Birmingham state herald., December 24, 1895, Image 1

About Birmingham state herald. (Birmingham, Ala.) 1895-1897

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BIRMINGHAM STATE HERALD.
GLUME 22J BIRMINGHAM, ALA., TUESDAY, DECEMBER 24, 1893. NUMBER 38.
STREET RAILWAY STRIKERS
Accept a Proposition From the
Traction Cempany.
PHILADELPHIANS ARE GLAD
Seven Days of Danger and Inconvenience
Caused
SEVERAL STREET RIOTS YESTERDAY
Nineteen Hundred Men Out of Employ
ment, the Majority of Whom Will
Leave the City—Three Rioters
Sentenced.
Philadelphia, Dec. 23.—After lasting
seven days the ruinous strike of the mo
tormen and conductors of the Union
Traction company came to an end to
night by the employes accepting the
terms of the company. The men struck
for a working day of ten hours, $2 p*»r
day and the recognition of the Amalga
mated Association of Street Railway Em
ployes. The terms of the agreement are
as follows:
Philadelphia, Pa., Dec. 23. 1895.
To the Committee of the-Employes of the
Union Traction Company, Philadel
phia, Pa.—
Gentlemen: Considering your proposi
tions seriatim would say first that we do
not propose to govern the membership
or connection of any employe with any
lawful association; but such connection
with such association of any character
whatever must not enter into the rela
tions between any employes and the
company, and cannot be recognized in
the business conducted between us.
2. That any grievance of whatever
characterthat any man or men may have
will always be considered fairly ' and
promptly before such men and -the offi
cers of the company, and the company
will afford such men opportunities to
examine the records of such employes
to their entire satisfaction.
3. We accept your statement that all
men discharged since December 10, 1895
(except those discharged for Just cause),
Will be reinstated upon examination of
the records of such employes, the com
mittee representing the employes to fur
nish the list of those they believe to have
been unjustly discharged, and the men
allowed to divide the runs, other than the
runs laid out for the present employes,
meaning those who have entered our ser
vice since the evening of December 17.
The above proposition, I think, should
be accepted by the employes, and will be
cheerfully accorded by the management.
Tours very truly,
J. R. BEETEM,
General Manager.
The committee on behalf of the em
ployes, in their acceptance of the terms
laid down, asked, however, that because
of the losses already incurred by such a
large body that the president, directors
and managers of the Union Traction
company will endeavor to find an honor
able settlement of all contracts with new
men, so that the old men may find em
ployment as soon as possible, and until
such time they will equalize the employ
ment of all the men as far as possible.
The settlement of the strike Is the re
sult of numerous conferences throughout
last night and today between the execu
tive committee of the strikers and Union
Traction company officials. Propositions
and counter propositions were made
each side until the agreement decided
upon was finally reached. Throughout
all these conferences the Union Traction
company absolutely refused to recognize
any one in the negotiations but its own
employes, and the officers of the Amal
gamated association were not permitted
to be present at any time. The victory
Is with the company. The company has
all along publicly stated that It was at
any time willing to grant a respectful
hearing to any grievances that its own
men might have, but that it would rec
ognize no association. The only point
partially gained by the men was the un
official recognition of its association. On
the other (which they struck for) they
have gained nothing and are worse off
by a week’s salary and the occupation
and the places of 1900 of them. These
1900 new employes will have the prefer
ence In the runs of the cars and the old
m<-n will have to act as ‘strippers’’ (ex
tra men.) All of the 1900 new men will
not remain here, as n majority of them
were simply supplied during the strike
by contractors. Still some 200 or 300 of
the new men will remain here perma
At a mass meeting of the strikers to
night the agreement entered into by their
executive committee with the Traction
officials was ratified. The conclusion of
the strike will be greeted with Joy by
citizens of all classes.
The disturbances in the streets, the
danger of riding in the cars, the incon
venience of walking long distances, and
the enormous financial loss to the city
has made the strike the most disastrous
ever known in Philadelphia. The Christ
mas shopping trade was killed, and di
rectly and indirectly it is a fair esti
mate that the seven days’ strike cost the
Traction company, Its employes and the
merchants of Philadelphia $2.000,OOP.
