Newspaper Page Text
THE SUN, SUNDAY, OCTOBER 26, 1913.
FINANCIERS FAVOR CENTRAL BANK PLAN Mnjoritv of Institutions Also I r:rp I'lianucs in .Money Hill. FOR I'MDKRAL I50ARH ISA out of 'J. UHS Snv It Is I inu'M' to Give It Vast I'OWIM'S. l.rtini r)illi free lril ypftiTilH y tr N.iti'iti.il Mint Oidtil'i'li.v 111 Its poll nf (m-Miis ttiMltuttotu nf the country ns to the i attitml" "H thr wrn.i linn riincnoy Mil h nut only an rniphatir opio.ltlon in On iii(aui' I'Mt u il"nlri' for tin1 .in- ti'Itm lit "f tin Mil Tl.crr Is 1111 cm l.li.'ii rtriift tor a contr.it li.uik with tin' wIHIp the oljJ'Ttlon to u IVilirnl r-ri 1'o.inl. iioi t !niih!'l i, ful not Clltn'l"l"' li.lllkl'IK, It PtrnhK. Man irlliiitB tlilw: npp.'.ir from n ftmly ,f tin P 'll Alni'ily ti'i nn.HttiTH li.ivc hei'ii rr"i"l I rem ii.itlon.il ti.intf .ilonr on il . ipicit on of aim mliiiuiit of tin- Mil ttir ot. f 4 13 for Htnl 42 tiRalnst. TIutc l ,m rinphiitlc iniii'!t for a icntnil lank 'h lir.mrlKS tiillici than a number of ii.Ii V ii'lcni H'Slonnl li.mka mnlt-r tl'r iijt r 1"t' ri of thi' I'mIim.iI twrvi Imaril T litinilrcil anil tliu-' lunik want xiicli a . ntral N.nik, hllo lull n- .m.-iliif I It ml MVtliti'tli bnnk.H lnll'c that th Ooernmi'iit whnuM hkmipu1 ubrnlutp mil. ir l of ! I'V'l.T.il ri'hrc Imnkt. ulthout fi Hi. tli on i.l of the iKfn'i1 tiniiKK, irprMtit.i t ! Mir lViiri"l rt-n-ive lio.ml l'oiu ru 'Ir.' l .mil rnt -! hanks haf oK"l a, n t thf pi imiii plan foi lonttol of thf 1"' ' r.il m rve bank. ! ,i i mc on that nunc point In the ot' on th. iution .i.h to wlKthtt It In i?" ' nl- to plai-'1 moli vast powi tM as out' ill 'ii thr Pill in the hand of tho ..pl. nti il I'cihT.ll 1 1 ( 1'o.itil. Itw m r- p'i.: "f which noeil not n t lly li- In iiK'iisuro nnil, having nvrry contldcncn that thi' Semite- nimniltti... afttr 1(8 rxhniiHtlvi' Imiuliy from IuihImch men and hankiTH aim ml thr lloitw IiIII ko its tO' Lortl'Ct ItK lleflH'IC. I do nol l.clli-p an, new plan should bp. coiisldurtMl at thl late date. "The ci'titral hank Idp.t iIocm not. In my opinion, inert with the approval of Hip innospi of thr Anirrlcut people and If nluu!ty cnnnlilripil now would only ro Mill In drlay of hankliiK anil rtinrncy ti form, ttoimpiiutiitly 1 .1111 opponpd to tlip consMer.itlon of any new plan. "I confidently hrlli.p thi. Mpn.itr com mittee will no ntniiid the hill iisnrd by the House of epreirntatli M im to lil.ik.i It prHrllral, and I sincerely hope and htlleve it will he m .miendpil and MHs,.( at the pio.ient Hpe.-lal minion of Consrcns." CURRENCY HEARINGS END IN SECRET TALK! Jlank Kxnminor Starek Tells ! Committee of City Bank's Chieapo Flotation. HxsrKGESCY" IS FIRM ST. PAUL DOESWT APPROVE. Ilniikrra Think Politic Would Mnkr Vnnrtrrlln IMttit Work loorl. Kt. 1'.pi Minn, (ct. 2C, -H.inkern of Kt. Paul Kencrally oppose the Vandprllp plan. "I don't think Mr Vamlerllp s plan will he approved hy the financial ami com inetclal Inti'leHtH of the country," ali! I-. il. tialley, urcn put of the Plist Na bipartisan Majority Probably Will Knoek Out llejdonal Hank System Monday. Wahmi.soton, Oct, 25. lleiirlnKR Ixfore the Senate "oinmlttrp on Hanklnir and Currency came to an end to-dny with the teftlmony In executive fejulon of National tlonal IlanV. "It would tint financial con- ' I: . 