The sun. [volume], October 24, 1913, Image 5

About The sun. [volume] (New York [N.Y.]) 1833-1916

Image provided by: The New York Public Library, Astor, Lenox and Tilden Foundation

                
ENGLAND WAY BUY
IIS RAILWAY LINES
IJnvnl CoiimilhNloii NihiipiI to
Invpf.H-rnto Tlich "Ki'la-
ioiiNhiN WJtli SlHtO.'
U.OYh OKUHOK'S SCIIK.MK
(.linlxtoiie Hot t I'nrlianicntiii'v
Suncflon u Ulit for
811111c IM1111.
fptrial Cable lepitei to The Six.
tvspns. Oct. 14. An Intention to na..
ilnnalUc llrltlsh railways Is regarded by
iiv Conservatives to be Involved In the
liovoriiiin nt's appointment, Hiiuuunceil Ian
1 .ght. of. 11 royal commission tn "Itimilre
mto the relationships between the rill
May companies f tlreat Hvltaln and the
state III respect tn tunttcr. other than the
iffty of uorklugmxii and the condition?
nf employment, mid tn report what
ilianges, If tiny, aie desirable In that re-Ullon-ihlp."
tird Loreburn Is the chairman of the
MimnilMslon. Hip members of which will
bo prominent men.
It will I seen that the vagueness of
erms leaves an abundance uf room for
speculation as to Its meaning, and tin: na
tloinlUntlon of railways Is the first guess
of the opposition.
This guess Is doubtless right to the ex
tent that the commission will consider
the iiueMlon of nationalization.
Natlotiulliatloti Is u pet scheme of Mr.
Uod Ceorge. the Chancellor of the
Kxcheiiuer, and bis followers and the
Socialists. The Unity Unit contends that
the appolntme,tit of ii commission like that
of Mr. l.loyd Ueorge's land scheme Is In
tnded to Matter the Conservatives In the
view that the next general election may
h near at hand.
It Is recalled that Mr. I Hailstone In
1144 got rarllaniciitar.v sanction for a
provision enabling the Stat- to buy 1h
railroads under certain iiindltkins. but the
Royal Commission uf 1STi. which e
amlned Into tlm plan, decided that It
would be unprolltable for the tiovern
ment to purchase the railroads and that
it hIso whs tindctdrahlo.
S-veral points besides nationalization,
including working agreeni. tits and oolliig
arrangemcnta of the various lines, are
likely to be considered t.j the cnmnils
inn. BEILIS BREAKS DOWN IN COURT.
Prisoner Whn la t'hnraed With
"Itllanl Mnrjlrr" Weeps.
.'"'ic' I'nMf I'mpMrh In Tne Ms.
Is'irrr. Met. 23. -Testhnoin In regani to
. How c.i given by the sisters lllahouoff
" the trul to-da; of Mendel llellls for the
ntir.W of lite boy Vnsohliisky Is almost
' ie nrst direct evidence that has beer.
v en up to the present.
Vera Toh-lierlak confioiitfd Xclila Ida
. "imff .Hi. I denied thin the latter had ever
ii.nl. pillow ,! m for hep. Nciila IMa
onoff adhered to lor statement ami save
netalls.
Hellls. whooc name has not Ixen men
loned In court In the last two days, col
'ipied sobbing this afternoon. The court
siljourned In order to allow him, to re-
over his composure
The trial ?f Hellls was called a blind
11I gross blunder to-d.iy try Klrvklauin,
lie newspaper which has been attacking
the trial from the outstt. At the eon
1 U1-I011 of the article It said:
"Wlif u the lium.i passes a law enabling
ilnlub'tf. the lender of the Hlacl: Hun
Ir.d, arbitrarily to send Jews lo hard
labor, then perhaps It will be uunrcs
sar.v lo seek to prove the exUtuice of
''luallsts among them."
NEW YORK JEWS PROTEST.
1 j- olli-nr Wants T. S. tn Take
Action In KlelT Case.
Tn protest against th- charge of ilttial
"urdir which has been brought against
Mendel Hellls at Kleff. Kussla. the stu
iirnts and faculty of the. I'ollege of the
i'it of New York held a mass meeting In
the ("treat Hall yesterday afternoon. I'rof.
Wern r pn sided.
The following resolution was drawn up
b the students :
"We, the students of the College of the,
I'lty of New York, have called this meet,
l.ig to voice our Indignation at the per
c.Htfiice In Itussia of the cruel sui"istltlon
which aserlb.s to tie Jews the crime of
utual murder. As students we conceive
it our duty lo combat social prejudice and
lo refute nbsob te Interpretations of re
llglon which pervert devotion to clod Into
pel . cut lun of men. ,
"To our fellownien across the water we
-end a message of sympathy, pledging
ourselves to help them In their struggle
against Ignorance and hatred, and pray
ing that the Innocence of Mendel llellls.
bo stands accused of the crime of ritual
murder, may speedily be established."
