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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, November 12, 1907, Image 2

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CANCEL GOLD ORDERS.
VIVO LOCAL BANKS ACT.
Belief Grows That Enough Has
Arrived for Present Needs.
The National City B*tnk has cancelled an en-
K»«ement of M .000,000 gold, arranged in Lon
don last week, this action being taken in defer
rnce to the te> ling In banking circles In London
nnd elpo because it was judged that eufnclent
gold had already been obtained to meet the re
•fuirements of the situation here. The Bank of
Xew York. N. B. A., also has cancelled a pend
ing engagement. its reason being the same as
that of I'n'i National City Bank.
At least one of the large foreign banking
hesjeas in ttris etty has decided to import no
man or the metal on the current movement. Its
Hew being that the premium on currency can
not Le expected to diminish while fresh g'.'.d is
being brought Ir.. enough of the metal being al
ready here or under engagement to supply all
the needs of the country.
Heveral new engagements, on the other hand,
■were announced yesterdey, aggregating nearlj'
$5,000,000. Laz.ird Freres arranged to bring In
$2,500,000 gold: Heldelbach, Ickelhelmcr & Co.,
.M.2Ti0,000: the Guaranty Trust Company. SuOO,
<«X>. of which |2SoVOOO i» for account of the
(iallatln National Banlc; the Mercantile Trust
Company of St. Louis. S.V*».OOO. and the Illinois
Trust and Savings nank of Chicago, $200,00!>.
Thete engagements bring: the total up to $."2.
100.000, from which must be deducted, however,
the $1,000,000 cancelled by the National City
Hank and the smaller amount, which the Bank
of New York has now decided n"t to imvK>rt. It
1* probable that further cancellations v.ill \«
isnnouncexl within tho rext day or so. In Lon
den tl;« price «<f bar gold declined, and the ttock
jriariiet was strong on the rrosrect of tho le«
saning of the American demand for grid. Both
I'aris and BcrJla cschango on Ixjndon were
lower.
A report was current in tlio late afternoon
that negotiation* were In progress for the direct
importation of $10,000,000 to $15,000,000 gold
irom Paris; but inquiry at the otßces of Insti
tutions and banking firms whlcb have taken a
Iriiding part In the engagement of gold since the
pMMSat movement bos been under .vay failed to
brine any confirmation of the rumor.
An active business in currency was done in
this city yesterday, the premiums showing lit
tla change from the figures rullnp on Saturday,
ilany out of tov.-n bankers were visitors at tho
laaafeanc offices ot their local correspondents.
tbetr mission being to try to get euppllcs of
•■urrency: the most urgent requests coming
irom bankers of th« Southwect. It -was esti
mated that .-ibout 1.000.000 In currency was
1-rought out cf saXe deposit boxes yesterday and
turned over to money dealers, wbp paid for It
premiums ranging from 2 to 2V= per cent. Felling
the currency again to bankers and to mercantile
l-.ouse* at on advance of about 1 p*r cent, which
represented their commission. Large amounts
were tent to the "VTeEt and South by the express
companM*.
Tlio stock market v.k« etrong. on ft. limited
volume of trading, the majority ot the active
Issues closing at net advances for tlie day. Th->
j.rimarily favorable factor v.as the eaatnsj off
et ths rate for call money, which opened at 13
j -cr cent and did not advance beyond that fig
ure, touching 7 per cent in the course of the
seaasSß) and closing at 11. Time money is* still
; r;:. ally unobtainable.
CALIFORNIA BANK CLOSES.
\>iitura. Cal.. Nov. 11.— The bank of "William
Collins & Svr.» dosed Its doors to-day, and a state
ment was siven out that the bank Is taklni? advan
tage of t^:o day-to-day holiday. Th« bank had de
pei Us of IbJP.Wp. nr.l Its assets far exceed tiiiH
c mount.
NINETY DAY LAW IN WATERBURY BANKS.
Waterbury. Conn.. Nov. 11. --The ninety-day
clause. iTqvtril'g all depositors to notify savings
i)anks ninety dsj i before withdrawing »">" of their
ptiuUsad. v,as put Into force in the local banks to
day. TbJs action eras takei by the bank* to
protect Otemselves from a run.
GOLD AIDS MONEY STRINGENCY.
I'itteburg, Nov. IL— Gold co:n to ' "'■'■ value of
•4-.'5,W arrived s:ere to-day lor Um Flm Naiior.nl
I<e!'k, beiag the Bret gold importation ever made
by n. Plttsburg bask trorn Durope. r;oM alf=o ar
rived to-day for the Bank of PlttshurK'. the Farm
ers' Pf-pop'.t KatSonsl Bank and the Mellon Na
ticn&l Bank. With the importatior.B the money
Mringcney n 1 1 ; : sectfoai la ispertnd to be m;i-
rially reduced.
