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Los Angeles herald. [volume] (Los Angeles [Calif.]) 1890-1893, September 14, 1890, Image 1

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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.

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