T ¥ o m m e r r i s INCLUDING B a n k a n d Q u o t a t i o n S e c t i o n ( Monthlyj R a i l w a y a n d I n d u s t r i a l S e c t i o n (Quarterly) f i i t a n r t a l S t a t e a n d C i t y S e c t i o n (semi-Annual] S t r e e t R a i l w a y S e c t i o n ( Thy ^ Df® VOL. 85. SATURDAY, NOVEMBER 16 1907. NO. 2212. it ^bhvonxdt. PUBLISHED WEEKLY. Terms of Subscription— Payable In Advance STor One Y e a r ...........................................
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  T¥ommerris INCLUDING   Bank and Quotation Section ( Monthlyj Railway and Industrial Section (Quarterly) fiitanrtal State and City Section (semi-Annual] Street Railway Section (Thy^Df®  VOL. 85. SATURDAY, NOVEMBER 16 1907.NO. 2212. it ^bhvonxdt. PUBLISHED WEEKLY. Terms of Subscription—Payable In Advance STor One Year ............................................................................................................$1) 00Tor Six Months............................................ . .......................................................... 6 00European Subscription (including postage).................................................. 13 0)European Subscription t-ix mouths (including postagei..........................  7 50 Annual Suoscriptic.n in London i inciuding p stage)................................  £2  14s.:Six Months 8’nl)»pripti«n in T/m'lnn (including postage).... ................. £1 11s.Canadian Subscription (mclu ing postage) ........ . ....................................... $11 50 Subscription includes following Supplements — B > nk   and  Q uotation  (monthly) j S tate   and  C ity  (semi-annually) K  ailway   a . nd  I ndustrial  (quarterly) | S tueet  R ailway  (3 times yearly) Terms of Advertising—Per Inch Space Transient matter x>er inch spare (14 agate lines)........................................... $4 20 (   Two Mouths (-‘times)................................ 22 00) Three Months (13 times)................................ 29 00-Standing Business Cards six Months (26 times)................................ 50 00CTwelve Months (52 times)................................ 87 00CHICAGO OFFICE—P. Bartlett, 513 Monadnock Block; Tel. Harrison 4012. LONDON OFFICE—Edwards & Smith, 1 Drapers’ Gardens, E. C.WILL, AM K. SANA COMPANY, Publishers,P. O. Box 958. Pine St., Corner of Pearl St., New York.Published every Saturday mornin? by WILLIAM B. DANA COMPANY. William B. Dana, President; Jacob Seibert Jr., Vice-Pres. and Sec.; Arnold Q. Dana, Treas. Addresses of all. Office of the Company._______________________ CLEARING HOUSE RETURNS. The following table, made up by telegraph, &c., indicates that the total bank clearings of all the clearing houses of the United States for the week ending to-day have been $2,364,238,536, against $2,293,113,705 last week and $3,486,497,685 the corresponding week last year. Clearings—Returns by Telegraph.   Week ending Nov.  16.1907.1906.  PerCent. New York ____________ _______ _________ $1,087,243,447114,173,226100,582,16623,669.701166,762,051*50,000,00015.695,440$1,792,397,919158,613,451135,726,71326,762,992212,244,42559,737,68622,656,088—39.3 —28.0 —25.9 — 11.6 —21.4 —16.3 —30.7—35.3—9.7PhiladelphiaBaltimore ____________ , _________ „ _____ Chicago _______________________________ New Orleans _____  _.......... ................... Seven cities, 5 days .. ____  __ ......... ãOther cities, 5 days ____________  -Total all cities, 5 days,- ......... - ..........  All cities, 1 day....................... ..................... Total all cities for week-.......... ............ $1,558,126,031402,471,28632,408,139,274445,869,746$1,960,597,317403,641,219$2,854,009,020632,488,665—31.3—36.2—32.2$2,364,238,536$3,486,497,685♦Partly estimated. The full details for the week covered by the above will be given next Saturday. We cannot furnish them to-day, -clearings being made up by the clearing houses at noon on Saturday, and hence in the above the last day of the week has to be in all cases estimated, as we got to press Friday night.We present below our usual detailed figures for the previous week, covering the returns for the period ending with Saturday noon, Nov. 9, and the results for the corresponding week in 1906, 1905 and 1904 are also given. Contrasted with the week of 1906 the total for the whole country shows a loss of 20.4%. Outside of New York the decrease from 1906 is 8.1%. Clearings at —New York __ Philadelphia _Pittsburgh . _Baltimore __ Buffalo ______ Washington. _ Albany --------- Rochester ___ Scranton ____ Syracuse ____ Reading_____Wilmington. - Wilkes-Barre _Wheeling. W.Erie ________  Greensburg Chester _____ Binghamton _Franklin ____ Harrisburg _.  