/ p W / ^ f i n a n c i a l y o m m e r r m l f y h r a n i c l f ^ I N C L U D I N G 0 Bank and Quotation Section (Monthly) State and City Section (semi-Annuai^/ Railway and Industrial Section (Quarterly) Street Railway Section (Tb^f^om V O L . 8 5 . SATURDAY, NOVEMBER 30 1907. NO. 2*214 i t ( f r h v o m t l z . PUBLISHED WEEKLY. T e r m s o f S u b s c r i p t i o n — P a y a b l e i n A d v a n c e For One Year .................................................
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  /p W   /^financial yommerrmlfyhraniclf  ^ INCLUDING 0 Bank and Quotation Section (Monthly) State and City Section (semi-Annuai^/ Railway and Industrial Section (Quarterly) Street Railway Section (Tb^f^ om VOL. 85. SATURDAY, NOVEMBER 30 1907. NO. 2*214 it (frhvomtlz. PUBLISHED WEEKLY.Terms of Subscription—Payable in AdvanceFor One Year ........................................................................................... ..........00For Six Mouths........................................................................................................... (>00European Subscription (including postage) .................................................. 13 00European Subscription six months (including postage)..........................  7 50 Annual Subscription in London (including pcstage)................................  £2  14s.Six Months Subscription in London (including postage) ........................  £1  11 s.Canadian Subscription (including postage) ..................................................$11 50 Subscription includes following Supplements — B nk   and  Q uotation  (monthly) | S tate   and  C ity  (semi-annually) K  ailway   and  I ndustrial  (quarterly) | S treet  K  ailway  (3 times yearly)Terms of Advertising—Per Inch SpaceTransient matter per inch space (14 agate lines)........................................... $4 20 r  Two Months (S times)................................ 22 00' Three Months (13 times)................................ 29 00Standing Business Cards six Months (28 times)................................ 50 00 \  Twelve Months (52 times)................................ 87 00CHICAGO OFFICE—P. Bartlett, 513 Monadnock Block; Tel. Harrison 4012. LONDON OFFICE—Edwards &  Smith, 1 Drapers’ Gardens, E. C.WILL, I AM B. DANA COMPANY, Publishers,P. O. Box 958. Pine St., Corner of Pearl St., New York.Published every Saturday morning by WILLIAM B. DANA COMPANY. William B. Dana, President; Jacob Seibert Jr., Vice-Pres. and See.; ArnoldG. Dana, Treas. Addresses ot 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 $1,81 1,890,606, against $2,223,099,736 last week and $2,823,064,480 the corresponding week last year. Clearings—Returns by Telegraph.Week ending Nov.  30New York__________ _ _________________ Boston __________ _ ____________________Philadelphia_________________________ Baltimore _________________ _ _________ Chicago ____ ã _________________________ St. Louis . ....................................................New Orleans . .................______ ____ :  ___ Seven Cities, 5 days________________Other Cities, 5 days .................................Total all cities, 5 days----------------------  All cities, 1 day _______________________Total all cities lor week____________ Clearings at — Week ending November  23.  Per 1907.1906. Cent. $813,915,59781,354,229,626—39.975,425,232108,810,992—30.877,434,125111,734,274—30.717,298,69821,865.125—20.9133,660,325161,537,862—17.340,517,43546.602,228—13.162,586,32719,239,402—34.6SI.170,837,73931,824,019,509—35.8295,674,376370,327,682—20.2SI,466,512,115$2,194,347,191—33.2345,378,491628,717,289—45.1$1,811,890,606$2,823,064,480—35.8 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. 23, and the results for the corresponding w'eek in 1906, 1905 and 1904 are also given. Contrasted with the week of 1906 the total for the whole country shows a loss of 34.3%. Outside of New York the decrease from1906 is 19.4%. I Week ending November  23.1907.1906.  Inc. or    Dec. 1905.1904.