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Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, July 31, 1907, Last Edition, Image 7

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t V > t im lfnWff J rw 1 J < < r
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Retiring Director of the Mint
George E Roberts Makes
Estimate of Amount
GRAND TOTAL 1472995209
Some IosMble Sources of Error 1olnt
ttl Out Assumeil Coin Carrlud Out
Of Country Is Urought Duck
Washington July30Tho retiring
director of the mint George E Hob
erts has boon for a number of years
conducting1 an Inquiry for the purpose
of verifying the treasury estimates of
the stork of gold In tho United States
or of tracing errors therein nnd today
gave out tho following summary of
his conclusions
For a number of yoais tho treasury
estimates of tho stock of gold In the
United States hixvo been questioned by
competent students who have be
llovcd them to be high Tho amount
leported to be In tho treasury nml In
lUUIonnl bunks arc not disputed but
the largo residue assumed to be In
other banks nnd circulation Is con
sidered a doubtful quantity For ex
nmplo the estimate for Juno 30 1905
was as follows
United States treasury 804340135
National banks 118513281
National banks by clear
Ing houso certlllcates CO137000
Other banks and In cir
culation 4R03447D3
Total Jl472395200
Tho report of tho comptroller of the
currency In 10QC shows that state and
other banks not In tho national system
reported to him as holding on that
clnto n total of 54397279 Including
clearing house certificates These
banks also held 81571081 In unclas
sified cash and 7027629 In cpo
cle Allowing the usual percentage
of this to bi > gold and making wmo
further allowance for private banks
not responding to the comptrollers
unofficial Inquiry SlOp000000 Is con
sidered a fair estimate for the gold
coin In banking Institutions other than
The laws of the state California
require the money of tho state coun
t and municipal governments to bo
i kept In the Immediate custody of tho
treasurers and this is held to mean
tlmt the cash mint bo In the vaults of
their officer Instead of on deposit In
banks The aggregate amount of gold I
ccln so held In tho state of California
on tho llrst Monday In July 190G was
201G1409 These arc the only latgo
holdings of gold of which there la de
finite knowledge
The total therefore gold which
my be paid to have been in alght In
this country on Juno 30 1306 was
1112201826 leaving 360703384 to
be considered In other banks and In
circulation For this last Item It U
evident there can bo no exact llgurcs
Thq sum total Is arrived at by tho
hiethod described below nnd after
thb analysis above given made tho
remainder Is usslpncd to tho unknown
The treasury estimate dates from
June 30 1873 when Dr Henry It
l Llnderman director of the mint eitl
matcd the total stock of the country
nt 135000000 Tho conditions then
were favorable to a close estimate Tho
country was on a paper basis nnd the
stock of cold comparatively small Dr
Ltnderman In framing his estimate
said that ho had taken the amounts
tho treasury and national banks and
nddcd nn allowance 20000000 for
the amount In circulation on tho Pa
cific coast and 10000000 for the
holdings of tho public In other parts
of tho country
Slnco 1873 the coinage of tho mints
nnd tho Imports of United States coin
have been regularly added and the ex
port of Unite 1 States coin and nn al
lowance for the amount consumed In
diiHtrlally havd been regularly deduct
ed Hy this method the ostlimto hart
b on 1Ullt up troll year to year to
tlio totals uted
The possible sources of error as
these estlmutej nre carried nlong uu
three towit
First Errors In custom house returns
turns of coin Imports and exports
Second Erroir In estimating the In
< lustilil fiiisumrtion
Third The unrecorded movement of
coin In and out of the country In the
Immedlai josstsslon of travelers
It In avMent that if errors under
these html obRUld be cumulative they
would b vonw Important In a long term
of yenri eiii though inconsiderable In
j nny plngle cnr Whatever errors oc
curred would nnect the amount as
signed to other banks and In circu
