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THE TWICE-A-WEEK TELEGRAPH
TUESDAY MORNING JAN. 22, 1SW.
WHY MIOII PRICES HOW RUE COHES
M DEPRESSED ADJUSTED LOSSES
BIRMINGHAM. Ala., Jan. 18.—Hoke
Smith, of Atlanta. Governor-elect of
Georgia, was one of the speaker* »t
today's session of the Southern Cotton
Association In view of the recent con-
tro\»rsv irf-tween the Sew York Cotton
Exchange and toe cotton growers. Mr.
Smm. > r. n.arKs wer« given close atten
tion. There were two reasons, he said,
why cotton has not sold for Its real value:
Flr'et. the r.se of unfair means by outsid
ers to depreciate price; second, the fml-
ore of farin'!- to use ouelness-llke meth
ods t" maintain the price.
"Cotton buyers." Ii“ continued, "are
largely imhe-iai-ii is. the prices which
the\ voluntarily otter for cotton by Gov
ernment reports and by the publications
which go .ih to'i-i ihe world from the
New York CottOit Exchange. If Govern
ment reports are manipulated to show
a larger production than the rial . rop.
the pi let depressed and to: farmer is
the loser.
"Every :n.n> Ihroughout the land should
be made '•■ know that the prlees pub
lished by II' N"W York Cotton Exchange
do not represent the market price of
middling < otton. but only represent the
market pri • of Inferior cotton gathered
together in protect the seller, and tin\,1
that coton exchange requires Its sellers
to deliver e inline, middling cotton, (It for
use in munnfaot ur*s the injustice of
its coiidtn i should tie told and told until
it Is a to word throughout the Nation,
and throughout the world.
"An organized ageney to ferret out and
expot*- unfair metlinds in depreciating the
niarkei value of our staple must be sup
ported ! > toe people of the cotton grow
ing Slates."
The- January Bulletin of the Com
mercial Law League of America prints
a most Interesting resume if the pay
ments and adjustments made by the
various fire Insurane-e companies In
I San Francisco.
1 Since the Fan Francisco fire, the
' President has received requests from
1 members of tin- league in all parts of
I the country asking for Information re
garding payments made or. losses sus
tained by various companies. .As the
. result of the action of certain com
panies immediately after the hie. in
j discounting valid losses, the chamber
of commerce of San Francisco ap-
! pointed a special comm it ten to obtain
lata on the matter of settlements
made. This committee, through Pro
fessor A. \V. Whitney, of the Univer
sity uf California, has Just Issued its
report based upon lO.OOo settlements,
reports of which avere furnished by
policy holders, suplemented by statV
ments of savings banks and reports
from the insurance companies. This
report gives the measure of payment
by the various companies to the pol-
i< y ladders as follows:
Aachen and Munich—Most claims
75 per cent: t>0 to 90 per cent on many
claims particularly committee losses.
Aetna—100 per cent.
Agricultural—Began by discounting
j at 75 per cent, but later paid mostly
in full, less 2 per cent for cash.
Alliance of Philadelphia—In full, less
t 2 per cent for cash.
Alliance of London—Same as Clom-
Some Interesting Statistics
in Regard to the Precious j merclal Union
j American of Boston—40 per cent.
Motflla I American of Newark—Began by dls-
mciaio | counting, but later paid In full, less 2
______ I per cent for cash.
American Central—Mostly in full,
with 2 to 5 per cent discount for cash.
American of Philadelphia—50 per
cent.
Assurance Company of America—
Settled In general at 75 per cent.
Atlanta-Blrmingham—Nothing paid.
Atlas—In full, less 1 and 2 per cent
for cash.
Austin^Fhre—65 to S5 per cent, large
ly about 75 per cent.
Austin Phoenix—Denied liability and
WASHINGTON. Jan. 19.—Owing to
(he Interruption of all normal business
In various parts of California, and par
ticularly In San Francisco, caused by
the earthquake that devastated that
city last spring, the report of the
United Slates Geological Survey on
the production of gold and silver dur
ing 1905, has been unavoidably delayed.
It Is now, however, available, and will
be of Interest to the whole mining _ _
world, as It contains not merely the withdrew." having paid’ no claims.
statistics of production but minute and
interesting data concerning the deriva
tion of the gold and silver product from
placers, from efry nr siliceous ores, cop
per ores, lead ores, zinc ores, copper-
lead or copper-lead-zinc ores, and lead-
zinc ores.
The author of the report is Mr.
Waldemnr Llndgren. The figures
showing ihe production of gold and
silver. In 'approximate distribution by
.States and Territories, are the result |
of conference and adjustment between ;
the Geological Survey and the Bureau
of the Mint, and arr accepted as final i
by two bureaus. The total produc- j
tlon of gold was 4.265,742 fine ounces
valued at 8SS.180.700; the total pro- |
duetlon of silver was 56.101.600 fine
ounces, valued at 134.221.976. making ,
sn entire total value of 5112,402.676.
The production of gold In the Uni
ted States for 1905 represents an In
crease of 57.716,000 In value over the
production of 1904. The rapid ad
British America of Toronto—Paid
some claims at 85 and 90 per cent,
but largely nt one-third cash, one-
third in six months, one-third in twelve
months.
Suva the Bulletin.
British American of New York—
Same as British America.
Buffalo German—In general from 75
to 90 per cent.
