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l THE HERALD j
r Stands for the Interests of"" o, Southern California. A [>, SUBSCRIBE FOR IT. J LOS ANGELES HERALD. VOL. XXXIV.—NO. 152. THE MONEY MARKET. The Administration Greatly Agitated Over It. The President Works the Wires Furiously. Windom In Consultation With the Sages of Wall Street. Various Plans Proposed [to Relieve the Existent Stringency and Avoid a Panic. Associated Press Dispatches. I Washington, Sept. 18, —There was a long consultation today by wire between tbe president, at Cresson, and Acting Secretary Batcheller and Assistant Sec retary Nettleton, at tbe treasury depart ment, concerning the stringency in the money market, during which the whole situation was thoroughly gone over. The president, it is understood, stated that it is his desire to avoid a panic in the money market, if the treasury de partment can prevent it. The views of the president were telegraphed to Secretary Windom at New York, who cent the following message to the president: "Have had conference with leading financiers, There appears to be considerable stringency, but no reason to apprehend serious consequences. I am fully advised and will take action as I think situation requires." The president has also been in con sultation by wire with Major McKinley, chairman of the committee on ways and means, and others, in regard to the pro priety of extending the date fixed by the senate for the new tariff hill to go "into effect. The matter, it is understood, is to be subject to further conference. The director of the mintannounced to day his willingness to buy largely of sil ver if offered favorably, in order to aa- Bist in relieving the stringency in the money market. The treasury department caused care ful inquiry to be made today, as to the probability of congress fixing a later day than November Ist in the pending tariff bill for the withdrawal of bonded merchandise under the existing schedules, and Assistant Secretary Nettleton has given the Associated J'ress the following statement as to what con clusions were reached: "Information obtained renders it as sure as any future legislative eventcanbe foreseen, that the date forthe withdrawal of goods will be fixed for February, 1, 181)1. Indeed, owing to a well nigh universal request from the business community, the later date will be fixed, and the general feeling of apprehension, groundless or otherwise, connected with the earlier date, may be dismissed. There appears to be but little opposition to the change. The senate committee have held no for mal conference as to the mat ter, but I have seen Aldrich, Allison and Hiscock, of the senate committee, and Chairman McKinley, of the house, and am able to state definitely from my interviews with them, that they favor the proposed extension to February Ist. The president today expressed his con currence in the suggested change. WINDOM IN WALL STREET. Result of His Conference With New York Financiers. New York, Sept. 13. —Secretary Win dom arrived at the sub-treasury at noon. Notices were at once sent out to the leading bankers to attend a con ference and exchange views with him. The conference was in session two hours. At its close Windom slated that he had not decided what action he would take, but would announce a plan this evening. He said a suggestion was made to deposit government funds in national banks, but was rejected. He is in favor of extending the time for paying duties on geods now in bond un der the present tariff', until February. He said : I will take every possible step to relieve the present stringency." He believes he lias ample resources to effect his purpose. The general idea is that he will decide to purchase a large amount of government bonds, Referring to the conference between Secretary Windom and the financiers, an evening paper says: The question of putting government money in de posit in national banks, was brought up. Secretary Windom reiter ated the position of the government and emphatically declared that such a process of proceeding was impossible. In regard to the proposition of the gov ernment paying a years interest on $05, --000,000 currency sixes bonds, Secretary Windom stated that congress would have to authorize it. A proposition which met the unanimous approval of those present, including the secretary, was to suspend the payment of customs duties from November Ist to February Ist. Secretary Windom said the present diffi culty in the money market, he believed to be one that extended all over the country and was not confined to Wall street or even New York. Ife said it would require a great deal of careful consideration to settle upon the best method of relieveing the stringency, and for that reason nothing would by done hastily. In regard to the scare which is based upon the belief that a large amount of money, according to many more than $50,000,000, will be required immedi ately to pay duties to get goods out of bond, in case the McKinley bill goes into effect October Ist, Assistant Treas urer Roberts says: "It might be sug gested in the first place that this amount is overstated, for the custom house au thorities have estimated that the amount of duty payable on goods now in bond, does n6t exceed $10,000,000. Secondly, if those goods are withdrawn in large amounts, and thrown upon the market, it will have a tendency to check imports, and the amounts of revenue received will be diminished. At any rate it should not increase the stringency. It would be wise, however, in my opinion, for con gress to extend the time within which goods now in bond could j be withdrawn. This would tend to relieve the market, but in I any aspect of the case, i do not think there is any seriouß gro«:<..