$$—5*2.4$SNew York ____ 1,261,168,3962,190,736,2222,029,767,5511,786,061,834Philadelphia ____ 117,532.393158,067,992—25.6149,200,981116,408,264Pittsburgh ____ 51,192,84053,674,073—4.651,568,97342,157,044Baltimore ____ 26,529.85929,262,946—9.327,321,72423,183,098Buffalo _________ 8,382,7128,852,623—5.38,013,4496,433.625 Albany __ 5,461,6087,715,606—29.25,008,8853,893,400Washington ___ 4,506,2955,744,659—21.64,745,5114,277,976Rochester ______ 3,321,8643,388,905—2.03,508,1782,664,994.Scranton ______ 2,085,1952,169.118—3.92,182,7111,635,237Syracuse ____ 2,230,9841,979,305+ 12.71,744,2791,213,003Wilmington ____1,187,0851,514,294—21.61,119,498978,955Heading . ______ 1,210,2291,418,570—14.71,088,441888,030Wilkes-Barre ...1,172,9971,284,047—8.61,076,592851,716Wheeling ______ 1,345,2851,099,107+ 22.4843,168786.302Erie .. ..... .............709,534791,287—10.3546,133450,439Binghamton __ _441,300631,600—30.1485,900380,500( hester ________ 445,197598,828—25.7480,599351,387Greensburg  _____ 476,400514,603—7.4399,748436,248Franklin ______ 205.889285,723—27.9270,000163,194Harrisburg  _____  York . _ - ------- 997,093651,563939,558 Not Included+ 6.1 in total .............. To tal Middle..1,491,284,7242,470,669,066—39.62,289,372,3211,993,233,2461907.1906.  Inc. or    Dec. 1905.1904.S$—-§6.7$$123,879,745168,923,425151,822,867128,882.145Providence _____ 6,753,0008,489,900—20.58,088,6006,550.200Hartford _______ 2,725,3803,697,912—26.32,574,3872,305,823New Haven _____ 2,111,5092,713,444—22.21,919,7351,745,690Springfield ______ 1,727,0951,880,216—8.11,746,5251,377,114Portland _______ 1,851,3151,713,114+8.11,987,9581,458,614Worcester ____ 1.496,9161,595,803—6.21,329,5161,196,841Fall River ______ 887,3161,152,868—23.01,103,950604,326Lowell . ______ 564,466597,822—5.6479,296364,410New Bedford ____ 815,117589,957+ 38.2940,456464,720Holyoke. ____ 497,897551,482—9.7431.493452,786Total New Eng.143,309,756191,905,943—25.3172,424,792145,402,669Chicago ______ 192,133,238236,307,338—18 7214,393,540168,071,872Cincinnati20,946,05025,899,650—19.124.256,70020,402,900Cleveland ______ 15,769,92517,098.684—:7.815,208,35512,323,147Detroit __ 13,865,05318,519,131—25.112,899,8829,840,054Milwaukee ______ 10,226,51810,144,522+ 0.88,933,0217.309.137Indianapolis ____ 5,755,2147,792,776>—26.17,611,1075,570,658Columbus -4,580,5005,379,200—14.84,792,7004,345,300Toledo __ _______ 3,421,5674,564,313—25.04,209,3582,727,508Peoria__________1,199,4362,915,765—58.93.529,4703,248,522Cirand Rapids __ 2,014,1832,525,635—20.22,064,5781.641,364Dayton ............1,280,6191,830,945—30.11,650,6101,431,014Evansville _____ 1.804,3121,865,673—3.31,805,5741,216,858Kalamazoo _____ 672,1001,035.496—35.11,122,848687,204Springfield, 111..912,038785,316+ 16.1734,551548.087Fort Wayne ____ 597,786745,651—19.8691,367 Akron . ___ -475,000645,003—26.4494,000448',000Rockford _____ 643,056658,767—2.4668,935536,672 Youngstown ____ 1,300,649587,363 +121.4696,674459,685Lexington ______ 427,513524,787—18.5555,163427,767Canton __________440,000486,054—9.5386.007378,872Bloomington____ 326,027411,135—20.7417,268399,041Quincy __________538,969434,940+ 24.0346,474286,978South Bend _.330,266398,406—17.1341.483Mansfield _______ 197,941386,695—48.8322,589173,998Springfield, Ohio399,701349,366+ 14.4362,015305,707Decatur _______ 245,883302,675—18.0231,356286,932Jackson ________ 240,185295,855—18.8259,218209,728 Ann Arbor.___125,806206,375—39 0116,929104,339Jacksonville, 111.225,421184,016—22.5298,719185,612Tot. Mid.West'281,094,956343,281,532—18.1309,490,391243,566,948San Francisco___25,955,69950,202,544—48.335,132,29929,326,996I.os Angeles _____ 8,130,32212,564,955—35.310,707,0417,104,802Seattle ________ 7.483,65410,042,570—25.56,851,5584,705,529Salt Lake City ___ 3,866,0458,249,214—53.15,550,9044,497,159Portland . .............4,074.4977,221,026—43.64,580,1223.657,522Spokane ____ -  ___ 5,232,6855,291,122—1.14,230.4522,532,7812,690.751Tacoma............-.Oakland4,572,7831,118,318848,0084,771,4293,188,504984,789—4.2 —64.94,028,555Helena __ . __—13.91,014,327688,156Fargo __________507,725666,729—23.8855,769664,142Sioux Falls ____ 565,000405,270+ 39.4398.977279,351San Jose_________400,000268.707+ 48.8 _______ Total Pacific.-62,754,736103,856,859—39.673,350,00456,147.189Kansas City ____ 29,192,65928,038,564+ 4.125.215,92722,054,781Minneapolis _____ 23,141,42421,720,727+6.522,787,99620,543,984Omaha ... _10,268,2909,95i,565+3.28,904,7857,348,884St. Paul ________ 10,626,94310,389,928+ 2.38,785,9317,155,041Denver _____ ____ 7,751,6827,773,277—0.37,026,3414,918.798St. Joseph ____ 3,359,3924,603,195—27.04,812,3004,109,164Des Moines___2,765,0002,780,811—0.62,375,0601,983,238Sioux City ______ Lincoln1,744,8261,522,5671,856,5601,086.376—6.0 + 40.21,778,3801,378,884Wichita ________ 1,158.8421,058,183+ 9.51,063,011769,400Topeka806,537989.819—18.5730,281842,270Davenport ______ 824,042915,433—10.0791,589626,096Colorado Springs632,596694,845—9.0730,564411,663Cedar Rapids ___ 580,354536,670+8.1521,404358.290Pueblo _ _______ 578,863614,866—5.9512,961396,332Fremont _ ____ 211,421246,465—14.2233.602137,107Tot oth.West.95,165,43893,257,284+ 2.086,271,19273,033,932St. Louis _______ 57,033.38867.124,524—15.062,234,37353,005.893New Orleans ____ 19,071,961 25,466,335—25.125,967,72621,529,804Louisville ______ 8,901,05611,268,469—21.012,378,4249,623.671Houston ......... .. 