Caledonian of Edinburgh—75 to 98
per cent: largely about 90 per cent.
Caledonia-American—Same as Cal
edonian of Edinburgh.
California—100 per cent.
Calumet—Certain stockholders sub
scribed special fund of $600,000 upon
agreement of maioritv of claimants to
accept this settlement.
Camden—Involved only ns reinsurer.
Citizens—In full, less 2 per cent for
cash.
Colonial Underwriters—-Same as Na
tional of Hartford.
Commercial Union of London—Policy
vance tn gold production which began j contains earthquake clause. Fettled at
in 1892. but temporally halted from : 50 and 75 ner cent, according to lo-
1901 to 1903, was resumed in 1904.
This increase in 1904 over the output
of 1908 was approximately 87.000.000
and In all probability the increase In
1906 over 1905 will be at least the same
amount. The chief sources of the
great increase are as follows: Alaska
added about 56,000,000 to Its output
of 59.160.458 In 1904, and Colorado.
Nevada and Utah added about $1,000,-
OOO each to their product of the pre
vious year. On the other hand, de
creases aro noted in Arixona, Idaho and
other States. The States producing
over 51.000.0000 in gold rank at pres
ent In the following order: Dakota,
Nevada. Utah, Montana, Arizona, Ore
gon and Idaho.
The production of silver In 1905 ;ep-
resents a decrease of 1.581.200 ounces
in actual output,' but in spite of this
the Increase in the average price 4
cents an ounce (from 57 cents in 1904
to 61 cents in 1905), effected an addi
tion to the value In 1904 of 5765,952.
Two years of better prices for silver
have thus far failed to stimulate the
production. The record figures were
attained in 1S92, when the output was
63,500,000 fine ounces, valued at $35.-
662.500. A still further advance to a
maximum of somewhat over 70 cent*
has taken place in 1906. but it is not
likely that the year will show star
tling additions to the output for 1903.
The Increase should he more marked
In 1G07, and will probably he rather
derived from copper ores and dry sil
ver ores than from lead ores.
The decrease in the quantity of sil
ver is specially noticeable In Colorado
and Utah; to a slight degree al<o in
Montana. On the other hand. Neva
da and Idaho materially Increased
their output. The States producing
over 1,000.ono ounces rank at present
as follows: Montana. Colorado. Utah.
Idaho. Nevada. Arizona, and Cali-
i torn la.
The output of gold and silver in the
United States is ascertained by the
Geological Survey bv the method of
4 "mlnes report." that is. bv direct in
quiry from the producing mines. On
the other hand, the Bureau of the
Mint collects its data concerning ihe
two metals by recording the quanti
ties and source* of bullion deposits of
tin- United States mint and assay
"(Tices, and by statements from the
smelting and refining establishments
detailing the quantities ur.d sources
•f the metals produced. Statistics
obtained by these different methods
agree strikingly in th.- totals for the
United States, but differ more or less
detail. Reasons for this are s< t
forth in the report.
Paid claims of 5500 or less in
full and at Least $500 on claims of
$500 or more.
Commercial .Union of New York-
Same as Commercial Union of London.
Concordia—75 to 90 pev cent .
Connecticut—in full, less J and 2 per
cent, for cash.
Continental—100 DPr cent.
Delaware—00 to 80 per cent, largely
at 75 per cent.
Dutches”—30 per cent.
Eagie—Mostly T5 per cent.
English-American Underwriters—
Same as London and Lancashire.
Equitable—Involved only as rein
surer.
Federal—85 per cent up: largely
above 90 per rent.
Fire Association of Philadelphia—75
tn 95 per cent: early claims largely at
75 per cent: later claims largely at 90
per cent.
Fireman's Fund—Has paid 20 per
cent: has offered to pay 30 per cent
more in cash and remaining 50 per cent
in stock of company. Claimants have
generallv accepted the offer.
Franklin—73 per cent up, largely
about 90 per cent.
German of Freeport—Mostly 60 per
cent: later in hands of receiver.
German of Peoria—50 per cent.
German Alliance—Earthquake clause
not taken advantage of. Settled in
full, less 2 per cent for cash.
German-Ameriean — Earthquake
clause not taken advantage of. Set
tled mostly in full, less 2 per cent for
cash.
German National—60 per cent; later
in hands of receiver.
Germania—75 to 95 per cent; largely
about 83 per cent.
Girard—75 to 90 per cent, mostly 75
and 80 per rent.
Glens Falls—90 per cent up: mostly
in full, lens 2 per cent for cash.
Globe and Rutgers—Mostly at 75 per
cent: a few ut 90 per cent.
Hamburg-Bremen—75 per cent.
Hanover—75 per cent up: largely
about 90 per vent.
Hartford—In full, less 2 per cent for
cash.
Home—In full, less 1 and 2 per cent
for cosh.
Homo Fire and Marine—Same as
Fireman's Fund.
Indemnity—Same ns Norwich Union.
Insurance Company of North Ameri
ca— In full, less 2 per cent for cash.
Kings County—Involved only as re
insurer.
Law Union und Crown—In full, less
2 ner cent for cash.
Liverpool and London and Globe—100
per cent.