> ■ <■ alarm." ; Shipments of currency have been ! heavier this week than my previous one this season. Nearly all the currency shipped went west and south. There has been a heavy outward movement of gold, $500,000 going to San Francisco. Secretary Windom made a statement tonight regarding the amount of money tied up in the treasury. He said: "Comparisons were recently made of the surplus now reported in the treas ury, with the amount report ed a year ago, from which the erroneous conclusion was drawn that the present administration has pursued a policy toward contraction. In this con nection the following statement will show the fallacy of this belief: Amount net cash, fractional silver and national bank redemption, found in the treasury the first of September, 1881), was $141, --000,01)0. The amount of the same items September 10, 1890, was $9111 ,509,220, which demonstrates the fact that over forty-one millions more has been paid out since September 1,1889, than was received into the treasury during that time. In other words, every dollar re ceived by the treasury since September Ist, 1889, has been paid out, and over forty-one millions besides. The apparent surplus shown Septem ber 10th, 181)0, of $99,509,220 is made up as follows: Fractional silver coins, about $22, --000,000; unavailable for the purchase of bonds in national depositories, $25, --000,000, and now in circulation. These two items amounting to $47,000,000, deducted from $99,000,000, leaves about $52,000,000, which represents the entire available amount in the treasury, and that sum is part of $55,000,000 national bank redemption funds, made available by a recent act of congress. There is, therefore, not a dollar in the treasury surplus which came there by the payment of custom duties or internal taxes. Hence there is not a dollar which represents any hoarding of currency during the last year. The $55,000,000 above referred to has been in the treasury for several years, and this fund at one time during the last administration amounted to about $110,000,000. The above statement is not a theoreti cal exposition of the condition of the treasury, as it is an actual fact that there were in circulation on the first day of September over $45,000,900 more than there was on September 1, 1889. Secre tary Windom said he would probably take steps at once to purchase some 4 per-cents, but how many he declined to state. He intends to remain in New York several days, and take all neces sary steps to relieve the stringency in the money market. BENJAMIN AND BABY DELIGHT A PARTY OF EXCURSION ISTS AT CRESSON. Invigorated by the Bracing Mountain Broezo the Prurient President Dis patches Considerable Business. Crbsson Springs, Pa., Sept. 13. —To- day for the lirst time since the presi dent's arrival the weather was pleasant. The president, very much invigor ated hy the bracing mountain breeze, dispatched considerable business. From 10 to 1 o'clock he was in the telegraph of | fice in correspondence with Secretary j Windom at New York in regard to the I financial situation. Word was received I from Windom that money was easier and I that the panicky feeling in Wall street i was gradually disappearing, i The president's mountain home was j invaded this afternoon by an excursion party from Altoona, Pa., principally of members of two Grand Army posts and ! the Union Veteran League of that city. They arrived here about 4 o'clock on a special train of ten cars, and enjoyed the entire attention of the president until nearly 7 o'clock. The ceremonies began with a special reception in the Mountain house, during which the president shook hands with over a thousand persons. The old soldiers were very much excited over the president and cheered him frequently. The president was subsequenily sere naded while standing on the hotel porch, and made a short address. He thanked his comrades for the greeting they had given him, and said if was characteristic jof the American people that they did 1 not place their affections on individuals, j but gave their loyalty to the flag and the ! constitution ; no matter how great a man might be, nor how successful he might have been in winning the admiration and confidence of his fellow citizens, our people above all else place the government and its Hag. In this respect the president contrasted the United States with other nations, and argued that it was this characteristic that gave prominence to American insti tutions. In illustration of this, he cited the instance of President Lincoln, who, probably more than any other man since Washington, had secured the affection of the people, and yet when he was as sassinated that other great man, who afterwards became himself a martyred president, could say : "The government at Washington still lives." The president with much feeling concluded his remarks as follows: "Now, mv comrades, who have suffered and still suffer for the country, I wish in this world all' good to you and your dear ones, and in tiie world to come joy ever lasting." The president then walked to his cot tage with his family. A large crowd followed them even on to the porch with cries for "Harrison," which were continued until the president was com pelled to show himself in the doorvvav. He had little Benjamin McKee in his arms, and holding him out tothecrowd, said: "This is my grandson," whereat the crowd yelled louder than ever. The child took off his cap and waved it around his head. I") epliy ing Interest. San Francisco, Sept. 13 —J. I*. Jack son, of the sub-treasury in this city, has been notified by the authorities at Washington to prepay interest on 4 per cent, bonds for one year. Registered, as well as unregistered bonds, must be presented in order that the one year's interest received may be stamped upon them. A Republican Seceder. Richmond, La., Sept. 13—A letter will be published here tomorrow from ex- Governor William Cameron, in which he announces his withdrawal from Hit SUNDAY MORNING, SEPTEMBER 14, 1890. MARKHAM'S WORDS. Opening of the Republican Campaign. Parades and Speeches all Over the State. Colonel Markham on the Rostrum in San Francisco. He Denies That He is For State Division or Prohibition, But Says Nothing About the Chinese. Associated Press Dispatches. 