Omaha Daily Bee Newspaper, December 3, 1894, Page 6

BANKS AND THE CURRENCY Interesting Figures from the Report of Comptroller Eckels, BUT FIFTY NEW BANKS ORGANIZ:D IN 1894 Defects in the Note Issuing Power of the Bauks Discussed at Length—sys- (em Lacks Elmsticity — New Basis for Dank Currency. WASHINGTON, Dec. Hon, James H. Bckels ot cur- rency, to bs submitted congress toda gives full information in regard to the organ- tzation, supervizion and liquidation of the | national banks for the year ended October | 81, 1804. 1t shows that during this period but fitty banks were organized, with a cap- | ital stock of 00, the smailest number | chartered, as well as the minimum of capital, | In any on 1879, Of th llv\\'} banks, twenty-seven are in the northern and | eastern states, ten in the southern statea | and thirteen in the western, or Vr:\n«mw.%l\'—i sippl division. On October 31, 1804, the total numbs national banks In operation an authorized capital stock | represented by 7,955,076 shares | of stock d by 287,802 shareholders, On | October 1804, the date of their last report of condition, the to'al resources of the banks were $3,473, , of which their loans and | discounts amounted to $2,007,122,191, and money of all kinds in banks $422,428,192 Of the liabilities, $1,728,418,819 represented individual deposits, $334,121,082 surplus and | net undivided profits, and $172,331,978 circu- 2.~The comptroller to report of ar sine o in of with THE OMAHA DAILY BEE: MONDAY, DECEMBER 3, 1891. gressional enactment signed by Pv!lldnnl] Grant after his inauguratlon as chief execu- tive was one reakserting the determination of the government to preserve unquestioned the public faith, and the closing clause of ft was: ‘And the United States also solemnly pledges its faith to make provision at the ear- liest practicable period for the redemption of United States notes in coln.’ " WAY OUT OF PRESENT DIFFICULTIE! In the light of the present condition of the government's finances the comptroller contin- ues: “That which ought to have been done when there was a surplus in the treasury cannot now be undertaken, and the sar conditions must continue to weaken th= coun- try's credit and plagus the lines of business unless a means s devised for removing these Issues from the channel of current redemption until such time as the government finds it self In a position to do that which was first the Intent of all—gradually redeem and can- cel them. The ultimate red:mption in coir of course must all be upon the government but the embarrassment does not arise from their ultimate but from thelr current re- demption. It is, therefore, suggested that if congress shall repeal the provisions of the present act requiring the national banks to make a deposit of government bonds in order to secure circulating notes and substitute therefor a provision giving them instead the right to Issue the same against their assets, it | incorporates therein and as a part thereof | that as a prerequisite to so doing the banks | be ‘compelled to deposit with the treasu:y of the United States legal tend:r issues or Issues | under the act of 1890 equal in amount to | the difference between the percentag: of their capital stock of fssue granted against their | assets and the total of such capital stock. The deposits thus made ought to remain with the treasurer until the bank ceased, either through voluntary or involuntary liquidation, to do business, and in either caze the govern ment ought then to redcem and cancel such treasury issues deposited. As against this deposit of legal tenders and (reasury notes [ 80 made there should be fssued to the banks, dollar for dollar, national bank notes, either of the same or different design, as might be deemed best. The percentage of the bank ¢ | are at the command of the state. The Golden Gate, CUFFING ~ A CORPORATION Ffan Francisco Administers a Sharp Rebuke to Monopoly. SUTRO'S REMARKABLE RACE FOR MAYOR Outrans Four Competitors and Wins Easily ~Sketch of Ilis Career, Iis Wonder- ful Library and Ocean Baths, Gardens, The defeat of a corporation candidate for overnor of Nebsaskn has a conspleuous coun- | terpart in the mayoralty contest in San Fran- ¢ In both Instances the issues were sharply defined and the victory of the people decisive <co, Adolph Sutro, the mayor-elect of cisco, is not a radical opponent of corpora- tions such. On the contrary, he be- lieves with the mass of the people that in attending strictly to the business for which | were created their rights and privileges | should be recpected. But the moment they assume that the creature is greater than the state and attempt to monopolize the gov- | ernmeat all the fighting qualities of Sutro | San Fran- Probably no state | thoroughly corporation ridden as California Qentral and Southern Pacific rallroad companies dominate its commercial and polit- fcal life. They make and unmake governor | or senator readily as they regulate the income of California producers. They con- | trol every avenue of transportation to the and exercise so great an in- | in the union s as | chase | nicn | of Buxheim adorned with statugeg, ote. It is Mr. Sutro's private residence, Bkl the gates are always open to the public=wam is in reality a mag- nificent free park, copymanding the best view of the Pacific, thal#al Rocks, the Golden Gate, Fort Point ang fhe Farallone Islands, A WONDERKUL LIBRARY. It is his design to give It to the city some | day. He has a libfary of grest value, also to be given to the city. This library is one of the finest in the world. In the midst of al} his multitudinous e4rés for the past ten years he has found time and means to pur- 250,000 volumes, which will number as many more when ripe for his turning it over to the public. Tt Is intended to be mainly sclentific ani“teéhnical, for public ref erence only, although rich in history and literature, ~~ Among the collections may be cited 4,000 volumes of the early printers’ art, mainly from the duplicatés of the great Mu library, Peter Schoeffer, printer, 1470; illuminated printing and writing by Da Prises, an old Roman father, on Pantheologue. A commentary on the episties of St. Paul (1470) was amusing because of the conception dis played In the fllustrations; “‘Casting Out the