S $ % S $ % S S % S 8 New York___________ 8,196,003.641 9,344,043,162 —f2.3 76,331,499,271 86,839,946,210 — 12.1 1,659,364,874 1,973,259,499 —15.9 2,011.497,014 1,938,740,330 Philadelphia_______ 672,234,205 693,238,632 —3.0 6,165,162,975 6,365,039,948 —3.1; 147,498,561 161,947,160 —8.9 156,686,014 133,440,003 Pittsburgh___________ 240,827.447 220,839,312 + 6.2 2,328,543,515 2,193,960,627 +6.2 51,174,284 50,788,825 +0.8 52,633,680 44,924,496 Baltimore___________ 144,473,951 130,898,477 +
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  S$ %  S  $ %SS % S8New York  ___________ 8,196,003.6419,344,043,162—f2.376,331,499,27186,839,946,210 —  12.1 1,659,364,8741,973,259,499 —15.92,011.497,0141,938,740,330Philadelphia  _______  672,234,205693,238,632—3.06,165,162,9756,365,039,948—3.1;147,498,561161,947,160—8.9156,686,014133,440,003Pittsburgh___________ 240,827.447220,839,312 + 6.2 2,328,543,5152,193,960,627 + 6.2 51,174,28450,788,825 + 0.852,633,68044,924,496Baltimore  ___________ 144,473,951130,898,477+ 10.41,255,442,8511,187.331,931+ 5.730,390,94130,861,966—1.530,059,21523,163,1.59Buffalo  ______________  42,294,10936,669,743+ 15.3309,543,773324,948,406+ 13.78,537,4037,293,740+ 17.17,291,5196,547,747Albany  ______________  28,399,41230,567,983—7.1297,578,697236,886,650+ 25.65,780,6367,031,752 —17.85,491,6424,1 27,680Washington  ________  27,730,20825,116,022+ 10.4260,792,446240,037,479 + 8.6 5,605,9935,567,361+0.75,461,1014,780,192Rochester___________ 17.54S.40818,112,344—3.1157,398,466166,150,248 —5.34,173,2754,745,949  —  12.1 4,481,5*53,706,079Scranton  _  ______   _____  12,179,7719,670,782+25.998,082,61887,126,724 + 12.6 2,439,8972,186,527 + 11.6 1,700,000l,790,6hlSyracuse  _  ___________  11,360,0828,099,734+ 40.392,471,38771,575,423+ 29.22,779,2432,158,535+28.81,692,4851,599,481Reading-  ___________  6,919,7406,168,886 + 12.2 61,048,69455,737,096+ 9.51,439,1031,319,523+ 9.11,235,3871.119,038Wilmington  _________  6,100,0236,586,906 —7.459,099,53055,957,663+ 5.61,283,1611,409,573—9.01,290,0241,154,111Wilkes-Barre  _______  .5,886,3025,188,672'+ 13.452,112,96745,767,123+ 13.91,356,1911,069,261+ 26.81,180,598>■1X0,474Wheeling, W. Va  ____  5,275,9544,574,598+ 15.346,667,09343,738,279+6.71,130,899970,417+ 16.5942,805797,975Erie  ________________  3,300,9522,852,443+ 15.730,528,77926,387,726+ 15.7;833,523658,066+ 26.5568,766550.930Chester  _____________  2,536,3362,511,863 + 1.0 22,770,70522,776,304 —0.021518,387503,436+ 3.0556,799ãI29,i;32Binghamton  ________  2,408,0002,31s,100+ 3.923,199,80022,077,800+5.1!461,600453,600 + 1.8 453,200455,600Oreen«burg  _________  2,876,3512,223,203+ 29.424,807,86021,978,776 + 12 . 0 ! 497,018483,315 + 2.8 330,193348,0s7Franklin  ____________  1,285,2151,398,484  — 8.1 12,090,16112,235,064 —1-1243,887300,000—18.7294,798186,293Frederick986 467885 852+ 11.48 780 5198,290,946+ 5.9Harrisburg* .  ____  4,362,2344,191,227+ 4.145’,279,27423,418,7851,047,47691()~337+ 15.1 . ...   ..... a Total Middle  ______  9,430,826,57410,557,965,19S —10.787,697,622,1079S,027,905,423 —10.51,926,556,3522,253,919,442 —14.52,283.847,0252,169,321,974Boston  _____________  759,166,914795,210,380—4.57,039,090,0730,861,656,805 + 2.6 179,250,349189,849,380 —5.6ISO,312,257171,720,368Provldtncp__________ 40,978,40038,355,200 + 6.8 333,696,400323,237,500+3.27,387,3007,879,000 — 6.2 8,294,6007.597.300Hartford  ____________  16,052,40915,720,769 + 2.1 158,526,349151,106,780+ 4.93,377,2893,848,700 — 12.2 3,201,8703,277, '-25New Haven  _________  11,666,63911,321,126+ 3.0109,802,830102,708,164+ 6.92,324,4612,501,889 —7.12,195,4682,2x9,299Springlleld  ___________  9.535,9878,597.659+ 10.990,1.M,21178,211,570+ 15.22,162,9831,989,848+8.72,035,3241,728,392Portland____________ 10,779,5079,155,137+ 17.785,506,08380,858,623+ 5.72,478,0722,147,622+ 15.42,362,7981,823,171Worcester  ___________  8,150,5647,501,226+ 8.771,407,40966,247,632+ 7.81,717,4831,004,815+ 7.01,677,7161,480,514Fall River  ___________5,715,3305,340,857+ 7.046,221,15639,659,843+ 16.51,803,1061,322,730+ 36.3994,332635,152New Bedford  ________  4,296,9713,288,101+ 30.732,541,59127,372,622+ 18.91,266,7931,317,913—3.91,113,742798,723I>o well__________   ____  2,641,5322,353,710 + 12.2 22,673,14520,877,294 + 8.6 583,982411,919+ 41.8622,129528,792XIolyoke ................... -2.364,6002,369,021 — 0.2 21.725,92420,558.418+ 5.7565,5536S4.726—17.4730,904820.226 Total New England871.848,853899,213,186 —3.18.011,325,1717,772,495,251+3.11202.917,371213.558,542—5.0203,541,140192,099,822Chicago . _   ___________  1,168,667,9471,000,451,400+ 16.810,451,303,3469,064,475,286+ 15.3233.508,662225,309,403+3.6216,267,663193,903,482Cincinnati  ___________  119,375,450115,511,500+3.31,180,718,3001,087,519,850 + 8.6 24.397,65028,189,900 —13.523,825,55023,094,200Cleveland  ___________  83,409,30179,765,213+ 4.6768,478,2136S7,727,350+ 11.717,165,53219,518,822  — 12.1 