York _______ Week ending November  9.1907.  Inc. or    Dec. S ,272,061115,78345,88226,6708.2915,3394.9143,6991,9482.2681,3371.1651,1911,052618529;564,508,269.1,050,892,,045; 1,769,139,281,830 2 L110581.6941 ,455! .664. ,257| .428; 9-7 988 455i3531063! 052 i3571 934: 700' 7»'0 000132,841,449 48,209,042 26,777,614 7,698,995 5,8-14,844 6,257,517, 3,855,2771.998.529 1,851,404 1,236,8021.197.530 1,021,722 1,091,391)683.137 528,51 i 491,613 470,200' 217.091 1,000,000805 Not Included % —28,1 —12.8 I—4.8 i—0.4 + 7.7 —8. —21.5 —4.0 —2.5 + 22.4 + 8.2 —2.7 + 16.6 —3.6 —9.5 + 0.2 + 14.9+ 24.31+ 5.0; In total1,909,512,158 1132,905,968! 48,487,580 2C.722.147! 7,483,670 5,558,488 4.935,465 3,468,772 1,760,554 1,726,585 1,160,293 1,168,215 963,684! 815,086! 531,811* 487,920, 474,192 425,000! 303,223 Week ending November  9.614,801,652 114,697,459 44,469.357 \ 22,224,782 j6,138.618 I4,837,639 13.897,319 3,032,417 i1,502,59|1,482,768 i1,015,735 [907,848 870,7 0 662,098 :590,172 i355.974 j395.974 !432,0 )0 I221,774Total Middle. _1,495,147,871 2,012.418.003 —25.7 2,148,892.111 1.822.397.-’42 Clearings at —1907.1906.  Inc. or    Dec. 1905.1904.$$-^.2SSBoston _________148,270.919166,997,695153,126,851136,585,959Providence6,210,4006.739,900—7.98,474,8007,087,600Hartford..............3,338,0874,047,588—17.53,285,8092,702,134New Haven _____ 2.2S3.0772,395,098—4.72.431,4272.025,053Springfield ______ 2,166,8642,262,826—4.21,421,5561,366,524Portland _______ 2,050,8991,708,395+ 20.02,205,8851,737,455Worcester ______ 1,491.0271,466,241M6.91,389,5991,314,286Fall River ______ 1,275,3101,218,928+ 4.7963,954701,577New Bedford ____ 856,738702,107+ 22.0819,464559.806Lowell _. _585,938522,727+ 12.1561,346500,816Holyoke _______ 572,816504,544+ 13.5497,605515,916Total New Eng 169,102,075188,566,049—10.3175.178,296155,097,126Chicago ............... 199,568,995211,414,565—5.6211,643,105181.446,674Cincinnati ______ 22,048,65025,471,700—13.422,242,90023,426,900Cleveland ............15,047,96515,935,524—5.613,612,02713,285,500Detroit-- ______ 13,258,61821,286,115+ 7.912,463,16310,813,301Milwaukee _____ 10,518,04510,543.801—0.29,710,9438,152,499Indianapolis ____ 7,814,0257,933,601—1.98,099,9556,645,507Columbus ______ 4,803,8005,562,400—13.64,439,1005,483.500Toledo . ................. 4,286,8014,100,850+ 4.53,834,7313,256,604Peoria . _ _____ 2,169,3203,121,664—30.53,456,4313,349,872Grand Rapids...2,358,4442,157,491+ 9.32,329,1552,008,524Dayton ________ 1,567,3712,113,253—25.81,761,6221,632,271Evansville -1,889,0871,925,771—1.91,603,9171,526,405Kalamazoo ____ 962,7341,036,880—7.1+11.0929,200851,770Springfield, III Fort Wayne ____ 846,275762,745771,935811.895654,375886,592—26.2964,996 Akron__________375,000700,123—46.4504,200576,100Lexington _____ 567,017617,417—8.2599,382479,599South Bend _____ 559,622537,375+ 4.1484,975Rockford __ 600,201579,363+3.6530,075446,208Canton ______  _ 450,000502,287— 10.4440.942496,934Bloomington ____ 420,905482,888—12.8466,718389,304Quincy,- __  __ 591,3014.82,809+ 22.5424,410431,881 Youngstown ____ 938.Q47478,878+ 95.9581,163658.290Springfield, O __ 445,270429,521+ 3.7412,564393,767Mansfield _____ __ 316,613279.956+ 13.1361,346219,171Decatur ____ 350,968348,644+0.7346,835234,977Jacksonville, 111.243,710213,175+ 14.3187,313267,464Jackson. ___298,458239,884+ 24.4268.635224,399 Ann Arbor ____ 171,074158,170+ 8.2139,172116,045Total MidWest294,122,691311,333,442—5.5303.610,308267,625,361San Francisco ___ 27,874,83446,734,085—40.439,070,94630,755,963Los Angeles _____ 9,311,86912,430,241—25.110,656,6757,181,994Seattle _. - ____ 9,901,22610,801,073—8.37,193,9105,029,007Portland . .............5,904,0956,933,800—14.95,817,9934,918,154Salt Lake City___4,207,0525.687,222—26.05,258,5293.694.093Spokane ............... 7,322,9555.560.524+31.74,229,0823,079,275Tacoma - _ __ Oakland4,891,61 i 2,002,083 1,084,1314,346,650 3,229,263 776,85R+ 12.5 —38.04,065,5432,768.626Helena ____ ____ +39.6935,680673,552Fargo __________810,581795,127+ 1.91,113,150932,640Sioux Fails _____ 680,000543,351+ 25.2461.610322.652San Jose....499,908340,361+ 46.9- ......... .. Total Pacific. .74,490,35098,178,553—24.178,803.13859,355,956Kansas City ____ 33,538,31228,539,562+ 17.528,237,06924,458,823Minneapolis.- _22,978,04626,816,<’59—14.328,352,61722,442,132Omaha _________ 10,115,9149,777,794+ 3.59,133.5637,724,135St. Paul _______ 9,406.2139,989,362—5.89,080,0157,042,121Denver. ................7,499.0227,022,143+ 6.86,251,1794,811.779St. Joseph ______ 3,972,8284,680,803— 15.15,368,3444,325,186Des Moines _____ 3,425,0002,855,941+ 19.93,092,5922.109,830Sioux City... _Lincoln2,070,2092,001,5771.113,9902,149,67 ' 1,249,638 1,106,890—3.7+60.22,049,7431,261,003Davenport.