1 San Francisco, Sept. 18. —Great crowds of people assembled in Odd Fel lows hall this evening to attend the formal opening of the Republican cam paign in this city, and by the time the meeting was called to order by Irwin C. Stump, chairman of the state central committee, there was not even standing room left. Mr. Stump presented George H. Anderson, as chairman of the eve ning, who made a few remarks and then introduced Col. Markham, the nominee for governor. Col. Markham was received with prolonged cheering. Col. Markham commenced his address by saying he appeared before his hearers as a business man, bringing with him such natural qualifications as he posessed, together with such knowledge and experience as he had acquired. He said he began his career as a Republi can by casting his first vote for Lincoln while a young soldier in the Union army before Atlanta. He declared that no man ever posessed a keener sense of responsibility resting upon him, than he did at the present time. His one thought and purpose in this cam paign was, in the event of his elec tion, to serve the state to the best of his ability. He was under no pledges to in dividuals, companies or corporations, and had no tangling alliances to inter fere with the impartial discharge of the duties of the otlice, and as governor of California he would conduct his admin istration to the honor and glory of the commonwealth and with no ooncern as to the effect of any official act upon his own political future. He begged his personal friends to excuse him from making any promises to individu als, so that if elected he could go into office untrammeled in every way. Colonel Markham continued that in a great state like California, a, hundred contingencies might arise (luring a four j ears' administration which rendered it impossible for any man to predict what specific action would be necessary or ex pedient, but he would take the party platform as his general guide. He concurred in all its pro visions. He believed in the necessity of economical administra tion. The Republican platform had de clared that the state government should be conducted upon a basis of taxation not to exceed fifty cents upon the $100, and he pledged himself if elected gov ernor not to approve any appropriations which should exceed that amount, and lie thought the government ought to be run for less. He trusted it would not be considered egotistic if he expressed the belief that his experience as a member of congress, and his acquaintance with prominent members ot both parties .in congress, and with the present administration, would be of some benefit to California in tiie way of securing necessary assistance from the general government. Colonel Markham spoke of California as the empire state of the Pacific coast, and said that, while the subject of state division was not an issue of this cam paign, he desired to say that if such an issue should ever be raised, he would be for "California, one and indivisible, the best and brightest star in the galaxy of the Union." He further sakl: "It has been stated, probably owing to the fact that 1 live in Southern California, that I am in favor of state division, and owing to the fact that I live in Pasadena, it has been stated that lam a prohibitionist. Now Ido live in Southern California; Ido live iv Pasadena, and 1 feel a just pride in my own section of the state and in the beautiful city where I have my home, but I have never been a state divisionist or a prohibitionist. There is not a word of truth in either state ment." Colonel Markham said that if elected governor he would do his best for every individual and every section, and aid every legitimate enterprise of California, irrespective of locality or politics. His best judgment was that the Republican party was never in better shape or more determined to win than at the present time. There was every incentive for suc cess, and every prospect of victory. The state of Maine had already voiced her approval of the course of tbe Repub lican party, and said he, in closing: "Let California return to its sister of the far Atlantic coast the glad news that the Golden state has also achieved a glorious victory! for the Republican party and its undying principles of intel ligent economy and good government" Hon. 11. V. Morehouse also made an address. The Republican campaign was form ally opened up all over the state. There were torchlight processions and speak ing in all the leading towns. Warrants for an Absconder. Chicago, Sept. 13. — Warrants were sworn out this morning for the arrest of boring B. Loomis, a young stock broker, who has disappeared, and, it is alleged, has taken $25,000 of bis customers' money. It is stated that Loomis had about $30,000 on deposit in one of the banks, probably $20,000 of which belonged to his customers. Just before the closing hour Thursday, Loomis went to the bank and withdrew the whole amount. Loomis is about 36 j'ears old and un married. Sympathy for the Strikers* Nbw York, Sept. 13.