1,-fl"",r -nnrles MareK or Mm trol In the hnmlu of iitionlntrMn un,1 unuWt i i orx. cr.'iite polltleiil partlsannhlp. Il.inklnic iiusiiienH snouiit lie carried on hy men cx perh need In II I am not arijulm; for or nRiiltiKl a central hank, hut It seems to me that the liovcrnim lit Mhould Ihhuc fiold and silver coin and let the euireticy he l.iHUrd hy KroupM of hankn under Kederal control." Louis llrtz, prcHlili nt of the State Snv li'Ks Hank, doct" not think the Vanderllp plan l Rood. He lielleves that the country If too larce and Its Interenn too dlverct tied for i !o eminent rontiol The re S'onal irservr Idea would scrr hettir, he snld "The principle of Mr. Vanderllp's plan Ik rlRht." nald Wllllain It. Mnry, vice president of the Capital National Hank member, wMili lontribute th "l'f"re irltlrlnliiK or otTerlnn any Mrthrr eouimeni i wouin nae lo review the scheme In il'ta.l." TOO LATE." SAYS WEXLER r Orlrnn Hunker llennril I'lnn n tSnoil, tint Inopportune, Nf.w nni.EANv, i t IS, The propofid KUbitltiitlon of Frank A Vanderllp's plan .".' "V " " tnr .l,l.,l-.,. ..I., lull , ,r.,e,l either of liankeis or business " ' v.,.,,.., . . ,,, .,.- , nn!v tw. nty-elRh: are In favor nt " -0 t of seneral d'sui.sloii In Innklrm mi. 'i .1 piopoEltloti. while l.iS are against I v "'" " "'-"" .1 "tic Miom? op iis.tli"i to the bill m.inl- f. f itself in tne ilicbion of many banks nnt i.i continue a ti'itiouil banUi-' should t'-.. i.'M be n.r.ted into ;iw YVhlle m my b, "ks h.ne limited thi. iiieiloti, sity tl." b.mks .ldmit th.'.y will lontlmie as !,! h. while IK Insist t.,.y will not do sn In ither words, the vote 1st about two-thtrds .iKaln.-t tin- prospect of na-tmn-il banks cc.ntlnulii,i In business un ibi the proposed law Tin' Innks also hve well defined con vlit'oiu. that the lies,lon of reserves has tn" bii n woiked out well under the pro pin 1 law. That Is thown in the answer to thiii ipu'Mlon . "lii.iMiiiich as you would be tinutred eventually, under the propo-id plnn to iari all our riser es altlier In cash on hand or In rcslou.il hanks would It not be ne"es.iry In the tourfe of business to cany balanced with otlwr banks'" i:iKhtcen oted no, but 41? said it would. As to the ote on the need of curreuc legislation at the piesetit fine. IT1; voted )es, is", no While Inn b-llee the pres. nl bill Is a step In the rlKht direction Jijri sav it Is not. duly sevinty-nlne of the banks he.ud from an- sitlsfled with I lln rn'i lleen ble n Item) r, Vnn- It was the general opinion tint a cen tral bank would he In M for the country, hut the late pii.posal of the plan delernd several of the bankers fioni Indoi-lns tne scheme. Tht lew of Niw Orleans bank ers wa presented by Sol Wetler, the recocnlnd le.tib r tn New Orleans In the present tlcht of the banker" for in Im proved currency hill "1 am of the oninlon that the tlm la Inopportune for the Inttoductton of a bill 1 on the lines sUKCtsted by .Mr Vanderllp." i salil .Mr. Wexler. "It Would be a decided variance from the plan which im been thorouchlv discussed foi the last few months liy the Iteprientativev In Cnnprers anil th financiers of the countrv The new Idea would have to be completely 1 tion. lhashrd out and cery detail evinilneil Senator Hrlstow rfad a letter to the before It should lieconi- a law. I committee from 1'rof Jeremiah W .lenks I believe that If the rrisent bill Is ) In which the latter said that he was be Much of Mr Starek's testlmonv. It was explained bj actlm: I'lmlnnan Hitchcock, j would be of a confidential character and hence the nrcosity for closing the com- I mlttee's doors to the public. It was teirned to-nlKlit that Mr Ptarek I was questioned by the r l.mnlttee in re-' K.nrJ to the recent ttotntlnn of approxl- ' mately $4fi,Oun,noo In the securities of the Chicago I'lty Railway Company hy the ' National City Hank, This Is the transaction which