15,235,78314/63,030Detroit  ______________  64,567.06257,019,502+ 13.2600,837,299540,306,494 + 11.2 14,496,70112,472,895+ 16.212,211,70110,702,964Milwaukee __________57,393,15948,404,122+ 18.6475,385,372403,136,884+ 17.910,663,07610,307,137+3.2D,453,6578.573,787Indianapolis  ________  35,894,55031,529,100+ 13.8346,604,771296,881,749+ 16.87,802,7967,569,852+3.18,044,185 6,775,,;  x 3 Columbus  ___________25,992,20022,724,700+ 14.4245,481,600244,037,800+ 9.64,950,0005,032,100 —1.04,076,9004,639,200 Toledo___   _  ___________  18,860,38518,481,547 + 2.1 183,616,876174,118,703+5.54,035,2484,176,306—3.44,087,2433,359,972Peoria  ______________  14,792,32913,371,165 + 10.6 124,671,433123,338,339 + 1.1 2,593,7193,152,360—17.73,144,2453,553,318Grand Rapids  _______  11,388,63910,637,152+ 7.1104,366,76996,167.968+8.52,437,6892,345,331+3.92,108,9912,398,873Dayton ...  ___________  8,580,6948,994,044 —4.688,683,56181,517,296 + 8.81,580,6921,800,884  — 12.2 1,787,7791,505,970Evansville__________ 10,598,4488,295,212+ 27.889,590,59374,118,822+ 20.91,985,7641,598,185+ 24.31,636,4211,360,‘:90Kalamazoo  _________  5,163,6084,626,332 + 11.6 45,344,08339,244,114+ 15.51,036,268968,60S+ 7.0887,350849,100Horingfleld, 111  ______  4,061,5313,886,593+ 4.536,355,43735,356,353 + 2.8 843,803S04.388+ 4.9835,496807,038Fort Wayne3 88S 3073 556 620+ 9.335 019 79^32,742,033+ 7.0752,440770,498 —2.3757,422Akron _  ___________ 3^296,4002,913^998+ 13.130,681,89724,653,455+ 24.5485,000635,731 —23.7556,300865,<*k)Lexington__________ 3,054.5402,866,789 + 6.6 28,511,68327,935,479 + 2.1 692,493666,176+ 4.0598,800636,290Rockford  _________  3,013,7812,683,672+ 12.328,271.91824,705,205+ 14.4585,594533,878+ 9.7445,426374,959Youngstown  ________  3,712,0112,620,718+ 41.733,422,20627.301,441+22.4635,608606,443+4.8589,131565,318Canton  ______________  2,479,3912,120,366+ 16.923,610,36920,596,146+ 14.6495,935499,566 —0.7463,171523,052South Bend__________2,465,0782,157,363+ 14.322,076,74718,775,986+ 17.6480,962553,658—13.1459,668Springfield. Ohio  ____  1.934,4781,806,343+ 7.118,983,06716,722,141+ 13.5413,041440,508  — 6.2 401,390409, \2lBloomington  ________  2,231,5831,971,522+ 13.221,045.00518,955,964 + 11.0457,746475,736 —3.8439,22/419,687Quincy2.356,0131,841,104+ 28.019,966,24416,608,811 + 20.2 501,812428,602+ 17.1435,000439.900Mansfield  ____________  1,765,9061,625,081 + 8.6 16,019,45314,942,168+ 7.2390,021323,767+ 20.5297,457212,393Decatur  ____________  2,075,7831,556,697+33.317,296,66814,336,198 + 20.6406,622314,310+29.4285,7902.80,021 Jacksonville, IH1,208,1161,110,813 + 8.811,283,79611,375,280 — 0.8 388,257224,834+ 72.7323,079276,334 Jackson  __   __________  1,465,3251,371,313+6.914,235,99010,691,476+33.1258,300255,743 + 1.0262,078240,110Ann Arbor.............714,424674,901+ 5.96,043,0525.485,491 + 10   2 90,00086,933+ 3.5115.000109,018 Total Middle West.1,664,406,4991,454,577,882+ 14.415,067,905,54413,213,774,282+ 14 0334,531,431330,062,554+ 1.4310,931,913281,599,210San Francisco  _______  201,241,688206,989,793 — 2.8 1,892,026,0901,576,754,034 + 20.0 36,733.76251,233,612 —28.343,735,28833,369,512Los Angeles  _________  50,165,92450,941,106—1.5516,052,312472,050,603+ 9.79,135,72310,817,047 —15.59,472,5206,990,623Seattle  _______   ____  51,413,27851,721,818 —0.6421,402;605400,199,933+5.310,884,41810,685,079+ 1.98,681,2085.427,002Portland  ____________  36.965.23929.642,670+ 24.7311,523,376222,462,793+ 40.05,619,8476,338,065 —11.34,947,5454,375,179Salt Lake City ........... 28,510,42425,667,939+ 11.3262,518,269224,374,756+ 17.05,117,6175,575,460 —8.2 5,601,8012,860,978Spokane  _____________  33.272.41125,346,255+31.3'253,730,947180.557,650+ 40.57,259,5075,901,262+ 23.04,563,7413,335.466 Tacoma  _____________  22,879,29720,552,707+ 11.3205,979,790165,107,08|)+ 24.84,941,7324,642,811+6.43,613,3553,153,349Helena  ___   __   .5,851.8674,718^604+ 24.040,890,84333,906,246 + 20.6 1,203,205740,458+ 62.2963,322793,046Fargo  _____________  3,405,0702,574,404+ 32.323,223,54920,393,005+ 13.9760,828485,494+ 56.7853,392876,992Sioux Falls  __________ 3,128,3282,216,927+ 41.121,183.86515.820,056+ 33.9525,000426,868+23.0  346,585 328,021Oaklrvnd*11 437 08715 890 986 —28 0128 276 47190,773,2121,976,8753,323,613  —40.5 San Jose*____________ 2|972i667L429[516+ 107.92L773.7698,414.474  __ 400,000318,012+ 25.7  .......  Total Pacific  ______  436,833,526420,372,223+3.93,948,531,6463.311,626.165+ 19.284,558,514100,487,781—15.882,778,757(.1,510,168Kansas City ...  _____  178,982,925133.129,609+34.41,399,620,1311,079,686,932+29.638,752,41829,175,355+ 32.827,230,74926,400,722Minneapolis__________150,962,139118,952,526+26.9957,943,413782,918.464+22.427,294.39325,042,139+ 9.028,438,59825,781,084Omaha  ______________  58 872,39548,535,119+ 21.3483,594,622415,574.868+ 16.412.678,1309,788,996+ 29.59,644.759S,385.X4USt. Paul  _____________  55,176.64042,499,736+ 29.8395,743,321333,324,774+ 18.713,345,59710,801,242+ 23.68.771,1457.458.2S1Denver  ______________  41,433.06731,489,715+31.6344,131,720279,823,183+ 23.07.684,5198,080,298—4.98,071,1565,148,490St. Joseph___________23,659,03020,821,188+ 13.6245,083,739213,804,605+ 14.63,765,7924,923,658 —23.55,182.9754.788 453Des Moines__________ 14.873,05912,695,424 + 17.2 131,529,549115,323,451+ 14.13 . 