The San Francisco Call. Newspaper, January 5, 1906, Page 5

THE SAN- FRANCISCO- CALL, BANKER SCHIFF PREDI A FINANCIAL PANIC. e a speezzh before the New York Chamber of Commerce yesterday, Jacob H. Sohiff | »dicted a record-breaking financial panic in this country unless the currency sys- tem were reformed. His words caused much alarm in Wall street, with the result at there was a general decline in prices on the Stock Exchange. n | | | [ DR. PIERCE’S REVEDIES. A Valuable Agent. yyed i Dr. P Pieree’s enhances the medi- eptic and anti- to the efficacy k, Goldeh Seal een’s Teot, con- 1 Discovery ” in or lingering coughs, at -and “ Jung *aflectjons, h these agents &re recofn- r mecical authorities where there is & wxs!mg k appetite, wit! early steges of ere can be no doubt that uable nutritive and root, Stone roos, i Black Cherrybark in gestion and building up the ] agth, controlling the cough ringing about & healthy condition whole system. Of course, it must w expected 1o work miracles. It will vre consumption except in ite-earlier stages. It will cure very severe, obstin- e. chronde coughs, bronchial and laryn- geal troubles, and chronic sore throat v soarseness. In acute coughs it is so effective. It is in-the Jingering ghs, or those of long standing, even en sccompanied by blesding from t°it has performed its most cures. Send for and.read the f extracts, tresting of the i uses of the several megd- st enter into Dr. Plerce’s ical Discovery and learn why medicine ha¢ such a wide range of 6 1 the cure of diseases, It is Address Dr. R. V. Plerc The ~Discovery” col or harmful, habit-form- ients all printed on each e w r in ;r:nl;: 4§gl(f~hA - k people, especially those sufferin, trow diseases of long stabding, are jnvited S THERE BE. PROMPT IENCE THE GREAT- MURPHY CHIEF N ANE DALY | | { }plan would aid speculation rather =5 the Currency Must Be Reformed. PRl Criticizes the Policy of the Secretary of the Treasury. NEW YORK, Jan. 4—Unless there is currency reform, a panic beside which | former panics will seem insignificant was predicted by Jacob H. Schif, head of the banking firm of Kuhn, Loeb & C in & speech before the New York Cham ber of Commerce to-day. Schiff said he did not regard such a panic as imminent, but bélieved it would come unless some- elasticity of the present currency sys- tem. He declared that he did not favor the plan proposed by Secretary of the | Treasury Shaw for relief of the situation, | it being his opinion that the Secretary's than legitimate business. Schiff favored a cur- { rency based on commercial paper as more helpful to the general business interests of the country. cial circles and caused a sharp break in | prices on the Stock } ing of .the. chamber attended by a | large number of business men and finan- | clers, and a resolution on the subject, of- fered by Schiff, was unanimously adopt- | ed. This resolution was as follows: “Resolved, That it be referred to committee on finance and currenc the Chamber of Commerce) the recommendation of the S ¢ of the Treasury, made in his report to Con- the national banks to issue a volume of ad- ditional Government-guaranteed currency equal in amount to 50 per cent of the bond-secured = currency them, -but subject ‘to a | per cent until redeemed. “‘Be ‘it further resolved, That the com- | mittee on finance and currency submit a report at the next monthly meeting of the chamber upon the aforementioned recommendation of the Secretary of ‘the Treasury, together with any other differ- ent measures which the committee may be able to suggest as efficient and practi- cable for the attainment of the purpose for which the recommendation of the Sec- retary of the Treasury has been mitted to Congress.” ALARM IN WALL STREET. When the tenor of Schiff’s remarks be- came known in Wall street their effect was shown almost instantly in the stock market. There was a pressure to sell and support to prices seemed entirely lacking, resulting in- an uninterrupted decline up to the close, which was active and weak. The shares most vulnerable were thosg which have been the leaders in the recen: bull speculation, especially the metal stocks. Anaconda fell to 352 poings below last night, and rallied 1, closing 341 points lower. Other losses were: Amalgamated Copper 3%, St. Paul 1%, Chicago and Northwestern 2, Delawere and Hudson 4, General Electrie 2%, Great Northern pre- ferred 3, Louisville and Nashville 1%, Northern Pacific 2, People’s Gas 1%, Reading 2 and Virginia-Carolina Chemi- cal 2. tax of 5 or 6 | | Noted Financier Says| thing were dons to remedy the lack of | The speech created a sensation in finan- | gress, dated December 6, 1905, to permit | maintained by | sub- | i l& z T | Y2 |4 | Y2 - N have arrived in the Hundreds of suits peau de soie coats that were $9.50 to §60.00 each Now $3.95 to $25.00 each Iz iz 2 22 Y, JANUARY 5, 1906. Speedy Clearance Prices On Hundreds of Misses’ and Women’s Suits--Coats--Waists K ADJUS" Toilet Articles At Cut Prices .