London and Lancashire—Began by
paying small claims in full, less 2 per
cent for cash: in June dropped to about
90 per cent: coming back finally to 9S
4 (4! Fin’lT’l/Yatr* ' I* 1 ’ 1 cent. ( otnpanj states its
At ! o UlN rt 111 IONS I payments averaged abort 93 per cent.
i London Assurance Corporation—In
j full, less 2 per cent for cash.
Manchester—In full, less 2 per cent
for cash: all policies reinsured in
j Atlas.
Mercantile Fire and Marine—Mostly
in full, less 2 to 5 per cent for cash.
Michigan Fi'-e and Marine—In full,
less 2 per cent for cash.
Milwaukee Mechanics—70 per cent,
having taken advantage of Wisconsin
safe., fund law.
1 Nassau—7 Oto 90 per cent, mostly 75
BOARD OF PARDONS
VTLAXTA. Ga .. ,:an. 19.—The Board
Pardon* upon a Dal' dozen or
*r»- applications for executive demon-
lr. nso k-nses th- board a t.*d favor.
•**'*> - ami i:\ the others tho applicati on
iv turned down. The <u*r.ience of lif.-
.mv*ONc^ upon H. A. Keith, of Fulton
»’ ’unty. in 1901 for the crime of murder.
«’hh commuted to -recent service Kdln
s i"t und killed Jesse A. Wall, because of
-Mill W;fiI’* Intimacy with Keiths wife,
’•’he killing occurred at Wall’s home. At
:he tri ll of K*dt’i entered a plea of jruiltv
°y**r the protest of his legal advisers.
K.'jtb is a Pout it Carolinian, and two
N,; »rs Hvo Senator Tillman, o' that State,
appealed before the commission urging
.• pardon for the young r.vr,:.
Whip it is not known that what he said
injured Keith’* ehaneos for a pardon, i:
is known that the .Senator's manner and
the .anRunge used by if in in presenting
e a very favorable
members of the
per
cm.
ease did n.»t m.ii
impression upon the
1 h>h rd.
case of W.
National of Hartford—Began by dis-
j counting at 75 per cent, later settled
• nearly all claims at upward of 90 per
cent. Company states payments
; averaged 94 per cent of face of policy.
National Union—73 per cent up,
I largely about 90 per cent,
i Now Brunswick—Largely about 75
‘ per cent.
‘barged with assault and
°d the line from
ster Count.
h*tt«ry. the hoard
I., jam*.
1 followinK applit-xtion* for executive
< h m* ncj were turned down*
gl-q-v' , T v.”'V k< ‘ U ' Thom » s County, bur-
John Johnson. Baldwin
v Johnson, of Web- ' New Hampshire—Earthquake clausa
ounty. Murder.
V-‘!.l Morgan. .Inaptr County, burglary ,
> • nin rgmrj . Niagara—In full, less 2 per cent for
; Bradley, Paulding County. r ,, ur .
Jamaica Relief Sill Pasted
WASHINGTON. Jan. IS -The’Sen
ate pissed the Jamaica relief bin im
mediately upon its receipt f>-om :he
llouae today, without discussion. The
resident later signed the measure.
not taken advantage of. Settled in full,
less 1 per cent for cash.
New York—40 per cent.
New Zealand—In fflli less 2 per cent
fer cash. About one-fifth of outstand
ing policies contained earthquake
clause; settled such claims at 75 to 90
few cases 90 per cent.
Northern of London—In full, less 1
per cent for cash.
Northwestern Fire and Marine—In
general 73 to 85 per cent.
Northwestern National—Largely in
full, less 2 per cent for cash.
Norwich Union—Policy contains
earthquake clause. Settled at 50 and
75 per cent according to location.
Claims of $500 or less paid In full, and
at least $500 on claims of $500 or over, i
Orient—Same as London and Lan
cashire.
Pacific Underwriters—Same as Fire
man’s Fund.
Pelican—In full, less 2 to 5 per cent
for cash.
Palatine—Same us Commercial Un
ion.
Pennsylvania—In full, less 2 to 5
per cent for cash.
Phenix of Brooklyn—Began by dis
counting at 75 per cent:, later settled
in general at S3 to 100 per cent: data
furnished by company Indicate abotr*
75 per cent of liability settled at aver
age of 98 per cent.
Philadelphia Underwriters—90 per
cent up.
Phoenix of Hartford—Earthquake
clause led to settlement of early claims
at 75 per cent. Bulk of claims settled
without reference to earthquake clause,
mostly In full, less 2 per cent for cash.
Phoenix of London—In full, less 2 '
per cent for cash.
Protector Underwriters—Same ns
Phoenix of Hartford.
Providence- Washington—In general
90 per cent up: largely in full less 2
per cent for cash.
Prussian National—75 per cent.
Queen—10 per cent.
Queen City—Began at 75 per cent:
later settled in full, giving notes in
some cases: company states payments
on earlier claims have been brought up
to same standard. .
Rhine and Moselle—Policy contains
earthquake clause. Denied liability
and withdrew from State. Claims of
$300 or less paid at 50 per cent.
Rochester-German—Largely' at from
90 per cent up.
Royal—100 per cent.
Royal Exchange—From 75 per cent
up: largely at 85 to 96 per cent.
Scotch Underwriters—Same as Cale
donian.
Scotch Union and National—In full,
less 2 per cent for cash.
Security of New Haven—Largely in
full, less 2 to 5 per cent for cash.
Security of Baltimore—In hands of
receiver.