was In es timated by the Treasur Department after , charKcs had been made by a litigant tn Chlcaso that the National City B.ink offi cers had violated the law in maklne ex ccsle loans In the transaction. It has been reported on several occa sions that Mr. Starek, who made the ltiestlcatlon, said that there had been no direct violation of the low by the National City Hank Thli report wa einphatlc.ill denied several weks .iRn by the Treasury Department, and Secre tary MeAdoo himself lued a statement In which he snld that the Investigation was still under wa Since thn thete has been no Infurniatlon slvrn out hy the ' Treasury olltrlals. j Mr. Htnrt'k'k Opinion. It t understnod that Mr Starek told the Hjuklni! and Currency Committee to. day that he hud dlcoveied no evtl In th conduct of the National City Hank In this transaction. .Mist before Mr St.uek testified Sena-1 tor Heed mo id that the hearings of the! committee be considered as ended to-dnv, I but with the understand'ii; that fiom, time to time durlnit the executive con- j slderatlon and revision nf the illass-Owen bill the committee resere to Itself the rich! to examine experts on any par- 1 tlcular phases of this Important leKls'.n-1 amoiided In accordance with the sukkcs Hons of the Hankeis Association It will be better." CHICAGO BANKERS SILENT. ilio piopnsul scheme for refunding the per cent bonds into 2 per cent, bonds without the privilege nf circulation. Three hundred and eighty-two are aifalnst It. The rediscount proposition In the bill pie, lies only 1 0 hanks and is dlsprocd bv ,TJ6. On the question us to whether riclonal banks should assume the func tions of clearing houses and undertake 10 collect domestic checks fire Ki.'i oted lor and i'ss .icalnst The ote on the luestlon as to u In titer h:nil; in the law mie. with a capital of more than il.non. cioh should be pimmi-d to tstabllsh brum hen In their respective cities, wai 1. 1 tor and "ii iiKaiiist OMAHA BANKERS LIKE IT. rlerlln'n I'lao Vc. Chicaihi. "let i'.'i Chlc.iKo bankers re served expressing an opinion nf the new national banklnc plan nf Prank A Van derilp to-day hi cause of a laik of fa miliarity with the details of It. "I have only seen fragments of the hill. ' said ileorce M Reynolds, pieid(iit of the Continental and Commercial National Hank, 'and until 1 hae cui tin full tet and made a stndv of It I would not eaie ! to expu.s. an opinion " "I have not ,-een enoush of the substi tute bill nf Mr. Vanderllp to understand what It nnans and must decline to av anythlnc about It at this time" said .lames it. I'ormni, president of the riist National II. ink other prominent bankers spoke In a lie i similar eln. ATLANTA BANKERS FOR IT. ruii the piepar.itlon of a lull emhodylui; Senator Rrlstow's Ideas of a Govern mental!. controlled central bank of re discount and resere Prof, .lenks hesniiKht the committee'.-! further patience, promising his reused bill on or before October "' Xltnatlon t'ncbnnned. The legislative situation with respect to the currency bill remained to.day un-1 ehmmed. There Is no discernible exhi bition nf weakening In the position taken i all along b Senators Hitchcock nnd , oiiorm.in that the (llass-Owen bill must, be relsid in fundamental particulars us, well as In (Mails. ' Ilep.irts nine bmi iinrcnt that Sen ator Keiil of Missouri, who has stood with Senator" Hltiheock and O'Oorman and against the Administration Demo, rats, was wavering toward the Admin titration faction. There was nothing, how evil. In Senator Hied's conduct of the committee heatings to-iUy to Justify this