lation the sums In the tieasury and
national banks bolng definite and of
Among the most Intelligent and well
informed of the critics has been Mau
rice Muhlemnn for mnny years 111
oftlelal of the treasury department Iltf
baa fiovernl limes reviewed tho ostl
milleR mid given cogent reasons for
bollcvln them ton high The director
of the mint has bein satisfied for pnv
oral yenis that errors had crept Into
the estimates but has preferred not to
nnnnunco u revision until all ourccs
of informalirn had been exhausted Hu
Is now rMl in mnlo th > chances sub
mltpl 1 flow
The 011 error to ho nolol h one ills
covcird hy tr Muhleman In Dr Ltt
lonrnnH irlKlim estimate of the wtnck
In the country Jiim > SO 1873 The stock
of gild netuall In thn ticaaury pn
that dale after various coin Hems
I are eliminated vvna only 71158518 the
i ntocl of upoco In national banks at
the nearest ctatemcnt thereto was U
filSOO Tli latler Included nomo U
ver coin Tho nearest dato fiom which
the stock of nllvrr ruin In bank la
obtainable In June 30 1870 when It wati
1 17 M7 it scniK probnblo that thoro
tis silver olii to the amount nf 1 >
000 nri In tho banlti nn June 30 1873
i which woulrl muled their gold holdings
WSiicsc Adiiing tlio J30noo00 estl
i mm d 10 v PC itid mati as the amount
In tin howl r irV nr imiili and ho
I nubll tho total In ho emuitrv on that
date would bo 105000031 Instead of
Violet Talcum
The most soothing prepara
tion for the skin made Suit
able for use on the baby or
after shaving
HUH vlmt you ncwl for per
pplrlnR or tender ficl should
be In rury homcliolil
15c and 25ca box
Soda Water
The Home of Pure Drugs
112 114 South Main St
135600000 This difference Is undoubt
edly duo to Dr Ilndcrmana having
Included certain coir tloms1 such nH
bonds In lila ilgutcs fur gold in the
treasury j
There being no duty upon gold bill
Ion or coin II naturally follows time
customs olllcluls arc not as particular
lo verify the accuracy or declaration
as they would otherwise be If n ship
ment of gold bullion or foreign god
coin should nccidcntnlly enterej ut
a custom house as United States coin
It would be taken up In tho statistics
ns an addition to tlio stock but the
wime shipment would probably go di
rectly to some office of tho mint serv
ice and after coinage bo added to till
stock again Hum effecting a duplica
tion Having occasion to suspect that
this had actually occurred clcrKs wcro
got nt work to trace the entries at the
Now York custom house und compare
them with the entries or foreign coin
und bullion nt the United States assay
ofllce In New York City The result
was the discovery of such dUPllcatloni
to an aggregate of 23401710 and it Is
thought there la warrant for raisins
this by estimate to 30000000
The custom house figures for the
movement of United States gold coin
between this country mid Canada evi
dently do lot tell the whole story Thoy
show In tho period under review u bal
ance against this country of J16116fcS3
while tho slock of United States gold
coin In tho Dominion trcasuiy and In
tho chartered banks Increased in thu
same period from about 5000000 to
139H154 It is safo to cstlmato tha
loss to Canada in excess or tho custom
house records at 25000000 Canada
it should be understood during these
years has had no gold coinage of ltj
own nnd United States gold coin is u
Icsnl reserve against Its bank noes
it has been nesumod that coin car
ried out or tho country by travelers
was usually brought back In tho samp
minner but tho probabilities are that
some or It is melted down abroad and
finally lost to our circulation Inqui
ries covering this phase or the subject
have bean addressed to all our consular
olllcluls In foreign countries and 10
plles iccelved The reports indicate
that less coin Is carried away In recent
years than formerly but that un al
lowance should be made These losses
since 1873 nre estimated at 20000000
A revised estimate or tha amount
consumed In industrial consumption
based upon the more definite Informa
lion obtained in recent years raises
previous estimates by tho sum of 23
Summing up the deductions of 33
000000 prior to 1680 30000000 In cus
toms entries 25000000 for the Cana
dian movement 25000000 for Indus