000.0002.938.322 + 2.1 2.522.3222,651.293Sioux City  ___________ 10.887,4309,210,229+ 18.293,994,24578,987,9.3s+ 19.02,032,9021.860.899+ 9.21,964,5031,449.-986Wichita.....................6,735,2734,914,166+37.158,344,93848.289,274 + 20.8 1,446,7431,186,255 + 22.0 927,8011,069,823Davenport___________  6,127,5805,310,729+ 15.449,453,34045.144,821+ 9.51,229.9651.141.407+ 7.81,227.4981.014.169 Topeka  _____________  4.087,1204,318,464—5.342,436,369 37,555,923 + 13.0931.185907,051+ 2.7654,453658.087Colorado Springs  ____  3,706,3803,004,454+ 23.430,294,95929,704.038 + 2.0 700.000568.195+ 23.9524,640632,462Cedar Rapids  _______  3,476,5992,696,728+ 28.929,266,51524,189,429 + 21.0864,405597,198+ 44.7601,582430.644Pueblo  _____________  2,991,1372,380,990+ 25.625,106,07820,542,258 + 22.2 654,259489,901+33.6421,829Fremont  ____________  1,987,1241,636,272+ 21.515,333,08512,477,161+ 22.9345,294226,676+ 52.3252.113214.131Lincoln*  ____________  6,3.14.228 5.675,986 + 11.6 55,265,59729,149.8861.642.6951.330.260+ 23.5  --- -----  Total other West.. 563,957,898 441,595,349+ 27.74,301,876,0243,517,347,119 “+2273116.368.297 99.057.852 + 17.5 96,436,12386.083.471St. Louis ....   . ......... 314,509,562270.665,698+ 16.22.686,241,5142,434,452,855+ 10.358,873,57859,116,553—0.454,096.81867,085,008New Orleans  ________  86,090,705108.675,643 —20.8780.684,966796,363,820 — 2.0 17,685,09623,618,508  —25 1 20,3G7,82418.709.M6OLouisville ........ ......... 60,692,62757,054,056+ 6.4567,495,167541,609,850 +4.8 12,712,48013,387,121—5.012,436,90012,025.409Houston  ____________  63,298,559 65,739.210 —3.6487,072,995397,433,315 + 22.6 14,011,38114,891,418 —5.912,217,015 8.966,413 Galveston  _________  33,531.50043.564,500 —23.0287,918,500264,297,500 + 8.9 7,500.0009 740 000 —23.08 009,0006,870,500Savannah  ___________  39,279,45032,764,348 —7.6175,763,814187,372,081—6.26.475,4047,427,552  — 12.8 8,397,3185,965,090Memphis ................... 27,321.57823.658,300+ 15.5197,862,579191,879,510 + 3.1 5,466,3156,663.020—17.98,838,9767,477,630Richmond  __________29.606,039  26,566,816 + 11.4268,121,788248,923,341+ 7.76,520,375  6,238.079 + 4.55,505,7504,952,733 Atlanta  ______________  26,764,25824,986.367+ 7.1210,534,118186,349,131+ 13.05,344,0265,401,012 — 1.1 5,171,4224,157.64’)Nashville  ___________  20,210,24616,521,196+ 22.31%, 431,563169,784,352 + 2.14,200,0003,320,839+ 26.53,197,1022,996.185I'ort Worth  _________  19,922,07617,601,408 + 13.2 160,502,750121.629.067+ 32.04,609,6763,795,090+21.52,989,3712,627,21:4Norfolk ........   .......... 13,833,151 12,037,775+ 14.9115,465,43197,687,310+ 18.23,129,8482,744,439+ 14.1 2,788,601 2,311.011Augusta  _____________  15,478.472 11,383,659 +36.074,996,08667.706,508 + 10.82,600,4662,519,862+3.22,534,4362,214,401 Birmingham ________ 10,962,9199,986,424+9.896,629,35081,465,298+ 18.62,605,587 2,139,039 + 21.X2,243,8761,527.259Charleston___________ 9,090,5847,534,870 + 20.7 5.8,602,63955,102,879+ 6.41,678,0621,374,726 + 21.1 1,494,5401,521,748Knoxville  ___________ 7,409,1786,870,469+ 7.8ri9,447,86361,116,321+ 13.61.600,0001,529,042+ 4.61.337,2931,291,455MobHe______________  6,578,009 7,515.019—12.569,363,17165,835,901+ .5.41,466.0621,710,707—14.31,209,685-------Little Rock  _________  7,96^,4076,657,021+ 19.759,668,81749,790,562 + 19.8 1,466,4301,677,201 — 12.6 1,735,3461,454, Jacksonville ----------- 6,464,1855,424,115+ 19.264,954,71755,144,778+ 17.81,268,5091.168.742+,910Chattanoogft  _______  6,650,3336,007,529+ 10.762,503,60154,928,389 + 13.8 1,400,0001,300.000+ 7.71,611,6749f*0,000Macon  ______________  4,144,3744,330,671 —4.329,001,33325,0.56,031+ 15.7800.0001,044,275—23.4 808,925 718,752Wilmington, N. C  ____  2,596,0682.674.7S2  —2.9 19,401,653 22,15x,7fil  —12.4 - - - - ...  ____   __ - - ---- -  r- - - - - - -  Beaumont __________2,243,6941,784,489 + 25.7 21,660,81616,495.524+31.3495,000450.000 + 10.0484,071 3o—,7U4 i oro-LI 17-1 AC(\0 Af\A  13 784 005+ 7.4IvQlUITlDuS, vjtl  _______  Oklahoma  ___________  2 0.78 *>24  _   ____  4l88l|5284.439,148 + 10.2 42,929,545 2 s !695;695 + 49>,1.ooV.oooI  ____ _  .......  Total Southern ----- 812,619,726 776,303.765 + 4.7 6.795,048,1806,235,062.574 + 9.0 1617908,295 172,257,225  —6.0: 158.683,729155.138.320 Total all  ___________  13.779,790,070! 