—Two thousand I people responded to the call of the first I local assembly K. of L., to hold a mass i meeting at the Union Srjnarp tonight, to express sympathy with tin -triking employees of the N >v York i antral. The meeting adopted resolutions which : hat Depew has tried to dele it the efforts of labor by refusing to listen to the just demands of his employees to arbitrate with them; protest against the employment of Pinker ton men " and demand a law compelling the employer and employee to submit their difficulties to the state board of arbitration and abide by their decision, and that the railroad property of the country be controlled by the gov ernment. Sacramento Races. Sacramento, Sept. 13.—Vida Wilkes won the two-year-old stakes; Starlight distanced for running; time, 2:31)£. Second race. —Beauty Me. won first heat; Wanda, second ;Marv Lou, third; time, 2:19%. Second heat.—Wanda won ; Mary Lou, second; Pink, third; time, 2:22. Beauty Me. won third ard fourth heats, and race; Wanda, second; best time, 2:19%. Third race. —Four heats were run; two were won by Silas Skinner, and two by Frank M; best time, 2:19. Post poned till Monday. Crushed l>y a Tree. Deadwood, S. 1)., Sept. 13. —A fatal accident occurred today on the Black Hills & Fort Pierre road, in which Judd Belden and Mrs. Snyderand boy,of Lead City, were killed outright, and many others seriously injured. As an excursion train from Deadwood and Lead City to a Masonic picnic, in which there were about 300 excursionists, passed along a high em bankment, a heavy tree fell across the car, killing the above named persons, throwing the car from the track, anil injuring others to an unknown extent. Bicycle Races. Peoria, Sept. 13, —Tiie bicycle tourna ment ended this evening. The ten-mile open race for the championship of Amer ica, A. Zimmerman won, W. Windle, second, A. Lumsden, Ciiicago, third; time, 32:01 3-5. St. Paul's Increase St. Pai l, Sept. 13. —Special Super visor Wardle, of the census department, to-night gave out the figures of the re count in St. Paul, as 133,301. St. Paul's increase since 1880, is 91,473, or 223.83 per cent. Boiler Explosion. St. Louis, Sept. 13.—The boiler of a switch engine exploded at East St. Louis this afternoon, blowing Engineer Barrett and Fireman Dougheny into fragments. The train was wrecked. IRRIGATION OFFICERS. THE CONVENTION AT TULARE A GREAT SUCCESS. A Permanent Association Formed—Stir ring Resolutions Adopted Endorsing the Wright Law. Tllare, Cal., Sept. 13—The conven tion of irrigation district officers, which convened at Tulare yesterday, concluded its labors today, and the delegates leave for home tonight. The session has been extremely interesting throughout, and completely successful. A permanent association of irrigation districts was formed, with J. W. Nance, of San Ber nardino county, as president; E. Dewi( of Tulare, vice president; A. J. Pills bury, of Tulare, secretary; Tulare County Bank, Treasurer. A board of five trustees, consisting of J. W. Nance, of Ferris district, E. Dewit, of Tulare district, J. S. Wilson, of Big Dry Creek district, Los Angeles county, and 11. T. Maron, Murietta district, San Diego county, was chosen to transact the association's business when the association is not in session. By-laws were adopted and machinery perfected for concerted action in the work of organizing districts, having doubtful points passed upon by the courts, secur ing needed legislation and placing dis trict bonds. The sentiment was gen eral that the formation of an association would be productive of very important results. Tiie following resolutions were adopted: Whereas, The people of California have won a valuable victory in securing the enactment of the Wright irrigation district law; Whereas, The supreme court declared said law in conformity with the organic law of the state; Whereas, Eight irrigation districts, which voted bonds of $3,885,000, have Succeeded in finding a market for nearly half of the issue, $1,072,000, selling the bonds for cash for 00 to 00 cents on the dollar of par value; Whereas, Our enemies are raising money to defeat that law, not only in the courts, but by a threatened appeal to the next legislature; Whereas, We firmly believe that the salvation of the state and the best inter ests of the people demand that the W right law should be sustained and per fected;' Whereas, United and determined action on the part of the friends of irri gation is essential at the present time ; therefore Resolved, That the people have con fidence in the supreme court which has stood by the irrigation laws in the, face of bitter attacks declaring them right and just, and in conformity to the con stitution of the state. Resolved, That we believe the finan cial success of irrigation bonds is now assured, and we congatulate the people on the fact that moneyed men are seek ing these bonds as a safe investment, as having their foundation in the homes of the people, and not jeopardized by strikes, railroad wars or other matters incidental to railroad bonds. Resolved, That we pledge ourselves to each other that we will, regardless of political affiliations, support no man for office who is not known to be unqualified ly in favor of the irrigation act, and in favor of the spirit in which it was en acted. Resolved, That we heartily approve the organization of a state association of irrigation districts, that the