trial consumption and J20000000 for
the unrecorded exports a total of 135
000000 reached This sum taken
from amount In other banks and in
circulation on Juno 30 1906 would
leave that estimate nt 2J57l3Ji4
Bringing the calculation down to June
1 1907 and making the deductions
gives a totaL ° ck ot gold coin and
bullion In thc mints of 1484845250
of which 1109458330 is held by tlu
treasury and national banks
It is believed that these uro all ot
the deductions that are warranted by a
careful review of the facts In no oth
er country of the world can so large a
percentage or the estimated stacie ot
standard money bo definitely located
S nlre on Ono from New Vorlc to
Colon ficRlus Tomorrow
New York July 31 Commercial ser
vice will be begun tomorrow Aug 1
over the new nilAmerican cable laid
directly from New York to Colon by
the Central nnd South American Tele
graph company James Scrymscr
president of Hint corporation lm sent
telegrams to President Roosevelt and
Eccy Tuft notifvtng them of the fact
In replying Secy Taft said
It gives me great relief to know that
there is ft direct and nilAmerican cable
of tlmt sort between New York nnd
Colon nnd Ouantanamo and I coiigiat
ulato the company on tho enterprise it
has shown In building It
Expedition has characterized the new
enterprise from Us Inception
New York July 31 Now that the
Vnndcrbllt cup mco for nutoinobllcH
has been abandoned there In tak of
holding nn automobile race exclusively
for American earn At a meet ng of
the executive cotnmltleo of tho Ameil
cnn Automobile association unanimous
sentiment In favor of such n race was
expressed If It Is decided to have
such a race It will be held nt Ormonde
Bench Fla probably next JIurch
An automobll convention will bo
held In thin city during tho automo
bile show from Oct 24 to NIIV 7
Inpnrn will Do read nnd discussions
held on practical motor topic OH leg
islation good loads touring facll ties
nnd other features Molorlsts will be
requested In bo present from nil parts
of tho country nnU Blvo their vlowa
on Ihe Mihjocti
STIUKI HCKUT or < im < s
New York July 31fhe shirtmak
ers union yesterday sent out n otrlKo
plclret commit of 100 girls Till Is
wild to bo the largest Icket commit
tee of glrto nvcr cnt out
Tho union Is fl8htln the nhlrt con
j CERZtts
IE1I 1111
Thl Ii nu cxquUltelr iierfunwrt ftntlBOptlc toilet now
iler It In n liouceliold neceielty tor the nunory and ollel
II kepi tlio campiaxion clear nnd ptMerve the velvtty
tfxturo of youth It < huuld t > und rrtely after IxitUlnir
elvlne a dcllchtful nnd refrolilne effect
Jrepnr d by
i pinto T iioriciNU Nr city
Jrnprlitar of
Jor ul by
No Jain 01 II Ih MonUlnoll
H11 GlTY
tractors amoclaUdn which has locked
out 1 SCO of tilt members Tho girl
pickets vetto s6nt to shopi thtoush
out Mnnliflttnil nrookl UrowmwlHq
nnd Uayonno
One Containing 8110000 In Securities
Um Ohm lo the Wrong 11111
AVntertoWn WIs July l1A trunlc
doulalnlnir securities to the vuluo of
30000 has been found here on1 Is
now on UB woy lo the rlRhtful owner
Otto llolhecken a teacher In 1m
nuuniol church school went to Ohl
caio and thcri Irtt n call with tho
express company to jet two IrunUi
to bo sent to AVntnitown tn ttomo
way tho driver mixed tho ttunlM In
his load nnd sent one that should have
been left nt tho depot III Chicago to
Watcrtown mill left one of Mr
HelncckcnH trunks nt tho depot
Mr IlolneeUon did nut return until
Tuesday nhen ho found ho hall a
trunk which did not belotifi1 to him
Hn notliled tho company and tho tiunk
for which a hunt had been made by
tho oxpresa company was forwarded
to Chicago
Tacoma Wnsh July 31A Bqlllng
ham special to the edscr says
A lire which threatens to do thou
sands of dollars of damage Is rap
lug In tho timber north of Binlow
Hkaglt count find unless a poaklntr
rain comes soon millions of feet of
standing timber will ho destroyed This
Urn has btcn burning for sonic days
nnd now jrwnts a front of Ire four
miles wldo nnd Is rapidly sweeping
up from tln alley of the Skaglt river
northward finfl nothing but rain will
lr < vent Ita traveling across tho divide
tc the soutl fork of the Nooksack
a distance or eight miles
Glacier ixnirtfi the government for