Aside from the satisfastlon caused by
the settlement of the strike from a busi
ness standpoint. It is most fortunate that
it has como to an e.nd, as lawlessness and
outbursts were on the increase and were
each day that the strike continued be
coming mora serious. The disturbances
in the treets today were worse than
any day since the strike began. The
company started out more cars on its
various lines this morning than at any
time since the start of the strike. With
the exception of the Market and Chest
nut lines there was hardly a car on any
of the other streets that started that did
not return to the car barns In a shat
tered condition. In every section of the
city the ears were stoned and the motor
men, conductors and policemen guarding
them cut and bruised by bricks and other
missiles.
The various squads of policemen sta
tioned at central points were kept busy
hurrying to and fro to disperse the mobs
that were assaulting cars. The most
serious disturbance of the day occurred
at Seventeenth street and Girard avenue.
Here a big crowd attacked a car guarded
only by two pijlicegien. The assault by
the mob upon the car was vigorous and
determined, and it seemed as if the mo
torman and policemen would be killed.
Finally when Policeman 1,'sherhack had
had his wrist broken and his head cut
open with a brick, he drew his revolver
and fired into the crowd. William H.
Matthews, a striking motorman, was shot
in the head and Samuel C. Crossley was
shot in the knee. As soon as the police
man opened fire the crowd scattered and
trampled each other under foot in their
efforts to get out of range of the bullets.
Matthews and Crossley were taken to the
hospital. The former has only a scalp
wound, but the latter wras shot In the
knee and is in a precarious condition. The
doctors cannot probe for the ball and
even if he lives he will lose his leg.
Through their attorneys, the strikers
this afternoon filed an application in the
court of common pleas for the appoint
ment of a board of arbitration, upon the
compulsory arbitration act of 1893.
Four men accused of rioting in the
i streets were severely dealt with today in
the criminal court. They were among
the rioters arrested on Tuesday for
smashing car windows. They were in
dicted on Friday by the grand jury, tried
today and found guilty. Judge Gordon
sentenced three of them to two years’ im
prisonment in the eastern penitentiary,
and one of them to eighteen months.
MUST BE QUASHED
Says the Supreme Court of George Moore’s
Indictment.
Washington, Dec. 23.—The indictment
returned by the grand jury for the
Southern district of Alabama, upon
which George S. Moore, a clerk in the
Mobile postoffice, was convicted of em
bezzling $1652, will have to be quashed.
So said the supreme court of the United
States today in ruling upon Moore’s ap
peal from the judgment of the district
court. Justice Brown announced the
( opinion. The reasons for this decision
I W'ere:
1. That the indictment contained no
averment that the money embezzled
came into Moore’s possession in his fidu
ciary relation to the government.
2. If the words were surplusage then
it was necessary that the indictment had
specified “as money of the United States”
so that it could be identified by describ
ing it as “coins or bank notes.” etc.
3. As the statutes make the offense
charged a felony, indictment should have
alleged that the money was “feloniously
embezzled.”
The judgment below was reversed with
instructions to quash the indictment.
MEMPmSCOTTON EXCHANGE
Adopts Resolutions Recommending No In
crease for 1896 in View of a Proba
ble War.
Memphis, Tenn., Dec. 23.—The move
ment looking to no Increase of the cotton
acreage next year was Inaugurated by
the Memphis Cotton exchange this after
noon at a general meeting called for the
purpose. The preamble to the resolutions
adopted sets forth that a large crop of
cotton grown at heavy expense brings
but little If any larger total value, con
trasting the present with past years to
establish the fact, and adds;
“Another matter for the farmers to
bear In mind is that at the present time,
when there Is a remote possibility of a
war, If such should occur the inevitable
result thereof would be to depreciate the
value of cotton and appreciate the value
of all food Crops; therefore be It
“Resolved, That the Memphis Cotton
exchange urgently recommends to the
producers that the production of home
supplies be made the first consideration
In planting operations for the coming
year and that the acreage of cotton be
not increased over that of last year.