Piof, Imggan presented a motion, which
nas adopted unanimously, that the col
lzc send a petition to the 1'nlted Statis
Senators from New York and to the Hec-
l iry of state at Washington asking that
the protest of the college against the Kleff
rial be forwarded to the Russian Govern
'iv nt through official channels. Prof.
1 'uggan said he wished that all colleges
and universities In the country would An
likewise.
Others who spoke were the dean. I'rof.
li-uvvnson, Prof. Downer und Prof. Ovcr-
Jtre. t.
LA PRENSA" ADMITS ERROR.
Uoosrvelt Didn't Kay V. 9. and Bra
rll Should Control Americas.
tperM Cable fletpatch to Tiir Srs-.
Hi unoh Athct, Oct. 23, l.a I'renta
Imlts to-day that Pol. Roosevelt In his
soeech at Hahla did not say that the
Tidied States and Brazil should control
North and South America.
The Colonel will bo doubly welcome In
'Kiitlna now. lbs says that the state-
nta attributed to him are absurdly
Ise He did not make any compari--ins
between any countries and will make
. one during his trip.
ROBERT BACON OFF FOR CHILE.
Americans l'se Amcntlne President's
IlnlliTay Coach tn Frontier.
I-P'cial f'ohlt Peipnteh lo Tan Six.
Hi knos .THKS Oct. 23. Hobert Bacon,
' ner United States Ambassador at
'.ills, and his party left here for Chile
l day The 'residential coach was at
i h'd to the International train for the
v. of Mr. Dacon ami his friends.
ANOTHER LISBON UPRISINO.
'Indents Said to Have Stoned (im
eminent HulldliiKS.
.Maijiiii, Oct. 23. Advices reaching
hen wty that a second outbreak In the
ro.-tuauc.c. monarchist uprising occurred
Lisbon to-day when a group of stu
I nts stoned the Government buildings.
T e group was surrounded by the police
" guards arid the leader and fifteen
"' i' r persons ere arrested.
I.lbhou. it Is said. Is under martial law
'd a monarchist newspaper has been
seated.
5
and
SAFETY
GUARANTEED MORTGAGES
LAWYERS MORTQAQE CO.
HICHAM M. MUM, YMn
Capital A Surplus . M.SMJN
I.ltrtr S...N.T.IM Mentals it.. Bit,
ANOTHER QUAKE
ALARMS PANAMA
People of. Colon Frightened,
Fearing Kii.si of h
Titliil Wave,
(ATl'N LAKK KILLIXt
Water Only Five Feet JJelow
0)eritin; I-evel anil llainy
Season Is On.
tptctal 'ahlr frttpittch In Tnr Si s
Tanama. Oct IS. There wio another
earthfiuake shock along the Isthmus this
morning. There was no damage to the
canal structures, but the people of Colon
became terrified, as they feared a tidal
wave would follow -the earth shock
Col. tliorge W. Moethals. the chief ,
glneer and chairman of the Canal i"oni
mission, has Issued n statement In regard
tn the ualic as follows.
"There was a pronounced seismic dis
turbance of nearby origin recorded at
Anion and liatun The quake began at
1 1 :02 A. M. The shock was generally
felt over the Isthmus. The Intensity of
the movement as1 recinded on the Kossl.
Korel scale Is estimated t 1. All the
seismograph pens were thrown from the
sheets, so thit In the recoil the maNlmum
amplitude was lost, but the north anil
-oiith seismograph at liatun showed a
movement cf the pen uf u" nillllineter.s to
the north before the pen left the sheet. .
"No reliable estimate of the distance
or direction of the quake can 4e made as
et mi account of conflicting evidence In
tile records."
The dredging diet at the Atlantic en
trance lo the canal pasted from liatun
l.ike Into i 'ub bra cut this afternoon. The
fleet consists of two suction dredges, one
dipper and one ladder diedge wlth.haigex
and tugs. Work will be begun at tin
north end of the Cucuracha slide within a
few da s.
Itelatlve to the reirt that there Is not
sulllclent water to operate the canal It
may 1" said that liatun Lake Is noic live
feet below the opeiatlng level of th" larg
est ships and tifteen fi below the maxi
mum height silneo uctobcr 1 th. surfaci
of the lake has risen llfty-llve Indus, or
an average of nliout two and a half Inches
a day. Th" heavy rain ysterday lalseil
the level of the lake seven Inches In
twenty-four hours. The final height of
the lake undoubtedly will be reached be
fore the end of the rainy season, as the
ratio of Increase becomes Kieater every
day as the rains IncieHse,
Without any inctease during the dry
seaoon the storage of water In the hi I;
will be sufficient to make fotty-one lock
.'iK'" a day duilng the dry month. It Is
estlmiit.il that there will tic not over tight
lockages a day for many years,
"RUBBER STAMP" RULE FAILS.
f 'nllfornla's Onv ernmrnt In find Was
With Johnson Absent.
SN I'nANi'isco, net. 23. While Unv.
Hiram Johnson Is preaching Progressive
IHilltlcs In New Jersey and otlur llastern
Mates the govt riiment of California Is
In a bad wa.
