and they played an Important part In
assisting the banking Institutions in
maintaining a high rate of Interest. As
a matter of fact money has been in good
a mailer 01 met mimtsy nn uccu m hi.j ,,, ..i.. , .
demand durln the entire year, with the . anf .th "f Important
possible exception of a few weeks. The
Stock Exchange, the great real estate
ODerations of the year, and the success
ful prosecution of tho retail business
have demanded great banking accommo
dations. Almost without exception tlfe
legal rate has been maintained, except
to the favored and to the borrowers with
collateral security, who have been fa
vored with 5 and 5 per cent loans, but
who have also paid 6 per cent time and
again. The banking capital of the city
Is now $25,850,7S2, counting capital, sur
plus, and undivided profits. These fig
ures are of November 10. 1910. The Riggs
National and the Union Trust will each
add J100.000 to surplus immediately, and
many other institutions will alpo in
crease their surplus account, while all
will add to the undivided profits.
Total Deposits, $58,049,000.
Tho total deposits of the banks and
trust companies, other than private In
stitutions, on November 10, was $38,019,
0CO, showing the thrift of the community,
and not only the thrift, but the wealth.
As a matter of fact the greatest in
ducement to depositors ought to be, and
probably is, the assurance of positive
safety of their funds and tho certainty
that they are obtainable on demand
when desired. Returns are and should
be secondary. Washington banks have
demonstrated their strength on more
than one occasion and never better than
Small Gold Rush
In New York State
POUOHKEEPSIE, N. T., Jan. 1. A
gold rush which, on a small scale, bids
fair to rival those of more famous
discoveries in the West, has been oc
casioned here by the announcement
of the finding of gold ore assaying
J186 to the ton at the foot of the
PawIIngs mountains. Claims are be
ing hurriedly staked out, and notice
of the discovery has been filed with
the secretary of State.
If You Contemplate Making a Change
in Your Banking Arrangements Wq
Shall Be Glad to Discuss the Mat
ter With You
B. F. Saul President
James F. Shea Vice President
Alex. S. Clarke Secretary
Howard Moran Treasurer
Edward E. Swan Asst. Treas.
WILLIAM H. BURCH.
JOHN B. GEIER,
J. P. HERRMANN.
R. H. JOHNSON.
JOHN H. RUPPERT.
B. F. SAUL.
WM. E. SHANNON.
JAMES F. SHEA.
Home Savings Bank
7th Street and Mass. Avenue N. W.
7th and H Streets N. E. 436 7tl Street S. W.
in the trying times of 1907, when they
passed the test of disaster without a
blot on their escutcheon.
Banks Fay Out $202,800.
In the treatment of their shareholders
lecal banks have been quite liberal. The
Union Trust Company will be a 6 per
cent payer during tho present year, the
first payment being due this month.
Probably the Commercial National Bank
will move its rate from 6 to 8 per cent
with the next distribution. It is ex
pected that the Citlren's Savings Bank,
ono of the giants of the smaller institu
tions, will go on a dividend basis for
the first time, and seek new quarters for
enlarged business. In dividend payments
the banks have given their stockholders
for a New Tear present the sum of
$202,800. The Rlggs National is another
institution that is expected to increase
its dividend in 191L
New Institutions in the banking field
have made fair progress. The District
National marks the new year and the
second quarter of its second year, by
moving into its own modern office
building, with enlarged and excellent
banking facilities, and may be expected
to give a few dollars to its shareholders
before the end of the year. The Provi
dent Savings and the Park Savings, both
new banks, have found a place for
themselves. Before the new year is
slxtv days old the Federal National
Bank will bp launched.
Mergers Make for Strength.
This brings up the point of the fullness
of the banking field In Washington, and
suggests the desirability of a few mer
gers to the strengthening of Institutions
been so thoroughly flne-tooth combed for
uu..no. av lWlt:i 1.41V 111 IIIO U IUUI1 IliLH
deposits as has Washington.
No other bankers In the country do as
much for so little In the way of returns
as the fraternity In Washington. Small
deposits make for largeaggregates and
are to be encouraged, but the habit of
our bankers of making collections, prac
tically for nothing, often giving up the
cash while the paper Is In transit, and
othe rthlngs that are simply and purely
"accommodations," for Individuals and
out-of-town banks and bankers, should
be curtailed, if not stopped, and It can
only be accomplished by harmony and
unanimity of action.
The Second National Bank has prac
tically rebuilt its banking building to
street leel. Its banking rooms are
uiuuiJK iu imiiuauuiCBi jji tuia ciiy ui
beautiful banks. Tne Dime savings Has
also taken possession of a new building
of Its own. All the old-timers In the
banking field have made great progress,
All In ail, Washington bankers, business
men, investors, and workers have much
to be thankful for during the Old Year.
, much to look forward to durlpg 191L
I Investments have yielded well, labor
has been employed almost constantly,
real estate operations have been greater
than ever In property development ana
In building Improvements, profits from
commercial operations have been suro
and satisfactory, credit has not been
seriously abused or strained, and pros
perity has been so well used and care
fully conserved that she promises to
tarry In the Capital yet another year.