Devil"” showed a small horned monster thrown into the air, while the victim thereof looks on in amazement; ““Absolom in the Bosom of Abraham” being a diminutlve figure fully in- cased in the trunk of Abraham, ete. “Life and War of Julius Caesar,” written in 1565 fully illustrated, clothing the heroes in uni- forms of Frances I. style and huge cannons facing the rebellious Egyptians. A Russian bible of 1063, rare because of its belng first in printed Greek, following hieroglyphics, the author signing his work '‘Venetis in Oedibus Aldi. Mense eulio M. 1d.” Many of these works average $206 each in | price glven, and one, “Oral Prayers,” in | Latin, of the thirteenth century, all written with pen and ink, cost $400. There are rare books from the Monasters and the duke of Dalberg's Ii brary, and 2,300 Japanese manuscripts. Two curious collections of Semitic philology and literature; the working library of the late Secretry Wells of the English Soclety of In- dustrial Chemistry, numbering 2,600 volumes. Hebrew manuscript, on_vellum, some orig- 'WALL STREET IS UNRUFFLED Bond Tsue Oreated No £tir in the £ tagna- tion Eurronnding Speculation, HAS HAD ANOTHER CHILL R M 1H: W:ST Reduction of the Northwestern Dividsnd Represses Any Honm Feeling—Doubts of the Government's Stability Stilled and Silver Agitation Handicapped. NEW YORK, Dec. 2.—Henry Clews, head of the banking house of Henty Clews & Co., writes of the situation in Wall street “Wall street still remains comparatively stagnant. Even the great success of the treasury loan has failed to raise a ripple of excitement and has produced no visible effect upon prices. There have been times and | conditions when an exhilarating event | would have inspired a speculative ‘boom,’ | but operators have been comparatively in- sensible to this negotiation, in spite of its assuring suggestions, “It {8 easy to draw mistaken inferences | from this apparent indifference in Wall street | sentiment. The men of the Stock exchange | appreciate as well as others the gratifying significance of a national loan being bid for, | under the present unsettled circumstances, to | an amount three times the sum offered, and it | they have not gone wild over the fact it is because there have been concurrént clreum- stances that made the moment inopportune | for any important speculative effort. The | #pirit ¢f the street has been chilled by an- | other blast of discouragement from the | Branger. region. — Following the Chicago, Burlington & Quincy, the steady and sturdy Chicago Northwestern has reduced its dividend, ard among the roads of that sec- such Pastoria is Dr. Samuel Pitcher’s prescription for Infants and Children, It contains neither Opium, Morphine nor other Narcotic substance. for Paregoric, Drops, Sooth It is Pleasant, Millions of Mothers. feverishness, cures Its guaranteo Jastoria destroys Worms and allays Jastorin prevents vomiting Sour Curd, Diarrheea and Wind Colie. teething troubles, cures constipation and flatu It. is a harmless substitute ing Syrups, and Castor Oil. thirty yecars’ use by Castoria relieves ency. Castorin assimilates tho food, regulates the stomach and Dbowels, giving healthy and natural sleep. Case toria is the Children’s Panacca—the Mother’s Friends Castoria *® Castoria fs an excellent medicine for chil dren. Mothers have repeatedly told me of its good effect upon their children." Da. G, C. Osaoon, Lowell, Mass, Castoria, ** Castoria I2 50 well adapted to children that 1 recommend it as superior toany prescription known to me," IT. A. Ancnen, M. D, 111 So. Oxford St., Brooklyn, N, ¥, fluence at the financial marts of the world as to repeatedly balle the efforts of avealthy citizens to throw off the ygke by building rival lines. Their power extends to every city In the state, and few attain office with- out their consent, tion the feeling is one of some discourage ment at_the spirit shown in pelitics and b judges and juries against the railroad in- terest. The unnual statement of Erie, one of the worst in the history of its operations has also been unexpectedly discouraging A point Is now being reached in railroad notes fesued against this deposit should be TP E U e which I am acquainted. Ihopo the day is rot, far distant when mothers will consider the re Interest of their children, and use Castoria in stead of the variousquack nostrums which are *Our physicians in the children's depart. ment have spoken highly of their experi- ence in their outside practice with Castoria, and although wo only have among our medical supplies what is known as regular inals: “Work of Moses Ben Marmon,’” writ ten by a scribe in 1208, the greatest Hebrew | who has ever lived, and rightly named “The Light of Israel” for his great learning, hav- | ing been a theologian, philosopher and phy- th notes o . The to ::H:)}: §F Stistt Banke on ql;v'-’,‘.,, o “1%04. | free from any taxation imposed upon circula- amounted to $207,472,603, a net decrease dur- | 1100, and ought to be such percentage as is Ing the vear of $1,741,663, and a gross de- | d°emed equitable to be used as a part of the ) Rt Iy o e | bank's eserve le ts. croase of $8,014,804 in circulation seeured by | Pank's legal rescrve held against deposits, | AAF RV (5 aire T The government should not undertake or in e During the year aeventy.nins banks, | 0> SUCUIRCL Tltil tor (he redemption of these notes. Its responsibility should end with its redemption of the notes depesited to secure such circulation when the bank ceases to exist. At present a current re- demption fund of 5 per cent of the outstand- ing circulation fs found sufficient, and it is probable that in the future no greater amount would be required. The elasticity of issue In the national bank circulation will be found in the percentage of issue against assets sub- | Ject to the necessary rate of taxation and insured by an adequate safety fund to guar- rantee the note holders against los: The government will be alded, the bank given in | exchange a dollar for every dollar deposited and thus relieved of the loss incident to de- positing an amount of its capital stock in ex cess of the return in notes granted it. No violent contraction of the currency would fol- low such a course, but whenever contraction occurs it would be no less