9,414,46814,355,291—34.410,942,2807,703,8356,066,000Galveston ______ 6,299,0009,420,000—33.18,060,000Savannah ______ 5,839,5986,914,510—15.56,604,5134,483,458Richmond ____ 6,168,4186,195.786 - t -0.4 5,423,5374,696.156Memphis _______ 5,855,3455,493,292+6.68,564,7876,348.055 Atlanta_________5,263,9986,195,880—15.04,426,8503,300,986Fort Worth _____ 4,418,5674,347,987+ 1.63,320,3362,320.958Nashville ______ 3.924,9923,386,340+ 15.93,589,6352,492,786Birmingham ____ 2,087,1963,392.141—38.51,990,8011,363.091Norfolk ________ 2,684,8463,180,258—15.62.457,4261,897,3311Augusta ________ 2,145,7622,098,768+ 2.22,413,3141,514,571Mobile1,452,6241,148,3771,977,9511.890,579—26.61,447,857Little Rock___ __ —39.31,617,5091,215,321Charleston ______ 1,793,5461,701,313+ 5.41,702,4361,209,676Chattanooga ___ 1,620,0001,538,107+ 5.31,221,724761,512Knoxville ______ 1,420,7321,517,006—6.31.345,5091,232.330Jacksonville ____ 1,238,8541,300,000—4.71,169,843774,486Macon . ______ 727,538893,964—18.6624,302507,994Oklahoma.. ..637,8601,110,012—42.5 _______ Beaumont _____ 372,000400,000—7.0406,966309,858Total Southern149,520,126181,168,513—17.5167,910,148132,357,862Total all ______ 2,223,099,736 3,384,040,057—34.33,098,818,8482,643,741,846OutsideN . Y. . Canada—961,931,340 1,193,303,835—19.41,069,051,297857.680,012Montreal _______ 32,843,90335,252,708—6.828,508,95029,432,804Toronto ________ 25,000,00028.705,577; —12.921,580,23925.500.438Winnipeg  _______ 15.031,00814,580,255+ 3.111,181,8069.665.265 Vancouver ______ 3,893,1783.417,338+ 13.92,180,2021,721.300Ottawa ________ 3,253.7923,544.936—8.22,704.4152,814.438Quebec __________Halifax.............. .. 2,735,0362,065.025+ 32.42,090,7531,846,7971,925,6312,051.158, —6.1 1,729,4691,741,888Hamilton _______ 1,714,5981,700,096+ 0.91.628,3201,180.738Calgary ......... —St. John ________ 1,544.1301,536,608+0.51,185.5571,411,4061.243,293+ 13.5; 954,745London ã ________ 1,264,7931,104,485!+14.5967,819948,755 Victoria _______ 1,230,112894.625+37.5590,078470,095Edmonton ______ 971,830812,6271+19.6  _______ Total Canada .92.820,28796.908,7611-4.2174Tl 16.79f 76.507,875  1360THE CHRONICLE. [V  ol . lxxxv . STATE AND CITY SECTION. With to-day's issue of the “Chronicle” we send to our subscribers a new number of our “State and City” section revised to date. The editorial discussions in the same embrace the following topics: “Anomalies of Savings Bank Law Concerning Railroad Securities” and “Exemption of City Property from Taxation.” THE FINANCIAL SITUATION. It is not reasonable to suppose that the Government plan for bringing back the hoarded money into general circulation and relieving the money markets is pre cisely what would have been devised if the authorities had time to get suitable legislation perfected to over come existing obstructions to financial movements.  As matters stand, the Secretary is using what he finds among the forgotten statutes capable of being turned to good account by adapting them with a free hand to meet the occasion. As we said last week, great crises  justify bold measures for relief. In this case Mr. Cor- telyou deserves no little credit for rising above the ob stacles that beset his way and daring to venture much in an attempt to put to rights the dislocation of business affairs. “He has not learned the lesson of life who does not every day surmount a fear.”The truth is that one compelled to face the present situation under a certain sense of responsibility for its existence and continuance, which official position im poses, could not fail to be put to his wits' end in an at tempt to burrow out of the surrounding darkness into any sort of light! Some would have advised waiting until Congress meets. What a poor prospect that would open up! It is not at all likely that a device for future panics will be agreed upon by that body for months; the chances are that a committee of the two Houses will be at work patching up a compromise the last two weeks of the short session. We understand that Secretary Cortelyou has to-day a high wall built all around him of currency plans, piled one on top of another, sent him for examination and approval. Two sessions of the length of the coming one would hardly suffice to even read over the lot. We are an ingenious people, prolific in devising means to an end, and there is nothing that stirs the