And mav the totals of 1911 when gar
nered In figures demonstrate still greater
Standard Oil Exports
Steadily Dropping Off
THILAr-ELPHIA. Jan. 1. For the
flrbt time In a generation, the New Year
brings some measure of gloom to the of
ficials here In charge of the export busi
ness of the Standard Oil Company, for
they see a steadily decreasing "business.
It was figured this morning that In the
past vear 310,000,000 gallons of oil were
exported, which Is a loss of 66,000,000
gallons from the previous year.
Our Bank offers a first-class
service in every way, and its
officers are always ready to
give customers the benefit of
their personal advice and ex
perience, if desired.
We have every modern
banking facility and offer every
possible accomodation consis
tent with sound policy.
August ,,,, ...,..,.
Net gain for 1910, J28,646,397.33.
REFORMS IN CURRENCY
Local Financier Discusses at Length the Situation at
Home and Abroad Prudent Business Men Find No
.Cause for Uneasiness in Present Situation.
By J. SELWIN TAIT.
The monetary situation at the close
of the year, while it leaves room for Im
provement, presents no cause for us
easlness to the prudent business man.
On the contrary, the outlook may be
said to be distinctly more hopeful be
cause it indicates a rapidly growing
demand such as Congress cannot long
Ignore and may not, Indeed, desire to
Ignore for the two great reforms which
will remove our national finances from
the recurring fear of panic on the one
hand, by providing a Central Bank of
Issue where bankers can obtain ad
vances against approved commercial pa
per In times of need, as in other coun
tries, and on the other hand will at
tract the people's money into corporate
forms of investment to the great de
velopment of the country's wealth and
its more equitable division among the
people by providing such corporation
laws as will satisfy the Investing public
that they are being given an absolutely
Two Important Wheels.
Sound currency methods and good cor
poration laws rnv the two wheels on
which commercial prosperity travels,
and this country, notwithstanding its
great growth, is miserably behind its
business rivals In respect to both
Pending these reforms. It Is gratifying
to note that the preparations for taking
out emergency circulation under the
Aldrlch-Vreeland act, should the same
be needed, are well advanced all over
the country, so that tlfe" danger both of
and from financial crises grows less all
the time. There is no doubt that the
somewhat poor showing made by our
loreign trade returns during the past
twelve months In respect of the rela
tively small trade balance in our favor
has affected our exchange and corre
spondingly depressed the country's
It Is well perhaps at such a time for
our peace of mind to turn our eyes from
Bank Treasurer Held
For $60,000 Shortage
WESTFIELD, Mass.. Jan. l. V. W.
Crowson, treasurer of the Westfleid
Savings Bank, has been arrested and
held on bonds of $10,500 for the action
of the grand Jury.
Crowson is said to have admitted to
State Bank Commissioner Chapin that
he made away with $60,000. The short
age will not result in the closing of the
bank, and the institution will tomor
row declare the usual semi-annual divi
dend of 2 per cent.
U. S. Treasury Supervision.
foreign exchanges to our internal trade
and to recognize what a world we are
to ourselves. Still it behooves us to
use every effort to secure our share in
tho foreign commerce of the world. Wo
need this foreign business for ourselves,
biit our children will need it much more
and will bold us accountable for its
There is no doubt that as a nation we
have sadly neglected the opportunities
offered "by foreign markets. We have
in fact been too well off at home.
Hardships, limited area and oppor
tunity. droTe other countries far afield,
and they have pre-empted nearly all
the foreign markets, in the cultivation
of which they have acquired wealth
in, a form, which has aided them in
making further conquest of the kind.
But there Is something substantial
still to be done with energy and capital,
and meantime if it will encourage us
to renewed effqrt and not induce a spirit
of premature contentment, and If it will
on the other hand weaken the energies
of Europe, we can point with pride to
an Internal business such as no other
country can show.
If Conservation Prevailed.
Were such an avalanche of produc
tion as we have in our domestic output
supported and directed by good currency
and corporation laws, and were we less
lavish in expending that output upon
ourselves, what might not this country
accomplish? But even as things are
there Is no room for despondency In
contemplating the business outlook of
the United States. In our manufactures.
In the products of our farms, forests,
mines, fisheries, etc, we have an annual
production of J33.000,000,000.
European countries provide no parallel
to this, and It will be apparent to the
most skeptical that notwithstanding the
country's slowness in adopting tho cardi
nal reforms alluded to and which lie
ready to our hand, so long as we have
a wealth at least one-third larger than
that of any other country, and an .an
nual production unparalleled anywhere,
and all this at an early stage in our
existence, the United States is no place
for a pessimist in this year of grace Mil.
BALTIMORE & OHIO R. R.
LEAVE UNION STATION.
ROYAL BLUE LINE.
"Every Other Hour on th Odd H9ar.
To PHILADELPHIA AND NEW TOBZ.
NEW YORK TERMINALS. LTBERTT Sfc
AND W. 23D STREET.
7:M a. m. Diner. Pullmtn Parlor Car.
tJO . m. "Royal Special." 6-Hour Trala,
Coacbea. Cafe. Parlor aad Obienratloa.
tJO a. m. "Royal SpeclaL"
1U00 a. m. Diner and Pullman Parlor .
n.-SO p. m. Diner and Pullmau Parlar Car.