14,550.027,603—5.3 125,822,308,672132,078,210.814  —4.7 2,826.840,2603,169.343,396 — 10.8>Outside New York. 5,583,786,435 5,205.984,441 +7.3 49,490.809,40145,238,364,004+ 9.41,167,475.3801,196,083.897 —2.41,124,721,673 1.007,612, 29 _ _ _ „ _ __ ^ Published every Saturday by WILLIAM B. DANA COMPANY, Pine St.. comer  VOT, NOV Q IQ07 NO O O f 1 Pearl St., N. Y. City. William B. Dana, Prest.; Jacob Seibert Jr., Vice-Prest.' ^ ^ and Sec.; Arnold G. Dana, Treas. Addresses of all. Office of the Company. CLEARINGS—FOR OCTOBER, SINCE JANUARY 1 AND FOR WEEK ENDING NOVEMBER 2. Week ending November   2, Ten Months.October.Clearings cU-  New York  ___________ Philadelphia  ________  Pittsburgh  ___________ Baltimore___________ Buffalo  ______________  Albany  ______   ________  Washington  ________  Rochester  ___________  Scranton  _  ____________ Syracuse  ____________  Readme-  ___________  Wilmington__________ Wilkes-Burre  _______  Wheeling, W. Va  ____  Erie_________________ Chester . ............ ....... Binghamton  ________  Graen^burg  _________  Franklin  ____________  Frederick  ____________  Harrisburg* -............ Total Middle .......... Boston .................... Providencp  __________ Hartford____________  New Haven  _________  Springlleld  ___________  Portland____________ Worcester  ___________ Fall River................. New Bedford  ________  Lowell  ______________  Holyoke  ______   _______  Total New EnglandChicago  _____________  Cincinnati  ___________  Cleveland ................. Detroit  ______________  Milwaukee __________ Indianapolis  ________  Columbus  ___________   Toledo  ______________  Peoria ................... . Grand Rapids  _______  Dayton  ___________  Evansville__________ Kalamazoo  _________  Soringfleld, 111  ______  Fort Wayne  ________  Akron  ______________  Lexington___________ Rockford  ___________  Youngstown ............. Canton  ______________  South Bend__________ Springfield. Ohio  ____  Bloomington  ________  Quincy  ______________  Mansfield ................... Decatur  ______   _____   Jacksonville, IH  _____   Jackson  _____________  Ann Arbor. ...............  Total Middle West.San Francisco  _______  Los Angeles. -............Seattle .;  ____________  Portland  ____________  Salt Lake City  __   ____  Spokane  _____________   Tacoma.....................Helena  _____________  Fargo  _______   ______  Sioux Falls__________ Oakland*  ____________  San Jose* ................... Total Pacific  ______  Kansas City  _   ________ Minneapolis__________ Omaha  ______________  St. Paul  _____________  Denver  ______________  St. Joseph  ___________ Des Moines__________ Sioux City................ Wichita . .................... Davenport .................  Topeka .................... Colorado Springs  ____  Cedar Rapids  _______  Pueblo  _____________  Fremont  ____________  Lincoln* ................... Total other West..St. Louis____________  New Orleans  ________  Louisville ........ ......... Houston  ____________  Galveston___________ Savannah  ___________  Memphis ................... Richmond __________ Atlanta  _____________  Nashville  ___________  I'ort Worth  _________  Norfolk ........ . .......... Augusta  _____   ________  Birmingham  ________  Charleston___________ Knoxville  ___________ MobHe______________  Little Rock  _________   Jacksonville ----------- Chattanoogfi  _______  Macon  ______   ________  Wilmington, N. C  ____  Beaumont __________ Columbus, Ga  _______  Oklahoma  ___________   Total Southern  ____   Total all  ___________  Outside New York.334,531.4313fi.733.7C29,135,72310.884.4185.619.847 5,117,017 7,259,507 4,941,732 1,203,205760,828525.000 1,976,875  ___  400,00084,558,51438.752.418 27,294.393 12,678,130 13,345,5977,684,519 3,765,792 3 . 000.000 2.032,902 1,446,743 1,229.965 93-1.185700.000 864,405 654,259 345,2941.642.695116.368.29758,873,57817,685,09612,712,48014,011,3817.500.000 6,475,404 5,466,315 6,520,375 5,344,0264.200.000 4,609,6763.129.848 2,600,466 2,605,5871.078.0621.600.0001.466.062 1,466,430 1,268,509 1,400,000800.000 495'6 o O *Not Included In totals for month^ana ten months; comparison Incomplete.  ViT   Table Clearings by Telegraph and Canadian Clearings on Page 11*0  1170 THE CHRONICLE. [V ol . lxxxv . THE FINANCIAL SITUATION.  The elections have passed with results and teachings variously construed, chiefly according to the desire of the interpreters; and hence, strikingly in accord with the disgruntled and disorganized state of general business. Most prominent among the distinctive features has been the practical annihilation of the Hearst organization, which, taken by itself, would seem to indicate that radicalism in its extreme is not by any means foremost among the people’s desires. Representative Burton’s defeat for Mayor of Cleveland looks like a direct affront to the President, as it was the only case in which he took pains to set up a candidate and publicly urge the people to vote for him; besides, Burton was in many particulars an ideal candidate, and had he not received such endorsement, the presumption would seem to be that he would have