Secretary of State Jordan refused to
day to accept the red rubber stamp sig
nature of l.leut.-Oov. Wallace, who Is sick
In 'bed. This brought all State business
to a halt.
In this emergency tin- President of the
Senate, S. S. Hoynton, was relied upon,
but he refused to act, as he did not believe
that the law emimwercd him to sign
papers. Ko tint whole matter was referred
to the Attorney-! leneral for his opinion.
I'll to this time the Oovernor's woman
stenographer has used a rubber stamp to
altlx the l.leuteiiant-doveinor's signature
to legal documents, but It is doubtful
whether or not this would be declared
vulld by any court.
AUDUBON LEADER KILLED.
Xllehlaan Society's President l Vic
tim of Anto Accident.
DivrnoiT, Oct. 23. Attorney Jefferson
lluller. one of the leading ornithologists
In the l.'nlted Suites and president of the
Michigan Audubon Society, was killed by
an automobile to-night.
Mr. Hutler was riding bis bicde and
swerved aci-osa Woodward avenue to a
side street In front of a touring car driven
by Billot O. Morse, sales manager for the
Hudson Motor Company. Mr. Hutler was
entangled beneath the car and mangled.
He died in an ambulance on the way to
a hospital. .
Mr. Hutler was a protege of Heury Ford,
the automobile manufacturer. Mi. Morse
explained to the police that he tried to
steer bis car to the left to miss the
bicyclist, but was prevented by a street
cur. Mr. Uutler was 50 years old.
SIX FOOT 'GATOR BITES KEEPER.
j
BUI Snyder Ones to Help and Valla
Into Xest of Them,
A six foot alligator grabbed at the left
leg .of Keeper Klernan of the Central
Park menagerie yesterday when several
of the men were engaged In transferring
the colony of saurlans from the summer
to the winter quarters.
When Klernan took one by the tall It
turned and caught his leg. He called
for help and Head Keeper Hilly Hnyder
Jumped over the wire feoce. Snyder
stumbled at the edge of the jool and wont
floundering- Into the water' among a col
loctlon of small "gators.
They scattered In alarm. The head
keeper got out and whacked (he biting
saurian on the head with a' stick until
It let go. , Klernan's trousers were torn
and his leg waa scratched.
SIMPLIFLEB SPELLING ADOPTED,
University nf Mlssonrl Publications
lo Follow Nrrr Method.
(.'OI.UMIHA, Mo., Oct. 23. -All of the cor
respondence and publications of the fa
culty of the School of Education at the
University of Missouri will hereafter
adopt simplified spelling.
All the reformed words In the list of
the simplified spelling board were adopted
by the faculty of the State School of
Education to-day. ftesolutlons will be
Introduced at the next meeting of the
Missouri St'ile Teaehars Association,
adopting the simplified method.
Tho newest list issued by tbo simplified
spelling board contains sjxty-onc. rules In
volving several thousand word.
288 OF 297 BANKS
AGAINST MONEY BILL
KiYt.v-riplif Will ni Natiouill
Chiirters if Mimimiii
Passes.
CKNTRAL BANK FA VOliKII
National Surety Oiiiiiin,v Poll
Brings Out Adverse
Sentiment.
replies which the National Sutely (Sim
pany of IIS Uro.nlway has received to .1 '
KM of questions concerning the currency
I measure sent out to about Sii.noa hanking
I Institutions throughout the country Indi
cate that tin re l a strong sentiment
I against the legislation.
I t'p to esteday Ifi" alisweis were e
eelved by f'n sldeiit William H. Joyce from
I national Kinks alone. Only nine of thoso
banks want to see the measure enacted
in Its present form.
One of the most striking questions sub
mitted was: "if the present bill passe,
will our Institution continue as a na
tloiml banlt?" Ulllcers of slxt -eight
banks 'aoniiuncril eiimbnllcMUV tli.it the'f
I would give up their national charters,)
I while twenty.sevcn said that they would j
not. The others of the J97 refr.ili ed from
! committing themselvi s on that question.
1 The ilrst question was; "foes our bank I
I believe that currency legislation Is nNej
at the present time?" To that qiKbtlon'
ii(i voted es and 121 said no. The nevt
i question was: "I'o you believe that the
prsent bill as a whole Is a step in the
i right direction fn that 12 said they i
did and IS" voted In the negative.
I Onl.v M.ic Psvnr Hill. !
There was finphatlc opinion mi the
I qucillnn: "Are you In favor of the bill as
I It stands, or would you prefer to see It !
amended" Two hundred and eighty-two'
J banks said they wlhrd to se It amended !
and only nine -found im tlavv In the hill.
Another question on which there Is ap
! par.ntl almost unanimous opinion Is. "I'o '
I ymi believe that the i love rnnicnt should
I hcmimic absolute control of the IVderal
i reserve banks without glvln: members j
i which contribute the capital of the reere i
j bank representation on the I'ed.ral re. I
serve board?" Nine banks said they did
and 2v.i banks are opims-d to auv such I
: plan. . !
"I'o ymi believe," another question run".