Chicago, Kov. IL— Three million dollars :n gold
mas carri* througn the ttrcets of Chicago to-day
In fo-jr wagoT.s and guarded by fifty policemen.
Ttie gold was transferred from the Bab-Tn
to the First National Bank for the relief of the
BOii'.y etzfttamcy.
The Best Menta! Recreation for the
Business Man is Music
THE invention of the Pianola has rendered
it possible for any man to make Music
• his every-day means of recreation. No
skill or previous training is necessary.
You play the Pianola yourself.
Therein lies its great power to in
terest and entertain and especially re
fresh tired brains.
The playing of the PianoLi an
hour each evening is a tonic for
overworked business men. It ban
ishes the blue:, makes the worries
seem less and rests the mind.
The Themoditt nd the Metros! jrle are two of
mary feitures that distinguish ths Pianola from
j-.* imitators. Bath ar* imtfn^ftmemtt ef vital
importance.
If yon are conteroplatiri;; the pnrduM cf a
r;iano-p!ay-r, >ou naturally want the instrument
that '-ou can get the best music out of. That is
the Pianola a* shown or the testimony of tlie
greatest musicians snd tlie fact that it it th? only
piano-player v.ith a world-wide prestige.
The Pianola/ $215 and $2001 Purchasable Ly mode-
The Plan oli* $215 and $200 \ Potlnubla by Mode-
The P!anola|Plauo 5500 up. /rate noathly payncnu
The AEOtIAN COMPANY
AEOLIAN HALL
3*52 Sib Avwu-, near 34th St., New York
THE OBVERSE OF THE MEDAL
During the past five years this Company
has invested for itself and its clients over
$60,000,000 in mortgages without the loss of a
single dollar.
THE REVERSE
New York City S%« bonds, which sold
about five years ago at 107 7 ?, were worth this
week 82 1»—1 »— a loss of over 25 points.
AGAIN
Even the best railroad bonds have in the
paet year enffered an enormous decline.
WHILE
First mortages on improved New York City
real estate, yielding a higher interest return,
show no loss whatever.
To investors who seek Eecnrity rather than
the hazards of speculation, this company
offers, mortgages in which its own funds have
been invested— the eame class of mortgages
which have ehov n the remarkable results above
stated. These mortgages can be purcliuced
cither with or without the guarantee of tho
New York Mortgage and Security Company
—the company which has never made a loss
of any kind.
THE TITLE
INSURANCE CO.
OF NEW YORK
135 Broadway
HOLD BANKS BLAMELESS.
Vanderlip and Hepburn Think Sec
retary Cortclyou Was Misquoted.
Prank A. Vanderlip, vice-president of the Na
tional Ctty Bank, eald yesterday In regard to a
statement attributed In a Washington dispatch to
Secretary Cortelyou, that national banks were ro
■posislhla for the mo:iey etrlngonoy because of their
refusal to Issue currency:
"There must be a mistake In that statement as
to what Mr. Cortelyou said. He could not have
rtated anything of the kind attributed to him, be
cause the nutlonal banks«of New York, to which
th» statement v./is Eaid to allude especially, did
everything 'n their potrer to alleviate conditions by
lspulns currency.
"In August the capital etnek of the national
banks in this city was placed at JU4,OOO,<XK', and
between t;. ir-, Th»>se banks had In circulation
$-n r«v> r n enrrency. Btnce that time the amount
has been Increased materially. We ha\e Issued
tS.SM.MO or J6.000.00n, I foreet the exact amount;
but we have Issued all that wo OOUld, nnd other
banks have done the same.
"One of tl^ best proofs that we have dona our
best is found In the fact that In order to get
United States 2 per cent botida we have fon • the
prlco of them to the highest point on record. We
are anxious to increase the amount In circulation
all that we can."
"T national bunks," raid A. Barton Hepburn.
president of the Chase National Bank, "bave dene
all In their power to secure Increased circulation.
In endeavoring to relieve the monetary eltuatlon
by enlarging their circulation the. national banks
encounter two difficulties. In the first place, tt
is extremely difficult to secure th<s loan of govern
ment bonds, which are necessary, to be deposited
with thi> government, In order to eeeure an In
crease in the circulation of any national bank.
On the other hand. if ii bank wants to purchase
government bonds— Instance, government 2 per
cent bonds— lt will have to pay 108 for thorn.