run better. Another reading gathered from the outcome in New Jersey and New York is extreme uncertainty whether the delegates from those two States can be depended upon as favoring the President or be controlled by him. Finally, every one will agree that there is not the least encouragement to be derived from the results in any part of the country that would embolden Mr. Roosevelt in his persecution of corporations or of individuals of large wealth, or which could encourage him in the belief that he was the idol of his party, or that he was looked upon as the best card, except in the possible contingency of a seemingly lost or desperate game.We are told by Washington dispatches of the leading daily press that the President is engaged in remodeling his message, making it less harsh than he had intended it to be. Our means for knowing' whether the rumor is true or not fail from being definite or positive; it is apparently believed by correspondents who usually hit near the truth. We do not expect the President to accept our advice, but in the interest of a recovery in business, and as a prevention for a worse state of affairs in industrial circles than now exists, we earnestly trust he will not only soften down the harsher parts of his message, but jeverse his past policy from beginning to end. We would be understood by this as meaning not only a change in the particulars just mentioned, but more especially in his policy seeking to destroy our present Constitutional limits to Federal powers and assuming to stretch the Inter-State Commerce clause until almost every private business interest may be within the control of the General Government. We have before us as we write Mr. Roosevelt’s speech at Harrisburg, in which he declared that “we need through executive action, through legislative action, and through judicial interpretation and construction of law, to increase the power of the Federal Government. . . . If we fail thus to increase it, we show our impotence.” If Mr. Roosevelt satisfies himself with showing in his message no real change of heart, confidence, in place of the prevailing distrust, will still be lacking, even with easy money, which is sure to be an event shortly. The promptest and most liberal ãresponse that was probably ever made to the requests for the relief of a commercial centre from financial distress followed the appeal by our bankers to those of Europe in theclosing days of October. Though the great foreign banks, with, perhaps, the sole exception of that of France, were experiencing much strain, the fact was recognized that the situation here was one of actual gravity, and, moreover, one demanding the largest measure of assistance. Within the comparatively brief period of a week, after response to our appeal began to be made, gold to the amount of about 20 millions had been secured from the Bank of England or from the London bullion market; during the following week the gold so engaged from the same sources had been increased to nearly 44 millions. The first consignment of 7 millions arrived from London on  Tuesday of this week; the steamer that brought the metal sailed from the English port on October 29. On Thursday the Teutonic arrived with 2 millions, and on Friday the Lusitania with 123^ millions gold, making 2 1 3 ^ millions of arrivals; in the coming week every available steamer from English dr continental ports will bring more or less of the metal. The movement was free in its early stages in the sense that it was not obstructed by any extraordinary device, such as the imposition of an excessive price for the gold. On Monday last, however, owing to the continued withdrawals, the discount rate at the Bank of England was advanced to 6% and on Thursday to 7%, when the Bank of France’s rate rose to 4%; but this further rise in the English Bank rate to 7% (the highest since 1873) was understood to be due chiefly to the expected renewal of an urgent demand for gold for Egypt. An increase by the Imperial Bank of Germany on Tuesday of last week to 63^% and on Friday of this week to 7^%, indicated the strain upon that institution; this, though, did not prevent the Bank from contributing at least a moderate amount of relief to our situation through the release of millions gold. The free movement of the metal above noted was largely owing to the fact that it was apprehended by European bankers that if relief was obstructed, there might be a development of such an actue stage of our crisis as would have caused it to be uncontrollable and far-reaching if not disastrous in its effects. Because of the possibility of such result, the Bank of France on  Tuesday sent to the Bank of England the first installment of 15 millions which it had last week offered to advance to that institution in order to enable it to respond to New York’s requirements, thus measure- ably relieving the tension in