Springfield—In full, less 1 per cent
for cash.
Spring Garden—In general 70 ' per
cent.
State of Liverpool—Mostly In full,
less 2 to 6 per cent for cash.
St. Paul Fire and Marine—Mostly In
full, less 2 to 5 per cent for cash.
Run—In full, less 2 per cent for cash.
Svea—75 per cent up.
Teutonia—In full, less 2 to 5 per cent
for cash.
Transatlantic—Denied liability and
withdrew; no claims paid.
Traders—In hands of receiver.
Union of Philadelphia—Involved only
ns re-insurer.
United Firemen's—75 per cent up; in
general about 90 per cent.
Victoria—In full, less 2 per cent.
Westchester—Settled some claims at
75 and 80 per cent, but later paid
largely in full, less 2 to 5 per cent for
cash.
Western of Toronto—Same as Brit
ish America. *
Williamsburg City—Most policies
contain earthquake clause: settled on
these at 30 to 75 ner cent, according
to location: on such policies claims of
$500 or less paid in full and at least
$600 on claims of $500 or. more; set
tled claims on policies that did not
contain earthquake clause largely at
95 per cent.
Professor Whitney sasy:
The total area burned was about
3,000 acres, of about 4.7 square miles,
containing 520 blocks and about 25.000
buildings; one-half of these, were res
idences.
The amount of insurance covering
property In the burned district was
approximately $235,000,000 (estimated).
All of this had been written by com
panies authorized to do business in the
State, except about $6,000,000, which
had been placed outside of the State
in some 100 companies. The value of
buildings and contents destroyed in the
fire must have been about $350,000,000.
being an estimate upon the insurance
liability, the known,ratio of insurance
to value (about 75 per cent) and a
guess that there was about 5 per cent
of property that carried no insurance.
The report contains the following:
“As a matter of fact, some com
panies which paid their adjusted claims
in full undoubtedly made very close
and tricky adjustments. Furthermore,
some companies which are credited
with having paid their claims in full,
less a cash discount, were unquestion
ably not above asking occasionally
larger arbitrary discounts, but it has
seemed impossible to express this fact
with the requisite briefness without
seeming to do an injustice to their
otherwise excellent records.
“Payments at first, in general, were
on far less favorable terms than later.
This was not altogether unreasonable,
sine it was impossible to give the early
claims as careful consideration as the
| later ones. The reason, however, is
j unfortunately more easily explained by
I the fact that the first payments were
I largely to poor people who were in no
J position to Insist upon anything better,
i while the same companies later, par-
I tlcuiarly on committee los=es. found
themselves unable to refuse more lib
eral payments.
I "A few of the companies paid their
claims with no discount for cash: most
of the companies, however, took at cash
discount of 1 or usually 2 per cent, and
sometimes more, if called upon to pay
before the end of sixty days. Two
per cent was generally recognized to
be under the circumstances, entirely
reasonable, and companies paying at
this rate were held in practically as
j high esteem as those that paid in full
at once.
I “Unquestionably, taken all in all, the
companies have done remarkably well,
j An immense sum of money has been
j paid into this city, a far larger sum
than companies have ever been called
upon to pay at one time before. In
spite of the earthquake, in spite of the
nearness in time of the Baltimore and
Toronto conflagrations, the companies
i will finally have paid undoubtedly in
; the neighborhood of insurance in-
j volved. At Chicago there was 50 per
j con: paid, at Baltimore 90 per cent.
■ The remarkable difference between
the showing made by the companies
at San Francisco and at Chicago,
I where there were forty-six that failed.
] shows the great progress that has been
I made in thirty-five years in legitimate
! underwriting. And yet the San Fran-
: cisco experience clearly points the way
j to needed improvements.
"The people of San Francisco owe a
particular debt of gratitude to the
I companies which made the fight for
i the old methods, for adjustment of
claims on their merits, and for pay-
; meet of just claims in full.
"It must be evident that such a re
port as this is entirely inadequate to
p-rnr-.ss the situation In any vivid way.
! It has been a trving time that most
pennlo will be e’ad to forget So much
money in controversy has caused an
overstrain on human nature on both
sides. Unfortunatelv also mo=t of the
figures as to loss and liability are only
estimates.”
T OF
CHICAGO, Jan. 19.—John R. Walsh,
former president of the Chicago Na
tional Bank of this city, which closed
its doors December 16. 1905. was to
day indicted by the Federal grand jury
for alleged misconduct In the manage
ment of the finances of the bank. The
indictment is based upon ninety-two
separate transactions, in each of which
it is claimed the funds of the bank
were unlawfully used and containing
182 counts, based upon the ninety-two
financial operations conducted by Mr.
Walsh.
It Is claimed that Mr. Walsh placed
In the bank twenty-two “memorandum
notes." aggregating in fac^ value $2.-
090.000, and placed the proceeds to the
credit of his personal account. Thir
teen transactions in the bonds of the
Southern Indiana and the Illinois
Southern railways, owned by Mr.
Walsh, are also charged, it being
claimed that Mr. Walsh sold these
bonds to the bank and placed the pro
ceeds, amounting to $822,200. to his
personal credit. It is charged in the
Indictment that the sums of money
secured by these transactions were paid
by Mr. Walsh to the Southern Indiana
and Illinois Southern railways and
other enterprises of Mr. Walsh.