| 40c imported Hair Brushes - - 23¢ 35c and 40c Nail Brushes, now 19¢ 15¢ good quality Tooth Brushes for 8¢ 15c¢ large size Whisk Brooms . - 8¢ A ( ING SALE - One-Half-==About One-Half---Less Than One-Hali--- |1z| for Many Lines of Short Lots of Goods Left From ‘Season’s Sélling. - A Few Articles Slightl Almost every department in The Emporium is represented in this sale, which is a great annual event with us, designed to make a quick clean-up of short lots and excess stocks left from the early fall and holiday selling. A few of the articles (not many) are a trifle soiled and mussed from being used in displays. Soiled. Price Hints From Many Departments Waists—Lawns, silks, flannels, etc., were 63c fo $6.50, now 35¢10$2.45 Boys’ Sults—Sailor and Russian, 2% to 9, were $5 to $8, now . $2.95 Boys’ Suits—2-piece, heavy cloths, sizes 8 to 16, now priced - . $2.35 Boys’ Trousers—Knee pants, sizes 4 to 15, instead of 50c pair. - - 35¢ Women’s Trimmed Hats—$5 to $10, winter styles, now all . . $2.50 Women’s Trimmed Hats— Choicest styles, that were $12 to $25, now $5 Silks—Crepe de Chines and Taffetas, worth 65c yard . . . ... . . 390 Silks—Novelties and plain silks, worth to $1.50 yard . « ... « . . 750 Silks—Novelties and all-silk Taffetas, worth to $1.25 yard . . ... . 50@ Dress Goods— Double width, plain mixed suitings, worth to 75¢ yard . 250 Fancy Hose—Women's 50c and 75c styles,pair - - . . . . . . . 250 Union Suits—Women's—High grade, worth $2.50 to $3.50, now $7.50 Outing Flannels—Great assortment, nice, new 10c styles, yard . . . 8% @ Real Scotch Flannels—28 inch—30c, 35¢, 40c grades, yad - . . 23¢ Kid Gloves—Women's—1 and 2 clasp, slight imperfections, pair . . . 50e Agate Ware—Short lots of genuine Lalance and Grosjean agate ware; wooden ware, brushes and general furnishings liberally priced to close. Buitter Sale For Friday and Saturday Butter—Our usual fresh churned 420 creamery, regular size square . . . Boiled Ham—Kingan's, regularly 35¢ Ib. gty 29¢c Seeded Raisins—16 oz package. 3 e Y2 A greater portion of the reduced garments suits have been marked at $10.06 .nd $15.00. made in Eton, Long-Coat and Jacket effects. Were $10.00 to Now $5.00 1 $50.00 Jackets—Blacks, tans and colors; 34 coats for street and evening wear—silk pongee and past 60 days. Many $5.00, They are 35(:. La éc;nt;t;en}anle Face Powder $100.00 L—-’ CALIFCRNIA'S LARGEST- 10c and 15¢ Rubber Dressing 10c and 15¢ Rubber 15¢ size Graves Talcum Powder 8¢ 20c size Dr. Graves' Tooth Powder :Zz&'l-ie E-'.e;,l.;".'a‘.n.' rlio;gg':; HT % arge bars Italian Castile , splendid for bath and toilet, special, now bu‘P . .12e¢ Combs . 7ec Fine Combs 7@ (St [/ 17¢c 8¢ a gallon, AMERICA'S GRANDEST STORE/ Rice—Fancy Japan, special 11 lbs . . 500 Prunes—Good quality, 50s to 60s, b 20th Century Soap—4 tins . . Soap—French Castile, 25¢ bas . . . 2@ Jell-0—All flavors, 3 Herrings—Best Hol Soups or Beans— Spaaish-American, 3 Cutter Whisky—Special, bottle . . 700 Whisky—Emporiym A Boutbon, worth $3 Port or Sherry—-fi‘c» quality, gal . 58¢ - 8¢ . 25¢ g - - . 285¢ d Milchner, 6 for 25¢ .- - $2.35. Kirk's Dusky Diamond and Ebony Tar Sesp, | Whisky—Kentucky Belle Bourbon, 4 years '/2 worth 5c cake, special, 8 cakes . . . 25¢ S e e e IR, T T Maryland Club Rye—Specilybot - Claret—Exta quality Sonoma, sl Canadian Ciub— Pure Rye, special. bottle: A .20 Mock—Nics, dy. i ine gaea . o Plymouth Gin—Coates”, bot. 95¢ Iz 1 1z Y2 Vg too, and at that time the deposits be- came very much reduced. He did not deposit now, when probably twenty-five or thirty or forty milllons would have changed the entire state of affairs—for it is only the last twenty-five or thirty millions that are wanted that determine the high rate. SECRETARY SHAW’S BLUNDER. “He' did not deposit now, not be- cause he did not went to mix up money the | These declines occurred in spite of the | matters, but he could not spare fact that call money, while still firm, | money. If he had Strengthened hjm- was casier than for some days, loans | self when money