London, though, for the reasons stated, a further rise in the English Bank’s discount rate was not averted. There are as yet, it may be observed, no advices confirmatory of the report which was current last week that the Bank of France would release 10 millions gold for shipment hither; the indications this week that the situation here is under control may make unnecessary any direct contribution of aid from Paris.Correcting apparent errors resulting from duplications, it seems that about 44 millions gold has been procured, chiefly from London, including 4 millions of South African metal, since October 26; the amount which has already arrived is 21 millions, leaving a little more than 23 millions yet to be received. The engagements were chiefly effected for the account of New York banks or bankers; it is noteworthy, however, that 13^ millions was ordered by the Bank of Montreal, 8%   millions by banks in Chicago, and smaller amounts by other domestic institutions in interior cities.  iSToy. 9 1907.j THE CHRONICLE.1171 When this 44 millions of European gold shall be received and distributed, it will contribute not only to the relaxation of monetary .tension, but also to the reduction of the premium that is now demanded for various forms of currency, owing to its scarcity. As this premium lessens and disappears, money that has been hoarded will be restored to circulation, thus promoting the growth of confidence. It may be noted that in many cities in the interior, substitutes for small denominations of currency, in the form of bank checks or notes, based upon assets, are being circulated to meet the requirements of tradesmen. It is probable that when normal monetary conditions shall be restored, the Treasury Department will require the retirement of these assets-secured notes, for their emission is in violation of the statutes, they being a form of State-bank currency, which is taxable at the rate of 10%.Owing to the urgent needs of grain dealers in the Northwest, the Secretary of the Treasury is reported as about to transfer from New York banks part of the public funds which he placed therein last week. This proposed withdrawal and transfer would be unwise, and we trust it will not be done. The total of public deposits in all banks of the country, as last reported, was 213%   millions, an increase of 68 millions since August 29.One of our readers asks us to furnish proof in support of the statement made in one of our recent articles saying that the effect of President Roosevelt’s policy has been “to expel capital and to ostracize capitalists.”  This statement was a very general one, based on the acts and utterances during the whole of Mr. Roosevelt’s administration of his high office, and if we were to cite all the acts and expressions of the President that have had the effect indicated we would be obliged to give up page after page of our space in furnishing a mere summary of the same. Manifestly, this is out of the question. We would, however, direct our critic’s attention to the events that are transpiring from week to week, which show so plainly what is going on to destroy security values, to expel capital and to ostracize capitalists. Take the fines and penalties that are being imposed upon the railroads for violation of the law forbidding rebates or concessions in rates. Ever since the enactment of the Inter-State Commerce Law in 1887—that is fully twenty years ago—rebates and preferences have been illegal. But until quite recently Government has made no attempt to enforce this provision of the statute. Even after the enactment of the Elkins Law in 1903, which placed additional power in the hands of the authorities in cases of this kind, no serious attempt was made for two or three years to give vitality to the provision referred to. During all this time accusations by one railroad against another of the cutting of rates and the granting of rebates were frequent and the Government was urged to use its great powers to bring the offenders to justice and thus stop the practice. But the authorities did nothing. * In thus failing to enforce the law the Government was in effect conniving at its violation. At all events, with the law a dead letter, there was no alternative for the honest railroad official except to adopt the course pursued by his less conscientious brother. In other words, no railroad could hold its business if it allowed a competitor to gain andkeep an advantage by means of special concessions in rates. So, in course of time, practically every road came to do what at first only the very few had done. The practice was wrong and indefensible—it ought never to have been allowed to grow up—but whose fault was it?After having thus led railroad managers on in fancied security, the Government all at once came to a realizing sense of its responsibility and in the most reckless fashion began to strike