"Py having to pay this price fo' these bonds to
bring out circulation, the financial rlti.-ation be
comes e^pravaud rather than relieved. A bank
simply ties up a 1«.-r<? amount of money in thla
transaction. Though , a in tltutlon may pay i"S
for a bond, only 5100 In circulation i« secured.
Then, again, even though the banks secure gov
eminent bonds for this purpose, there win be a
delay of about thirty days or moro before they
will actuaUv come In possession of the new circu
lation."
DEFALCATION IN PORTSMOUTH BANK.
Suspended Liititution Admits IriEolvency
and Places Blame on Cashier.
Norfolk. Va Jfov. K.-'r* •■• iv.,. .- B Pn
Portsmouth, wMcta suspend) | days ago,
went Into the bands of k receiver to-night on < ■ -
tltion '•! thr. directors, who gav«
io bank has been mat]-: Inaohrenl through uo
fsloatlona of Um ra shier
— ■» . ■ . —
OLD OAKLAND BANK CLOSED.
id, <■;.!, Nov. XL—The Union National
Bank, the eldest bank . <] Oor s
to-day. The officers of the bank say they ai
taking advantage cr the legal boUday to stra
up their b ;:mhpss-. .1. D. Brown, or ths California
Bafe Deposit snd Trust Company, wa vice-presi
: ■ - ■ sgo. it is said the bank
Its connection with the California
S^fe Dtposlt ai<d Trutt Company,
CAUTION: There is bufnt Pianola, made
only by the Aeolian Co No other Piano- player
is f.ntitlf d to the nanr* or possesses its
rior advantages.
NEW-YORK &A3LY TRYBUKE. TUESDAY, NOVEMBER 12. 1007.
"ONLY PASSING PANIC."
Dean Johnson Does Not Relieve This
181 8 an Industrial Crisis.
Th«- present financial disturbance is probably
a passing i;nrn.\ and not a genuine Industrial crisis.
according to Dean Johnson, of -the New York Unl
verslty School of Commerce. In diseusstnK the sub
ject las: night before the New York State Society
of Certified Public Accountants at the "Waldorf-
Astoria Dean Johnson paid:
A panic 13 an unreasoning scramble for cash, due
to n genera] lo?a of confiiier.ee In the ability of
banks <> inntntain carh paymsftta. Its cause may
l>e baseless suspicion of banks, a bad banking nys
tcni. excessive spt>ci!'.:itii)ii in seenrtties or any
other . 'ircumyiance which lnsDlres doubt and mis
trust.
A crisis, on the other hand, is the culmination of
a period of prosperity, in which a larKo pnrt of a
country's lliyiiri eaottal has boen run Into tho
moulds of unprofltnble enterprise. In this country
we na.VQ bad ntimeroiiH imnlcs of th« first class. For
example. tl., financial disturbances of 1825, IS4«,
1861. 1884, 1330. 1101 and 1903 are to be claßscd as
flnancial or cretilt panics, rather thnn us Industrial
«.r capital crises. On th..> other hand, th-j yearn
1818. 1837. 18ST, 1878 ar.d 1593 were crisis years, and
tiio ac omD&nyins. panics In t!.os>e years were the
results of well .vuiii' ii apprehension with rfgard
to th<i solvency of banks.
Tlie speaker snld it was too early to say positively
In which cla?s tho late disturbance belonged, but
that there were at hand facts on which it was saXe
to hazard an opinion. He added:
Banks have been forced to euspend accommoda
tions ■■n.'. business Interests have been «übj«cted
to the severest i->^.Hii>le strain. Yet there have been
no Important f;»lhires. anri it has not transpired that
our banks have been basing their loans on inflated
values. When we Investigate business conditions
this panic seems to be as causeless us» a thuniler
storm coming fr<>m a dear sky, but when wo study
our banking system and consider the weaknesses
of human nature the panic is not hard to explain.
In my opinion it Is the product of two years of
tulk, goemp and Blander) and of inherent weakness
In our i redlt system.
The Increasing scarcity of capital durinsr the
last year was not In Itself sufficient to precipitate
panic. Its natur.il effect was to put a check upon
new pnter prise and a uainper upon tho rplrlt of
speculation. That rflcct It did exert, and ln» my
opinion uothinj, 1 worse would have happened If our
banks had beer in ii position to protect thetr own
and thi country's credit ugulnst the saulta of the
Ignorant and malicious.
II our banks. Individually or through th« clear
ing houses, had the right lo Issue promissory notes
payal le to bearer tho banks would easily have sat-
Ufled the blic'a demand for cash, their reserves
would have remained Intact, and currency would
not now be selling at n premium.
Our currency system is vitally defective, and on
that account thl«i country U rantly exposed to
the perils of panl Tl events of October. 1907.
are liable to be »Tteoi«d every two or three years.