+0.61.061,448795.989Wichita .. .1,562,9291,142,842+ 36.81,058,1681,050,866Topeka ________ 864,5811,114,475—22.4756,6361,105,790Colorado Springs982,46.3576.634+ 70.4803,607506,224Cedar Rapids___982,575662.038+ 48.4594,048597,406Pueblo _ _ __550,000450,495+ 22.1499,645418,192Fremont _______ 239,957289,740—17.2242.759164,262Tot .other West101,303,61698.424.692+ 2.996,581,43378,613,538St. Louis _______ 55,536,52757,942,751—4.261,535,82159,510,329New Orleans____19,917,50424,118,882— 17.428,476,64'!20,771,599Louisville ............12,741,86912,741,869—9.710,882,01911,686,715Houston .10,731,23113,745.7.89—21.912,438,9337.538,108Galveston ______ 6,700,0008,911,500—24.88.285,5007.126,500Memphis . ............ 5.698,1356,387,2017,279,295—21.79,851,7037,950,092Savannah6,724,483—5.08,113,3135.205,342Richmond . .......... 6,25«,9 56,01‘v813+ 4.05.523/325,051,127 Atlanta ..6,009,2005,828,002+ 3.15.585,2283,718,510Fort Worth _____ 4,836,2533,990,365+ 21.23,364,46*'.3,453,5212,792,640Nsahvlile5,731,2593,589,234+ 59.72,786,369Norfolk ... ____ 3,273,85'!2,824,865+ 15.92,702.0012,049.361 Augusta ..............2/74,0502,421,624+ 10.43,169,1131.833,334Birmingham ____ 2,13i',*'5 ;2,111,413+ 1.21.998,1201,486,794Little Rock _____ 1,351,1842,166,2102,163,55037.61.869.0331,463,262Mobile . ................. 1,576,737—27.11,4^8,9271,535,450Charleston1,900.0001,685,914+ 12.71,741,994Chattanooga ____ 1,450.0001,513.458—4.21,682.69.8719,859Knoxville _____ 1,500,0001,427,758+ 5.11,259,4341,162,944Jacksonville __ 1,355,1501,191,929+ 13.71,3^3,215997,066Macon _________ 933,9451,018,749951,644—1.9814,434679,798Oklahoma ______ 1,251,102— 18.6 _________ Beaumont ______ 472,500450,000+ 5.0472,253316,506Total Southern158,947,102171,04s, 451—7.1176.052.004146,380,805Total all _____ 2.293,113.7052,879.969,190— 20.42.979,117,2902,529,470,028Outside X. Y. _Canada—-1,021,052.060 1,110,829.909-S.11.0G9.605.132914,668.376Montreal _______ 37.004,08434,759.661+ 6.532,1 <’1,90428,040.627Toronto ________ 27,1116,50431.13-5.S96— 12.734.365.41219,205,138Winnipeg.........If',902,985 4.536.68414,968.033+ 12.911,495,7-28.056,298 Vancouver ......... 3,443,516+ 31.71.975.0311.696.681Ottawa ________ 3,803,3543,228.009+ 17.83,094,8772,405,948Quebec ....... .......... 2.779.4692.4 8,306+ 12.62.332,2542,022,600Halifax ________ 2,316.4041.991,998+ 16.32,117,7981,705.328Hamilton ..............2,112,1171,773,147+ 19.11,610,8011.355,419St. John...............1,480,5721,355,303+ 9.21,343.7061,26-2,195London ________ 1,428.310,1.378,476+ 3.61,145.8201,123,392Calgary .1.820,5241,300.969+ 40.01,016, i 16 Victoria ________ 1,1^1.3291,004,946+ 17.5' 951,725Edmonton. ......... 914.6.69696.960+ 31.2 ------------- Tot-1 Canada.1Q3.447.00599,505,620+ 4.082,1.50,59067,889,739  1234THE CHRONICLE [V  ol . lxxxv . THE FINANCIAL SITUATION. The subject of currency reform is always agitated more or less after such a crisis as that we are just now passing through.' Strangely enough, Europe has its periods of depression and liquidation, but never do they bear much relationship to the industrial casualties in the United States. Ours are more overwhelming, having generally a severe, almost a malignant, air about them. Europe suffers, liquidates and goes ahead again in a quiet way, having had itsslow-up, and having gotten upon its feet for another period of work with a spontaneity which appears to indicate the direct action of a natural environment which is absent in our case. Just as terms of prosperity in  America are more vigorous and energetic, so our liquidations are more tragic and less natural.This difference in industrial concerns between the old world and the new has led financial circles to look to Europe and study the causes for the disparity noted. In doing this nearly all classes fall upon the government bank—as, for instance, the Bank of England, the Bank of Germany, the Bank of France— as forming the fundamental feature that goes to make up the financial environment in Europe which is lacking here; and consequently the conclusion is quickly reached that what we want is a Government bank. Such a conclusion is not unreasonable. Europe has had an extremely long financial experience and that experience has crystallized into these large powerful institutions as the head and front of each country’s financial system. Such banks are found not only in the leading European countries but in the lesseron3S. The question is asked, therefore—why should we not build upon knowledge Europe has gained at so great a cost of trial and observation? Why should we not introduce into our banking