out right and left. It did not say that henceforth the abuse must stop, that from now on the Government would see to it that the law was enforced and offenders against it severely punished. It began to look into the past— the past of its own creation—and to ferret out abuses for which its previous easy tolerance was in large part responsible. Furthermore, in doing this no discrimination whatever was exercised, and technical and unintentional infractions of the law were treated as if they were real. The authorities apparently were simply determined to make a record, no matter upon what it was based. The power of prosecution was, as it always is, entirely in the hands of the Government authorities. A conscientious prosecuting official invariably distinguishes between serious cases and inconsequential ones. He has no desire to trap any one. His purpose is simply to vindicate the law and to prevent repetition of the offense. But if we judge of the course pursued by the governmental authorities against the railroads, what do we find? Two cases come immediately to mind. One, the suit against the Atchison Railroad, which rises up because it is such a recent one, the fine having been imposed only the day before yesterday, and the case against the Standard Oil Company in which Judge Landis inflicted a penalty of over $29,000,000. This Standard Oil case, in our estimation, is one that should never have been taken into Court and the Judge ought promptly to have thrown it out when it came before him. Whether or not the statute was ever transgressed and whether or not the conviction shall stand on appeal, which we doubt, the fact remains that all the elements of criminality were lacking in that case. All that can be claimed in any event is that there was a technical violation of the law. Judgment was based simply upon the fact that the railroad had failed to post and file its tariff schedule in the way supposed to be required by law. The offending was that of the railroad, not that of the shipper, but the shipper in this case was big and conspicuous, and very much disliked, and hence it was in accordance with popular fancy that he should be brought to task and be fined in proportion to his size. A similar fine would doubtless have been inflicted upon the railroad company had not the Government in advance granted it immunity. This huge fine, resting upon mere technical grounds, has done more to discredit railroad and industrial securities and to induce capital to desert the railroad field than any other single act in the general onslaught against railroads which has been going on so long. For investors, naturally, have reasoned that what was possible and has been done in one case, was possible and would be done in other cases.Now there comes the present week the fine against the Atchison Topeka & Santa Fe Railway. We do not claim to be familiar with the facts of this suit, as we are with those in the suit against the Oil Com  1172THE CHRONICLE [V ol . lxxxv . pany, but, judging from the newspaper accounts, this fine, too, possesses many elements of harshness and injustice. The Santa Fe Company, it appears, was convicted Oct. 11 last by a jury in the United States District Court at Los Angeles of having granted rebates to the Grand Canon Lime & Cement Co. of Arizona. It was found guilty on 66 counts. The alleged rebates were given on shipments of lime and cement from Nelson, Aiizona, to Los Angeles. They were so small and insignificant as to appear almost ridiculous. In some of the counts the amount involved was as little as 35 cents, and the highest was no more than $14 35, the average being $5 20j^, and the aggregate amount involved being no more than $343 53—one paper says only $34 53. With this the amount involved, a fine of $330,000 has been imposed by Judge Olin Wellborn. The company asserted, according to the reports in the papers, that the differences on which the conviction was based were not rebates from the regular freight rate but were for minor damages to goods allowed after the claims had been regularly presented and proved in each instance. Judge Wellborn, however, said that it was hard to believe that the company did not know that the concessions were unlawful departures from its established tariff.' At all events, ignorance of the law under the circumstances, he said, would imply a degree of negligence well nigh equivalent to guilty knowledge. He pointed out that it was within his discretion to impose a maximum fine of $1,320,000, but in view of the very small aggregate amount involved—“not more than 1 %   of the total traffic of the same sort contributed by the shipper to whom the concession was made”—he thought it best not to impose the maximum penalty, but simply “an intermediate penalty” of $330,000. Taking the worst view of the matter and granting for the sake of argument that the company actually