"that there should be one central bank j
with branches, or there should be a nunf- ,
lr of Independent region ,1 banks under (
the .-eneral slip, rvlslou of the Kedi ral
re.cn e board?" Hue hundred and eight. ,
ulnt voted for a ontral hank and titty-1
thlee voted I'oi i. clonal banks
The question as to the il.ivirument 2
per cent, bonds was put In this way; "Are
you atlsllrd with the propos.d sclieuii of
refunding " r cent, bonds Into R per
tent, bonds without tin oliculallns pilv
llese,1'" I'orty ald yes, ":tt, no.
RBllltt Board Plan.
A question as to the membership of the
Federal reserve board was answered cm
phatlcall. It was put this wa) . "Ho
you believe It Is wise and safe to place
such vast powers In the hands or the
appointed Federal reserve board, the per
sonnel of which need not necessarily be
composed of either bankers or business
men?" Fourteen answered In the affirma
tive and 27ii In the negative e
"Are you-satlsfleil with the rediscount
provisions of the measure'"' was the next
question. Sixty-five said they are and
!ni answered In the negative.
"Inasmuch," runs the next question, "as
I'm would be required tvintually. under
the proposed plan, to carry all our re
serves either in cash on baud or In re
gional bank., would It not be necessary
In the course of business to carry bat'.
ances with other banks'"' Two hundred
ami sixty-nine said it would : sixteen said
It would nut
"Do you believe." was the next ques
tion, "that regional banks should assume
the functions of clearing houses and un
dertake to collect domestic checks and
other cash items free""
To that question lux voted ill the af
firmative and 1S1I In the negative.
"Do you believe," the last question
reads, "that banks In the larger cities
having a capital of ll.dnfl.non or more
should be permitted to establish branches
In their respective cities?" Ninety. niun
said es, and It n no.
William II. Joyce, president of the
surety company, explained emphatically
last evening that his concern was not
taking sides In the present canvas, but
simply was trying tn ascertain the sen
lltuent of the bankers for information of
Its clients. The information also will b
sent lo the President and to the members
of Congress. The returns will lie an
nounced from day to day.
REPORT ON BALKANS READY.
All Allies Committed Atrocities,
Says Carnenle Commission.
Paid a, Oct. 23. The commission which
was sent Into the Hulk. in States by the
Carneglo rounilatlon for International
I Peace to Investigate I he icsirts of cruel
I ties and outrages and also to lluure out
the economic losses In the two wars has
completed its report, which Is to be pub
lished In IsSok form without dwelling too
much on the distressing stories of mis
deeds. The evidence gathered by the commls
slon shows that troops of all the warring
Ilalkan States committed atrocities. Some
j of the most Important evidence collected
I by the commission came from women and
children. The Hulgarlans were guilty of
the greatest faults In the second war. The
conduct of the soldiers of that country In
the first Joint war against Turkey wns
most exemplary.
The report will develop fully the ecu.
nomlc aspects of the war arid will have a
good deal to say also upon the wonderful
possibilities of development which lie be
fore the Halkan peoples.
HOW NEW FILMS ARE MADE.
Cellulose Impregnated With Paraf-
an and Alnm feed.
lipeeittl Cable Deipntch to Tin: Six.
Paris, Oct. 23. Tlw new non-inflammable
films, which are a Pathe patent
and which must be Installed In all mov
ing picture places In Franco by December
1, consist of cellulose Impregnated with
pnraflln anil alum. These tilms"wlthstand
lire In a striking maner; Imbed lllm tires
are now restricted to t Im ordinary films
'such iih used In America.
The prefect of police, M, llennlon, has
tlrii utrlnirAlit mensuns not to ullou
the use of the onllnary films. Many J
movies advertise: "Only uninflammable, j
films used by us."
Pathe Freres say America Is already
receiving su p'.lc.i cf the noii.n(1,!ninalile
lllllin.
i NOT CHINA'S NAVAL ADVISER.
Admiral Christian Waa Lent hi
F.nwland Three Vrara Ao.
Special Cable Peipattli to Tint Sex,
I.ondo.v, Oct. 23, The statement that
Hear-Ailmlrnl Christian of the lliltlsh
Navy bus been nppolntrd naval adviser
to China In the matter ol building ii.i
her lleet, Im wrung The Admiralty lent
the ofllcei to China three years, ago to
act us dliector of llio naval college
THE SUN, FRIDAY, OCTOBER
Frank A, Vanderlip
Who proposes a new currency plan
Congress.
to
BANK REFORM ON
VANDERLIP PLAN
t'onfiiiuei nun ':r.i I'lipr
superadded proilti, then after should be
ns.il to oblltirate the existing t'nlt'd
Stales debt
The function of the lfbr.il les.ivi
bank, ns outlined by Mr. V.inil. rllp. dif
fers in fundamental partlcnhiis irom tin
M-c,ile, Ahlrleh plan In that It sulistl
tuns throughout the project, d svsteiu
F'fleral control for control b; the banks
and that the P. ibral reserve hank can
not, by iciim'ii of the non-voting piiwir of
Its stock Issue. Iieconn tlil'ou.ll mi ioni
blnatlmi of eiicumstaiices in tool of
"visti-l Inteiests or of the banks."