assumption. , When the Hanking and Currency Com mittee on Monday begins thi- consideration of the mass-Owen bill In excutlf kkhlnn It Is llip intentliitl of the lircsent 1 bipartisan mnjoritv to bring on at nine a I series of votes with legard to the regional I bank system It seems likely that this svstem will , be knocked out at the tlrst interchange. It will then re"t with the Administration to strive to force the Democrats back Into line, and upon this point the clash Think Vainlcrltp I'lnn Should Modified In Details. f'MAHA, Oct. jr.. lohn ' Klack, prod i3e..t of the City National Hank, f ild I am not In favor or tin- amurlip Thr Bt-llre Tlint nn derilp Plna plan ot currency and control b inks " ....... f! W Wattles, vire-pre'ldent of the I Solve, the Problem. I 'i iteil Statts Nation il Hank, piesldentj Atlanta, !a Oct. 23. The Vanderllp eif the omaha Stieet P.allway and the curiency teform plan proposed us a sub-1- piomlneiit tlnancler In Nebraska, stltute for the landing Owen-rilass meas- k.iM iit Is f-fftiernllv frineeil bv Atlatita ti.lllk. TU full Vanderllp plan has not jrl'iTn. They say'that It retains all the good I mu come upon th floor nf the Senate r..i, mil -ie and from mvi-paper nc f,atuni of the Administration measure . through an effoit tn pass a rule dis counts I am not piepaied to indorse It ;,tid eliminates the dangerous pinvlsioni. charging the committee trom further con- ful 1 think the plan can lie niodltieu Kobeit P. M.'iddov Ice-pn sidi nt of smeralion oi in.- inn nun i-.imiok a wm u.i ) t- one that will meet require ments more i t,c American National Hank, b.Uev.s of the Iienmciats to lally to the support f.ilU lb in the tin sent bill lief me Con- Hint the Vnnderlln titan would h- satis- of the Administration's luogramiiie. rr,.s, Insteiiil of one central bank I f.-wlmv to the bankers of the Pnltml i It Is safe tn assume that under no thick the Vaiideilip plan should bp states. Mr. Maddux was a number of circumstances will either Senator Hitch changed to Include one central bank at the committee named hy the Chicago con-1 cock or o'Ciorman hold thenifcelves bound Washington as the head and six or eight ference which framed the objection of the ; by anv such Democratic caucus, branch bankH In elifferent portions of the , bankers to the pending measure. There In also a mutte-rlng. not suffl- countrv" Robert .I. I.owry, president nf the'clently well founded even to call It a Senator J M. Millard, president of th i.owry National Rank, also favors the i rumor, that Senator Hollls of New Hamp- CniHh.i National Bank, said. 'Vanderllp plan. The views of l.owry and "I hive not seen the full txt nf the Muihlox are coincided In by other At- Vanderllp banking plan, but from what tantn bankers. They think the Vanderllp thi newspipers printed I am well pleased, plan solves the problem Tne plan sounds very good to me " H c Hottwlck, president of the Stock - - Tnrds National Hank, said' l billeve the Vanderllp plan will b worked out so as tn meet the approval of the bankers of the entire country The full text has not been received in f'TiKp.i. hut I am well pleased over the ou'br.e as carried in the newspapers." canvass of 2s national banks In N'braska shows that 124 of them nre ngatr.st the currency bill In Its present state The nanajements of seventy of the. b.wii.s sav thev probably will sin render the' nitlonal charters If the bill pauses tn'' b signed bv the Pitsident. shire, another of the Democrats. Is conilnr around to tho single i-entral reserve bank idea and other of the antl-Administration positions. FAVORED IN CLEVELAND. Tanilerllp lelea Hearardrd a Ira pro eiiient on Pcndlim mil. Ciri '.and. Oct. 25. In commenting on the .imbrlin currency plan ThnnuiB H. M '- n vlre.presldejnt of the First Na ti .