“Resolved, That we approve and In
dorse the American Cotton Growers' as
sociation for bringing about the reduc
tion in the acreage of the crop now be
ing marketed, and we respectfully urge
the Hon. Hector D. Lane, the president,
and his coadjutors, the presidents of the
various cotton states of the said associa
tion, to continue In the good work and to
take up the matter at the earliest practi
cable moment and urge it again upon
the attention of the cotton producers of
the south.
“Resolved, That the various cotton ex
changes throughout the south be and are
hereby requested to co-operate with this
exchange In this matter, and that the
southern newspapers are also requested
to publish these resolutions.”
FATAL FURNACE FIRE.
Seven Men Burned and Three Will Doubt
less Die.
Pittsburg, Pa., Dec. 23.—Seven men
were terribly burned early this morning
while at work on the top of Schoenber
ger’s blast furnace, at Elna and Four
teenth streets. The damage to the fur
nace is slight, but the accident was most
exciting, all of the men having had a
narrow escape from cremation. The In
jured. who were taken to the West Penn
sylvania hospital, are Philip Bowman,
colored; Frederick Lear, Michael Kelley.
William Moorey, Joseph Rodman, An
thony McNally, David Scott.
The furnace had been closed several
days. Yesterday the fires were re
lighted and the furnace charged. This
morning the seven men were completing
repairs at the top of the furnace stack,
75 feet above the ground, when, without
warning, the bell lifted and a huge vol
ume of burning gas enshrouded the top
of the structure and the workmen on the
ground ran to the elevator and when they
reached the top a pitiful sight met their
gaze. Almost every vestige of clothing
had been burned from the bodies of their
fellow workmen. Bowman and Lear had
inhaled the flames, as well as being ter
ribly burned about their bodies. All were
quickly lowered to the ground and aid
summoned. Lear, Bowman and Moorey
are thought to be fatally burned. Kel
ley Is also In a precarious condition. The
others will probably recover.
DEi V X auzaav
Middleton Bank Officers go to the Peniten
tiary.
Philadelphia, Dec. 23.—In the United
States district court today Judge Butler
sentenced Charles W. Raymond, presi
dent, and Edward M. Raymond, cashier,
of the Middleton National bank, who
were convicted on the charge of misap
propriating funds of the defunct bank,
to seven years and five months' impris
onment each in the eastern penitentiary.
FIRE AT PINCKAHD.
Only One Business House Remains in the
Town.
Montgomery, Dec. 23.—Fire destroy
ed the business portion of Pinckard Sun
day morning early. The fire slarted in
the Hubert hotel. The losses are esti
mated at M700, with insurance of J500.
But one business house was left
ORDERED TO QUARANTINE.
Norwegian Bark Loses a Man From Yellow
Fever.
Mobile, Dec. 23.—The Norwegian bark
Turist, from Pernambuco, which put into
the lower bay thirty miles from this city
yesterday afternoon, having lost a man
front yellow fever during the voyage, was
this morning ordered to Ship Island
quarantine had left for that station.
Ministers on the Message.
New York, Dec. 23—At the weekly
meeting of the BaptlBt ministers of this
city this morning a resolution condemn
ing President Cleveland’s Venezuelan
message was laid on the table by a vote
of 22 to 12 after a hot debate.
CONGRESSIONAL CONTESTS
' i
Cases Referred to Their Respec
tive Committees.
MEMBERS TELEGRAPHED FOR
Wanted to Discuss a Financial Measure Next
Thursday.
A JOINT RESOLUTION INTRODUCED
Appropriating $1,500,000 for a Roeorve
Supply of Projectiles for the Navy.
House in Session Thirty
Minutes.
"Washington, Dec. 23.—There was a fair
attendance of members when the speak
er's gavel fell at noon today.
Mr. Tracy, republican, of Missouri, was
appointed to the naval affairs committee
in place of Mr. Hart, democrat, of Penn
sylvania.