In other wolds. It stibstltiib s for the
Abb-loll plan n w,ll as for Hie ijlass.
'iweii plan, which has been rtpeatxllv
termni tin. vidricli plan iii dlsnnise, a
direct i!oviiiiiieiit,il lonlm),
t the loiulusion of Mr V.mdi rbp s
ti'.ttlinom ihe favorable Impression that
In bad made on a m.ijnritv of tin nun.
mtltef was biMiu'dlatel appnient
Chalnnan "wen was not pris-nt during
the hearing, but Senator ii'iioriuan, who
presldi it, IndliMteil thiougbout Ho testl
inon of Mr. Vand-iUp lliat the sugges
tions he made eiiibn'lieil tin ideas for
which the Senator has all along couteudnt
ami which. In discus. Ion alth Senators
Hitchcock. Heed. Hristow and W.eKs. lie
had i xprfss.il as bis view s of piopei cut
run reform,
ItltcliriH-lt's pprtivnl.
Senator llllclnock, atttr Mi. Vander
lip testified, said that the suggtsted bill
mure nearly met his own Ideas of what i
revblofi of the currency laws required,
what would constltuti. the hist sort of
n law- for the coutiol of the national
financial sstetn. what would create A
trul elastic currency and prevent any
Mrl'ictncv or Inflation thmugh Immo
bility of reserves and an cunct titra
tion "f ciidlts whue credits Weie not
useful.
Sinalor Heed cxpiesscil the view that
tin ciiuntr would aicept Hie Yandeillo
suggestion for a single leutial reserve
bank with an .nbquate uuiulxr of
branch's umler Cmvrinnnnt control.
lb did not believe that the Vuiellciltl
plople were so dfllse that tile illffll dice
bitweeii this sort of a Kedeial bank and
the bank controlled timeeru. projicte.l
In the Ablileh plan, could not be e.
plain.. I to them and would not be In turn
.icifptable to them.
The three 1 lemm'ratle Scuntnis above
mentioned, with tin. minority numbers of
tin. committee, who appiovc of the Van
derlip suggestions, constitute a majority
of tjvo In tin inmltte- favorable to th"
practical substitution of a bill framd
along those lines for the Administration
bill.
It Is uncertain what the President's at.
titude will be toward this new t in ii of
affairs He has Indicated that he was
willing lo incept amendments, except
when they affected the fundamentals of
the Administration plan.
The "fundamentals" have been inter,
prctcil as ilovei mucin control of tbo
executive maclilnerv of th.. s.vstem and
lioverumeut guarantee and contiol of
the currency Issue. The Vandeillp plan
provides for the former, but not the lat
ter. XI r. Vanderllp'a Plan. .
Heie Is Mr. V.inderllp's outline of
bis plan:
"Tin llov eminent Is to giant a ch.iiter
to the federal teserve bank of the
('lilted States, with capital stock of S1U0,
niiii.imil, th" charter i extend for a pulod
of fifty years.
"The head office is to be located In
Washington and twelve brunches are tube
located in Hie cities selected by an oi
canlzatlon committee and sub-branches
wherever designated by the bond of the
federal reserve bank.
"As soon as practicable after the pas
sage of the act the President Is to appoint
a committee of live to be designated as
tile 'federal reserve bank organization
committee.' This committee will divide
the count ty into twelve cnnitneMliI ills
trlrts and designate one city In each ills
ti let as the seat of a branch of the fed
eral icserv" bank, anil generally be
charged with the tesponslhlllty of or
ganizatlnn. "The stock of the federal reserve bank
may either be subscribed for entlrel by
Hie (loveriuueut with funds raised by Hie
sale of bonds or offered for public sub
scription, Ihe slice, us of such subscription
to be Insuied by tequlrlug alt national
banks to be liable for the pui chase of
their pro lata proportion of any stock not
taken by the public.
No VotlllK Power for MIm'L,
"The stock shall have no voting power
and no rights of any kind shall attach
to It except to receive dividends. There
need therelore he no restriction on Its
purchase or sale or accumulation cither
by banks or Individuals.
"A double liability will attach to the
slock.
"The Federal reserve bank will bo
wholly under the management of a Uunl
of seven directors to be appointed, by
the President with the advice and con
sent of the Senate, with terms of fourtien
years, but the fllsH hoard to be classified
and the term of one director to expire
every two years.
"Tho bill should provide that the Presi
dent will select men qualllled by expeil
ence and training fnr'tlie proper discharge
of the duties Imposed and make no ap
pointments In older to confer political
rrvvwrds. At least llnee of, the members
should be' lecogniiEed to have had Willi!
financial and bunking experience
"Appointments are to be distributed
geographically so as to give due weight
to the commercial sections of the country.
"The I'lesldent with the inlvlie mid
consent of the Senale will dcslgnutr one
dliector as governor and another as deputy
governor, and the governor, or In Ids
abtenre the deputy uovcinui, shull uct us
n 1 -n
kT A HHIrrrrI
' IISIrH
RM " x - iM
RRRB RRRBtA,'' JRRRRRRRH
24, 1918.