committed an offense against the law, are we not right in saying there is an element of harshness in such a proceeding? May we not conclude, too, that the effect will be still further to expel capital from railroad enterprises, and must not our worthy President, in sanctioning such proceedings, take his share of the responsibility for the results?A newspaper contemporary in Iowa writes us inquiring as to the accuracy of our assertion of last week that the city banks had not stopped shipments of currency to country banks in payment of balances due them. The writer refers us to the declaration in his own paper, namely, “that the reason there was a shortage of currency in the West was because New York bankers refused to send out to Chicago and other Western banks the money the latter had on deposit here.” He asks us if this statement is not true. It is decidedly not true, as we showed last week, and repeat again the present week. According to the figures collected by us from the individual banks, the gross shipments by the New York City institutions during the week of the panic were $21,500,000, last week they were $22,-016.000 and the present week they have been $21,-500.000 more, making for the three weeks altogether $65,016,000. These figures furnish the best proof possible that the New York City banks have not stopped shipments to their correspondents either at Chicago or at any other point.Our newspaper friend says that the plain intention of our remarks of last week is to make people believe that any bank which has a deposit in New York can draw on that, deposit and receive the currency. This is true. That was the plain intention. But in one sense it is possible to draw too broad an inference from the statement. We have made careful inquiry among the institutions having the most numerous out-of-town accounts and as a result of such investigation are prepared to declare unequivocally that any bank having a deposit in New York can   draw against such deposit and get cash of some sort—it may be gold, or silver, or currency. We have also ascertained that at no time, even when the panic was at its height, have shipments been suspended. And yet it is also true that calls have not always been honored to their full extent, and some few have, perhaps, been rejected. It is to be remembered that there are nearly always offsets against the deposits standing here to the credit of out-of-town institutions. That is, while our insti- tions have been making collections for the interior banks and crediting the amounts, these interior banks have in like manner been making collections for the Eastern banks, and at all times also have many items in process of collection. The interior banks in most cases have been remitting absolutely nothing in cash.  They have been keeping the proceeds of their collections. Our own banks failing to obtain the usual reinforcements from the country districts have sought in some measure to restrict and curtail their own shipments. When a call has been received from the interior, a certain degree of discretion has been used in responding to the same. Often the full amount was sent, in other cases perhaps only three-quarters of the amount. In each instance the special circumstances of the case governed. If the interior institution asked for about the amount it has been accustomed to draw at this season of the year, its demands have been readily met. On the other hand, if the call has been in excess of the ordinary, and there were indications that the money might be wanted to satisfy an appetite for hoarding, the application has been scaled down. All the banks with out-of-town accounts have at all times met reasonable requirements and one quite important bank informs us that it has shipped on the average about 80% of the amounts applied for. But the hoarding propensity has been distinctly discouraged. The same policy has been pursued in making payments to individual depositors over the counter. The statement so commonly met with just now in the West and South and on the Pacific Coast that the New York banks have suspended cash payments has not a vestige of truth to support it. At the same time, the New York banks have sought to restrict and curtail their payments as much as possible. A customer could get about the usual amounts to meet his current wants for pay-rolls and other purposes, but he could get no more. If a certified check would answer his purpose equally well, he would be asked to take that rather than the cash. If there were evidence that the customer wanted the money simply to sell to some of the money brokers at a premium, he would have difficulty in getting the cash. In all cases the banks have used common sense and a wise discretion. As showing the need for much care in this respect, we need relate only an isolated instance
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