was less stringent we | having been made as low as 8 per cent. | After the close of the market Schiff made this supplementary statement: “My remarks were dictated simply by | the conviction that something™must be Sbecial Dispateh to The Call. done- to correct our inelastic currency system, if we are not to run in time into NEW YORK, Jan. 4—Charles F. Mur- | great. disaster. } ead f Tammany Hall, is spend-| *“If the President could be made to see at his desk in Tammany | that this is a question of vastly more fm- zation, watching every move epared fully at the first nized effort to depose him alizes that it is neces- post censtantly. looking after the details | portance to the material interests of the | country . than that of railroad rate legis- lation, to which he has devoted himself with such admirable energy, Congress would soon set to work to remedy our cir- culation evil in a manner which would safeguard our prosperity.” vear he had been in Tammany vers little. He left the | PRESENT CONDITIONS A DISGRACE. imme: after the re-election of | In e course of his remarks at the Me( 1 and even last week, | Chamber of Commerce, Schiff said: { while the Mayor was at work on his| ““we have witnessed during the past did not go near his desk sixty days conditions in the New York e Mayor has announced his | | | | i | | however, Murphy has been day and. has seen and a with afew of the leaders. Murphy's failure to obtain recognition from_the Mayor is being ascribed by some s’ closest friends to the fact that Mayor was advi weeks by former It. is pointed out that had been at loggerheads with the f the organization years ago t he always attributed his politi- to a large extent, to his > of Tammany. T succeeds in retaining the 1 feadership of the organization it ertain that.he will have little to say g its policies during the - years, and that he will be a fol- ower rather than a leader. Many of the oldtime district leaders are already beginning to style themselves Ian Democrat: and are taking pains to let the Mayor know that, so far as they are concerned, they have always beliewed he shopld assume an independent role. e LARCENY CHARCGE AGAINST CORNWELL TO BE DISMISSED President Cleve- Mr. Cleve- Prosecuting Attorney Says No Cunvinc- ing Evidence of Guilt Cam Be Brought Agal it Him. BRIDGEPORT, Conn., Jan. 4—The prosecuting attorney in the City Court to-day recommended that a nolle prosse be entered in the case of George W. Cornwell former treasurer of the Wheeler & Wilson Manufacturing Com- pany, .who was arrested a few days ago on the charge of theft of bonds and jewelry from Mrs. Gilbert A. Lump- kin, wife of a former partner in the firm of Arnold & Co. of St. Louls, which was prosecuted by the Federal Goy- ernment because of alleged “get-rich~ | Quick” methods of business, The attorney said he is certain that no convincing evidence of gullt can be brought against the defendant. The United States registered bonds which were taken are to be returned within twenty-four hours by a third party, whose identity is unknown to him, heé said. —————— Cargo of the Alden Besse Ablage. . OSAKA, Japan, Jan. 4—The bark Alden Besse, formerly hailing from San Francisco, but now owned in Japan, next | “McClel- money market which are nothing less than a disgrace to any civilized country. There must be a cause for such condi- tions. It cannot be the condjtion of the country itself, for wherever you look there s prosperity—prosperity as we never had it before. It cannot be that the speculation which prosperity always brings forward is the sole reason for the conditions. Other countries have had wider speculation than the United States. “In France, in Germany and in Eng- land speculation is rampant. The cause is the insufficient elasticity of our cir- culating medium. Last vear I went to the Secretary of the Treasury and said to him: ‘The national banks are gorged with their deposits. Take out some of these deposits and prevent this condi- tion, or else money will seek other coun- tries. Make yourself strong now; don't wait until the time when you must make yourself strong.’ “The Secretary answered me, and said that he did not wish to withdraw any deposits now, for he did not want to have the funds withdrawn when deposits might be needed; and he said he feared the criticism of the press. Then, what happened was that he left the larger part of these deposits in the banks. until last autumn. Last autumn he needed money and the country needed money, — e { CELESTINS Natural Alkaline Water CURES Dyspepsia and Stomach Troubles The genuine is al- would have seen another condition now, for the Secretary of the Treas- ury would be in a condition to help the money market, if I may use that expression; &nd,.as much as I am op- posed to helping the Sub-Treasury in the matter, so long as we have such a system as that the Sub-Treasury is the depositary of the money, so long the Sub-Treasury must play the role that the Bank of England plays - In the money market of England. “If money is very easy in England the Bank of.England goes into the market and borrows from the market. If money is very tight 'in England the market goes to the Bank of England to get its money from the Bank of England. Fortunately, your Sub- Treasury must play this role; it can- not help it. I do not like to play the role of Cassandra, but mark what I say: If this condition of affairs is not changed, and changed soon, we will have a panic in this country comparea with which the three which have pre- ceded it would only be child's play. ADVICE TO THE PRESIDENT. “There is no disaster upon us—don't misunderstand me—but this is the time to prepare for it. If the President will only put part of the energy which he has so admirably put into the attempt to regulate railroad rates, into an at- tempt to cure the condition of our cir- culating medium, the material inter- ests of this country can be safeguarded for a very long time to come. *“I have asked that this recommenda- tion (referring to Secretary Shaw’'s plan) be referred to the committee on finance and currency. I do not want to be understood that I am in favor of the recommendation. I think it Is a very poor recommendation. I believe that if our banks are permitted to is- sue 50 per cent of their present cir- culation without security it will go just where it ought not to go—it will go into speculation. Legitimate busi- ness, the merchant and manufacturer, cannot stand a tax of § or 6 per cent on additional civeulation: but specula- tion can stand it, and the promoter will pay it. “I don’t believe that the 50 per cent is needed. If circul--ion is secured by legitimate commercial paper it is cer- | tainly safe.” ——————— POSITIVE KNOWLEDGE LACKS THAT BURTON WILL RESIGN Senator Sione Merely Repeated a Ru- mor He Haq Heard In Kansa; City. ST. LOUIS, Jan. 4.—United States Senator W. J. Stone said to-night that he had been incorrectly quoted in an relative to a report that Senator Bur- ton of Kansas, recently convicted of receiving compensation for acting as an attorney before a department of the Government in the. interests of a private corporation, would resign in a few days. Senator Stone to-night said: During a conversation with a reporter this afterroon I mentjoned that while in Kansas Burton would resign from Senate within a few days. I impressed upon the reporter that I could not vouch for the authenticity of the report nor say whether or not my informants increase, which would be $250,000,000, " interview in an afternoon newspaper ! L\ FOLLETTE NOW SENATOR WASHINGTON, Jan. 4—After waiting for almost a year, R. M. La Follette ap~ pearled in the Senate when it reconvened to-day after the holiday recess to claim his seat as a Senator from Wisconsin, and the oath of office was administered to him by Vice President Fairbanks. The ceremony: was witnessed by a crowded gallery, which manifested much interest In the proceedings. This interest was greatly heightened by the fact that La Follette' was escorted to the Senate chamber and to the Vice President’s desk by Spooner, between whom and La- Follette ‘there has been in recent years a difference of opinion as to party and pub- lic policies amounting to personal antag- onism. Neither Senator displayed any trace of such fecling to-day. Mrs. La Follette was among the specfa- tors of her husband’s Initiation into fhis new sphere of public duty. The Senate discussed at some length a proposition to reprint a magazine article by Newlands and also a resolution for the regulation of Senate patronage. Both were adopted. A resolution g?llng for information con- cerning the statils of affairs in Santo Do- mingo ‘was presented by Tillman, who made an unsuccessful effort to secure im- mediate consideration of it. Gallinger had expected to open the de- bate on the merchant marine shipping bill to-day, but when the bill was laid before the Senate he asked to be excused from talking until next Monday, when the bill will be formally taken up as the