gradual than at other times the expansion Incident thereto. CHANGES IN THE PRESENT LAW. “It is suggested that as a necessary ele- ment to the securing of proper elasticity of issue In our bank note currency, section 9, act of July 12, 1892, regulating the re- tirement and issuing of circalation to banks within a fixed period of time should be re- pealed apd also that an amendment should be made’ to the law necessitating the banks keepiug In the office of the comptroller of the currency a sufficient amount of blank notes as will enable them to secure circula- tion at once, Instead of a period of delay. Suggestions have been received from many eminent sources that the whole question of abanking and currency question ought to be referred by congress to a_commission to be created by law, appointed by the president and clothed with proper authority. A com- mission, nonpartisan in its character, com- posed of men of eminent abilities, could un- questionab’y devise a currency system sound in every part and one which would commend itself to every interest of the country, It could largely take the question out of poli- tics and have it considered simply in its business aspects and upon its merits, buf If the present congress s to enact a law upon the subject the appointment of a commission could avail nothing. If, however, nothing more definite can be accomplished, the ques- tion of the creation of such a commission ought to be considered and acted upon.” i et Found the Boy's Body. LUSK, Wyo., Dec. 2—(Special)—Two messengers from the party who went out to look for George Grimes, the boy who was lost in the.blizzard on November 15, came in this aftérnoon and report having' found the remains of the lad benind a large 1ock, not more than a mile south of the camp on Lance creek, made by the boys the da. before the storm, i i i The child had tried to form a shelter by piling rocks around him. - His hat had blown away, but his unloaded gun leancd against the rock and close beside him. The body was carried eight miles through the rough brakes to the wagon which the searching party took with them, ——— A Child Enjoys The pleasant flavor, gentle action and sooth- Ing effects of Syrup of Figs when in need of a laxative, and if the father or mother be costive or billous the most gratifying results follow its use, so that it is the best family remedy ‘known, and every family should have. a bottle on hand. —_—— PERSONAL PARAGRAPHS. with an aggregate capital stock of §10, | passed out of the system by voluntary liqui- | dation, and twenty-one, including two which falled in 1803, ‘with a capital stock of $2,770,000, became insolvent, and were placed In’ charge of receivers, DEFECTS IN THE SYSTEM. The feature of the comptroller's report is his discussion of the currency question and the defects which are faid o exist in the note-issuing powers vested in national banks On this subject he says: “No section of the law should be disturbed which cannot be ma- terially improved upon and no amendment engrafted unless such amendment will work out better results than follow from the exist- Ing order of things. For the present law it may be conceded it has been successful in every material feature, excepting in the mat- ter of bank note Issue, and here the failure has been but a partial one. The notes issued by the banks, under governmental super- vision, have been uniform in appearance and under any and all circumstances of the full face value which they purport to carry. They have possessed the first requisite of a good bank note issue—immediate convertibility ints coln upon presentation, “It is probable therc could be no better plan for simply insuring the note holder against loss than the present requirement of a deposit of bonds to secure a bank's circula- tion, but it is equally certain, however, that & method could be devised not less safe in this respect, and, in addition thereto, posses- sing that which is essential and is now wholly wanting—elasticity of issue. The complaint, therefore, made against the pres- ent system s that, lacking in elasticity of issue, it fails to meet as fully as it ought the varying wants of the country’s trade and commerce. This defect must attach to every scheme for a currency issued by the banks against a deposit of bonds, the market value of which fluctuates, while the percentage of Issue, less than the value of the bonds granted the banks, remains unchanged. “It must also be wanting In such a method because of the delay in the face of a pressing need, occasioned by a-tight money market or other reasons, in securing and depositing the bonds required and taking out the clreu- lation thereon. CURRENCY MUST BE SOUND. “‘But serious as Is this fault and retardful as it is to the business interests of the country, any attempt to remedy It which should lose sight of or in any wise make less certain the present unquestioned controverti- bility of the bank issues of the country could not be used. It is a duty of governments to 8¢ that the currency which circulates among the people shall always be of the very highest character, the soundness of which should never be a subject of inquiry. For thirty years the American people have had such a bank currency, and, having seen the value of it, both here and abroad, they will not be content to have any innovation made un- less such new departure insures not only equal, but better results. It is resp:ctfully suggested that mot only as good, but bet- ter, resujts would be attained if the present bank act’ were amended by repealing the pro- vision thereof requiring each bank, as a pre- Tequisite to eatering the system and issuing bank rote currency, to d:posit government bonds. In lieu of such provision should be substituted one permitting the banks to issue circulating notes against their assets to an amount equal to at least their unimpaired capital.” The comptroller follows this sug- stion with the further one for the main- tenance of a safety fund, to be provided by & graduated taxation upon the outstanding eirculation of the banks till the same shall be equal to not less than 5 per cent of the total of such outstanding circulation, this fund to be held by the government as an agent only and for the purpose of imme- diately * redeeming