Mr. Daniels, republican, of New York,
chairman of the cummitte on elections,
offered a resolution authorizing the ap
pointment of a clerk for each of the
three branches of the committee and au
thorizing the committee to sit during
the sessions of the house. Agreed to. A
section of the resolution authorizing the
committee to apportion the contested
eases among the three committees was
objected to by Mr. Crisp and the -cases
were, under the rules, distributed by the
speaker, the first nine going to commit
tee No. 1, the next eleven to committee
No. 2 and the remainder to committee
Nn .1
Mr. Dingley, chairman of the ways and
means committee, stated that the con
current resolution providing for a holi
day adjournment, with the senate
amendments, had been considered by the
ways and means committee at their
meeting this morning. They had unani
mously declared that In view of the re
quest contained ir. the president’s mes
sage and under all other circumstance*
it would not be appropriate to take a
holiday recess until a measure of relier
had been considered by the house. Allab
sent members had been telegraphed for
and he hoped they would be present on
that day.
On motion of Mr. Aldrich, republican,
of Illinois, chairman of the committee on
accounts, a resolution was agreed to di
recting that committee to designate what;
committees should be allowed clerks. t
On motion of Mr. Dlngley the house
at 12:30 p. m. adjourned until tomorrow.
Chairman Dlngley of the committee on
ways and means requested the sergeant- •
at-arms to telegraph absent members
of the house that their presence In the
house on Thursday was necessary to
consider a financial measure to be re
ported on that day. Telegrams were
sent to 120 absentees. •
A resolution was offered by Mr. Hen
derson, republican, of Iowa, a member
of the rules committee, having for Its
purpose the clearing of the way in the
house for any financial bill which may be
reported by the ways and means commit
tee. The resolution provides that when
the ways and means committee shall re
port upon the questions of raising rev
enue now before it, it shall be in order,
on motion) of the chairman of that com
mittee, to take up and dispose of the
same in the house.
Among the bills introduced in the house
today was the following:
By Mr. Brewster, republican, of New
York—To relieve the United States treas
ury by providing that hereafter no gold
coin of a less denomination than $10 shall
be coined, nor shall there be issued any
legal tender notes or paper currency of
any kind of less denomination than $10.
Mr. Cummings, democrat, of New York,
offered in the house today a Joint resolu
tion directing the secretary of the navy
to accept the Katahdakin and to make
her a part of the navy.
Mr. DaJzell, republican, of Pennsylva
nia, offered in the house a Joint resolu
tion appropriating $1,600,000 to enable the
secretary of the navy to contract for a
reserve supply of projectiles for the use
of the navy.
A preamble to the resolution calls at
tention to the section of the annual re
port of the secretary of the navy, which
states that the naval service has not re
serve supplies of projectiles for itself or
for auxiliary cruisers which would be
fitted out in time of war.
The chairmen of the three election com
mittees are making arrangements to have
their committees meet as soon as possi
ble.
Mr. Daniels of New York, chairman of
committee No. 1, will endeavor to get his
committee together tomorrow. To this
committee the following cases were re
ferred: Robinson against Harrison.
Third Alabama district; Aldrich against
Robbins, Fourth Alabama district; Good
wyn against Cobh, Fifth Alabama dis
trict; Aldrich against Underwood, Ninth
Alabama district; Belknap against Me
Gann, Third Illinois district; Rinaker
against Downing, Sixteenth Illinois dis
trict; Felton against Maddox, Seventh
Georgia district; Denby, Jr., against
Owens, Seventh Kentucky district; Hop
kins against Kendall, Tenth Kentucky
district. , . ,
Committee No. 2. Mr. Johnson of In
diana. chairman, will probably meet
Thursday. It has the following cases:
Coleman against Buck. Seventh Louis
iana district; Beattie against Price.
Third Louisiana district; Benoit against
Boatner, Fifth Louisiana district; Booze
against Rusk. Third Maryland district;
Vanhorn against Tarsney, Fifth Mis
souri district; Mitchell against Walsh.
Eighth New York district; Campbell
against Miner. Ninth New York district;
Chesebrough against McClellan, Twelfth
Now York district; Cheatham against
Woodward, Second North Carolina dis
trict; Thompson against Shaw, Third
North Carolina district; Martin against
Lockhart, Sixth North Carolina district
The third committee, with Mr. McCall
of Massachusetts as chairman, has set'
no day for meeting. It has the following
cases to dispose of: Murray against El
liott First South Carolina district; Morr
man’ against Latimer, Third South Caro
lina district; Wilson against McLaurln,
Sixth South Carolina district; Johnson
against Stokes, Seventh South Carolina
district: Davis against Culberson, Fourth
Texas district; Kearby against Abbott,
Sixth Texas district; Rosenthal against
Crowlev, Tenth Texas district; Thorp
against McKenney, Fourth Virginia dis
trict; Comette against Swanson, Fifth
Virginia district; Hogg against Otey.