unfin- ished business. —_——— ARMY AND NAVY ORDERS. WASHINGTON, Jan. 4—Army orders: Contract Surgeon John R. Hereford is relieved from duty in the Philippines and upon expiration of his leave will proceed to Fort Moultri, South Carolina, for duty. Sergeant Edward C. Kaeffer, Hospital Corps, Presidio of San Francisco, will be sent to Fort McPherson, Georgia, for duty. rgeant Theodore Claus, Hospital Corps, Fort Mason, will be sent to Des Moines for duty, The following cable has been received from Rear Admiral Train, Asiatic sta- tion, Cavite: “Commander J. H. Rohr- bacher, setired, and Commander M. A. Anderson, retired, are detached from the Oregon and will return home. Lieu- tenant R. D. White, Past Assistant Pay- master F. R. Holt and Paymaster Clerk L. 8 Abbott are detached from the Rainbow to go home. Lieutenant Com mander C. W: Dyson goes to the Or gon. Lieutenant Commander W. W. Buchanan is detached from the Ohio and gdes to the Oregon. Assistant Pay- master 8. K. Van Mater is detached from Cavite station and goes to the Rainbow. Ensign R. 8. Homes is de- tached from th® Wisconsin and goes to the Oregon. Ensign A. T. Bisbin is de- tached from the Wisconsin and goes to the Oregon. —_——— Governor Guild Takes His Seat. BOSTON, Jan. 4.—Curtis Guild Jr. of Boston was inaugurated Governor of Massachusetts to-day. In his inaugural address he defined the attitude of Massachusetts in demanding a reduc- tion in the tariff and more friendly trade treaties. WA WORDERS CHARCED T0 A DENVER, Colo., Jan 4.—Sheriff Ed- ward Bell of Teller County, Cole., to-day telegraphed the Sheriff at Caldweil, Idaho, requesting him to hold the prisoner iden- | tified as Harry Orchard on a warrant charging him with murder committed at Cripple Creek, Colo., should charge of the assassination of former Governor Steunenberg of Idaho not e pressed against him. Orchard is accused of having blown up the Independence depot on June 6, 1904, killing fourteen noff*inion miners and in- juring a number of othe It is said he fled from the Cripple ¢ ek district im- mediately after the explosion and since has eluded the Colorado authorities, al- though he has been traced through New the | Mexico, old Mexico, British Columbia, | Wyoming and Idaho ———be———— JAPANESE WOMEN TO TEACH THE GENTLE SEX OF CHINA Schools to Be ablished Under the Patronage of Mongolian Princesses. PEKING, Jan. 4.—X& notable move- ment was recently begun here in the establishment of schoels for the edu- cation of women under thé direction of several PrincesSes, with Japanese ladies as volunteer teachers. All the schools are crowded with girls from leading families. Fourteen Mongolian Princesses have arrived at Peking for the purpose of seeking instruction im the European languages. find in i ¢n expensive Axmin-ter. Small patterns are expensve to weave, and how the mzk-rs have turned them out so pretty and so good st the price is hard to j understand. | City a day or two ago I wg‘tda that Senator | You won'’t care a srap how he managed it, though, when you see the c:rpets—when you see how pretty they are—how good they are—how firm—how closely woven. A thicker, warmer, longer-lived carpet than your money h:s ever bought before. " 46 new patterns this morning, ninety- nine cents a yard. A SMALL DAINTY SPRAY ON A TWO TONE GREEN GROUND is one of the n:w 1906 carpet patterns placed on our shelves this morning.. Exactly the pattern vou would expect to FORNITORE | and which sailed from Anacortes on | October 28 for this port, has, arrived o consult Dr. Plerce by letter, free. All correspon ence i held as strigtly private and sacredly confidential. "Xdim- Dr. ! E. V. Plerce, Buffalo, N. Y. v Plerce’s Medical Adviser is sent free h receipt of stamps to pay expense of wailing only. Send 21 one-cent stam: r paper-covered, or 31 stamps for cloth- Pound copy. with ber cargo on fire, ————— Ecusdorean Rebels Defeated. GUAYAQUIL, Ecuador, Jan. 4.—The Government forces under Colonel An- drade have routed the rebels at Gatazo, commanded by Colonel Teran. ways sold in bottles were in a position to predict.the future action of_Senator Burts 5 on. I said that I repeated the statements made to me simply for their face value, as a news item, and did not in any respect stand respon- sible for thelr accuracy. ——————— CHICAGO, Jan. 4£—It was announced to- day from the general offices of the Atchison, Topeka and Santa Fe Railroad that William: _Kpdmsfl fourth vice system., 1039 OPPOSITE COAYDIraN Y. Anxer ST ALLISTER STREET.