Newspaper Page Text
THE LEE COUNTY JOURNAL
VOL. X.
Money Wizzard of Wall Street
Loans $6,000,000 at 100 Per Cent,
CALL MONEY WAS HIGH
ateat Scramble by Brokers in New
York for the Wherewith to Settle
Accounts With Banks,
After having reached 110 per cent
on the New York stock exchange and
125 per cent on privately arranged
loans, the rate for call money late
Thursday afternoon fell to ¢ per cent.
Just before the close it advanced
again and closed 15 bid, offered at
20.
As the money rate fell, the stock
market advanced, approximately the
highest prices of the day were reach
ed at the close. The stock market,
except for an .early decline in indus
trials, was fairly steady throughout
the money tension. {
The advance in the interest rajte
was seénsationally rapid. From [0
there was a quick advance to 75, PJ
and then 100 per cent. When 100 pjer
«<ent was touched all records since
«cember, 1899, were broken. In thiat
year 186 pner cent was paid for c#il
loans. After lending at 100 Thurs
day, there w‘re loans at 90 per cent.
The 90 per cent quotation did not lat
dong, and at 11 o’clock 110 per cent
was paid for funds, and shortly after- }
wards a loan of $400,000 at 125 “pes
<ent was reported. ’
Russell Sage, through his repr«sen- |
tative, was reported to have loaned
$6,000,000 at 90 to 100 per cent. ifore
than the wusual discrimination wag
shown by the banks in the collateral
:accepted by them for loans. The
rate for 60 and 90-day loans Thurs
day was 6 per cent and a ‘“‘commis
:sion,” making such loans really eqhiv
alent to 9 per cent. By 1 o’clock |the
demand for money seemed to hive
been largely supplied and money vwas
lent at 60 per cent, falling later to 99 ¢
per cent. From 20 per cent there wag
a further drop to 6 per cent and at 3
» 2:15 o'clock the quoted rate was ¢ ty
10 per ;cent. President Hepburn of l
the Chase National bank sald, in an
4inierview: !
‘The enormous volume of business f
which obtains throughout the counm_v'l'
is making a strong demand upon tl\lej. |
banking power and naturally has ma ‘
tenially advanced the rates of interest| |
“The foreign exchange credit which 1
the country would normally have is| |
much curtailed by the shortage of\j
cars, which prevents the rapid mar- |
keting abroad of cotton and grain, |
and also, by the concerted withhold- |
ing of cotton for higher prices. |
“Normally, we would anticipate such
-exchange by our credit abroad, but .
Eurcpe has troubles cf its own. Hence,
we are called upon to finance our
great volume of business practically |
with our own resources. It is unfor |
tunate that at such a time and under
such circumstances that prices ot list
ed securities should be persistently
advanced day by day. It has add- |
ed to the money strain and is pri- l
marily responsible for the high rates
ot intercst. l
“Stecks (if | worthy) would have
found a higher level in a normal man
ner without ereating an unusual strain
.and without causing conditions fraught
with possible hanger.” !
i
COYOTES MI, DE BOLD BY RABIES,
. oo '
‘Children and Dojmestic Animals are Their l
Victims iy Northern Mexico, |
A San Antopnio, Texas, dispatch |
says: Great Icgs of domestic animals |
is being sustaifped in northern Mexico 9
from coyotes 4nd wolves with rabies. |
Cattlemen fronj the Rio Grande coun
try say practicßlly all the coyotes be
yond the river|are mad, and the cat: t
tlemen are scojring the country and :
exterminating tlhem.
Several Mexicgan children in Coahui- |
‘la have been Hitten and died. 'The |
spread of rablels to Texas is feared t
LEESBURG, GA., FRIDAY, JANUARY 5, 1906.
! )
'AN)THER COURTMARTIAL.
| ot
Haz s of Cadet Kimbrough Arraigned
l - br Trial at Annapolis Naval
Academy.
Ccurtmartial proceedlng; against
Midshipman Trenmore Coffin, Jr., a
menher of the third class, on the
charge of hazing Midshipman Jerdone
P. Kimbrough of the foirth class be
-san 4t the naval academy, Amnapolis,
Md., Thursday.