Sixth Virginia district; Yost against
Tucker. Tenth Virginia district; Newman
against Spencer, Seventh Mississippi dis
trict.
Under these references all the cases
coming from any one state are assigned
to the same committee as far as possible.
TINKERING JIE TARIFF
Republicans on the Ways and
Means Committee
IN IMPORTANT SESSION
Two Financial Measures for Relief Will Be
Introduced
AND IMMEDIATE ACTION REQUESTED
Committeemen Act in Unison and the Sil
ver Men Are Reconciled—Five Per
Cent Bonds Proposed to Pro
tect the Reserve.
Washington, Dec. 23.—Four hours were
occupied by the republican members of
the ways and means committee this af
ternoon In preparing a measure of relief
for the treasury. There was a satisfac
tory unanimity of opinion among the
members as to the course to be pursued
in order to meet the deficit in the national
finances. Naturally the first suggestion
was to secure revenue in the line of re
publican policy, which is by a duty on
imports. When the conference was ended
very material amendments were made
to the present tariff law, which, it is es
timated, will increase the revenue about
$10,000,000 annually.
Anomer measure, wmcn is sun invum
plete, will also be reported at the same
time, looking to an issue of bonds and
certificates of indebtedness, bearing a
low rate of interest, to meet the present
emergencies. The two measures will not
be amalgamated, but will be brought be
fore the house separately. This conclu
sion differs radically from the sentiment
expressed at the secret caucus of the re
publican members held at the capitol on
Saturday nifeht last. At that time nearly
ail the republicans favored one general
bill, which, it was contended, should
stand or fall with the senate and the
president upon its merits. Today, howev
er. the disposition was so general to re
port two different measures that the
agreement was reached without delay.
The reason for this was obvious. It was
explained by some of the members pres
ent that the silver republicans in the
house and senate would vote with their
party on the tariff measure, while they
would be forced by the very nature of
things to oppose the bond features of the
measure. It was primarily to secure the
support of the silver republicans, and not
put them in an antagonistic position with
their party, that the decision was reached
to divide the two propositions.
The two bills will be reported to the
bouse on Thursday of this week and will
V.e passed with little delay. One and pos
sibly two days will be devoted to their
consideration, but It is improbable that
Uiey will be passed before the close of
the session Thursday, which may be pro
longed to extend the time for discussion.
The substantial features of the tariff
bill are these:
Making a 60 per cent rate on wool, with
a 60 per cent compensatory duty on
manufactured cloth, over the act of 1894.
A 60 per cent rate of duty over the 1890
law (McKinley) on lumber. A 25 per cent
Increase over the act of 1894 (Wilson bill)
on live stock, cereals and dairy products,
and a horizontal Increase of 15 per cent
in the rates of duty on all other sched
ules over the law of 1894.
In this connection a proviso is added
that in no case shall the rates of duty
exceed those of the McKinley law, ex
cept in cases where the present rates of
duty are higher than those of the Mc
Kinley tariff law. The proposed amend
ments will remain in effect until August
1. 1898.
The increase of duty on farm products
;was made at the request of the members
representing distinctively agricultural
states, their contention that the present
law is ruinous to their granger constitu
ents.
The accompanying bills provide for an
issue of 5 per bonds to protect the gold
reserve In the treasury, with a proviso
that the currency redeemed by the bonds
shall not he paid out while a deficit ex
ists in the treasury. It differs from the
original purpose of the republican lead
ers. which was to glvft authority to the
secretary of the treasury to issue a 5
per cent bond «s a popular loan to main
tain tjie gold reserve and for no other
purpose, with a proviso that the redeem
ed greenbacks shall not be used to meet
current expenses, but be retained as long
as necessary as a part of the redemption
fund authority to Issue to national banks
circulating notes up to the par of the
bonds deposited as security therefor,
and to reduce the tax on national banks'
circulation, and authority for the Issue
of certificates of indebtedness to meet
temporary deficiency In receipts until the
revenues can be provided.