the notes of finsoly:nt banks. It is immediately to be replenished out of the assets of the bank, on which it shall have a first and paramount lien, and from assessment to tho extent of double the liability on the shareholders. The comptroller says: ‘““‘Whatever other changes, if any, it would be necessary to make In the present system relative to cur- rent redemption of bank notes, and the gov ernment's position toward the same and kindred matters, it is not necessary to set forth, It the recommendations here made, together with those which follow, should re- celve consideration at the hands of congress, & bill drawn after careful study and investl- gatlon of the whole subject would necessarily embody all the details necessary to the change from a bond to a safety fund neces- Sary as a basis for bank circulation.” The comptroller then cites such proof and gives such statistics as seem to him to make the plan suggested a perfectly safe one to enter upon, He says: \“The changes thus out- lined will, upon investigation, it Is belleved, prove to be safe In affording complete se rity to the noteholder and give to the busi- ness interests of the country a bank note issue responsive to their needs.” PROFIT OF THE BANKS. Continuing, the comptroller says: ““The profit upon the Issue of circulation to the banks by such change would be so augmented that it is giviog to them a franchise, for which it is suggested they should be called upon to make proper return to the general government. This return should not, how- ever, be of such a character as to defeat the ends sought in the privilege given. The currency redemption of the legal tender issues and the treasury issues under the act of 1890, and the reissuing - instead of cancella- tion of the same, must always create distrust Of the government's credit abroad and at home 80 long as the laws now upon the statute book remain unchanged. ‘The geueral government ought to be wholly free from the direct issuing and re- deeming of notes to pas s money among the people. No government has ever yet Successfully engaged' in 50 doing, and the ex- perlence of the government of the United States has proven no exception to the rule. ‘The general cost and loss entailed upon the government and the periods of uncertainty 48 to the government's credit and the atabil- ity of our monetary system have been so great as to make the legal tender and treas- ury lssues of 1890 one of the extraordinary burdens placed on the people. ‘These issues ought to be redecemed and cancelled and the government thus enabled to Fetire from the banking business, a business for which it is so poorly equipped. The in- tention of those who first authorized the legal tender lssue was that it should so retire at | | | | ¢ F. L. Burrow of Fremont is at the Del- lone, Thomas A. terday. Max Ublig of Holdrege is registered at the Dellone, “A Bunch of Keys" company are at the Barker, W. E. Henry, a banker of Pender, is at the Dellone. H. J. Reed, a merchant of Hebron, 1s at the xton, w. C. Paxton, R. B. Rogers of Grand Island is at the chants. Ralph Platt of Grand Island is a guest at the Delllone. John W. Black of Nebraska City is a guest at the Dellone. Judge F. G. Hamer of Kearney Is registered at the Dellone, H. W. Potter of Fullerton was at the Mer- chants yesterday. C. A. Chase of Wayne was a guest at the Millard yesterday. Bdward C. Smith of St. Joe Is at the Pax- ton for a few days. Arthur Lindburry of Essex, Ia., Is regis- tered at the Barker, B. F. Johnson and wife of Minden are guests at the Mercer. Austin Mathews of Weeping Water was at the Murray yesterday, Dr. F. W, Chamberlain was at the Delllone a short time yesterday. J. W. Thompson of Norfolk is at the Mer- chants for a few days, C. E. Olesen, a grain and lumber dealer of Oakland, is at the Dellone. Joseph Rieger and M. Riley of Dawson are stopping at the Merchants, R. B. Schnelder of Fremont stopped for a few hours at the Millard yesterday. Part of Donnelly & Girard's makers” company are Barker gues J. E. Boquet, proprietor of the Keeley hotel at Grand Island, and wife are at the Pax- ton, T. B. Hard, a cattle man from the nelgh- borhoop of Central City, is registered at the Paxton, Gus Bothner and wife and C. W. Bowser of the “Bunch of Keys" company are stop- Ping at the Dellone. County Attorney Alvah C. Hobart, Sherift Daniel Onger and W. C. Whisman of Chero- kee, Ia., are in the city. Mre. J. D. Cowle of Minneapolis, accompan- led by her children, s visiting her mother, Mrs. * Schwalenburg, on North Eighteenth street Commerclal men at the Barker: Julius Shaub, Loulsville, Ky.; W. F. Green, St Louis; Con D. Hurrington, Kansas City; C. W. Hinzle, Kansas City; W. L. Wallace, Norfolk: W, C. Roland, Norfolk; L. D. Craig, Smith was at the Arcade yes- I Tillson of Kearney is stopping at the “Rain- the earliest practical moment. The first con- Loulsville, Ky.; F. C. Hoilinger, Des Moines; J. Kramer, Atchison, Kun, poration last spring. Controlling all lines of | street railway transpoy cisco Sutro's pany spent a moderate fortune in the erection of ocean baths, and insisted that the company | various kings' and queens’ reigns, that of the must reduce its rate | became a_popular slogan. however, fell on the deaf ears of the corpora- tion managers. possessions ground. ffl-’r and insinuated that he was using o This mighty oath Clift house and all the other attractions and never permit any passengers by the railroad free admission to those places until the rail- road company agreed to c: the CLff house for a nickel, Sutro the bullding high fences around and the next Sunday House railroad fell off week after it dropped sill Jower. road showed no signs of yield arose in his. anger and deensed Hintysie| Sealinery bRt SIIEHED: Pl or il would build a railroad of his own, great rangements (o build an electric would be extended a talk at that time he said ceived with a who Mr. Sutro came into conflict with the cor- | ation from San Fran- | house and Mr. rdens, the com fare. In vain He had just to the Clift magnificent exacted (ouble Sutro expostulated. B Mr. “‘One trip, one fare, Popular demand, Mr. Sutro agreed last April it the railroad company would make a single 5-cent fare to the beach to deed the Heights, the CIiff house and