BANNER YEAR IN OUR
| FOREIGN COMMERCE
WASHINGTON. Jan. 19.—The for
eign commerce of the United States in
the fiscal year 1906 maintained that
growth which has been a characteristic
of recent years. Both imports and ex
ports showed an increase over the pre
ceding year, imports aggregating $1,-
226,562,446 and exports $1,743,864,500.
This was an excess in Imports of $109.-
000.000 and in exports of $225,000,000
over 1905, the previous banner year
for exportation and importation figures.
Domestic production in exports to
talled $1,717,953,382. Imports manu
facturers’ materials and manufactures
are responsible for our gain, foodstuffs
having fallen off from 1905, due more
to a reduction in price than in quan
tity. Export increases are distributed
through all these commodities.
Imports increased $31,000,000 in crude
materials for manufacturing use; $56,-
000.000 for further manufacturing pur
poses; $47,000 000 for manufactures
ready for consumption: while food
stuffs in a crude condition and food
animals, decreased $10,000,000, and
foodstuffs partly or wholly prepared for
use, about $4,000,000. Hides and skins
increased in importation $19,000,000;
copper ore, $2 000.000: lobaccofi $4,500,-
000: fibers, $1,250,000; undressed furs,
$2,750,000; iron ore, $1,000,000, and
chemicals in a crude state about $8.-
000,000. "Wool decreased about $7,-
000.000, raw silk, $7,000,000. and India
rubber. $4,000,000 from import valua
tions in 190p. Tin in bars; diamonds,
cut but not set: copper pigs and bars;
lumber, iron and steel of the lower
grades of manufacture, and chemicals
make up the $46,000,000 increase within
mentioned. .Finished manufactured im
ports increased in cotton, fibers, wool
and gloves. Coffee, $11,900,000: tea,
$2.000 000. and sugar $12,000,000, are
the decreases* in foodstuff importations.
Prepared foodstuffs, finished manufac
tures and materials for manufac
turing. in 1906 made up 54 per cent of
our total imports, against 74 per cent
in I860, while articles in the natural
state formed 45 per cent of the total
imports in 1906 against 26 per cent in
I860.
Exports increased $59 000.000 in food
stuffs in a crude condition and food
animals: $64;000,000, foodstuffs partly
or wholly prepared: $28,000 000. crude
materials for manufacturing use; $18,-
000,000 for further manfacturlng pur
poses, and S57.000.000 in finished manu
factures. Corn, $15,000,000; oats. $14,-
ooo 000; wheat. $25,000,000; and barley,
$3,000,000 were the principal factors in
increasing crude foodstuffs. Meat and
dairy products. $41,000,000: and flour,
$19,000,000 make up export gains in’
prepared foodstuffs. Raw cotton. $22.-
000,000: furs and fur skins $2,000,000:
flaxseed, $7,000,000: mineral oils and
fertilizers, $2,000,000. account for in
crease in crude manufacturing mate
rials. In this case, slight decreases
were noted: Tobacco, $1,000 000; coal.
$1,000,000. and hops, $1,000,000. Iron
and steel, (pig iron, bar iron, bi’.iets,
ingots and blooms), $3,000,000; chemi
cals. $2,000,000; leather, $2,000,000;
naval stores. $4,000,000: paraffin, $1,-
000.000. and lumber and timber, $10,-
000,000 make up increase in manufac
tures for further use in manufacturing.
Manufacturers ready for consumption
increased in: Iron and steel, $20,000,-
000: cars and carriages. $7,000,000: re
fined mineral oil. $4,000,000: agricultu
ral implements. $4,000,000: cotton man
ufactures. $3,000,000: scientific instru
ments, $3,000,000; paper manufactures,
books, maps, etc., about $1,000,000 each
and numerous other articles.
The rapid growth in pig iron and bar
copper importation into this country,
an anomaly in itself, is explained In the
statement that large quantities of cop
per in the form of pigs, bars and ingots
are imported for the purpose of further
refining and extraction of gold con
tained therein. Mexico with 94,000.000
pounds: Canada, 30.000.000 pounds and
the United Kingdom with 26.750.000
pounds are the chief contributors. The
decline in wheat exportation Is ex
plained on the ground of Increasing
domestic demands through a rapidly
growing population. The quantity
available’for exportation was necessa-
rilv diminished, falling .from 32.30 in
1S74 to 14.08 in 1906, seems to indi
cate a decline in wheat as a prominent
export trade factor. Corn decreases
are explained on the theory that we
are more desirous of “transforming it
into meat before sending it abroad."
Cotton exceeded in value the export
in 1905. although 670.000,000 pounds be
low that year’s total. Its valuation
was $401,000,000 against $379,000,000 in
1905.
"It seems apparent,” says the De
partment of Commerce and Labor, in
its annual review, “from a’ comparison
of tlie details of the export trade at
the present time with those of earlier
years that the trend is in favor of turn
ing The products into the more advanc
ed form before sending them out of
the country, whether this advanced
state takes the form of meats in the
case of corn: bars, pigs and ingots in
the case of sopper. lend and z'nc:
leather, lumber or fin'shed manufac
tures in the case of the thousands of
different articles passing out of the
country, which form the great ary!
rapidly growing eroup ’manufactures
ready for consumption.’”