In addition to the sale of bonds the
bill w‘” also authorize the secretarv of
the ( usury to issue certificates of in
debt ness bearing 2 per cent interest,
not I ej^eed *50.00().000 In amount, to
mee\ current deficiencies of the revenues.
SEVEN MINUTE SESSION
AncHhe Clearing House Association Decided
to Issue 6 Per Cent Certificates.
Post Results.
Nrw York, Dec. 23.—The Clearing
Hoi»e association held a largely attend
ed meeting at noon today. Great Interest
was shown In the meeting, all the prom
inent banks in the city being represent
ed. The session was very short, lasting
only seven minutes. A number of the
prominent members met at the house
of l*resident Tappan of the Gallatin Na
tional bank last night and decided upon
a course to be pursued. This was to ap
point a loan commission, with power to
Issue certificates to an unlimited amount
at the rate of 6 per cent, with a 1-16
commission.
After going into session the following
resolution was adopted:
Resolved, That a committee of five be
appointed by the chair, with the pres
ident to receive from banks members of
the association bills receivable and other
securities, to be approved by said com
mittee, who shall be authorized to Issue
to such depositing banks loan certificates
bearing interest at 6 per cent and one
Btxteenth on the face thereof, and such
loan certificates shall not be In excess of
the market value of the securities or bills
receivable so deposited, and such certifi
cates shall be paid in settlement of bal
ance^ at the clearing house, and all the
rules and negotiations heretofore adopted
V . -._
In the Issue of such certificates shall be
in force in the present issue.
The following was the committee ap
pointed: F. D. Tappan, president Galla
tin National bank; Henry W. Cannon of
the Chase National bank. George G. Wil
liams of the Chemical National bank, E.
H. Perkins, Jr., of the Importers and
Traders and W. A. Nash of the Corn Ex
change. This is the same committee
which acted during the panic of 1893.
It was announced that no banks ap
plied for any certificates. The committee
of the Clearing House association which
met at President Tapptm's office last
night did not get into session until mid
night. After agreeing upon the adoption
of the foregoing resolution the substance
of it was at once cabled to London brok
ers, and to this action is attributed the
strong opening of the American market
there.
After the adjournment of today’s clear^M
lng house meeting President Tappan
said: "Our action today was taken pure
ly as a preventive measure. We want
to show the business men of this country
that there is a strong power behind
them.”
On the occasion of a similar action by
the clearing house in the panic of 1893
over $42,000,000 of certificates were issued
by the loan committee.
The commission of 1-16 of 1 per cent on
clearing house certificates goes to the
clearing house to cover the work of issu
ing the certificates. No commission was
charged In 1893. but in all issues previous
to that a commission of >4 of 1 per cent
was charged. It is believed that the ac
tion of the banks will tend to prevent, or
at least diminish, gold shipments.
Heport Contradicted.
Washington, Dec. 23.—Such members of
the Indiana delegation as remain in the
city emphatically contradict the state
ment that the presidency of the Vene
zuelan commission has been offered by
the pfesident to Ex-President Harrison,
and by him declined because of physical
inability to encounter the fatigue of the
necessary journey, and add that he is in
/the best of health.
SEARCHING FOR SCHOLARS,
In Appointing the Venezuelan Commission
President Cleveland Will Not Select
Professional Politicians.
Washington, Dec. 23.—The Venezue
lan boundary commission will probably
not be announced by President Cleveland
until the latter part of this week or the
first of next week. It Is to consist most
likely of three members. The president’s
aim is to put on the commission only
such men as will Inspire respect and con
fidence on both sides of the Atlantic and
whose acquirements will be acknowl
edged by the world of statesmanship,
science and letters. In making the se
lections men with whom politics Is sim
ply an Incident and not their profession
will be preferred, and one close to the
president is authority for the statement
that probably not a single name so far
mentioned will be found on the commis
sion. The president, It Is known, is
searching the universities and colleges
of this country for suitable men. The
high standard which the president has
set for the commission restricts the cir
cle from which the members can be cho
sen and In this sense exemplifies his
work. Secretary Olney is In daily con
sultation with the president on the mat
ter.