The United States Is Ing more business on cre<Ut
than any other »untry tn the world, and jot our
banks, which are the natural conservators of credit,
i!:-.- bound hand mid foot when it Is attacked.
In reality, the country has slipped from the cold
brii-la and Is humiliated before the world. The WVnt
can no lotiK^r say that purrsney relona i-i some
thtng In which Wall Streel alon« Is Interested, for
the banks «>f the West are as badly pinched ss
those of the East and the pr. dueers of tho West
and South ar« unable to market their crops.
This panic haa brought to light two facts: n>
Tl.nt our banks should Ijp permitted to coin their
credit Into nn avnllaMe inr.lium of exchange,; '->
Thnt in a time of stress the financial bralna of th:»
country h'ioulU be In a j»osltloii to take action
which shall prev< the truction of confidence.
The first need, he said. < tongress could meet by
granting to the national banks sucb measure of
fr<"ilom In the Issue Of bank notes an wns recom
mended by t'.ie American BTnk-rs" Association In
September. The second, he believed, could bn met
only hy th« creation of a semi-govarnmr>nt banl(,
which Shoul I assume the duties of l^sue and re
demption that now burden tho United States Treas
ury. He cited France aa r.n example.
TO AID TRUST COMPANY OF AMERICA.
Stockholders Asked to Deposit Shares with
Voting Trustees.
A circular has been sent to the stockholder! of
the Trust Company of America ! y Oaktelgh Thome,
the compan: president, \cklng them to d^ponit
ti>.ir stock with the voting trustees, who »»■• t-i
hold for tho present the majority of the shsr*< of
the rust Company of America and the Uneoln
Trust Company., undei tho arrangement ma«i<t ut
the conference on Eleetii a Night In Mr. Morgan'a
library. The trustees are >'■*■ in number, all pre.-<l-
nta o? trusl companies. A majority the eto.?k
of the Trust Company of America, it hi unilerstood,
lias anf""nted to the plan.
Mr. Thorns has also addressed a circular te the
depositors; of tho company, calling their attention
to tho statement oi President King of the I ntoa
Trust Company, chairman of the committee of
trustee.", that on the present b.isls of values t* s
assets of t!ie company are sufficient to pay the
depositors in full, and aiding that the trust com
pany experts report that not only are tho assets
am] le to meet all demands but also that the oapi
lal |a intact and that there is a substantial BUrDiUS.
Ho thunkn t!io depositors who have stood by th«
company in l ts tune ot trial and asks for t:;e re
turn of tho patronage of tho«e who have reduced
or withdrawn th« .r balance?.
MORE GOLD TAKEN IN LONDON.
London. Nov. IL— The United Ktates obtained
practically tho whole <>t the tw<>.ooo In gold avail
able to-day In the open rkot. in tj-.o absence
of competition tj:e price wus reduced *4d-. to 775.
Il^id.
MORSE GIVES UP BATH TRUST STOCK.
Charles W. Morse, who was u director of the
Bath Trust Company, of Hath, Me., and held a
controlling Interest in tho institution, has, accord
ing to a dispatch from Bath, turned over practl
cally nil of his stock to tho of!U;.i!.H of the com
pany. The trust company closed Its doom about a
fortnight ago.
"A continuous interest in some,
th'.ng apart from one's ordinary
work gives one an avocation; and
this highly des'rable form of ac
tivity may be mental or physical,
or both, independently of the na
ture of the daily work."
—Dr. S. S. COHEN.
W3§m
I Stands as
the symbol ,
of Purity
in Whiskey 5
L. M. SHAW'S REMEDY.
Let National Banks Issue Addi
tional Circulation, He Says.
[By T«i*«raph to The Trlbun«l
New Haven, Nov. 11.— Leslie M. Shaw, for
mer Secretary of the Treasury, was tho prln
cipal speaker at the annual dinner of the Now
Haven Chamber of Commerce to-nipht. Ho ad
vocated permission for national banks to Issue
additional circulation equal to 50 per cent of
th*-lr capital, without a deposit to secure its re
demption In cases of financial stress lik© the
present. He raid, In part:
Our currency Is non-elastic. Each nnd every cils
tlnct form of our money la safe i'-nd eonTenlent
and the parity of each with sold Is anHurrci. Its
volume la large, and. under ordinary conditions, I
think, ample, Us relume, however, does not re
spond to changing seasons and the varying needs
of trado. This, In my Judgment. Is tho only ireaa>
Beai of our systsm.