I I'halrinun uf the board and na the chief
executive ofliccr of the bank,
"Membei-s of the Isiard to retire auto
matically at tlfii age of 70.
"The board of the Kederal re.servn bank
shall appoint for each branch an execu
tive commltteo of seven members. The
bill will contalif the same general di
rective clauses as lo their character as
Irr the case of the board Itself Including
the provision that at least three of the
members of the executive committee shall
be recognized to b.ive had wide, banking
and financial experience.
"Tim terms of office of members of tie.
evecutlve committee will be seven earr,
but In the case of the llrst members ap
pointed they shall be classified, so that
one director shall retire each ear. One
ineinler of the e.enitlve committee will
In1 designated chairman and one vice.
chalnnan, the chairman, or In his ab.
sem e, the vice' chalnnan will act as I
chairman of the committee.
"All a Hons of Hie executive committee
will be subject to the approval of the
board of the bank I'.it li executive com-1
mlttee will elect a president and otlur ex-
ecullve officers to conduct the business of
the branch, the men lilting thce ofilces
to have no ofilclnl or financial relation I
with any other bank. I
"The earnings of the bank shall. In !
case the (iovemment subscribes tn all the!
slock, bo llrst devoted to an accunitili'
Hon of a surplus of '.".i per out and theie. !
lifter one-half of th" earnings will he de
voted lo ii further Increase of the surplus
until It reaches .'. per cent, and the other
inches .'. per cent, and the other:
will iro to the I lovcnmient. I
s stirplul lias reached So per cent. J
earning.! will go to the Hovern- '
one half
After the
nil the
ment.
I I'll Mir s,ihscrlptliiii Provision.
"Ill case the public subscribes to the
stock the net earnings will tint be de
I voted to'lia lug u I" per cent cumulative
dividend, then to an accumulation of a
on plus equal to 2i1 pi r cent, of the capi
tal, lifter which one-half of the earnings
' will go lo the i lovernment and one. half
I be devotid to tb" accumulation of a'
! further surplus, until the surplus reaches
Sn ner cent, of the cmillal. and tlieieafter
all the eiiriiimts bevnnd the dividend re
quirements will go to the Uovernmrnt.
I "All earnings received by the ilovern-
incut wilt lie iievoieq to ine ruin ineni
of the I lovet nillolit debt.
"The customers of the bank shall I"
the iloverniueiit and qualitlcd member
banks, which will Include all national
banks and may Include State banks and
trut companies
"The Government shall deposit all of
Its general fund with the bank and
ii'lislltute the bank Its tlscal ngitit
"The reservn requirement for national
banks will be so changed as gradually
to transfer all reserves away from cor
respondent hanks now acting as riserve
agents and. after Ibis gradual transfer
has been fullv accomplished, all rerrv
w'll be held in tin vaults of the ban';
and with the Federal Heserve Hank.
The reserve requirement will be the same
for all number banks ami shall be ulti
mate! I'.' per cent.
"The reserve t" b- held by the Federal
llcseivc Hank shall never be ss than
sn pr cent of Us dftuind lialiillllc-. In
eluding note Ifsue, in gold or lawful
uionev
"The board "f the Federal Heserve
Hank niHV m mi emirgenc suspend all
teserve requirements for Ihirt.v das and
continue su'h suspensions for periods nf
fifteen days.
Power of ItrdUc ouiitlna.
"Tile Federal Reserve Hank may ic
dlscount for mi mber banks paper SPf.
liquidating in character to be detliud bv j
the net It shall not rediscount ior any
iuiu bank an amouiit exceeding the capi
tal and surplus of suih bank.
"The bank may but in the domestic
market from member banks, non-member
banks and Individuals self-liquidating
paper under conditions to be defined In
the act hearing the Indorsement of a mem
ber bank and may buy In the foreign
markets prime bankets' bills.
"Tile hank may also deal in gold coin .
and bullion and In obligations of Hie
1'nlled States Government and IM insular!
possesions.
"The board of the Federal reserve bank:
shall establish a minimum rate of ills-
count, which shall he uniform .it all
branches and sub-brate'lit s jnd which
shall be changed from time, to time as
conditions demand.
'While the minimum discount rate shall
be t,he same at all branches and to all
banks that minimum rate will only apply
to the rediscounts of a bank up to an
amount equal to a tlxed percentage of its
capital and surplus; thereafter sudi bank
shall be charged a unlforml progres
sively Increasing rate upon discounts un
til said discounts shall have amounted
to a maximum permitted by the act. fully
equal to the capltil and surplus uf said
bank.
"As fiscal agent of th 'lovernment the
Federal leserv- bank shall be charged
wltii the duties now Imposfd iqou the ,
Treasurer of the I'nlted States and the
bureau nf redemption In the office of the.!
Comptroller of the I'nlted States In re- I
sped to the custody nf hoods securing '
national bank notes and the redemption
of such notes.