The comptroller of the currency has
declared a fifth dividend of 20.per cent
to the creditors of the National bank of
Knoxville, Tenn.
It is learned that the suggestions made
to Secretary Herbert that he recommend
a congressional appropriation for the
construction of four more battleships of
the Kearsarge type, in order that con
tracts for their construction might be
awarded to the three bidders for build
ing the two authorized by the last con
gress and thus secure advantage of the
economical proposals made, were sub
mitted Informally .by members of the
board of bureau chiefs and were not em
bodied in their formal report, the decis
ion having been reached that it was out
side the province of the board to make
such recommendations officially. The
board was mere called upon to examine
and report upon the bids offered. Never
theless, the suggestions will have all the
force of a formal report, in which form
they would probably have been embodied
if consistent with the functions of the
board.
The recommendation of thei board as
such when in the formal report is that
the bids of the Newport News Ship
Building and Dry Dock company for
constructing the Kearsarge and her
mate on plans prepared by the navy de
partment be accepted; provided, how
ever, that the Union Iron works of San
Francisco be given the opportunity of
scaling its bid to a figure acceptable to
the secretary, in which event the New
port News company be given the con
tract for building one ship and the Un
ion Iron works the contract for the other.
In the informal, but nevertheless semi
official, manner previously noted the sec
retary is urged to consider the report
and its recommendation as contingent
only on his rejection of the plan proposed
for securing six battleships In place of
two. How much this radical proposi
tion has Impressed the secretary cannot
be ascertained, as he has given no hint
of his views on the matter. The sugges
tion. however, will undoubtedly be given
consideration by the president and the
cabinet before Mr. Herbert acts, should
he be Inclined to look upon it favorably.
wnmiuAWAij ur uujjUi
Cleveland and Carlisle Believed at the Re
turn of Confidence.
Washington, Dec. 23.—The withdrawal
of $1,050,000 at New York today reduces
the treasury gold to $68,500,000. Of the
gold withdrawn $250,000 was in bars for
export. The gold deposited in various
sub-treasuries today, aggregating nearly
$200,000, does not yet appear in the treas
ury figures. Until congress acts, or It be
demonstrated that it will not act, no Is
sue of bonds is anticipated at the treas
ury department.
Secretary Carlisle conferred with the
president several times, and both were
much relieved at the apparent return
of confidence, as evidenced in the rise in
the price of American securities at home
and abroad.
NOTICE OF WITHDRAWAL.
The Seaboard Air Line Will Leave the
Freight Association.
Atlanta, Dec. 23.—The Seaboard Air
Line has given sixty days notice of its
Intended withdrawal from the Southern
States Freight association. Vice-Pres
ident St. John’s letter Is given out for
publication. In it he says that the Sea
board withdraws because the organiza
tion of the association has not been com
pleted, in that a new arbitration commit
tee has not been elected and there is a
deadlock now over the matter. He de
clares that some of the stronger lines
are not disposed to treat the weaker lines
fairly. The withdrawal of the Seaboard,
if it occurs, will be apt to lead to a rate
war.
[OK CLOUDS DRIFTING
And the Sun Shines Once More
n on Wall Street.
DIt/,UNTLED SPECULATORS
ps
^ -
Vy r Yesterday Wearing Smiles of Self*
* Congratulations
-
• >ND KEPT BUSY COUNTING PROHTS
Capitalists Have Their Eyes Turned to
Washington and Say That a Bond
Issue Must Come Without
Delay.
New York, Dec. 23.—The dark clouds
which have hung heavily over New
York’s financial Interests for tho past few
days began to break and roll away this
morning, and the gleam of sunshine
which came creeping through the part
ing clouds was joyously welcomed by
those whose Interest lay in that direc
tion. Indeed it was a radical change that
came over the financial situation today,
the tendency throughout the whole mar
ket being for a steady advancement,
which greatly encouraged operators and
served to impart a great feeling of relief
and restore confidence in operations.
Certainly Wall street men wore a very
happy expression upon their counte
nances, which clearly showed which way
tne tme was turning. Banners, uroners,
investors and speculators were Inex
pressibly relieved. Those whose security
showed them immense losses were happy
that some of the loss was regained; those
who were upon the ragged edge of ruin
Saturday night were placed upon their
feet again by the rising tide, and others
who had foresight enough to see that the
crisis had been reached with the close of
business Saturday noon and bought In
at the lowest prices were exultant with
Joy and busy counting profits.