inhabitants all over the ex treme limits of our broad acres like a currency discus sion and proposal. The Secretary is to be warmly con- gratluated that at the moment of our great distress he was able to lay hold of a statute—a kind of dumb- looking affair to us—and yet having in it so much of real substance as to be capable of being at once put into working order; and, after being inoculated with the energy of a master hand, showing signs of so great fitness and vitality as fairly to inspire new hope at once. It will not do, though, to expect speedy reinstatement, assuming a complete cure assured. Our industries have been given a chance for a fresh start; but the disease is a deep one and the seat of it can only be reached and removed by a radical change in govern mental policy.Nevertheless, it looks to-day as if the Secretary would secure full success in his endeavor. That is not by any means to be understood as asserting that the old speculative situation will return. WThen the Clear ing House certificates have been retired, when the premium on currency no longer exists, when all our sound banks, savings institutions and trust companiesare on a cash basis, the work which the Secretary under took will be finished. The financial recreation had reached such a stage of improvement Wednesday, Mr. Cortelyou could see the end so near consummation, that he stated in the afternoon the sales of the 3% cer tificates of indebtedness were closed and that no sub scriptions after that day’s business would be consid ered; furthermore, that “reports from various sections of the country during the last forty-eight hours were of the most encouraging character.” At the same time the premium on currency had dropped at New  York to the merely nominal rate of %  of 1%, and for call money at the Stock Exchange there were large offerings at 5%, some brokers getting loans at 3%. The Secretary also made known that he was arranging to open the bids for the Panama Canal bonds invited by the circular of Nov. 18, to be received until the close of business on the 30th inst.; that at 4:30 p. m. on that day the bids would be opened, and as soon thereafter as practicable the results would be made public. Those who are looking for a simultaneous stock market re vival will be disappointed. Industrial affairs, where solvent, will have their shackles loosened. Stock val ues are quite another kind of problem. There can be no return to the old prices until there is a prospect of a return to the old values. We have written on that subject on subsequent pages (pp. 1366 to 1369). All sorts of undertakings are under strain, each with its limit of endurance. Very many of the indust rial com panies are over-extended. Among such institutions bor rowing, even after the recent generous issues of new money, will not prove to be easy. We were going at an abnormally high pressure, inducing hazard and risk when the check came. That speed was not regarded as venturesome so long as those condit ions of credit lasted; but when suddenly confidence collapsed and a more sensitive standard for the borrower was introduced, many of the borrowers broke under it. With a fur ther shock extended to our investment values abroad as well as at home, hope was lost. It will take time to get even the best of these stranded ventures afloat. In the meantime, stocks on our Exchange may go up, but they will also have their turn of going down, much as they have the current week. A Paris cable on Saturday of last week, in an nouncing a shipment on that day of millions in  American eagles consigned to New York, stated that such shipment was made through French bullion houses as re-discount exclusively by the Bank of France of French commercial exchange; furthermore, it was said that similar transactions would follow at intervals and be continued, so that the gold released by the Bank might possibly amount to ‘20 million dollars. The fact that on the previous day, as reported in the “Chronicle” last week, there was an engagement in Paris of 7^ millions gold for shipment hither—which gold had been bought at a premium of 6 per mille from the Bank of France—seemed to convey the im pression that some new arrangement had been made by which the Bank of France would directly contribute to our requirements for gold, and that the above- mentioned release of the metal on Friday was the result of such arrangement. It appears, however, that the transaction was in the ordinary course of business between the Bank and French houses, and that this and future operations would t>e confined to  Nov. 30 1907.J THE CHRONICLE. 