the greater portion of his vast to the city as a free pleasure | The railroad company refused h's them | projects. swore a in the boom his bath roused his that and wrath, he his other and he would fence Ty passengers to THE MONOPOLY LAUGHED FIRST. The monopoly laughed at his threat, but next day had an army of men his~ property, the traffic on the Cliff over 50 per cent. The | The rail- So Sutro | After franchise out made all ar- railroad which down to the ferry, This was carly last June. Mr. Sutro had now become so angry against the Southern Pacific company that he determined to or- ganize a great fight against them, not only in San Francisco, but in Washington, In that he proposed inter and do his trouble he secured a Labos avenue, and Point he to go to Washington this w utmost to beat the Rellly funding bill, He also organized an anti-railroad club, whict was the nucleus of the political club that elected him mayor. He didn't dream of offico then, but as the fight progressed and property owners in the suburban districts trooped to his office to subscribe for shares in his new clectric railroad, it began to be noised about that Sutro would make a great mayor. He was the only man, his rup- porters said, who would teach the Southern Pacific to know its place and obey the laws The suggestion of Sutro for mayor was re. 0D, and in a few days a gen- uine boom was begun. The railroad mana. gers laughed again and said that this was the milk in the cocoanut of the professional philanthropist. They declared he might be nominated by the woolly populists, but he would be snowed under on election day. The first part of their prediction came true. The populists met and adopted a platform, the main planks of which were anti-raiiroad and applied not only to the Reilly funding bill and excessives frefght and passenger rates throughout the state, but mentioned the fight for single fare to the Beach. On this plat. form_Sutro Yas nominated. He was' the only man on their general or muni who was elected. © Skt MR. SUTRO LAUGHED LAST. The greatest surprise of Sutro's campaign came on October 30, when the Southern bBy. cific company made'a complete and uncondi. tional surrender to a man who, five months ago, began the single handed fight against them. On that day formal announcement was made by the railroad managers that (hey had decided to grant a single fare to the Ciff. The announcement said this action had beer declded on three weeks before, at a meeting of the directors of all the street railroads and that November 1 had been sclected ng the dats, but that a hitch in perfecting ar. rangements would probably delay matters for two or three seeks. Election day proved the wisdom of Sutro's course. Ho had the advantage of a split In the rezublican ranks, but even had they remaizsd firm he would have won handily, Aa it was, he recelved the enormous voie of 17,227, ‘against 8,850 for Dr, O'Donnell the anti-Chinese crank, and 6,637 for Ellert, present mayor and nominee of republicans and non-partisans. Old Jeft James, the demo. cratic nominee, wasn't in it, recelying only 2,638 votes. Perhaps the best idea of what Sutro will do as mayor will be found in these words of his before election, when his success was uncertain: “If placed In the mayor's chair I shall en- deavor to be just and fair to all, but {he moment the aggressive corporations overstep the bounds of law I shall firmly oppose them. and if corrupt means are used I shall, in my official capacity, endeavor to unearth and bring both the bribers and the bribed to jus- tice. I shall try to bring about an honest, businesslike and economical administration of the affairs of the city, and, I possible, save enough for a fund to beautify the city, and thus give work to the unemployed.” SUTRO'S FAME AND FORTUNE. Adolph Sutro is a picturesque figure. Tall and stralght as a pine tree, his hair white and his side whiskers with' but a tinge of black, he Is still vigorous, despite his 03 years. Sutro is rich—how rich he himself hardly knows; but he owns one-tenth of the area of San Francisco county. He was born at Aix-la-Chapelle, near the river Wurm, in Rhenish Prussia, one of eleven children. His father was a manufac- turer of cloth, ( In this calling Adolph was early initiated. After the revolution of 1848 the mother, by this time widowed, brought her brood to New York, landing in 1850, and in the same year reached Baltimore. Adolph caught the gold fever and was soon on the Pacific coast, Ho has been here ever since, excepting for trips abroad, during which he has visited all the clvilized countries, and he has been an important factor in_the development of the city. o ‘ame and fortune came to Sutro through the Comstock tunnel, which bears his an enterprise that he conceived and e out in the face of opposition that would have discouraged and crushed another man. The tunnel was begun in 1864 and completed in 1878, and then Sutro was a millionaire. By judicious investmeats his wealth steadily increased. He is of luxuricus tastes and has gathered about him treasures of art to enrich his home, Sutro Helghts, and made it beautiful with rare vegetation and stat- uary. The home Is surrounded by a magnificent estate, situated on a high bluff on the west- | ern shore of the peni , overhanging the | Pacific, and covers several acres of ground beautifully laid out in walks and lawns and sician; born in Spain 1135, What we now call “posters” was in Eng- land called “broadsides.” Many of these are here in the original, one being of Charles Stuart’s reign (1649), which was ‘“‘an order restraining the people from spending so much money on extravagant wearing apparel.’ Many fine copies of warrants, etc., during warrant to execute the beautiful Mary Stuart, queen of Scots, in 1657, signed Elizabeth, be- ing particularly fine. In another department original a copy of each Shakespeare dated 1623 64 and 'S5 re- spectively, “Psalms” belonging to James, Charles 1. and Charles I, wonderfully pre- served, bound in wood, and presented to the latter after the restoration. Copy of “Pil- grim's Progress,” with inserted cuts, which are facsimiles of those of the first edition printed in London in 1 In fact, the stu- dent can here find hooks on every subject, theory. ism and food for fancy and specula- tion. thers are in the four editions of OCEAN BATHS. The Sutro baths are the finest in the world. They cover an aren of two acres, Wwith an ocean frontage of 350 feet, adjoining the CIift house. The vast ampitheater, which ac- commodates 10,000 péople, is roofed with fron and glass. The first floor is given to offices and rooms for the, distribution of bathing suits. There are three restaurants, on as many floors, concert halls, promenades, re- and gentlemen. In addition to 700 private rooms, there are speclal apartments fitted up with shower baths, while all of them are lighted by incandeseent lights, and have every conceivable modern improvement. The water tanks are five flights below the en- trance. Tropical plantsi. shrubs and trees grow in the mothef eurth, on both sides of all the descending. stairways, making the scene from the imuwenge gallery enchantin tiers of seats bankifig”dp one large section, from which as much. pleasure can be realized as though participating with the revelries of thousands who are-gtwhrg, or sporting in the water at their basgl’allzivikesping with the murmur of the ccean, und- the-hidden music from an orchestra. — e — NINETEENTH CENTURY PRODUCT Dr. Victor Rosewater on the Growth and Causes of Modern Municipality. Dr. Victor Rosewater last evening deliv- ered a lecture in the Unity club course at the Unitarian church on “The Modern Municipality.” He began by saying that the subject as announced was a trifle mis- leading. It might lead people to expect a description of the typical city of today, with an explanation of its government &ar.l suggestions of remedies for its abuses. e gaid the tople more accurately gtaied would be “The Municipality Modern.” By a series of pictures of different of the world, past and present; the de ment of the municipality of today was traced historically in order to show that the city as it 1s now known is a product of the nineteenth century. Dr. Rosewater traced the germ of municipal corporation from the Roman provinclal town through the middle ages, down to the modern legi lation, " delegatiig limited powers to par- ticular classes of urban communities. The rise of London and New York was por- trayed and statistics of urban growth set forth and digcussed, and the ‘ecture d with a brief analysis of the causes leading up to the modern municipality. ities 2lop- ol nAs e D Struck & Rich Lead. BOISE, Idaho, Dec. 2.—At Boise Cit Idaho, in & hole being bored to explore for placer gold below the false bed rock, the drill has struck a gold ledge that appears to be large. The rock assays three ounces of gold and twenty-elght ounces cf silver per ton. The important discovery was made at a depth of 470 feet o - Premature plosion Killed Two. BUTTE, Mont., Dec. 2—By a premature explosion of a blast in the Grey Rock mine this morning, Sam Pollard, a miner, was blown to pleces, and John Stone, his part- ner, so badly injured that he canot recover, Stone’s eyes were blown out, gl b Captain Sweeney, U. 8. A., San Diego, Cal., says: “Shiloh’s Catarrh Remedy is th first medicine I have ever found that would do me any good.” Price 50c. el WEATRHER FOREC. Falr and Warmer with South Nebraska Today. [ON, Dec. 2—The forecast for ST. Wiuds for WASHIN Monday s For Neb winds. For Towa—Fair; warmer; south wind For Missouri—Fair; warmer in the north- n portion; north winds, becoming south- erly For Kansas—Fahf warmer; south winds, For South Dakota-Fair; south winds, Local Record, OFFICE OF THE WEATHER BUREAU, OMAHA, Dec. 2.—Omaha record of temper: ature and rainfall, vompared with the cor- responding day of PuBE four years: 1894 1863. 1892, Maximum temperature}... 2 17 50 63 Minimum temperatur b 10 34 Average temperature 2 4 2 4% Precipitation 0 43 T .00 Condition of temperal and precipitation at Omaha for the diy pince March 1, 184: Normal temperature 3 £ Deficiency for the day; Syt ! Normal precipitatign 204 inch Deficiency for the day, . . ... .04 Inch Total precipitation since March 1 1507 inches Deficiency since Mabch 1........ 15.69 inches Reports from Othek Stations at 8 P. M. T aska—Fair; warmer; south sTATIONS sTATE OF WEATHER. 00, Clear. 00| Part cloudy. 00| Clear. +00 Cleas 200, Cloudy, 00| Clear., 00| Clear, 00| Clear. 100 Glaudy. 00 Cle Omaba orth Pistie.. Taioating. ol 0 Bt. Low St Paus, D: 1t Lake Gty . lrld(‘ll’ elena..... .. 5 Indicates irace of precipitation. L. A WELSH, Ovserver. o affairs which reveals the full effect of the great depression that has befallen every in- terest, and although this has been fores and largely discounted in the fall of prices, vet it s not surprising if some shock s felt when the full-blown results appear in offi- figures and reductions of dividends b, leading roads. Beyond these influences there is the decline of speculation, if not also some measure of reallzing, that is al- ways incident to the approach of the close of the year, and this influence is likely to be the more apparent now because the year's results of business cannot be ey pected to prove exhilarating. Under these circumstances it is not surprising that the success of loan produced so little effect upon the stock market, GOVERNMENT STILL STABLE, “Nevertheless, viewed as a test of finan- clal conditions, the subscription for thrice the amount of bonds offered affords some | weicome revelations. The fact shows that | the common talk here and abroad about | distrust in the goverrment credit is more a matter of surface critieilsm and momen- tary pessimism than of real want of con- | fidence. It means that, while there is mo | digposition to ignore that some serious de- rangements and unsound conditions exist in our national finances, vet there is no lack | of public confidence that these faults will be | soon remedied. In fact, it is realized that, as a nation, we are in the midst of a man- ifold process of reconstruction, which natur- ally invclves some confusion and much mis- apprehension, vet it is at the same time seen that the drift is towards the incorpora- tion in our affairs of what is new and better in the methods and conditions of the times, and this fact implies an advantage to finan- cial operations which will soon find due ex- sion. 'he suc ess of the loan has an important 't as evidencing a revival cf confidence among Investors. 