There were IndlcatloDs as early a« Angus! tr.at
people had been listening, and !n response were
witlidxawing money an«i locking it ui>. It was t.io
Incipi'-nt symptom of a disease which always Orel
shows ltp-lf i« thla sray. In addition, Increased
commercial activity. Incident 'o the return <>f bu*.
n'-sa men from summer vacations; a ripening crop
end the Inlaying at stocks of merchandise, • iu ed
an unprtTedenTMl demand for money. Btl the
aggregate volume remained flxe-J, taSeziD ■ en 4
non-elastic. .
Hn.l the imtlonal banks been empowered to Issue
additional circulation equal to M per cent of their
capital without a deposit to secure Its r» uon.ptioii.
l»ut subject to n tiix of 5 per .-e.nt. an aKsreKute
ln<-re-is.' .>f J4f«f*v>'«¥i wi'il.l have been possible
an.l 5306.000.00Q would vry likely have been issued.
The people would have carrl",j to their safe de
poflt vaults or taken home for concealment a na
tional bank n"te as readily as a jroltl certificate.
n- i they would have b.-.-p ja-<t as safe. I arani
that It Is lllosjleal for the government to puarnntee
banknotes, but I would be willing to concede the
euaranton to this suggested additional Issuance or
The tax would amply protect the government
I et the tnr \* treated <m a premium on the gov
enunent'i warranty of redemption. Then •' •■ peo
ple w< uld '..!'.v<' no more occasion to inquire Into
the Bolvency of a bnnk than they have now. i n»
not believe It possible to make an elastic currency
l)n!=p<l on collateral urlty.
Of course ihe l-nnks should not »>»» permitted to
Ip.= uo this uncovered i ddttlonal rtrculatlon without
the nsent if the ntroller of the Currency,
Wiien the r^uest is submitted tho Controller wj.i
cans.- a Fpe,-,., 1 examination to he made, and prant
or withhold consent In the llghi of the reeort In
Ms offli-o By ha^tig the tlonal cKculat'on
Identical In form with the bonds secured, »nlcn
ire nrw nave. tn« lncrea«»» would pass unnoticed
and therefore cause no alarm— a very lm^rratu
t. ature, ss I view it.
Champe S. Andrews, of K«t» York, spoke on
"Business Honesty and President William
DouKlaM IfacKensle of the Hartford Th»oU>g-
Ical Seminary on "Value anil Prices."
CREDIT MEN COXFIDEXT.
Association Declares Business Condi
tions Fundamentally Sound.
Indianapolis, Nov. ll.— Directors of the Na
tional AHFociatlnn of Credit Men met to-day and
affirmed th« faith of the organization in the
commercial Integrity of the nation and In the
t>nslne«?» principles on which tho affairs of tho
mercantile community ar« conducted. The fol
lowing resolutions were adopted:
Resolved, That from trustworthy trade and
financial Information, received from every eeo
tlon of the i untry. the association declares
general busin* ss conditions to be ndamentally
poond and believes ( ti« present financial dls
turbance win be of short dura tion The a—o
n!;itloi, calls on all Its members to aupporl ona
another in an effori to tors the confidence
of the i" >ple so unnecessarily shaken at this
moment, and to urge upon every on- the neces
sity of upholding business Interests by deposit
liiK their money now as In the pa."t In the
banks, t«. the end that II may be osed for Us
le^-ttimfiti< purpose*, the carrying on of th.^ vast
buMneM of the country.
CASHIEBS 1 CHECKS THE- SOLUTION.
R«prcscntative Fowler Says This Issuance
Will End Money Stringency.
'It the btnks all over the ntry will Issue
eashtsrs* ii;tck:# we will come out of this trouble
c:i right." said Charles N. Kowier, chairman of
tho House ol Representative! ltanks and Currency
Committee, yesterday ofurnocn.
Representative Fowler baa nearly completed tho
bill for hsnkl**g and currency c:li^!■.^;^•^ which his
committee will prebably present to the House for
paefaße at the coming brsslon of Congress, but
he said be did not care to dlscusy tn advance
of Its presentation the changes he has recoai
mended. H la generally unilerator.d that the re
eent banking tioubks in this city ml the coun
try at larKo have given ths Representative several
ideas of which lie will make use.
Regarding the local situation Representative
Fowler la optimistic, and bellevea the sun will be
ehlninc poon on the financial conditions.
SNOWFALL GENERAL YESTERDAY. '
Unseasonable Weather Reported from Many
States — Cleveland Cars Delayed.
Fnowfalls were reported from a wide range of
country yesterday. In Cleveland two inches of
heavy wet snow in the early forenoon flsssjsfl
streetcars In some parts <>f tho city. The tirst
snowstorm <'t the winter eoTered Northern In
diana and Southern Michlßiin with a blanket of
white, while In Wisconsin a heavier fall made
Idea] conditions for deer Inurtlng. in Western
Kansas two Inches had fullon In the morning
and the fnll continued ull day.