13(>1 the discount of commercial bills drawn against ship ments hence to France of cotton and other staples now being received at the French markets.It now seems probable that through the various measures of relief—such as gold imports from Europe, new coinage at our mints, increased deposits of Gov ernment funds in bank depositories and augmented bank-note circulation—the monetary situation in this country has been ameliorated. Bids for Panama Canal bonds are to be opened to-day (Saturday) and the amount thereof will be announced. The re-deposit temporarily with national banks of 90% of the pur chase money for these bonds will contribute to aug ment the volume of Treasury relief to the market- The reported exercise by the Morgan syndicate of its option on the remaining 20 millions of the 50 millions 6% New York City bonds—30 millions of which were previously taken by these bankers^—will doubtless also have favorable influence upon the situation. Of importance, likewise, is the announcement that the executive committee of the Chicago Clearing House on Wednesday ordered destroyed $25,000 of Clearing- House loan certificates that had been paid into that association; it was stated that “this proceeding would be continued until the entire issue is paid back and normal conditions restored.” Mr. Forgan, President of the First National Bank of Chicago, further said that “practically all of the banks of the Middle West and Northwest that have been questioned re garding resumption of cash payments declare them selves ready for such resumption at once.” With the obstacle of issues of Clearing-House loan certifi cates removed in those sections of the country, con fidence in the situation should soon be established and the way prepared for the retirement of such certificates by the New York and other Eastern clearing houses and for the extinction of the premium on currency. With normal monetary conditions thus restored, gold imports from Europe should cease, discounts be reduced and tension abroad be relieved.It seems now that since the last week in October there has been withdrawn by our bankers from Euro pean centres, chiefly London, nearly 100 millions of gold; not until last week was the drain upon the British capitol diverted to Paris, though in the previous fortnight the Bank of France had contributed to the relief of the Bank of England through a loan of 15 million dollars. Our drafts on London have been so far reduced that the tension there is now materially relaxing, as is shown in the easier discount situation this week. This relaxation is also due to the action by the Bank of France in the releasing for shipment hither of considerable amounts of gold. Such inter vention was timely. The Bank of England could scarcely have long continued to supply, unaided, the demand from New York for gold. It has reached the period of the year when unusual requisitions are made upon the Bank, in addition to other demands, for gold for the provinces, and the Bank could not supply that, besides further shipments to New York, without a reduction in its reserve to ail extremely low minimum. Relief for London could not be obtained from Berlin; the Reischsbank had parted with all the gold it could spare and it was last week reported as seeking to pro cure new supplies from the Austro-Hungarian Bank and from the Bank of Russia to fortify its reserve,made desirable by the expandedJnote issues. More over, the result of further gold withdrawals from London might have made necessary an*advance in the Bank of England official rate, which, at this time would probably have had a deranging influence upon all the European monetary centres, not excepting Paris. Probably with the object of preventing a resort by the Bank of England to this repressive device, the Bank of France assumed the burden of withdrawals of gold for New York.The value of the various services of the Department of Commerce and Labor is, we think, not fully appre ciated by the public at large. Those, however, whose material interests are being served by its many activi ties—and they include practically all branches of trade and industry—no doubt recognize its utility. It does not follow, of course, that the matters over which it now has exclusive control or jurisdiction received no attention formerly, but it is an undisputed fact that since the Department came into being the value of its work has fully demonstrated the wisdom of its insti tution.One of its latest services is the making of inquiries of American