est lingers have the llreai In forest re
servo under contol
St Petersburg July 31 Emperor
Nicholas will start on a cruise aboard
the royal yacht Standard Thursday
with the ultimate object of meeting Em
peror William Just whore tho two
monarchs will meet Is not known and
It Is supposed the arrangements will bo
made by wlrcles telegraph when out
at sea Only the emperors suite ana
the ministers of marine nnd court will
go on Clio cruise The empress will
remain Pctcrhoff It Is believed hcra
the meeting will take place Saturday
or Sunday
rirst Wltnpff to bo Cnllctl Will bo
Th mloro P Slmnls
Now York July 31Thll llrst witness
who will be called at the Investigation
or the subway elevated and surface
lines or the city which wjll be begun to
morrow by the public service commis
sion will bo President Theodoic P
Khonts of the Intcrboroilgh company
The examination pf Mr Shont will not
bo prolonged as he will be Interrogated
only upon the agreement upon which
the merger between the Interborough
nnd Metropolitan systems was based
William M Irvine special counsel to
tho commission will then start his In
quiry Into the operating methods of
the companies
New York July 31A London dis
patch to the Herald says keen dlsap
polntfment has been caused at New
cnstloonTyno by tho announcement
that Miss Mnj Sutton had decided not
to defend the lawn tennis challenge
cup and gold badge she won last year
Miss Buttons decision somewhat
of a mystery It Is probable how
over that tho California girl who ro
turn to America next Upftlc nrcferred
to spend the last few days Bho Is hero
In eomnnratlvelv Idleness content to
ret < ri the laurels she has already
won this summer
Comptrollers Ofllco AVIH Advertise
Sale Of 15000000 Worlli
Now York July 31Tho comp
troller office of tho city ot Now
York will advertise a aalo or 15000
000 or city bonds today to bo sold to
the highest bidder on Aug 12
These bonds will be 4 per cent In
terest nnd in aso tho entire Issue
is not disposed or over the counter
nt private salea This will be the first
tent or the new law authorizing tha
city to bell bonds by private arrange
It is adopted because or tho diffi
culty tho city has recently experienced
In disposing of Its bonds to bond
houses and financial Institutions It
In figured that wealthy Investors will
bo glad to buy the bonds ut first hand
Tho experiment will VI washed
with interest In the financial dis
trict It Is predicted that few of the
bonds will be taken through public
bidding as bond houses will not offer n
premium In open market for bonds
which they llguro can bo secured later
nt par by prlvntu arrangement with
the comptroller
Havana July 31 Napoleon Calve
a Journalist on the staff of Cuba Is dy
ing from a mvord thrust in tha lung
received In n duel with Bcnlto Caleri
no son of n prominent barrister Oal
vez It Is said offered an Insult to the
older Celorlno and the son challenged
him to n duel An attempt was made
to keep tho nffalr secret Onlvcz ex
plaining to ho authorities that he ro
tClved his wound by failing on a n ill
Boise July lOAfter u delay of
nenrlv DC hours Charles II Moyor
president of tho Western Federation
nf Mlnorn wall released from tho Ada
county jrill ut n late hour tonight on
a bond of S2 D000 cigend by Timothy
Itognn nnd Thmnutt J Jones of liaise
Mpyor will IWIVP for Bait Iiike tnmor
tow night In company with William
13 Hnywiiod who on Sunday wan no
iiulttod of thu murder nf former Gov
Ktthmunhcig Aflor n stop of it tuw
hours In Hnlt lnkc City they will pro
ceed to Denver thu headquarters of tho
federal Ion
Dr I I McOe of Wallace Ida
charged with porlurv In thu lluywnod
imi hud n lieniliii in the probnlo
court tnduv und was bound over for
trliiI nn hlH own recognizance Dr
Mcneu sworn that Harry Orchard wns
In Wallace In August 1001 Orclmrij
was u wltncNs nimliint him today and
doclnrcd ho uisnt In Idaho nt the
time mentioned
rorniul application wna inatio In tho
dlHtrlct court toil have Oeoigo
A ruttlhono admitted to bull Tho
motion WIIH siilimlttrd wilhoul argu
ment nnd wnu promptly denied by
Jtullfe Wood
Washington July O1hlJ president
IHIH 0 111011 an application for n pardon
tnndo on behnlf of N II Tucker who
WIIH mitenoed on July fi to three