In import trade we increased our
purchases in Europe, Asia and Cana
da but decreased our orders with
South America and Oceania. In ex
ports we increased our trade relations
with all countries except Asia, our ex
port to that country falling off $23.-
000.ono. In tradlne with our non-con-
t’guous territory the year's trading
made a new record.
CIM1IEE10 PASS
UPON BAILEY CHARGES
AUSTIN, Tex., Jan. 19.—By a vote
of 65 to 55 the House of the Texas
Legislature has adopted the Ken--
nedy substitute to the Duncan resolu
tion looking to an investigation of Sen
ator Bailey and his connection and
associations with the Waters-Fierce
Oil Company.
The substitute, as adopted, provides
that a special committee of seven
should be appointed by the Speaker to
pass upon any charges preferred
against Senator Bailey and if, in judg
ment of said committee it becomes
necessary to hold an extra session at
any distant date, or point, or summon
any special witnesses, they shall have
the option of doing so with the substi
tute which is drafted by friends of
Senator Bailey so that its adoption
may be looked upon as a Bailey vic
tory.
It was announced tonight on the ad
journment that the charges would be
preferred against Senator Bailey before
the House committee and he would be
given an opportunity of explaining
these charges.
Both the Senate and House adopted
a Joint resolution today providing for
the election of a United States Sena
tor next Tuesday, January 22.
Farmers, Attention!
Vulcan Chilled Plows
and REPAIRS
Can now De obtained of
McDaniel & Fountain
(Successors to McDaniel & Dixon Fence Co.)
NO. 411 POPLAR STREET. MACON. GEORGIA.
Vulcan Chilled Plows are considered by users The Best
Chilled Plow Made.
ARE SOUTHERN RY.
SHORT NOTES COMING?
Wall Street Summary.
The violent break in the stocks of
the Southern Railway Company today
was accompanied by a report which
was generally credited In well-informed
banking quarters that the company
was preparing to bring out an Issue
of short time notes of from $25,000,000
to $50|000.000. Representatives of the
company declared that no action had
yet been taken with that object in
view, but admitted that it was possi
ble that some such issue will be made
in the not distant future. President
Finley’s statement published this
morning referred to the urgent need
of the company for additional capital,
and also the difficulty which Is being
experienced by all railroads In raising
the necessary funds with which to
carry on the improvement work neces
sary in order to enable the growing
traffic to tie handled properly. Last
sprirg the stockholders authorized at)
issue of $200,000,000 Southern Railway
bonds, only $20,000,000 of which, how
ever, have been di'posed of. The pres
ent condition of the bond market, it is
said, made it inadvisable to attempt to
float any more bonds and that conse
quently the company would have re
course to an issue of short time notes
aggregating the amount mentioned.
Besides further extensive double
tracking which the company feels will
have to he accomplished before the be't
results can be obtained, a considerable
additional amount of new equipment Is
also desired.
It has become customary for the
stock of any company to break sharply
on the announcement of further new
security issues of late, and Southern
Railway common broke 3A?. per cent
today, while the preferred fell 6 per
cent to 85, the lowest level recorded
for this issue since previous to the
placing of the stock on a 5 per cent
basis. The liquidation in the latter
stock, however, was not occasioned en
tirely by the belief that the company
would issue ’ a large amount of notes
in the near future. An unfavorable
construction was put upon the long 1
statement issued hv President Finley
last night, in which he talked very
plainly regarding the needs of the
property and the difficulty of main
taining" satisfactory service on the
present rate schedule. This was con
strued as a bearish factor, and reports
were again revived that the dividend
on tlie preferred stock would be re
duced from 5 per cent to 4 per cent.
The directors of the comnanv do not
meet for action on the preferred divi
dend until March, and for obvious
reasons it. was impossible to gain any
authoritative information as to thofr
probable action at that time. The
stock, however. has broken from
around par to S3, the low level today
within a comparatively short time, and
it Was argued that such a decline as
that in a preferred stock with several
years of dividend record, must fore
shadow some adverse developments
pertaining to the dividend at the next
period.
The earni’/’s of the company of late
have, not h-vn making quite such a
good showing as previously, and the
falling off is understood to be largely
accounted for by the inadequate facili
ties of the company for handling its
heavy traffic on as economical a basis
as it could do with more extensive
trackage and equipment.
Roosevelt's Address
to Wearers of Blue
WASHINGTON. Jan. 18.—A number
of veterans of the civil war, who
have been attending the reunion of the
blue and gray on the forty-second an
niversary of the battle of Fort Fisher
and Wilmington, who. are on route to
their homes, were received at the
White House today by President
Roosevelt. After shaking each by the
hand, the President addressed the vet
erans as follows:
"It gives me particular pleasure to
greet this organization.* Many differ
ent organizations of our countrymen
are received here at the White House,
but after all, while they all have the
right to come, the right Is most com
plete in the case of those to whom we
owe it that we have a national Gov
ernment at all—you veterans of the
civil war. I am pleased to learn hnw
well, you were received by the men
who wore the gray. Tomorrow night
a letter of mine will be read on the
occasion of the one hundredth anni
versary of the birthday of Lee and
It is Just such action as that of 5-our
organization in fraternizing with the
organization of Confederate soldiers by
whom you were received, which ac
centuates the truth of what I have
said in that letter: and this war, the
greatest war for the Union, alone
among contests of like magnitude in
modern times, has left us the right to
he proud not only of the union (which'
by your deed; has become in very
truth, a union throughout the leng*h
and breadth of this land), hut of the
courage and steadfast devotion to the
rieht as each man saw the right, alike
of the men who wore the blue and of
the men who wore the gray.