Consular officers as to the opportunities for the extension of our flour trade. The replies re ceived up to November 20, and which referred, in the main, to Mediterranean countries, were made public on that date. Special interest attaches to the reports from Turkish points, where, it is said, an excellent opportunity for our flour exists, owing to the poor crops in Asia Minor this year and the high prices ruling for flour in Roumania and Russia. It is pointed out that  American products of good grade would find a ready market, attention being directed, at the same time, to the fact that all flour must undergo a chemical examination in Turkey, adulterated goods being ex cluded. The regulations, however, are stated to be reasonable, and no pure flour will be kept out. Busi ness with Italy, according to our Consul at Genoa, depends entirely upon the ability of the American miller to furnish the flour lower than the Italian product brings. On that basis a large trade can be done; otherwise, none. Spain, on the other hand, is not usually a promising field for extending our flour trade. In the Barcelona district alone the capacity of the mills is much in excess of the needs of the home markets, and efforts have been making for some time to have the Government grant drawbacks on imported wheat in order to permit exportation of flour. Wheat-grow- ing interests, however, have defeated the project thus far. Very little likelihood exists of flour importations into Spain, unless wheat for grinding be unavailable. This year the short crop necessitates considerable im portations of grain, but there is, it is said, some preju dice against our wheat, it being claimed not to be quite strong enough in gluten. In Norway, where little or no grain is raised, our flour meets with special favor and sales are steadily increasing. China offers a good opportunity this year, foodstuffs being scarce.The investigations and report on the subject of flour merely furnishes an illustration of what the Depart ment is doing or endeavoring to do in many directions, including suggestions for improvement in the manu facture and preparation of goods or foodstuffs, new inventions, &c.  13(52THE CHRONICLE. [V  ol . lxxxv . Cotton-growing interests in Texas, as represented by the Farmers’ Union Cotton Company of that State, claim to have entered into an arrangement much in the nature of the coffee valorization plan under which they seem to believe, they will be able to obtain higher prices than now current for their product. The scheme as outlined in advices from Houston involves the making of arrangements with financial interests in Liverpool and Bremen whereby cotton may be shipped to those places and loans of $30 per bale obtained on it, the cotton to be held abroad subject to the shipper’s orders. The operating cause for the arrangement is stated to be that many farmers have reached a point where it is absolutely necessary that they should secure advances on their cotton or sell it. They cannot get the same advance here on account of the monetary situation and they do not wish to sell at ruling market rates.It is particularly announced that the proposition is not a selling one, but one that will enable farmers to carry out their srcinal intention of holding their product for higher prices. In connection with the arrangements made, however, there would seem to be a lurking suspicion in the minds of the farmers that even those who have come to their assistance will not hold on. This is indicated by the fact that it is in contemplation to send a representative to Europe to look after their interests. They are said to be appre hensive that the cotton sent abroad to be stored may , instead, be turned over to the spinners, thus forcing the market down. A representative is, therefore, to be sent to supervise the storing of the product upon arrival. It is to be presumed that the European finan ciers who have been induced to enter into this appar ently very beneficial arrangement with Southern planters are thoroughly reputable; to send some one to make sure that they will do as agreed would, conse quently, be absurd. That, however, is only rumor. We presume that the arrangement, if one has been made, is more in the nature of a margin contract; that the owners of the cotton can borrow a larger percentage on their cotton than they could here and the cotton will be held just as long as the margin is kept good.The fixed price of 15 cents for cotton was again brought up at a meeting of the National Farmers’ Union, held at New Orleans on