system an institution copying what is best in all of the European systems? It seems to us that if the need was less urgent, this suggestion would merit attention. As our readers know, however, the New York Chamber of Commerce prepared and published the outlines of a device for relief under circumstances like the present and the National Bankers’ Convention has modified and passed the same proposal. It is possible in that direction help may be found. We have written respecting that feature of the subject on a subsequent page.But it is to be borne in mind that the country is in a peculiar state now. It wants relief and it wants it quickly. There are lots of individuals, firms, corporations and manufacturing concerns that are perfectly solvent, and yet many of them face insolvency if they are not relieved of some of their burdens and have their facilities for borrowing enlarged within a brief period. This condition has given force to a suggestion that, as it would probably take no little time to secure the passage of any elaborate legislation on this subject, and as the occasion calls for speedy action, a provision for the issae of an emergency currency of considerable amount, but heavily taxed, would provide what it is assumed would serve as a lever to right affairs. Heavily taxed, we say, to insure its return to the issuer as soon as the emergency has passed. We are told, by those who know, that Europe, and especially Paris, is ready to make very considerable ventures of capital in the United States if it can only be assured that our industrial organism is not going to be overwhelmed and our material well-being wrecked at this juncture.Let us not be deceived as to the breadth of any emergency device. Nothing of that kind can be a cure. We may thereby relieve distress and enable the solvent merchant and the solvent business to exist. But that is not what has brought us into this situation. Hoarding money is a picayune incident. We want to get back of that. What produced the conditions that led the body of small and large capitalists (the classes of chief intelligence in the country) to draw out their bank balances and secrete them? It is the strenuous legislation that has in recent years been enacted and the reckless, unthinking way it has been enforced by our President and his deputies that have destroyed confidence in all security values, and from that nerve centre the same lack has necessarily invaded our whole industrial make-up. Conservative men who have spent their lives accumulating the little or much they possess suddenly have found their enterprises and even their weekly needs hazarded because value has so far gone out of their assets that if they were to liquidate to-day there would be little or nothing left. Consequently it is not only important to have enacted a device for emergency issues of currency but, far more than that, to have repealed some of the laws that have been passed, and the deputies most active in hounding their victims called in and muzzled. Until some progress towards those ends is seen to be making, confidence cannot be recovered and industrial progress be restored. Very likely we shall soon have easy money— affairs are working in that direction already—very likely also we shall soon be returning some of our recent imports of gold to Europe. Business expansion will follow, but only as the bands tightened by Federal and State legislation are loosened and enterprise is made permissible can a renewal of prosperity get under way.Though the gold movement from Europe has continued, the total engagements reaching now nearly 64 millions, or much in excess of the estimates which were made when the movement began, there does not seem to be any serious obstruction thereto by the foreign banks or by foreign bankers; indeed, whiie high official rates of discount are maintained by the great banks, rates in the open market are at concessions, and this week the price of bar gold in London was reduced % of a penny per ounce. Besides that, as we have stated further below, a gain of 1514  million dollars is shown this week by the Bank of England’s report and also a higher percentage of reserve to liabilities. Arrivals at this port aggregate already 31^ millions gold, or sufficient, it would appear, to cause a material reduction in the premium on gold and on currency; and though there is evidence, in augmented deposits of funds in savings banks, of a return of currency to its customary channels, the premium thereupon was almost as high this week in this city and in some interior localities higher than it has been. This, however, may be accounted for by the fact that semimonthly pay-rolls are now absorbing much currency of small denominations, where checks cannot be made available, and also that those who have placed their funds in safe deposit vaults and in other repositories are  Nov. 16 1907. | THE CHRONICLE. 