work of such association will not be completed until every acre of dry land in the state shall have been successfully irrigated, and every bond in such irrigation work shall have been honestly paid, principle and interest. RECKLESS REDDICK. He Dallies With the State Division Matter. Not Knowing; It is Loaded With Political Dynamite. The Republican Attempt to Cele brate Last Night. A Small Procession and Less Enthusiasm —Mr. Reddick Makes a Short Speech and Mr. Estee a Long One. The Republicans of this city turned out en masse last night to celebrate the arrival of their candidate for the lieu tenant-governorship, John B. Reddick, of Calaveras, and M. M. Estee, the well known Republican leader. The procession, which was to have started from the corner of Second and j Main streets, did not form until 8 o'clock, the enormous crowd which had i been expected to turn out having failed j to put in an appearance. When the marshal finally gave the word to ad vance, the people which had assembled on the sidewalks to witness the much advertised parade were disappointed, for by actual count there were only 419 men and boys in line. Of this number fully 300 carried flambeaux. The feature o"f the parade was Dunigan's drag, drawn by a well-matched six-in-hand, which headed the procession. The clubs rep resented were the County Republican, Union League, Oro Fino, Lincoln, and Eureka (colored). The line of march followed was from the Cathedral to the plaza, thence back to Spring street, and along Spring street to the pavilion by way of Fifth street. As is often the case when a parade and political meeting are arranged to take I place on the same evening, the latter I suffered by the delay caused by the ar- ! rival of those who participated in or watched the procession, and it was fully forty minutes after the appointed hour before the orators of the evening ap peared on the stage at the pavilion. There was a very fair attendance, but the audience was not in any mood to lavish its applause promiscuously and evinced little warmth during any of the speeches. On the platform seats were arranged for a great number of vice-presidents, of whom not more than half were present. Fred. Gilmore having called the meet ing to order, a sextette of colored warb lers Btepped to the front of tbe stage amid the greatest enthusiasm, and the proceedings commenced with a series of l r e Can Mlmm FIT lies And All Sizes, POPULAR PRICE?" Largest Assortment Due notice will be given when our Fall Stock ia complete. CORNER SPRING AND TEMPLE ST$. W 1> W * i* * w L -i!sß A YEAR*- J V Buys the Daily Herald and * k $2 the WEEKLY HERALD. - [ IT IS NEWSY AND CLEAN. J Ko, a s*. a FIVE CENTS. very creditably rendered campaign ditties, which were warmly encored. Judge W. F. Fitzgerald was then in troduced as chairman of the evening, and in a few well chosen phrases he in turn introduced Hon. John B. Reddick, the Republican nominee for the second place on the ticket, who spoke in effect as follows: Mr. Chairman, ladies and gentlem n, citizens of Los Angeles and fellow citi zens of the state of California, I have just come from the metropolis of the state and bring you good tidings. I I have just left Mr. Markham's presence, | and he informed me that he was well assured of his success next November. It is four years and one month since my last visit to Los Angeles. It was j then an overgrown town of some 15,000 j inhabitants. To-day I find it the second city in the state of California. Its streets have been extended and im proved, beautiful buildings adorn it for both residence and business purposes, I and it has a population of over 50,000. I Looking over this vast audience I find j also that its citizens are as fine gentle- I men and beautiful women as any in the i state. Circumstances have happened this | evening which make it impossible for j me to address you on the political issues lof the day. Mr. Estee, who has to catch I the 10:40 train for the north tonight, ! will do so. I can promise you, however, | that in three or four weeks I shall I return, accompanied by the Republican nominee for this congressional district, and then I will give you my views. One of the reasons for which I came here tonight is that I am a stranger to most of you, and I want to know you all. I want you to look at me tonight so that you may know me. One thing upon which I must speak before I close. A report has gone over the state, circulated by a Democratic newspaper, that the notion prevails all i over Southern California that the state ! should be divided. I know that if such |an idea prevails with any one, he keeps it solely to himself. We must have but | one state. You are just as much inter | ested in the matter as your northern I brother. We want no more secession. I The federal constitution does away with j the proposition in that it says that no state shall be carved ! out of the territory of another state. Nd i such general opinion prevails in any j part of the state, and the people oi Los ] Angeles are not, I know, and never have ! been in favor of state division. Now I j want the Republican papers of this city I to deny this as emphatically as the case j demands, because a catchpenny Demo j cratic sheet has said that Markham is iin favor of this movement. It is a mean, nasty, dirty sort of campaign to wage against a man like Markham. But, be lieve me, whether the Democrats wage that kind of warfare or not, he'll be our next governor. After a campaign ditty by the Lincoln glee club, which made a very poor show , ing as compared with their colored pred Continued on Fottrlli Page.