In Colorado the snowfull on Sunday was two
inches, and yesterday the temperature fell to
10 dt-prtes above zero. Snow and hitter cold
weather was the report from the Cripple Creek
district. Texas experienced the coldest weather
of the year. At Dallas the temperature dropped
and snow fell at Intervals all <luy. In the cen
tral part of Uio ibtate a mixed .sleet and .snow
6torm prevailed.
Bnow was reported from Northern New York
and New |^igland. At noon there was n con
9i«ionitii<- coverlnsj el white in Syracuse,
Fror:i William, Tucker County. W. Vs., six
Indies of snow were reported.
Snow flurrle* occurred at Shrcveport, La..
ncln* the enrlleat on record thero. The earliest
previous record was on November 20, ISTS.
SHONTS'S MISSION TO CHICAGO.
Th« report that Theodore P. Shonts. president of
the Inierborouirh-MetropoHtan Company; August
Kolmout and Frank Hedley had Rone to Chicago to
arrage for the consolidation of all the traction
tmes of that city was rldieolsd ai the oiu. t.f tho
irough-M< tropolltan : esterday,
•Why, It's the most absurd thing I ever heard
of." said one ottieial of -the oesapany. "Those gen-
Uemen went to Chicago to inspect the working of
the Montreal type of car, which hi to be put on tho
Madison avenuo line hero on December 1. Mr
Hedley also wanted to Inspect tlio Chicago %'
line?. They have not fho slightest idea of nursing
thf Chla n traction line*. i:--r. ■ ... n\<iiru
lout '■"
IO CIIUE, A tOLD IX o>E iny
T»k» X^XAXTVX BBCMO X2ulnlne TsbUu r>ru»
«-lBt« refund money ir Jt faltji tw ?5rV u 'tr
CKOVE B «I»natur« ti en eaeh boi 2Ro.
Bargain sales of such staples as
"Star" white stiff bosom shirts are
rare enough.
But here you are — open bosoms all.
1400 men's white bosom shirts —
three-quarters of 'em $2 value, with
cuffs attached; the rest regularly
$1.75, with detached cuffs.
Sizes 14 to 17.
95c-
Rogers, Peet & Company.
Three Broadway Stores.
238 842 1260
opposite near opposite
City Hail. Union Square Creeley Square.
TRANSIT SUGGESTIONS.
Argue to Keep Subway Bonds Out
of City's Debt Limit.
Demands that bonds Issued for tfce building ef
future subways be- exempted from the city debt
limit, that the Public Service Commlaalon have ex
clusive Jurisdiction over the transit facilities over
the city's bridges and that the period for subway
leases be lengthened were brought out yesterday
at a hearing by the Public Service Commission to
receive saaajaattaaaj for amendments to the present
rapM transit law. Still another suggestion was
that tho telephone companks bo put un<!»-r the
Jurisdiction of (ha Public Service Commission—
proposition which Is almost as certain of Introduo
ton before the legislature In iialf a dosen forms as
that the Legislature will meet.
H. M Sheehan. of the 28th Ward Board of Trade,
■aid the Public Service Commission should have
complete Jurisdiction over the operation of rail
road across the tnterborougb bridges. The Bridge
Commission, he asserted, was In a position to tie
up all rapid transit by making contracts, and de
clared that In 1901 It rr.ade. behind closed doors, a
contract for the operation of ears across the Wlll
famaburg Bridge. He also advocated ths exemp
tion from the debt limit of bonds for ths building
of new subwaM.
"It la ridiculous." snld he. "that the more) prop
erty the city owns the leas money It can spend.
In otJier wordn. when this property Is owned pri
vately the taxes on It go to swell the amount
which the city may spend; when the city owns It
Its taxable value Is not counted In the tax ro'.l.
and thta leaaens the spending power of the city."
The commission, he argued, should have a certain
allowance each year for th* building of subways,
lost as the ex.mses of other city departments
wor* arranged for In the budget.
Albert Flnnln. secretary of the AlMed Boards of
Trade of Brooklyn, saM that the docks now fur
nished a profit to this c'.ty. Ho wondered If some
scheme c"u!d not be arranged whereby the subway
tonds should be exempted from the debt limit and
the subways be placed In the class with the docks
and the water eurpb'.