1235 being approached by money brokers, who are bidding high rates for currency for re-sale to applicants therefor, as already indicated, in the interior. These exceptional requirements are likely soon to be satisfied, and with the release of funds withdrawn from hoards, which is in progress, the premium now being offered will decrease. Indeed, there was a fall in the premium on Friday to about the lowest rates yet recorded; but, owing to an urgent inquiry for currency from Philadelphia, rates sharply recovered.The new engagements of gold this week, amounting to nearly 16 millions, were chiefly by two New York bankers—Lazard Freres and Heidelbach, Ickelheimer &  Co.—who have been among the largest of the importers, one of whom is understood to enjoy unusual facilities for such operations. This seemed to indicate that the withdrawals of gold represented the proceeds of New York revenue bonds which were recently placed in Paris. The amount of gold engaged closely agreed with that which had previously been reported, when the advance of 15 million dollars was made by the Bank of France to that of England—to the effect that the amount mentioned would be relased by the former for shipments hither. Hence it seems that the municipal bond negotiation in September, which was effected through the intervention of Mr. Morgan, provided the funds which are now being remitted. Among the gold engagements of the week were small amounts by interior banks, which have resorted to this method for procuring funds for the relief of local tension. The gold so imported is received at this port and transferred by telegraphic order through the Treasury, thus saving the cost of the shipment of the metal by express. Furthermore, inasmuch as the premium on gold is greater at the interior points than it is in New York, the direct import operation is of decided advantage to the banks. The absorption this week by American bankers of 3 millions Cape gold was followed by a decline in the London market price of the metal, as above noted, and by the receipt by the Bank of England of 63  4  million dollars, said to be from Paris.It was reported on Wednesday that negotiations were pending between Mr. J. P. Morgan, through his Paris branch, and the Bank of France, for the advancing of 15 millions gold, upon satisfactory security, to bankers in this country. The plan is said to contemplate the release by the French bank of the gold at a premium of of 1% and the transfer of the metal hither through exchange drafts. A Paris cable on Thursday stated that the negotiations were unsuccessful or temporarily suspended.Several of the Southern States legislatures still keep gaily at work in their attacks on railroads and other corporations. It may be recalled that in our issue of Oct. 19, in enumerating some of the reasons for the existing disquietude, we alluded to the proclamation which Governor Comer of Alabama had then just issued convening the Alabama Legislature in extraordinary session for Nov. 7, and enumerating twenty- seven distinct subjects for the consideration of that body, nineteen of which were directed against the railroads. The Legislature is now in session, acting in accordance with the recommendation of the Governor. Business men all over the State have been protesting against further legislation, and have asked the Governor to desist in his course. At a meeting at Montgomery these business men gave voice to their feelings and sentiments on the subject in a series of resolutions. These resolutions call attention to the fact that “at a time of almost unparalleled prosperity and plenty, this country has been ruthlessly plunged into the anomalous condition of financial panic, not results of natural or normal causes, but largely due to reckless and exaggerated charges, and unreasonable and radical legislation against corporations, without discrimination between the innocent and the guilty, and of threats of even more drastic and unconscionable enactments, by which public suspicion has been unduly aroused, unwarranted distrust created and different classes arrayed against each other.” These objections, however, appear to have been of no avail. Dispatches in the daily papers on Wednesday stated that Governor Comer the previous day had won a sweeping victory, the Legislature having passed several of the so-called administration measures to regulate the railroads. The