"The S ver cent, redemption fund now
In the general fund of the Treasur.v sha, '
b" transferred to the Federal reserve'
bank as a special trust fund and shall
be held Intact and shall hot count as a
pail of the real reserve of the bank. I
The Clrculnt Inn Antes.
"The Federal reserve bank shall be an-
tboi lzed In Issue Its circulating notes, j
Such notes shall be scented by the stgte-I
gallon of redlscounted paper, as described i
In Hie act, equal to lOn per cent, nf such
notes outstanding or one .vear exchequer
notes of the 1'iilted States lioverninent I
beieluaftir provided for and by a ri-i
seive III gold equal to Su per Cent, I
"The notes shall have the same quail- I
ties as the present national bank notes,
shall bo redeemable atiny brunch on de
maud In gold and shall bo the obligation
of the bank. Thire shall be no restrlb-1
Hon upon Ihe Issue of notes by the bank
when the notes are fully covered by gold
coin or bullion, It being Intended that to
the extent that the outstanding notes of
the bank arc not fully coven il by gold
they shall be secuied by 100 per cent, in
redlscounted paper and or exchequer
nojes and by a teserve in gold equal In
So per lent.
"liradually and over such period as
the Federal reset ve board may decide
Usin, the Federal teserve bank shall nf
ler to purchase '.' per cent, bonds nf the
I'nlted States, deposited to secure circu
lating notes of national banks, at par
and up tn an amount equal to -half
of such bonds deposited with the Treas
urer of the I'nlted Stales as security for
national bank note circulation,
"II shall pay for these bonds by as
suming Ihe responsibility for the redemp-
II.... -.ml r..tlt'Miti..iit i.r the ii!ifl.,,,.,l I....1.
i notes seemed by them. I'pon acquiring
these bonds the Federal teserve bank
shall receive from the Covernnient of tho
I'liltid Slates In exchange for the 2 per
cent, bonds an equal amount of one year
. exchequer notes bearllig 3 per cent, In
i tor,est,
I "Tlie Federal reserve oank shall give
,au undertaking to the I'nlted Slates liov
eminent that It will renew such ono year
I exchequer notes at maturity for twent
I years. Theso notes will ho mailo to
. maturo at various periods during a calen
I dar year.
"So long as these notes are outstanding
' the Federal reserve, bank shall pay to
the I lilted states out of Its earnings
and beforn any dividends arc paid upon
tho stock a tax of I ifc per cent, on an
! amount of circulating notes equal to the
1 amount of exchequer notes outstanding,
j AntlmiHl CIcHrlnn House. '
"The bill should provide for a national
I clearing house,
1 "The charier rights of national banks
should be so enlarged as to permit banks
to have, branches within the city In whl 'h
they lire Incited, In establish branch, i
,'tbio.nl and lo vxeicis,. general trust enn
pany functions to be defined In the act,
"National banks shall havo the, right to
.ncctpt di afts of a character to be defined ,
Tiffany & Co.
Diamonds and Pearls
New York
Paris
up to an amount equal lo one-half of
their capital.
"Hlnte banks and trust companies may
bo admitted to membership by conform
ing to the same capital, tcsfrve und In
spection rniilrementH that national hankii
arc. obliged to meet In similar localities.
The Federal reserve board shall have
power to ex.tnilni; any member bank.
"The circulating notes of the Federal
teserve bank shall be a first Hen oil all
Hie ns.ets of the bank.
"Tlie Federal reserve bank shall have
i llrst lien upon the assets of member
banks for any Indebtcdnees due from
them
"As far as feasible the Federal reserve
bank shall be exempt from the payment
or all l-ider.il and State tuxes excpt
taxes upon real estate. As far :w feasible
he stock or -the Kid.-r.il rfsefxe bank and
Iho dividends therein 'dull l,.ws.. be
flee from all Fed.r.it .mil State l.ixcs.
OWEN HINTS AT CHANCES.
cnlor ll.llrves Mimlirr of ,..
Klonal Hunks Mas lie Itediiced.
, nsT..N , .'.-, s.nator ovf,, nf
klahoma , ,,r,.ss,, M, ,,, ,,u
I hil. lo-nlcht ,, ,h, .iwo,i.(!ln. cur
lene.v bill. ln ., interview befote niakln--his
uddreys hint,.,) ;it probable ?meud.
tneiits to the measure ami answered .some
or the latest uttucks upon It
Mi- Ow.n said th.tl tli-re tiwv be sotn'
loncesMoll as to the nuniorr of ret-lotcl
teserve hauls bill that Ihev will tint be
few.r than ten because nf th Hlze of the
nation and that there may . some slight
concessions lltt p, the matter of reterves,
He believed that the iiuinhr of Admin
istration repnsentatlv.'s on the Federal
n seive bo.iiil iji.h . educed and tint
theie would be bankers in the nn mber.
hip. He nuisiileied the "law ful" monev
provlMon would reni'iin In the , htf.iijs,,
II adds piolcctloii to the cold leyerve.
The suggtstlon of a baiikeis' advison
council velll probahlv go through
LEISHMAN BETROTHAL PUBLIC.