Miishipman George Hewlett of the
third class was the first witness. The
witntgs testified that he had looked
in the door of room 53 in Bancroft
hall on the evening of I'ecember 12,
and that he had seen Kinbrough stan
ding on his head and Cofin and Kim
brough’s roommate in thi room with
him. Witness said that ho left the vi.
cinity of reom 53 and remained away
about; five minutes. When he return
ed Kimbrough was still ¢n his head
and Uoffin was the only other person
in thé room. :
The witness was asked 0 illustrate
'what “‘standing on the )ead” meant.
He léfzt his head on the floor and
~aised his feet a few inches from the
~grounq in a series of jumps. The ex
ercise; apparently put much strain on
the legs and arms, and was hard on
the hpad. Kimbrough also exhibited
this Derformance to the court later.
Midshipman Kimbrough was the
‘next lyitness, and it deveoped tha’
he Wi4s unable to identify Cecffin as
the man who had hazed him. Tne
rule, it appears, is that no lower class
man must leok at an upper class man
under such circumstances, and this
Wo3 8 prigidly observed in the pres:
en;, case that Kimbrough could not
say that Coffin had hazed him. He
tcid, however, how he had been hazed
by bheing compelled to- stand on his
head.
He had been hazed, he said, until
he gave out entirely. Then the mid
shipman who was doing the hazing
threw water over him and compelled
him to go on again. He hiought the
relation up to the point whore he lost
- consciousness.
~ He had gained copsciousness, he
said, in the naval academy hospital.
~ Lieutenant Commander Charles B.
McVey, Jr., was the last witness dur
ing the morning session. He is at
tached to the department of discipline
~at the academy and is a member of
the board of investigation now going
into the subject of hazing at thue acad
emy. The witness during his testi
mony said that he had learned a
great deal about hazing during the
last few weeks. : ,
He discovered that Midshipman
Hewlett had looked into the room and’
seen the hazing of Kimbrouzh. He
informed Hewlett that unless he told
the name of the midshipman he 'vould
elther be reported for disobeving or
ders or be called before ‘the hoarl
of investigation in the morning and
compelled to tsstify. el
\ Hewlett was allowed time to make
|'p his mind, and in the meantime
|Coffin sought an interview- with the
witness. At this point the counsel
{or the accused objected to tma’toq
timony after an alleged confession
| asked the court to be allowed to
hterrogate the witness. "This |the
Churt permitted, but took a recess at
this point.
Jpon reassembling the court gdmit
{24 the testimony of Lieutenant Com
niinder MeVey as to Coffin’s confes
sicn, 3
Joffin, the witness said, udn}itted
'h"i: he had stood Kimbrough on his
h':il! for about ten minutes.
OVER HALF OF THE WORLD'S OIL
Is Prbduced in the Domains of Uncle Sam
| Accarding 1o Official Figures.
Thi Unjted _jates supplied mora
then one hialf of tthu petroleum produe
ed in the world ith 1904. A statenjent
of the world’s profluction of petrolqun
prepared by the Byitish board of tra\de&
which has just retched the bureau) f
statistics of the Y¥epartment of cdmn
mercae and labor, jputs the petroleum
production of the} world in 1904 at
9,803,000,000 galloms, of which 4.
916,000,000 gallons' were produced il\
the United States. I
MEMPHIS BANKS
|
~ QUIT BUSINESS
‘Three Concerns Swampzd by Over
\
} loans and Money Stringency.
| LA
FORCED TO CLOSE DOORS
Statement is Made That Depositors
l Will Get Every Cent of their Monzy.
| Receivers Appointed.
' Anticipation of a heavy run on the
Merchants’ Trust company at Mem-
I phis, Tenn., preliminary intimation of
which was given by the withdrawal
of many deposits Tuesday afternoon,
was the immediate cause of the sus
pension of that zank and the appoint
ment of a receiver Wednesday.
The American Savings Bank and
Trust company, 176 South Main street,
which is dominated by the directorate
ol the Mqrchants’ Trust company, fear
ing tbat the failure of the other in
stitution would cause a run on its
own deposits, also suspended payment
until the affairs of the Merchants’
Trust company shall have been ad
justed.
Savings Bank Absorbed.
The American Savings Bank and
Trust company, it develops, recently
absox_'bed the Mechanics’ Savings bank
at Main.and Calhoun streets, and took
charge of the latter company’s busi
ness. It is stated by the officlais of
both institutions that the depositors
will be fully protected and paid dollar
for dellar.
The stockholders of the Merchants’
Trust company, it is said, will suffer
n the extent of 20 per cent on the
capital invested, as the liquidation of
the bank’s finances is expected to
entail a slight loss.