Saturday last, dele gates from twelve States attending. Numerous speeches were made upholding 15 cents as a  fair  price for cotton this season and denunciatory of those hold ing contrary opinions. Final action of the meeting consisted in pledges that 6,000,000 bales claimed to be now held in warehouses at the South will be held until 15 cents is obtained, and the president of the Union was instructed to boycott, by publishing the name of the financial institution, attempts to foreclose on the farmers. It was also decided at the meeting to hold a general Farmers’ Union Convention in Mem phis on January 7 1908, at which it is the intention, should cotton by that time not have gone to 15 cents, to recommend a reduction in acreage with the hope of immediately forcing the price. A further move in the Texas scheme of holding cotton for higher prices came to light on Saturday last. It comprehends the issue of certificates based on ware house receipts. Announcement was made 'that day at Houston, by its President, that the Farmers’ Union Cotton Company had decided to issue certificates atthe rate of $30 per bale for every bale of cotton held in Texas warehouses, the Texas Banking & Investment Company of Houston to act as trustee and guarantee the issue. The certificates are to be issued in denomi nations of $1, $5 and $10 and are to fall due in seven to eight months. It was stated, moreover, that some would be put out this week. Merchants are expected to accept them at face value, depending upon the Texas Banking & Investment Company to take them up later.In a somewhat rambling interview in the “Times,” President Woodrow Wilson of Princeton declares that political opinions are at present deprived of value by the suspicion that the person uttering them is playing for office, and that the great need is of “a common council for the people,” composed of men with no personal ends to serve. Only one precedent condition to the usefulness of this proposal exists  —to find the   men I  That is quite a safe proposition. He adds that the aggressive pursuit of trusts is because the people are kept in ignorance of their affairs. Cor poration lawyers injure their clients by insisting upon ignoring the public demand for publicity, whereas his own advice to those lawyers has long been to so influ ence legislation that corporation business shall be a matter of public record. It would be difficult, but he believes a statute could be drawn compelling officers of corporations to file in the office of the State’s Execu tive a complete report of directors’ meetings and thus make stock transactions a matter of official record for the people. He has consulted eminent lawyers, who have told him this could be done, and he would undertake to frame such a law himself, with their assistance.There are some propositions respecting corporations on which, we think, all sound-minded men might agree and stand together. For instance, that'corporations are not above the law and must obey the law, as others must, the law itself being sane, just, not destructive, and capable of being executed and obeyed. Next, that no corporation, merely because it is one, may demand any favor not granted to natural persons or Ievade any duty laid upon them. Next, that a cor- |poration is bound to recognize and allow his utmost right to every person who comes into touch with it, without trading upon his probable inability to defend himself. On the other hand, a corporation is. as fully entitled to receive as it is bound to accord the utmost right. It should not expect that anything will be given to it, but it rightfully expects that nothing will be taken from-it. Let it live close up to the sharp line of its duties; but let it receive every jot of its rights in return. .Let it get on without favor, but let it have a fair field.We have heard a great deal about “a square deal,” but the practical interpretation of the catchy phrase seems to be that it is leveled at corporations, especially railroads, in the supposed interest of a suffering people. The deal is one-sided only. The saying that corpora tions have neither bodies to be kicked nor souls to be condemned illustrates the hostile popular idea, which assumes corporations to be always owing what can never be obtained from them in full but nothing due from the public to them, because they are sure to get more than belongs to them. Dr. Wilson illustrates this conception further when he likens a corporation

Calc Study Notes

Jul 23, 2017


Jul 23, 2017
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