Wed ill im Will He olri,i,ir, Pt
Tilesdn) In l,enevn.
Pvnis. Oct 2.1. Announcement nas
tnaib here to-da thai the wedding of
Miss Nancy la.lshmaii. daughter of John
I!. A Lelslinian, formerly I'nlted states
Ambassador to (ierniimy. and the Duke of
Croy will he solemnized at tSenevn n-t
Tuesdiy. The ceremony will Is. per.
formed by the Catholic Hlshop of Geneva.
Miss Irishman and het mother have al
ready gone to Geneva to prepare for the
wedding, Mr. Irishman followed them
to-aay.
Just Published
A New Novel by
Mrs. Humphry Ward
THE C0RYST0N FAMILY
Admirers of this distinguished author's
talent will be glad to know thai she has
returned to the style which made "The
Testing of Diana Mallory" such a
delight.
First of all "The Coryston Family"
is a lave story, with a heroine who will
rank as Mrs. Ward's most ohartninc
portrayal of young womanhood of to-day,
then an absorbing representation of the
dramatic struggle between the radical
and aristocratic elements of present
English society. Lady Coryston. by
means of her position, money and char
acter, is a power in the land, but fate
overtakes her when her children defy
her in both love and politics.
At All Bookstores. ' Illustrated, $1.35 Ac
HHMHARPER & BROTHERSHHMM
"Open Air
lo Everywhere'
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Coach Compttii'i
O Per MONTH UPON PLEDGE
OF PERSONAL PROPERTY
I
THE PROVIDENT LOAN
MANIIAl I AN
I'Oiirth Avenue cor, .'.Sth Strcyt
P.lilriitei' Strtft cor. NiviiiRton Street
Seventh Ave. het, -4Hth ;iiul IHh Sts.
l.tAiimtwi Ave, cor. l.Mth Street
Citiiikl Slrtvt cur. ('Itntiiii Street
I't'sl 7.M St. Ivt. Levnmtoii .i, .M ...
liast lluiiilon St. cm. I'sses Si.
London
NITROGEN INJECTION
USED IN TUBERCULOSIS
lie.
hiliii Jt. .Mui'pli.i Kilnin
Mis Method for Cure
Of DisPMhC.
cmcA'in. net. 2;:. Dr. John H. Murphy'
presented a' method for the cure of
tuberculosis berore a gathering nf physi
cians and nurses at the City Club to
night. Mr. Murphy explained his method
nud said Hint It means the Injection of
nltrog. ti gas Into the pleural e.cvlt,
tlieii.by contracting one of the lungs.
Tills causes the Infection tn be drained
or squeezed nSvay and gives the lung :i
chain, in rfst III Its efforts tn throw off
the disease, while It Is at the nimo time
tr.vlng to do the work of breathing,
"I Hist advocated this method of trest
lug tuberculosis In lx?x, when II was
attacked Isitb In this country and In
Huropc," said Dr. Murphy. "Since thin
crujil has been nccordeil my treatment
almost universally In the medical pro
lesslon "Tulifi culosls is not , wintir disease,
as is so cominoiil) thought, but an In
fection which usnall takes hold of its
victim in Hie summer The appearance nt
malaria, of that tlr'd f "litis. Is one out
waul sign of Hie approach of tuborculo.
ids.
"In the following winter mints bro'n
ililiis. then the tlrst cough- -and then the
thing litis you In Its grip. The great
tifeesslty tn dealing with It Is tn dligpos,
it tarlv- before there s an mlxfl In
if.ctlon I'rocraHlnatlon In 'haling with
thr sickness Is the cause of Its h'lng
fatal."
Dr. Simon H.uuoli of this cuy explained
hist night thai Dr. Murphv's method ap
pealed to be a variant nf a treatment
which has bun known In nodical circles
for about two years. Tlie tnatmutit con
sifts in tilling tin- pleura. .' memlnanf
that surrounds tin- lung, with lilting' n. ..
non-lit Itant gas, which coiiipmscs tin
lung and by dtireaslng Its activity gives
tli" tissues an nppoi tuntty to rist. Dr
Haruch said that Dr. Murphy's treatuunt
as tar as could b" gathered from the Chi
cago despatches, substituted nitrogen for
the Injection of air, a triatmciu formerly
l lliplo ell
The Moni Iiitvn.tlliin Things in the World.
LIVK men and women are far the
most interesting things in the
world-
If you want to see all kinds
take a' 'bus
Fifth Avenue shows every type
of woman, every type of man
Which is one reason why the
people on top of a 'bus are always
slow to realize that they have
reached their destination.
SOCIETY OF NEW YORK
HIlllNX
Court liitu.lt ve. cor 1 imhStreet
HIIOOK I.I.N
Cir;ih;mi Avenue cor. Dehevop-e St.
Pitkin ".venue ccr. l'ockaw;i Ave.
. I'fin in i .r hakIiI tJi'itn
lI.UA.si I'lr-MW nillliv
'2 TWO i'l-KS I ROM IJAl h
M)a I'll'MO WITHIN