The market enjoyed a sharp recovery,
at the very beginning, due principally to
a favorable change In London, the
prompt steps taken by the associated
banks to relieve the money pressure by,
providing for an Issuance of loan cer
tificates and the possibility of a new gov
ernment bond Issue. First prices for the
stocks which suffered the most loss last
week showed gains of from 1 to 6 points
over Saturday’s closing prices. Ofcourse,
as might be expected, some Irregularity
followed, but In the. afternoon the ten
dency again became upward. The chief
features of the market Itself were the
very large number of outright purchases
by "outside” investors, as is customary*
in conditions that prevail in times like
these, the market affording, in the opin
ion of these Investors, unusual opportu
nities for good and prod table, invest
ments. The covering of the shorts was
another noticeable feature. Altogether
the day was one for congratulations
among Wall street men, and many of thd
operators who came to business in the
morning with fear and trembling lert in
the evening with a light heart and ai
prayer of thanks. It was undeniably ad
mitted that the action of the banks and
trust companies In regard to the money
market did much to relieve the situa
tion. The leading institutions supplied
their regular customers among the brok
ers at 6 per cent. But on the stock ex
change, in some instances, from 10 to 75
per cent was paid for call loans. On
the whole there was comparatively lit
tle tightness tn the money market, al
though it was quite exciting at times,
and loans which ran, out today were re
newed at 6 per cent before a regular rate
was quoted. Holders of good securities
had little difficulty In supplying their
wants. . . .
The large amount of money brougnt
into the street by the outside public to
purchase bonds and stocks was greatly
welcomed and did much to relieve the
pressure.
The two failures of the day—one on tne
stock exchange and one on the
dated—were of little importance and had
no bearing on the mai*;et. Settlements
through the New York stock exchange
clearing house developed no weakness on
the part of any brokerage firm, although
it was well understood that several
houses tn the street, which had been
pinched by the big decline last wee*,
were not too sound. The rally, perhaps,
saved them from the disastrous storm*
The eyes of Wall street are now turned
toward Washington. Financial men say
that in order to keep up the confident*
restored today some favorable action on
the money question must at once b»
taken by congress. Apprehension still
existsi In the street that congress will
shirk its duty, and it is predicted that If
this Is done another disaster in the stoch
market will result unless the president
comes to the rescue.
The new bond issue question has taken
strong hold in Wall street, and already*
bankers are holding informal confer
ences as to the emission. The feeling I#
that if congress does not heed the presi
dent’s financial message Mr. Cleveland
himself will take the matter In hand and
declare a bond issue without delay.
Some rumors had It today that this lat
ter action would be taken tomorrow, but
this is not reasonable, inasmuch as It t®
known that the ways and means com
mittee have a relief measure under ad
visement which will likely be reported t®
congress some time this week.
Cliauncey M. Depew, who was a vis
itor in the street today, said he would
venture the prediction that there would
he a bond Issue within five days.
The engagements of gold for Wednes
day’s steamers fell below estimates, only
$550,000 having been ordered for shipment
for the day mentioned. lip to a lat«
hour but $250,000 gold bars had been spo
ken for at the sub-treasury. The depos
its of gold at the sub-treasury were $100.;
000 by the Phenlx National hank and
$50,000 by the Bank of America. The
withdrawals were $350,01)0 by the British
American Mortgage company, $50,000 by
the Bank of British North America and
$HH),000 by the Merchants’ bank of Can
ada. _'
C. S. RAILROAD WRECK.
Unknown Tramp Killed and Two Employe*
Injured.
Chattanooga, Tenn., Dec. 23.—In a
double-header, head-end collision on the
Cincinnati Southern railroad this morn
ing, near Cardiff. Tenn., an unknown
tramp was killed, and Fireman McCleN
lan and another man named Heath were
injured. The derailed cars were total!*
wrecked and the engines were locked,
which will block the track for five or
six hours. The accident was due to •
misunderstanding of train orders.