. The assets of the Merchants’ Trust
company greatly exceed the liabilities.
The American Savings Bank and Trust
ccmpany, according to its latest state
ment, is in excellent condition, and is
,carrying more ready cash than is
usual for an institution of its size.
The Merchants’ Trust company has
on hand only $30,000, the remainder
of its capitalization being loaned. The
fact that the bank had overloaned and
the stringency of the New York mon
ey market are given as the direct
causes of the suspension.
John P. Edmondson, a prominent at
torney of Memphis and one of the
direccors, has been appointed receiver
for the Merchants’ Trust company. A.
Y. Alien, cashier of the American Sav
ings Bank and Trust company, has
been appointed recciver of that insti
tution.
The decision not to cpen the doors
of the Merchants’ Trust company on
qunosduy morning was reported aft
er an all night conference of the
board of directors.
| TFelix T. Pope, president of the Mer
! chants’ Trust ccmpany, gave out the
‘ following statement:
“The bank is amply solvent and
' every depositor will be paid in full
‘,The stockholders will undoubtedly
| realize a large percentage of their
investments. The Merchants’ Trust
company had loaned too much, money
and was unable to realize cn its loans
fast enough to meet the demands., *l
am not in a position to make a state
ment now as to reorganization or fu
ture plans.”
W. A. Percy, attorney for the Mer
i chantg’ Trust company, and the direc
-1 tors of that institution make the state
! ment that all depositors, both of the
| Merchants’ Trust company and the
| American Savings and Trust compa
ny, will be paid in full.
| Statements of the filnancial status
’oi the closed banks at the close of
business, December 26: Merchants’
Trust company — Assets, $3,665,055 ;
Habilitles, $2,132,319. American Sav
ings Bank—Assets, $758,703; labili
‘tles, $758,702. The deposits in both
institutions exceed $2,000,000,
. TRANSACTIONS SECRET.
“Andy” Hamilten Refuszs ‘o Tell
. What He Did With Money of the
‘ New York Life.
% Andrew Hamilton, the Ilegislative
agent for the New York Lite Insur- |
ance company, who, according to testi- !
mony, has been entrusted wiinh hun
dreds of thousands of dollars by the
company, and has not accounted for ‘
$235,000, has been heard from by the
legislative insurance investigating
committee, but has declined to make
“an accounting.
i A statement by Mr. Hamilton was
read before the committce Wednes
day. It was presented by Secretary
.John C. McCall of the New York Life,
who went to Paris to secure an ac- 1
counting from Hamilton. In his state
ment Mr. Hamilten says that he is
unable to produce any books or ac
counts because he undertook tue legis
.lative matters for the life insurance
I ecompanies with the express under
' standing that he was to make no ac
counting. Absolute secrecy was nec- “
essary in retaining assistants, there- |
fore no checks were used in making
- payments,
| Mr. Hamilton went into an exhaust
ive explantion of the reason for or
ganizing this confidential service, as
i he characterized it, covering his meth
~ods of work, and citing a number of
legislative bills in which he had been
| Interested. A list of expenses from
‘1899 to 1%04 was appended to the
' statement. The sum of $235,000 un
accounted for, he says, would be
greatly reduced by the running ac
rcount still unsettled and open and as
2 matter of good faith pending a
| settlement, he offers to deposit $lOO,-
. 990 with the company. {
| Secretary McCall was questioned hy
Attorney Hughes as to what further
l light he could throw on the statement
i of Mr. (Jamilton, but he said he could
;give no information. He had asked
i Mir. Hamilten for a full statement and
; relied on his honesty to explain every
, thing. T did insist that Mr. Hamil
‘ton produce checks or check books,
! but Mr. Hamilton had none.
i When Mr. McCall was excuszed, Hen
| ry D. Appleton of the state insurance
‘ department, was called. He complet
! ed his testimony begun last week and
| during the examination was toid that
Mr. Morgan, former president of the
Bankers’ Life Insurance company, had
testified that Mr. Appleton had said it
| would cost the Bankers’ Life $50,000
to reincorporate. Mr. Appleton "some
what heatedly said: “If Mr. Morgan
said that he is a liar.,” He was called
to order by Chairman Armstrong.