Maximum Rate'Bill, which had been enjoined by the railroads, was, it is stated, repealed; the authority given the Railroad Commissioners to bring suit was revoked, and this will keep the railroads, we are told, from enjoining the State. The bill providing for penalties for failing to put into effect the State laws was also passed.The passage of these bills and of the eight bills known as “The 110 Commodity Rate Bills/’ it is added, will mean practically putting the rates into effect without going to court. The further information is vouchsafed that the bills have been carefully drawn by the most prominent constitutional lawyers in the State. It remains to be seen, nevertheless, whether a State can prevent an aggrieved party from seeking redress in the Federal courts from injuries sought to be inflicted by State laws in conflict with provisions of the Federal Constitution. The Louisiana Legislature has also been in special session passing anticorporation measures. A dispatch from Baton Rouge Nov. 14 stated that the State Senate the day before had passed a bill prohibiting foreign corporations from filing or transferring cases to the Federal Courts, on penalty of debarment from the State. What is this but an attempt to deny to citizens of other States doing business in Louisiana the equal protection of the laws guaranteed by the United States Constitution?  Yet the dispatch referred to asserts that only one vote was cast against the mesaure, and that this is the first of the proposed “reforms” to be concretely presented to the extra session. The only comment needful to make on action of this kind is to say that it must tend immeasurably to retard that recovery of confidence in the business and financial world for which the people of the whole country, East, North, South and West, are just now praying.In the death of Charles E. Perkins, so long and so prominently identified with the Chicago Burlington & Quincy Railroad—“C. E. Perkins of the C. B. & Q.” he was known—the railroad world loses a representative of the first rank and the community a citizen of the highest type: Mr. Perkins as an active railroad man probably did more for the development of the Chicago-Burlington & Quincy, and, through this railroad system, of the territory tributary to the lines of the system, than any one single person. Everyone is familiar with the excellent character which the Bur  1236 THE CHRONICLE. [V  ol . lxxxv . lington & Quincy has always held in public estimation. In that respect this great railroad property has merely reflected Mr. Perkins’s own life and character. Mr. Perkins was born in Cincinnati, received his schooling in Milton; Mass., and served as a clerk in a store until 1859, when he went to Burlington, Iowa, and became connected with the little piece of road which years later, through his energy and foresight, was to grow into the great Burlington & Quincy system of to-day. He passed through all the various grades of the service, advancing by rapid steps until he became President of the company, a position which he held until 1900, when he retired from the service. He remained, however, a director up to the time of his death. An interesting story is told showing the sense of honor possessed by the man. Charles G. Dawes, formerly Comptroller of the Currency, under whose personal cognizance the act came, has given the facts to the world. It appears that Mr. Perkins had been elected a director in a national bank in Lincoln without his’knowl- edge and the bank became insolvent. His holdings of its stock amounted to only $10,000, and therefore $20,000 marked the full limit of his responsibility under the double liablity attaching to national bank shares. Mr. Perkins had protested against his election as a director, but had nevertheless continued in that official position. He feared that this use of his name had influenced some persons to make deposits in the institution, and accordingly would occasion them a loss should the bank be allowed to fail. He consequently determined to save the institution, and contributed out of his means an aggregate of a full million dollars. Though a man of considerable fortune, Mr. Perkins was by no means a multi-millionaire, and it is this fact that makes the act all the more noteworthy. At a time when it is the fashion to treat railroad men as if they were unconscionable rogues and rascals, recognizing neither the moral nor the civil law, this narrative of the life of Mr. Perkins deserves wide circulation, and it furnishes a refutation of the calumnies which mark the utterances of so many of our public men.The “Iron Age” of this city the present