J:00 p. m. "Royal Limited." All Pullmaa.
t-hr. Buffet Smoker. Pailor. Observation Cars
t:00 p. m. Coaches to Philadelphia.
S.-00 p. m. Diner & Observation Parlor Car.
j.-OO p. m. Coochea to New Tork.
iim nlnt Sleeper to New York.
n-ja a. m. Sleepera to Pblla. and New York.
ATLANTIC CITY. H: 8.-00. Urt a. m
1:00. 1M P. m. .,
EVERY HOUR ON THE HOUB."
11 A. WJ
(Week dayi. 7:00 a. m. to i9:eo p. ra.)
I W A
JSi. tsioo, t:M. : 3."x0B' : .
CHICAGO. 9H0 a. m.. 1-J2, MH p. m.
cnJcEiNATL ST. LOUIS, and LOUI
vSleT'&O m.. Mao p. nL. 'UZO nljht.
PITTSBURG. a0 a. m.. ISO. naa p. nk.
UCT nlsnt. Sleeper ready, 10 p. a.
CLEVELAND. a0 p. tt.
COLUMBUS, 6.30 p. m.
WHEELING, saoa. m 53n. s.
CUMBERLAND. i:S P. nw "Queaa CJr
8CHESTER.t:10. m.. tU0.. T5:0 p. a.
BKEDERICK. tfOO. MS0 a. m,. jl:3S. fja.
15HAGERSTOWN. WHO a. m., :M p. ra.
frSSy. tEicept Sunday. tSnnday only.
SSShonei at all of tne following Tick.
rnira- lM'O at. N. w. an iwi; us ren
Of flce?Ma4n TJ: Information Bureau Main ntt.
"" CHESAPEAKE & OHIO LINES. '
PntaUned a Information only, not guaranteed
2 sir p. nL dally-For Virginia, Weet Vlr
inial and Kentucky points. Pullman sleep
gito Cincinnati and Louisville. Dining car
rwiCAGO SPECIAL. Solid train to St,
liSi; wltn PuMman sleepers to Chicago.
IfoM only at important stations. Pullman's
flnSt eaulpment and C. & O. dining car.
flua0 p. m. dally-F. F. V. LIMITED, fa?
I ! West. Boutnwest. uu uiuinm. tmi.
SS and Louisville. Cincinnati sleeper open
TnrbccuDancy 10 p. m. C & O. dining car.
ttcket 3ffls 513 Pa. ave.. 133 F H. and
uSan Station. Phone Main 1066. XXX, and TfrHi
SEABOAKD AIR LUTE BT.
mb m, m. dally "beaooard Fast Mali.
Through coaches and .Salman sleepers ts"
Hannah and Jacksonville. Parlor cars Jack
sonville to Tampa. Through Sleeper to u
ij.wf Dining cor.
jao p. m. dally "Seaboard Express," site,
tjlcally lighted sleepers and obMrvation cat
eaulpped wltn electric fans, lnrough r
Ice to Savannah. Jacksonville, lamps. At
kamta, Birmingham and Memphis. Dining car
picket oaice, 1U8 New York ave. N. W.
S. A. HARWOOD. C. T. A.
OXO. Z. PHILIJPS. D. P. A.
f jh. BYAN. O P. A Ptgtsmouta. Vs
N. B. Following schedule figures published
only as Information, and not guaranteed:
For Atlanta. Birmingham, Mobile. New
Orleans, Ashevllle,9.C0 a. m. and 10:5 p. ra.
dally: 9.00 a. m. dally for Chattanooga and
Memphis. Dining cars.
For Roanoke; Knoxvllle, Chattanooga.
Birmingham, New Orleans, 10:10 p. m. dally.
For Roanoke. Knoxvllle, Chattanooga, Mem
phis. Nashville. 4:10 a. m. dally (steeping
cor open after 10 p. m.). Dining cars.
For Charlotte, Spartanburg. Atlanta, Anna
ton, Birmingham, 4:15 p. m. .dally. Dining
Tourist ears 'for California, Monday, Wed
nesday, Thursday, Friday, Saturday, ;i
For Charlotte. Columbia, Charleston. Aiken.
Augusta. Savannah, Jacksonville, and Flor
Ida, points. : p. m. dally. Dining cars.
Local for Harrisonburg. 8:30 a. m. dally.
t:6 p. rn. and 4:S0 p. m. week days: for
Danville. 7:30 a, m. dally and for Char-
lottesvllle. 730 a. m. ana isu p. m. aauy:
for Warrenton, 4:30 P. m. dally and 4:U
p. m. week days. Frequent trains co an
I & BROWN. General AgasL
TQ. iOiUUL -A.W - vv iea Ma
$? nuJ Mao. 3:v, nao. naa. t:
5:S tloo.ii.os. 'S-Jb. weo. :. TWa, l
;00 10.09 : "" ""ant.
-. .. i-
.afasWtHci sV-St-in ,
i&sjVJ"- r-vW-fit,jSftfc-U its. -i-. .-ni.,-ij.