1t shows that the owners of the mass of capital o long kept idle are becoming satlstied that the depression in lue of sound securities has reached bottom. When the government has $150,- OX.000 Offered at 3 per, cent, it s a falr pré; sumption that there 73 a large amount of money walting to enter investments of other kinds at 4 to b per cent. The holders of this capital have ncw a plain standard of what they may get, and so far the way is cleared to_ihe negotiation of corporate securities, “The largeness of the subscriptions to the loan is the more remarkable in view of the fact that it was intended to repair a mis- fortune in thé public finances; that it is the second of the kind within @ine months, and that there f& some public misgiving whether it may not have to be followed by sUll further borrowing. Public feellng has run high in connection with the discussion of questions of fiscal and monetary polic; and the query is fairly before the country In what kind of money shall the common mass of cur long obligations be payable? SETTLES THE S8IVER QUESTION. (This question was direptly pertinent to the new bonds, and it was distinctly understood that, under the authorizing act, the bonds were subject to ayment in silver coin as well as gold. Vet, in the face of this fact, our people have been willing to take three times the amount of the obligations offered. That is a very unmistakable expres- sion of intelligent conviction that ten years hence the government will be as certainly upon a_ gold-paying basis as it ever has been. This is an answer of no little im- portance 1o the foreign investors who have too hastily inferred from our heated dis- cussion of monetary questions that there is some real danger of the country drifting upon the wsilver basis. It i natural enough, perhaps, that our exposure of the dangers of silvér money should be taken at their worst significance by foreign ob- servers; but it is hardly suppo ble that our Furopean critles can fail to correct their extravagant conclusions by the expression of capltalistic opinion af- forded by this significant negotiation. They cannot be insensible to the fact that w the most competent judges, do not share their apprehension: nor to the further fact that whatever assistance the govern- ment may temporarily need to keep its finances fortitied by an adequate stock of gold will be readily supplied by the banks and the people. This manifest assurance cannot but pass for much among the class who make opinion among the bankers and on the bourses across the Atlantie, how- ever it may be among the less informe editors and the class of small investors f whom they carelessly cater. Ior the reasons here expressed we look for some important ultimate advantages from the success of the $30,00,000 loan. At the moment, however, there Is too much in the influences affecting finance that is still in a stage of suspense to admit of any really active movement on the market fc securitles. These uncertainties, however, are not suggestive of aggravation of any existing unhealthy conditions, They are con- nected with measures and policies’ expressly contemplated for a better regulation of monetary and financial affairs, and, there- fore, though they investment 1 in ol reasure, 1 no motive for realizing and no reason expecting lower prices for sc- curitles, LONDON GRAIN TRADE, Wheat but Dull, The weather improved during the past week and farming has been progressing. The wheat acreage is the smallest ever known. The plant looks | well. In the wheat market there was mod- | erate delivery y delivery La Plata re- celved attention, but in pending definite crop news there was not much speculation. Rus- slan shippers were very firm. The continent was buying. Business in parcels was very ood, Spot was failr. Trade was lornia cargo, October, was and red winter parcels, N vember and December, 'at was dull and lower, bu has been slow and depre firm. Mixed American, quoted at 218 3d. good demand, Trade in LONDON, Dec, 2 steady. Maize sed, but is now December, was Barley was firm and in Oats was dull and inactive, TRADE AT MANCHESTER SLOW. Prices Receding and Trausactions Below Production. MANCHESTER, Dec. 2. a slow business since tendency of prices. Transactions were be- low production. Yarns were from 1-16d to 14d lower than Tuesday's best prices. The export sales were quite unimportant. In cloth the eastern business continued slug. ish, Indian limits being almost too low he' wame condition of affairs applies to Chinese trade. South America bought freely at the beginning of the week, but has been qulet since then. Egypt and Turkey took moderate lines. Taken all around the man- ufacturers’ position Is still bad. The home trade was slow. The margin between mid- dling cotton and thirty-two twist fs 2 13-16d, Two_Lancaster firms have bought property at Rouen and they are erecting mills, belleving they can do better there, LONDON STOCK MARKET, There has been Tuesday's receding Bariog Debentures Suapped Up | Hours After Their Offeving. LONDON, Dec. 2.—Money rates last week were fairly sustained by the continued with- drawal of gold for Paris. Although the subscriptions for the Baring debentures Three destroying their loved ones, by foreing opium, morphine, soothing syrnp and other hurtful agents down their throats, thereby seading them to prematuro graves." Dn. J. F. Kixonztor, Couway, Ark. products, yet wo aro free to confess Swes the merits of Castoria has wor wa ta look with favor upon | UNiTeD HospiTAL A% DisPENSARY, Boston, Mass. Arvex C. Swir, Pres,, The Centaur Company, 77 Murray Street, New York Oity. A Thanksgiving Story. E was at a boarding school to spend his first Thanks- giving away from home, and this is what the lonesome little fellow wrote Do you blame him? “When the Tur And the Tater Wlien the Cranbo® home a few days before in the oven, s in the pot: ry's a boiling, And the Pudding's smoking hot; When the nuts are And the raisins he And you feel 50 aw cracked and ready, ap the plate, ful hungry That you'd rather die than wait, THEN you'll remember me. P. S.