-..il Hank, said to-day . wonderful Itnpiovemenr on the pres bill The central bank h nlways t'ie a hobby with me, and I favor tlifl nr, lerl'p jilnn in the" main, allhoiigh per heps I would dissent a little tn the pro priety of establishing branch banks In the la Be cities I favor the establishment of foreign trnuhes For instaiicV, If wo ever get a rad, feiothold In South America the es tablishment of n branch of an American fer-trnl bank would be of Rreat asslstanco I ' d. lopment " ii J .1 Sullivan, president of tha Ce, i.., National Hank, said: "Mr. Van-ele-rllp s plan will ndjust Itself to tho bust '"ft of ,hn country more readily than ' "'U embraced In the Administration bill. " w be iiiTiptablo to the buslni ss In ter) ls of tho Pnlted States." U'UVrS NO CENTRAL BANK. Tom ,, Wade Think llone BUI .Need I'rn i'hniiKr. St I.opis, Oct. 25. Kestus J.' Wade, t'lesldent of the .Mercantile Trust Com piny of St I.ouIh and a member of tho currency commission of tlm American Ibitikers Association, gave out tho follow ' g st.ttenie.nt legarilliiK tho currency j.'Jii auggested by Mr, Vanderllp'i cur-en-v plan. Including a great rentral bank. "The Glass-Owcn bill can with very fw chui(t b ma.de a practical work QUARTER OfA CENTUfTfj BUY CHINA AND GLASS RtGI One Hundred Different Styles in Artistic Lamps LIKE everything else in the HIGGINS & SE1TER STORE, the Lamps are as noteworthy for their practical utility as (or their artistic merit. In this splendid collection of Lamps there are at least one hun dred different styles and many of the designs have never seen the light of any other store I Among these exclusive designs are wonderful Lamps with imported china vases and silk shades in patterns to match. The handww Empirf-finUrted Eltrolifr illustrated U another style de igned exclusively (or ui. The beautiful opal shade, bearing a decoration which matches the artistic design on the old-brass standard, is 14 inches in diameter and 6J-j inches deep. This Lamp, equipped with a 3-light pull socket, stands 2) inches high $25.50. Other Lamps of all sizes at $7.75 to $100. MIGGINS&SEITEF CJ Largest Retail China and Glass Store in the WorldV) 9 &. 11 EAST 37tt STREET Ju.t ' orJ.FsithAYsu4 .t. 5JAp,.j!.lTinxi ' .CoJ) Store Opens at 9 A. M. Closes at 6 P. M. Lord Taylor Telephone and "Mail Orders Promptly Filled bounded T826 The Year's Greatest Linen Sale An Extraordinary Disposal of Household & Decorative Linens At ls to Less Than Regular Prices The Largest Transactions ever consummated by any Retail House make possible this Unprecedented Event. Damask Table Cloths and Napkins From the World's Heat Makers At an average of half regular prices , Table Cloths $1.25 to $18.35 each Regularly $2.00 to $36.75 Napkins $1.65 to $9.50 dozen - Regularly $2.50 to $19.00 7,om;.7.k $2.85 to $4.50 dozen Regularly $4.00 & $6.00 Extra Large IL .S. Jacquard I luck Towels (Irish Manufacture) $6.50 per dozen Regularly $12.00 Huek Toxcellinn At Half Price to Close 1,000 Scalloped Damask Tea Cloths 88c each--Regular $1.75 quality 500 Dozen Hand Kmbd. Madeira Tea Napkins $3.95 per dozen Regularly $5.50 and $6.00 350 Dozen Damask Tea Napkins $2.25 per dozen Regularly $3.00 Thousands of Dollars' Worth of Embroidered Linen Bedspreads, Sheets, Pillow Cases, Shams, Tea & Luncheon Cloths, Doilirs, Centrepieces, etc., At Half Regular Prices 10,000 Pieces Lace Trimmed