“I want to bear testimony to the
fact that wherever I speak to an au-
d'ence of veterans of the civil war I
sneak to an audience comnnsed not
onlv of good citizens In their several
localities, hut of men who have been
consistently striving to show in their
deeds their heiief in the words of Abra
ham Lincoln, hv conducting them
selves ‘with malice toward none, and
wl f h charitv to all.’ ”
The veterans presented to the Pres
ident a badge commemorating the re
union, asking him to accent It both
from them and from th" Gonfede-nt^
veterans. Just before, the President
left the chairman of’ the delegation,
which included ahout 100 soldiers, hwo
of them colored men, went forward
and sci'd:
“And now. Mr. President, one thing
we wept vnu to l.-now Vp. and sn
far as we know, ail our comrades, are
with vou as one man jn what you
have doee in connection with the
Brownsville affair.”
eas n.
North British and Mercantile—In
full, less 2 per cent for cash.
North German of New Y'ork—Paid
nothing, in hands of receiver.
North German of Hamburg—Denied
liability and retired from State, having
paid no claims.
North River—Mostly 75 per cent: in
Death of R. V. Spalding.
ROANOKE Va.. Jan. 19.—R. V.
Spalding, superintendent of the east
ern division of the Southern Express
Company, with headquarters in this
city, died here tonight. He had b*«n
in bad health for a Ions time.
JOHN FOSTER S^OT
AND KILLED BY STANLEY.
ROANOKE. Va. Jan. IS.—John Fos
ter was shot and killed by Arthur
: Stanley last night at the home of Mrs.
i Sarah Sink, in Franklin County. Fos-
i ter was an unmarried man. and his
s'aver is single. After the killing
Stanley escaped and has no: been cap-
! tured. Sheriff Dickinson is in our-
euiL
Resolution for
an Investigation
"WASHINGTON, Jan. 19.—The Sen
ate agreed to the Kittredge resolution
instructing the Secretary of Commerce
and Labor to investigate the "Lumber
Trust.”
Addressing the Senate In advocacy of
the resolution. Senator Kittredge said
that the "lumber trust” completely con
trols the lumber industry. Continuing,
he said: “In its far-reaching effects,
there is none to compare with it. It is
remorseless In its grasp f the people,
and the only change which It contem
plates is to increase the price c:’ its
products at stated anti frequent inter
vals without regard to cost.”
“To show that the profits of the trust
arc enormous.” Mr. Kittredge said, “it
cost $10 to manufacture the lumber at
the mills and yields to the trust a profit
of at least 200 per cent. According to
the last census of the United States, the
value of timber products in 1900 was
$566,600,000. From this the enormous
profits accruing to the ^-usts are patent.
“The methods by which the trust ob-
taineu t.ie control of the lumber business
of this country are no longer necessarily
a secret. It not only arbitrarily ad
vances the prices of lumber, but resorts
to drastic and unscrupulous methods to
crush independent dealers.” As to the
effect on the price of lumber he said:
“Within the past five years the pri-es
of lumber and timber products have been
arbitrarily advanced from 10 to 300 ner
cent. Not better than robbery is. ‘ in
f act. the plunder of a commercial out
law.”
The resolution cailing for an inves
tigation provides as follows: That the
Secretary of Commerce and Labor be.
and he is hereby, authorized and in
structed immediately to inquire, investi
gate and report to Congress, or to the
President, when Congress is not in ses
sion, from time to time, as the inves
tigation proceeds, as to the lumber trade
or business of the United States, which is
the subject of interstate or foreign com
merce and make inquiry into the cause or
causeg of the high prices of lumber In
its various stages of manufacture, from
the log; and the said Investigation and
inquiry shall be conducted with the par
ticular object of ascertaining whether or
not there exists among any eoroorations.
companies, or persons engaged in tne
manu ecture or sale of lumber any com
bination. conspiracy, trust, agreement or
contract intended to operate In restraint
of lawful trade or commerce in iiimher,
or to increase the market p-ire of lum-
her In any part of the United States.
GOV. NORTHEN AND
THE CIVIC LEAGUE
By JAMES CALLAWAY.
Not long since I met ex-Goverrior
Northen in Albany and Cordelo. He
was touring the State under direction
of the executive committee of the Bus
iness Men’s Gospel Union, an organiza
tion recently organized for furtherance
of law and order, after the Atlanta riot.
“His object.” he said, "was to or
ganize the law-abiding white people
into some kind of a co-operative league
with the law-abiding negroes for the
purpose of educating the people to-
higher ideals of Christian civilization
and civic righteousness.”
The ex-Governor said “the necessity
was now imperative to bring about
conditions that will arouse the people
against crime and violence and the
mob spirit.”
His plan Is to meet in enelt town a
few of its prominent and conservative
men and get them to organize a co
operative league for betterment of con
ditions and for better relations be
tween white and black. Governor
Northen said he was meeting with suc
cess. as his work was now regarded a
necessity.
Recent events have dem< -ded a
campaign of education of whites and
negroes for deeper regard for law and
respect for. society.