"Reee-nt «ven;s ha\e. ahown." s&!A ha, **ths r.e
cessity for an amendment to make It absolutely
emphatic and clear and decisive that you t.ave
Jurisdiction over holding companies. The barrier of
protection for the rights ef the people must be Im
prejrnablo. In the words of our agricultural frt»n
the f«nce muat b« bull strong, horse high and hoc
tight"
Ex-Senator Brush, for the B.ook'yn Leajrue and
the Flatbush Taxpayer* Association, said that
■::. r the rro««nt EMbstaj law there existed two
• f the Mgfjaat monopolies on earth Interbor
ough. -with Its rubway franchise, and the Brooklyn
UapM Transit Company, with porpetual franchises.
He declarr.l that. Instead of the twenty-year opera
tion period, w!:h a piivil»g9 or renewal for twenty
years, vbtdi the E-?berg law prssnrlbaa for n«\v
subways, tli-ro should b« a provision for & forty
year • i.raiton period, witU a twenty-year period
for the rvnewod contract.
The Interborough-il.-tropoSUan Investigation will
be reiumed to-duy. Mr. Ivlns expects to tmkd up
all the phaMa of tho relation of vehicular conges
tloii to the- streotcar service and the congestion
exutlnc frequently thers.
EYES OX BEL3WXT TUBE.
P. S. Commission Gets Opinion on
Its Porter Over TunneL
Replying to a recent request from Travis IL
Whitney, secretary to the Publlo Service Commis
sion. Abel 1-. niackmar. Its counsel, yesterday ren
dered an opinion that at the first sign of an tnten
tion on the part of the BtstawVJ tunnel concern to
operats that tunnel the commission should "con-
Mtder carefully" tho advisability of seeking en la-
Junction to prevent such oj>*?rutlon.
This opinion, Important In that It was made after
a cartful study of the sjals Stelnway tunnel Quea
tion uiid the powers of the commission over that en
terprise, la Htßnitlcant al«o In that It Jibes exactly
with what Is known to be the prevailing sentiment
within lbs commission toward Mr. Belmont'a sub
way to Queens. It m< ans that the commission.
awsts that It has the upper hand In this situation,
Intends to kesp on watch lest Mr. 8«-lmont steal «
march on the city, and that tU« commission ta
tofids n< .thrr to let him operate tha tunnel without
a proper franchise, nor hold up tho <*'.:y for an ex
orbitant pries for his tunnel. Mr. Blackmar's
opinion van as follotrs:
I duly n celvetl your tocstr of September 17 re
questing me to give r.;y opinion as to whether the
• onuiit.Kt ■fintnt of operation of tho Stelnway tunnui
will In uny way prejudJce any rights that tlio com
mission may have in any legal proceeding.-) under
taken looking to the |>:«»v»ntion of operation ar.»t
ownership of this tunnel by tho ul!«s«-<l company
now in ensxge of tlu» work.
The courts bave held that mi Injunction is not
necessarily to be wanted In every case, and that
acquiescence or lacnea of o complainant ta to bo
reK»nied on uny application, '.or auch i-*»lioiT In
equity; an«l although this principle does not apply
In a case when a public body la cosnelalnant with
th.i sams foros as when a, private individual la.
jret n deserves consideration.
1 theri'iojv think that the commission should not
acquiesce In any operation of the Htelnway tunnel,
but upon being placed In possession of evidence
that operation is about tf» bfjjln the commission
should conaidor carefully whether an application
to the courts to enjoin the operation should not br»
uir.il-.
So comment greeted the reading of the coinlon
nnJ it was placed on file without refcrenco to any
commisaiontr for further consideration. It Is
known that Mr. Whitney's inquiry for Information
on the legal aspect of thi9 case was called forth
by the fac' that the company is now running teat
trains through the tunntl mid consideration of tho
litigation resulting irom the operation of cars over
th«> WUllamsburg |:ridge when it was opened.
Ths commission yesterday Issued a ten-day order
to the Brooklyn Rapid Transit Company to show
causo why it should not continue) tho ona minute
headway for trains creasing the bridge during ths
evening rush hours tor twenty minutes longer, or
until 6:5A j>. m.. wn«fl a h-adway of a minute and a
bHlf bf ■stttytsdj
rmss c.tiusD in « to it dam.
B%i3BWF^'<s%h n
to 1* ia% or monfy r»Xur.fkl! OOt
Boys hit it the same way!
1000 boys' white stiff* bosom shirts,
all with detached cuffs and the closed
bosoms boys prefer.
All the famous "Star'* make of
regular $1 quality, and as with tha
men's shirts, we believe this is the first
time they've been sold under price
Sizes 111/, to 141/o.
55c.
Rogers, Peet & Compant;
Three Broadway Stores.
338 *4J 1280
st a*. ct
Warrea st. 13th st. 32nd n.