Linen Centrepieces, Scarfs, Doylies, Tea, Luncheon & Banquet Cloths At Half Regular Prices H. S. Linen Sheets cf Pillow Cases At One-third Less than Former Prices Recent Importations of All Silk Duvet yn Are being shown in all the desirable shades and black, at special prices. High Class Silks at Exceptional Prices ! Sr. 95 A Special Lot Silk Pleated Chiffon Plain and fancy colors Formerly $3.00 and $4.00 per yard Imported Black Chiffon Velvet 43 inches wide -Regularly $5.50 per yard Enqlish Plush Choice light and dark shades Regularly $5.50 per yard J A Special Lot j Beaded Marquisette j Formerly $3.00 to $4.00 per yard French Brocaded Velvets In the best shades L'sually $0.50 per yard i 15,000 Yards . Crepes of many kinds in over one hundred and fifty shades Usually $2.50' per yard , ( $J9S $3-50 95c $6-7. $r.6S Special Values in Cotton Dress Goods, Linings & Flannels French Cotton Ratine . Silk and Cotton Ratine 40-46 inches wide, in all the new colors t Values $1.00 and $1.25 per yard Brocaded Satin Linings 36 inches wide, a complete range of shades Special, per yard "Jessie" Nainsook 39-40 inches wide; suitable for fine under wear; 10 yards to a piece per piece Imported Reversible Bathrobe Eiderdown 28 inches wide; in a variety of figured designs per yard Millinery Salon Third Floor Will Offer To-Morrow. Monday, French Model Hats at Greatly Reduced Prices also Dress & Semi-Dress Hats Accurate copies of original French Models nnd others from our own workrooms. Reduced as Follows: $15.00 $18.50 $19.30 & $24.30 75c $1.00 $i-95 2SC Women's, Misses' & Children's After noon&Tailored Hats Second Floor Smart shapes, in all the desirable colors and black, trimmed with.08trich, ribbons, fancies ijnd artistic, touches of flowers and fur Prices according to materials Sj.oo, $7.95, $10.00 iSsf $1.00 Values $10.00 to $20.00 Misses' & Children's Hats Of "velvet, felt, plush, corduroy and velour, in black and assorted colors $1.45 to $5-9S Values $2.95 to $8.50 An Extensive Assortment of Exclusive Untrimmed Shapes Of superior quality velvet, velvet and plush, and .ill plush, , all hand blocked in small and dress shapes (mostly black) $9.95 Value $12.95 Smart Distinctive Shapes Of good quality black velvet $95 $2'95 to $500 Values $3.50 to $8.00 PV omen's After noon Dresses at $32.50 Values up to $55.00 This is a most exceptional offering of about 30 dresses in sizes 36 and 38 only. They are made of Charmeuse, Crepe-de-Chine and Velvet, and are particularly desirable, being only one of a kind. Special Serge Dresses One model is fastened in front, long sleeves, white embroidered collar, novelty $22. jO trimming on waist Value $29.50 Another model fastened in front, three quarter length sleeves, satin collar, cuffs I and girdle. Black and blue only. f 9o0 Value $27.50 Selected Furs Three-quarter and Full-Length Coats and Novelty Sets in all the Fashionable Furs Fur Coats Black Russian Pomj Coats $-3-5 Black Caracul Coats $73 -OO Seal-dyed Coney Coats $72.30 Scal-dycd Muskrat Coats $r2$.oo Match Fur Sets Muffs Scarfs Black Fox $20.00, $25.00 $17.30, $25.00 Mole $29.50 , $35 .00-$17-30, $25.00 ' Natural Raccoon $20.00, $26.50 $12.50, $23.50 Black Raccoon $1 j.50, $25.00$ 2.50, $17.50 Skunk $32.50, $45.00 $25.00, $45.00 Misses' & Children's Sets in All Furs A Complete Assortment of Fur Trimmings Special Sale of House & Maids' Dresses Figured striped and checked percales, high or low neck models 95C$I25 Aprons Small, medium' and largo, plain and trimmed, with or with out bibs 50c, 75c, 98c & $1.25 Broadway & 20th St.; 5th Ave.; 19th St.