month1 impriHonmcnt fur contempt
of court by Circuit Judga Hook In tbu
Vnltvd Htutcs circuit court for he ills
trlcl of KanstiB Ttia ullcg d contempt
coiialntcd n nilifl Ill ulllilnvlt lRklnlf
for change nf judg nnd miklutf
clmrgcH agnlnvt Juilun Pollock of tho
district court Attyflen Dinipaita
nrninwemktl to Ihe president thut tip
pllcatlori 1JC nvt grunted
Crew Mnil to llcnt lfl > i ciigrr fniin
CmilMK Any HontK
rnrtlnnd Or July 31 A special to
the Orcgonlnn from Seattle says
Word was brought tram Alaska to
Jilslt that a panic occurred < m tlio
steamer Santa Claras trip north JaM
wele and but for tlto fnct that tlio crew
bent the secondclass passengers away
from the boats they would have Ion
ored them nnd put nwny from the hip
off Capo Flattery
Tho Snuln Clara ran into a nalo oft
tho pnpo and shipped heavy sea A
stcond elaBH passenger istnntul thn
report that the boat was Kinking and
tho passengers swarmed deck nnd
foilKht for plncon In tho Ufa boat Tho
ontlro crow had In be called to force
thc secondclass pntspiiRors below nnd
only when guarded belatr could they
b told that ho dancer existed The
Incident preyed upon tho mind of ono
piiBHcnser and bo went Insane Ho was
put nshore ut Kntulla
Portland Or July 31A special to
tIll Orefonlnn from Scottie unys A
biff forest ilro Is raKlnp 111 tho timber
country surrounding Index In Bnoho
nilnli county nnd both settlers und
ocimpera art > fleeing from tly > woods
for protection The camps of the Index
Lumber company havo been wiped out
Workers In the loKKlUK cntnps Imxo
huirled Into the town nnd uro prepar
ing to move still further out of dan
ger Fires aw burning tho slashings
in every direction from the town nnd
both loRBlnj camps and Isolated tnlll
nro making iptpirntv rfiuiib 10 i vo
their outlUs from the llnmos
About Index most of tho fires >
burning In loggcdoir landN
Norfolk July 30Adlol 33 Steven
son of IlllniK former vice president of
tho triillcd Slntco delivered nn ml
drcRsi at the eiebratlon nt the Jairrfi
town exposition today on TwtlslatlvQ
Assembly Day or the 2S8th anniver
sary of the convenm of the llrst house
of burscssei of Virginia nt Jnmestown
island July so 1C19
1Qt < QI OetOsCta O gl JvOeJ 0it100rQ2C09 OugaOOOOOIQfOoaOuQOclIQUaHQu o trl au
i The Glorious Finish of theo
o Oft e ac i
fr 0
p 0
p <
tOt Such strenuous efforts were never made such moneysaving on the worlds best makes
iQD of shoes were never known
11 We feel satisfied that every lover of high grade footwear who is a lover of economy was 11
g here during our great sale and we know we have made thousands of MoneyBack Shoe con ef
tQJ verts We always do and arc recognized as one of the leading shoe houses in this glorious I
t country g
I o Beginn ng Thursday Morning I 0
= 0 at 9 oclock to Saturday 0 8 1
IQt g Night at 1030 you can IR
take away ail that is left g i
o of the great bargains in the i
the Bargain Basement at P air f
g ITIThereare Shoes Oxfords and Slippers worth up to 1000 but they must go tC O >
jJ We will not put them in our regular stock thats our way of clearing thats r
l why you get at all times the latest uptotheminute styles here We don t hang
on or nurse broken and discontinued lines g
Notice to Charit ie Institutions
Of Salt Lake City g j
cfjo All the shoes that are not sold up to Saturday night at 1030 in our Bargain Basement g i
g on the Bargain Tables will be distributed to the deserving charitable institutions of this city 0 k
> Please make your application by mail only the kind of shoes you want mens worn ons boys 0 H
o misses or childrens and whatever there is left will be divided and delivered during the second 0 tl i
jt week in August 1
o f 7 = tOt I J
i 00 the Main Floor
i cO Out of Regular Stocl i < i 1
0 J
o In all sizes and widths filled lo you by men who know how J
without reserve YOUR CHpICE of all 350 or 4 2
9 5 0
o p Summer Shoes Oxfords and Slippers at I
i All 500 lines al All lines up lo 750
10 the pair 3 95 II at the pair 4 95 l
400 Pumps and White Oxfords at265 All500 i
a Grades at 365 in all colors sizes widths and styles ct
a r 0
o o ooooo ooooooooooooooo o oo o o oo oo o o oooo

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