—PA, can't T come home?"” THANKSCIVING WEEK is always a busy one with us, particularly in our Crockery and Stove Depariments, Our Crockery department is of spe- cial pride to us. Everything conceiv- able in China, Crockery, Glassware, Cutlery, Plated Ware, Lamps and Clocks. Our Spacial Thanlksgiving Offcrings, Thanksgliv ng Clder Pitshers In clear, fire polished, crystal gla hold nearly three quarts, Regu price Gc. This Week 29¢ Thanksgivin r Tumblars For tomorrow or as long as they last, a first class crystal table tumb- ler, one dozen only to a customer. Worth G0c per dozen. This Week 20 Each Thanksgiving Carving Knives and Forks. With genuine stag handles, Merldan Cutlery goods. Worth $3. This Week $1.85 Pair Thanksgiving Salts and P:ppers In blue, rose or white opalescent tints, with_fleur-de-lis embossed dec- oratfons. Worth 15c. Th s Week only 6c Each SPECIAL PRICES cn a beautiful line of celery trays in French and Vienna China and embossed glass. Your friends will call Thanksgiving eve. Greet them in a pleasantl ighted hall. We have the finest line of hall lamps in the city. They are very swell Special for Thie Week Rose and Ruby Globe Pendant Hall Lamps. Worth $5.00. Only $2,49 “ach Our further Thanksgiving offerings are: Pillar Ex'ension Tables Solid oak, 42 inches wide; heavy L bstantial 'goods; quality and work- manship guaranteed, Worih §12. This Week $5.98 vood antique finish DINING CHAIRS, with brace arms, hand made cane seats, dcuble stretch ers all around, emb:ssed backs, Reg- ular price, $1.25, Thanksgiving Pr ce 74c Each 5 dozen massive solid oak, hand polished DINING CHAIRS, with wide quarter sawed oak panels, handsome- ly carved and to match the table men tioned above. Regular price $2.50. Thanksgiving Prico $1.48 Each SI1DEBOARDS One of the many bargains In side- boaras is described as follows: Con- structed of the best selected oak. It measures 44 inches in length by %0 inches in width; with bevel mirrop measuring 3 inches by 1 inches. Tt has a commodious shelf overhead, gupported by tasteful brackets appro- priately carved, two drawers with rooiny cupboard'below; the case work is all paneled; the trimmings are solid cast brass; it Is mounted on castors. It 1s worth every cent . but our Thaiksglving Priceis $11.45 From our Stov> Department THAT BIRD must be cooked, and cooked right. To enable you to 'do it we make a remarkable offer of just 35 highest grade eastern made Rang: es, at half price. We thoroughly guar- antee every one, althcugh miich be- low the lowest wholesale price. WE ARE mplete house furnishers and noth- ing_else. Our store is teeming with such bargains in household goods as we never saw. It would well pay you to ook us over, whether intending to urchase or not, particularly at this hanksglving time, when all that careful preparation means in the way ofassortment, prices and services I8 at your disposal. This is the time of the year to help the good wife out. Use "us. 50 dozen hard TERM:—CASH OR PART DOWN AND BALANCE WEEKLY OR MONTHLY. Formerly People’s Mammoth Installmant House Open Monday and Saturday Evenings, were open for only a few hours, s were ] recelved for (hree times the amount of the debentures, largely on the Baring guarantee, The debenturcs are already quoted at a premium, This is regarded as a healthy sign, and, with the settiement of a pheno- menal account In the mining market, was the chief event of the week. The market for American securities was utterly ne- glected, operators flocking to the mining markets, where business is assuming such large dimensions. Shares of the chartered companies were up s 6d on the week. Other South African ventures advanced fraction- ally in’ the face of extens've realizings of profits and maneuvers intended to shake out timid speculators. Continental investors bought largely, and this helped to sus et. the market. " WESTERN PENSIONS, List of Veterans Receutly Remembered by the General Government. WASHINGTON, Dec. 2.—(Spectal)-— Among the pensions granted, issue of No- vember 19, 15, were: Nebraska: Additional-Oscar N. Brown, Tekamah, Burt, Increase—Ambrose D, Da- vis, Stamford, Harlan. Relssue—Thomas W. Bottorf, Omaha, Douglas. Original widows, ete.—(Reissue) Anna McHugh, Beatrice, Gage. Bouth Dukota: Orlginal—Wellington K. Moore, Clark, Clark. North Dakota: Original widows, etc.— Maryetta Butterfield, Valley City, Barnes. Montana: Relssué—William Creutzman, Ubet, Fergu g Towa: Ofiginal-Willlam H. Meas, Wheat- land, Clinton; Andrew Melsser, Guitenbers, Clayton; Thomas J. Beott, Moravia, Ap: noose: Marshal C. Fuller, Hedford, Tay- or ‘Ovia P Welding, Sioix City, Wood- bury; Mathias Jeffries, Davis City, De- catur, ~ Additional—Orson O, Hofchkiss, Lewls, Cass. Reissue—James M. McNair, Frankville, Winneshiek: Jasper Williams, Grandview, Loulsa; Elias D, Allbright, Shell Rock, Butler; Henry C. Clingmari (deceased), Walnut, Pottawattamie, rigl- wl widows, etc.—Busan Cligman, Walnut, WM. LOUDON. Commission Merchant Grain and Provisions. Private wires to Chicago and New York, All business orders placed on Chica Board of Trade. Correspondence solicited, Office, room 4, New York Life Buildi Omaha. Telephone 1308, _—— Pottawattamie; Delllah Shepard, Hartford, Warren; Nuoma Secrist, Eddyville, Was pello, Peoria ¢ TERRE HAUTE, Ind., Dec. 2.—After twe weeks' deliberation and visits to numerous cities, the board of trustees of the Brothers hood ‘of Locomotive Firemen took the first ballot this evening to remove the headquar- ters to Peoria. It 1s understood that Clev land received two voles, Terre Haute one (Grand Master Bargent's, through senti= ment), the remaining four being cast for Peoria. The trustes claim there will be am annual saving of $2,200 over the best bid offered by other cities. The headquarters will be removed at cnce. Overcoat Thicves Caught. In the dressing room at Germania hall last night, while an entertalnment was belng_given, two men were caught whe had stolen from the hooks two overcoats and a cap. They were turned over to the police and recognized at the jail as Jim Lee and Ed Wheeler, They are well known s pliferers, e Takes Relnhar Director. GALVESTON, Tex., . L—At & meete ing_of the directors of the Gulf, Colorade & Banta Fe Rallroad compuny hére yerters day Aldace ¥. Walker, one of the recelvers of the Atchlson road, was elected president vice Relnhart, resigned, and Edward Ki of New York as member of the board directors,