DEATH CLAIMS NOTED GEORGIAN,
Hon. Wailter B. Hill, Chancellor of State
University Yictim of Pncumania.
the Georgia State University, died at
his home in Athens at 3:10 o’clock
‘ Thursday morning from an acute at
tack of pneumonia.
Walter Barnard Hill, educator and
lawyer, was born in 7Talbotton, Ga.,
September 9, 1851. He was a son of
Judge Barnard and Mary Clay Birch
Hill. He graduated from the Univer
sity of Georgia in 1870 and from the
university law school in 1871 with thé
degree of A. M. Emory honored him
with the degree of LL. D. in 1899, as
did the Southwestern Preshyterian
University in the same year. He
practiced law in Macon from 1871 to
1899, when he became chancellor of
the University of Georgia, which po
gition he held at the time of his
death. .
Among Chancellor Hill’s literary
productions are the Code of Georgia
from 1873 to 1882, Memoirs of the
General Conference of the M, E.
Church, South, 1886-94. Memoirs of
the Western and Atlantic railroad. He
was a trustee of Vanderbilt University |
and a member of the Georgia Bar
Association. He was president of the
Georgia Bar Associaotion in 188&. Ie
was also a member of the American
Bar Association and was at one time
chairman of the committee of judicial
adfninistration of the latter associa
tion. He has written several promi
nent works on literary, legal and ethi
cal subjects.
NO. 28.
Frank Steunenburg, Once Chief Ex
| ecutive of Idaho, Assassinated.
| PR e
MINERS UNDER SUSPICION
[nfernal Machine Was Placed at Vic=
t'm’s Gate and Exploded When He
Entered--Body Badly Torn.
Frank Steunenberg, former govern
or of Idaho, was killed at 6:40 o’clock
Saturday night at his home, in Cald
well, that state.
A dynamite bomb had been placed
at his front gate with a contrivance
with which it was exploded as he
entered. Both legs were blown off,
and he lived but twenty minutes.
There is no reason known for the
outrage, but is charged to some mem
ber of the famous inner circle of the
Coeur d’Alene dynamiters, whom ho
prosecuted so relentlessly in 1899,
while he was governor. ‘Governor
Gooding is in communication with
the authorities of that county, and
is prepared to put the full support
of the state behind the officlals there
in running down the perpetrators of
the crime.
Stuenberg was the governor of
the state from 1897 to 1901, having
| been twice clected. He was born in
| Jowa, forty-four years ago, and had
been in Idaho since 1887. He leaves
a wife and three children. 3
(tovernor Gooding has notified the
Cannon county officials that the state
will offer a reward of $5,000 for the
apprehension of the murderer.
The latest information from the
scene is to the effet that the bonb
was probably placed by the gate post,
and that the moving of the gate ex
pleded it. i
When persons rushing to the spot
reached the prostrate man, the latter
gaid something like this, “Who shot
me?”
He also muttered something about
them turning him over, but he lapsed
into unconsciousnes at once, and
died without giving any information.
The victim’s elothing and his shoes
were torn to tatters and his back
| was terribly injured. Both legs were
shattered frightfully. The shock of
the explosion_ was felt all over the
town, and broke all the glasgs in that
aide of the governor's home. Every
| rond out of town lis being guarded,
l and it is hoped to intercept every
suspect.
Two men are under suspicion who
had been lying about Namha several
davs, and left for Caldwell. They
lived in Coeur d’Alene at the time
of the riots there in 1899. Descrip
| tions of them are being wired in
| every direction.
In May, 1899, after the concentrator
of the Bunker Hill and Sullivan Min
inrg Company ot Wardner was blowi
up by dynamiters led by 1,000 of the
Coeur d’Alene district miners, Gov
ernor Steuenberg declared martial
| law in Shoshone county, and with the
‘ assistanca of the United Stateg troops
conducted the county government for
nearly a year.
The Bunker Hill and Sullivan Min.
ing ecompany employed non-union men
i its mines and for many monthg °
a hitter contest was waged hetween
the miners’ union and the company,
which culminated in the blowing up
lof the company’s concentrator and
| the destruction of property valued at
[ $300,000.
! After a long trial the leaders in
| the insurrection were sent to pris
| on. A permit system was also es
i tablished by the military and no miner
I who did not make affidavit that he
| was either not a member of the union
or had severed his connection with it
and would not again join, o
This drastic treatment resu\‘ted in
the extermination of the mine&;s' or
ganization in the Coeur d’Aleng; and
it has never been re-established.