TIFFANY STVDIOS
MADISON A\ r EN\ / t&
FORTY-FIFTH STREET
MANY NOTABLE EXAMPL
ES OF ANTIQUE OLD ENGL
ISH AND COLONIAL FURNI
TURE ARE OFFERED IN TH
E REMARKABLE COLLECT
lON AT THE TIFFANY STU
DIOS. A GREAT NUMBER
OF THESE PIECES ARE NO
W EXCEEDINGLY RARE. E
ACH IS UNDER THE TIFFA
NY STUDIOS' GUARANTEE.
Refrigerators
Tsm> Perfeetiea ef Cleaallaett,
ERlrlrarj and Economy:
The "Eddy" ■ • »s<Sar.lfbra
**lv M~,l±\l.J Quar:er Cencury
The "Premier"*- 1-*
]ewis&(?onge^,
130 a 132 ■•'.'-•: '.'.l Street, aaU
IU W't»t ii-t ■>• New York.
BROOKLYN SUBWAY LOOP COSTLY.
Bnildings at Centre and Walker Streets
Mast Be Bought and Torn Down.
The new ■oanray, which is to ka haowa as ths
Brooklyn loop, will cost the city more bf sereral
hundred thcusand dollars than bad been •-• raited.
Recent borings uava glkswa that it wo«'.-1 be ua
safe to stter.irt la ssMftsrata several I ■. I BgS at
OSBtte and Wei streets, where trie tamssl l»
to run from t;.« tarSSSi Into the lattef Btrtet
Accordlrs to the original plans, tl-.f t-.mr.el v/as
to have been bored un.l«r thes« bu'.'Jir.gs, sr.d
steps had already been takea. t" cor.iieron an ease
ment for t!:at purpose. Yesterday t'..e PoMta Ser
vice Con:m!!»sir<n sent a resolution to the Corpora
tion Counsel directing' him to dtscoattns* ths»
proceedinss unU take tho necessary steps to tske
entire title to the premises, as they nouiti ave to
b« torn down.
Tije baiMlngi t!.ut smast be porchassi *nJ tora
<i'j%u ar» lies. M ar.j :*4 Centre street two ft»e
story biHldiDK*, eecoasad by dealers in machin
ery, and t.'ie buildlos at No. 1W sa XoO Centre srest.
a seven story brick structure, eesasjasi by Patter
son. Gottfried & Hunter, dealers ka cnai'&nsrv.
metals and hardware: tUo a seven esßty tulMlsf
at No. IX" Walker street, eecasaM by tha Patter
■on concern, and a four story br!ck bu'.Ming at
Nos. 113 and 19 Walker all eel Tii'.s latter bu&i-
Ing Is one of two occupied by a c!othinjj utrre.
The property ti»ai muat be bought is appraise*
at $33,000 and will probably cost the c:ty elo«s
to WCO.ODO.
i -— . .
ACTION AGAINST JUDGE LACOIOI
Effort to Force Him to Dismiss Suits BegareV
ing Appointment of Eailway Receivers.
Washinßton, Nov. 11. —In tho Sur-rerae Court et
the United States to-day Roger Fester, an atter*
ney. of New York, presented a motion for permli
slon to file a petition for a writ of assadasßSßl t«
be directed to Judge Laeeanbe. of ths t'n:t«d States
Circuit Court, sitting In New York, directing bna
to dismiss the suits repardins the appointment ef
receivers for the Metropolitan Street Railway Com
pany and the Now York. City Railway Company
and to vacate the orders of the court for the ap
pointment of receivers for the companies.
The petition was asasaastsi on behalf cf Jotspfc
Konrad. as administrator of Paul rion<jvsky. sod
for Francis W, Reiaeuburg and Daniel tiallagber
individually. It Is set forth that a Judgment for
S3.CO) has been obtained against the railroad com
panio.-i on account of Planovsky's death through sj%
accident on tl.e road, sud It also is contended that
tho companies are iudebtetl to Kelaeaber; la the
eum of J5.000 and to Gallagher in tha sura of BU*
on account of accidents to them.
SAVING A FORTUNE
Gr<at fortunes, almost without ex
ception, are the slow drowth or safe
liivestraent. Fortunes thsi coa*
Quickly usually go quickly. Invest
your money absolutely safely, it fair
interest. Save the Interest and invest
that. You can avoid losses If you In
fest In mortgages guaranteed by tl»
Bond and Montage Guarantee Com
pany. They now net yon 3*. We
liave them for sale.
Tf&E GUARANTEE
AND TRUST C9
Ool's! aad Scrplsu, • S 12.000.000
t7O tt-oeilwaj. Si»- tort
itq leaaai arrcct. ESrooJCri
■M ruas •» Asuse>

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