week publishes its usual monthly statement of pig-iron production. The figures cover the month of October, and show the largest make of iron ever reached in any month in the history of the trade, the output being 2,336,972 tons. But the figures possess only an academic interest. They represent the past, not the present, nor the immediate future. Since October closed there has been a curtailment of production which is quite without precedent even in a trade which has always been noted for its sharp ups and downs. In the iron and steel industry it is either king or pauper, as the saying is, and just now unfortunately the country has reached the pauper stage. The general report is that there is absolutely no new business, and furnaces and plants in large numbers are shutting down. The “Age”   says that at the moment the financial situation dominates the trade absolutely. It has, not alone led to an almost universal suspension of new business, but has stopped work on contracts on hand and in many instances is stopping the delivery of goods produced. While noting weakness at many points, our contemporary nevertheless is inclined to take a hopeful view, and to look for “an orderly readjustment of prices when the proper time comes.’7It says that the action already taken by the large interests in the trade is proof of the fact that production will be adjusted to consumptive requirements^ whatever these may be.The Agricultural Department’s report of Fridayr Nov. 8, covering tentative estimates of the production of corn, buckwheat, potatoes and rice, completed the- sequence of preliminary approximations of the yield of the principal food crops of the country for the year 1907. And as these early estimates are, as a rule, in quite close accordance with the final figures, which are compiled by the Department late in December, they furnish, in connection with those for wheat, oats, barley, &c., issued at an earlier date, a basis from which to judge how serious a crop shortage we face as a result of the unpropitious weather conditions of the early part of the year. It sometimes happens that'va shortage in one crop in large part is compensated for by a surplus in another which can be put to somewhat the same uses. But that is not the experience of 1907, all important food crops showing a decline in yield from the previous year, and in some the decrease is notably large.Of corn, the greatest and most important of the food crops, furnishing sustenance in large measure to beast as well as man, the indicated product from the largest area ever planted in the United States is but 2,553,- 732,000 bushels, against 2,927,416,091 bushels in 1906 —a falling off of 373,684,091 bushels, or nearly 13%. Furthermore, the current year’s yield promises to be appreciably smaller than in 1905, when the acreage planted was about 43^% less than this year, and but little greater than in 1904, when 6% less was sown. In connection with its estimate of production, the Department gives an approximation of the amount of corn of the crop of 1906 still in farmers’ hands on Nov. 1 1907, making it 130,995,000 bushels, or 4.5% of that year’s yield, and but little greater than the amount so held on the corresponding date in 1906. It is evident, therefore, that the amount of corn consumed in the country last year, or otherwise taken out of sight (not including foreign exports, which were less than 100 million bushels), was fully a quarter of a billion bushels greater than this year’s promised yield. Besides being short in production, corn this year is stated officially to be of much lower average quality, affecting to that extent its food value. As regards potatoes, the estimated yield for 1907 (292,427,000 bushels) is moderately smaller than for 1906, and a large deficiency is shown compared with1904. The quality of the crop, however, is not appreciably below last year, and better than in 1905. Buckwheat is, of course, one of the smaller crops, and rather limited in use, but it, likewise, promises a smaller yield of slightly lower quality. Rice, on the other hand, also a small crop, would seem to have done better than any other of the food staples, the Department estimating the probable yield at 21,412,000 bushels, against 17,854,768 bushels in 1906. The estimates for the other grain crops—wheat, oats, barley and rye—were issued by the Department a month ago, and referred to by us at the time. They showed, as do those now being reviewed, more or less serious shortage in yield as compared with 1906. The combined crops of corn, wheat, oats, barley and rye, as estimated
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