It is not to he a campaign on the
stiimp. but on the quiet. Not for pub
lic agitation, for the State needs re
pose.
The problems affecting the races
have b“en <m the hustings and on the
platform enough. Demoralization fol
lowed the work of carrying the negro
question to the hustings and discussing
the negro in every court house in the
State for eighteen months.
. A counter movement Is now neces
sary to counteract the evil done: and
to restore repose, and create a better
feeling, and re-establish confidence of
the negro in the white man. to end for
betterment of society and Christian
civilization, is the' work laid out by the
Civic League of Georgia, and to this
important work ex-Governor Northen
is diligently and patiently addressing
himself. .
It was part of the plan of “Recon
struction” to destrov the confidence of
the negro in the white man, to sever
all t ; es. and tench the negro to regard
the Southern white man ns his enemy.
During tb e last twelve years much of
the confidence in the white peonie so
lone destriverl. was being rapidly re
stored, hannilv for all concerned. But
the unfortunofe work on the hustings
and in the public nrlnfs for the past
two years has produced demoralization
again, and the objects of the Civic
League to restore confidence establish
renose, and educate people on the .sole
of law and order and a higher civili
zation are worthy and Imperative, and
rtove-nor Northen wl'l he received
gladly by all rieht-thlnking people
wherever he go°s.
ATLANTIC COAST LINE
TRAINS IN COLLISION
NOTICE TO SUBSCRIBERS.
Examine label on your pa
per, It tells how you stand on
the books. Due from date on
the label. Send in dues and
also renew for the year 1907.
AT'GT'STA. Ga.. Jan. 19.—A siwjqi to j
| the Herald from Denmark. S. C.. 50 mil^s |
i from here, says that a northbound freight
\ train on the Atlantic Coast Line from j
'• Augusta, met in head-on collision today j
! th* % recular passenger train No. 33. from j
: New York to Augusta, two mile* this |
: side ol' Denmark. The passengers es- {
caped injury. The engineers and fire- !
men of both trains escaped by jumping.
‘ Conductor Rutherford of the r reight train
was slightly hurt by the fall. A mail
clerk, name unknown, was probably fa
tally linn. Roth engines were complete-
' lv demolished, the mail coach oiled on t<
pass*
HOW PIONEERS FOUGHT
FEVER, FAMIINE AND
FOES IN 1607
By Charles W. Kohlsaat, Commissioner
General.
NORFOLK. Va., Jan. 19.—To com
memorate the most important event In
our nation’s existence, there Is to by
.held in the coming year a great inter
national naval, marine and military
celebration on Hampton Roads, Vir
ginia, and contemporaneously there
with and in close accord, a great his
torical. educational and industrial ex
position, beginning April 2Cth—tlie an
niversary of the day the intrepid voy
agers first put foot on American soil —
and ending November 30th. Our Pres
ident, Theodore Roosevelt, thus speaks*,
of it in his proclamation "commemorat
ing in a fitting and appropriate man
ner. the birth of the American nation:
The first permanent settlement of Eng
lish speaking people on tlie American
continent, made at Jamestown, Vir
ginia. on the 13th day of May, 1607:
and in order that the great events of
American ’history which have resulted
therefrom may be accentuated to tho
present and future generations of
American citizens.”
Go Back 3C0 Years.
Let us for a moment go back three
hundred years, to December 19. UFO,
the day when a little band of intrepid
pioneers sailed away from the pre
cincts of London (Blaekwall. on tho
Thames) bound for an unknown land,
there to fight fever, famine and treach
erous foes, in endeavoring to establish
„ •_ ni ero-t-e en
deavors which have been fulfilled be-
Jo, ,:e eiv int of prophet.
That a great and powerful nation
should have sprung from the little set
tlement made by these pioneers in 1607.
on the banks of the James River, in the
State named in honor of the Virgin
Queen of England, would seem a fancy
of a disordered brain, did not fact as-
■suro it.
The genesis of all the older nations
are shrouded in obscurity, adorned
with fable. The great American re
public traces its beginning to a definite
spot where events happened and deeds
were done as thrilling and impressive
as anv that mark the pages of poesy
or mythology.
Jamestown Blazed tha Way.
It was Jamestown that blazed the
way for ail the blessings we now en
joy in our great and glorious country,
and I may even venture to go so far as
to say, ti'.at but for Jamestown being
permanently settled, we would not be
able to give thanks annually to the
Almighty fqr all blessings bestowed
upon our nation. Tt is true, the thanks
giving custom dates from the landing of
the Pilgrims, but had Jamestown fail
ed. had that handful of brave men de
serted that settlement, perchance tlie
expedition which landed, many years
later, on Pilgrim Rock, would never
have embarked. Who knows?
To. digress for a moment, let me
speak of woman.’ It Is eminently
proper that woman play a prominent
part in the coming great celebration,
since it commemorates an event made
possible by a woman’s act three cen
turies ago. for, had not the Indian
princess, Pocahontas, saved the life of
Captain John Smith, the dauntless
leader of the first English colony in
America, when condemned to death by
his captors, the settlement of James
town Island would, unquestionably,
have been abandoned, the despondent
and demoralized pioneers returning to
England, the new world would have
been left to the Indians and the early
Spanish settlers. Woman’s work saved
Jamestown, and woman's work is io
play an important part in celebrating
the three hundredth anniversary of tho
Jamestown settlement, the real begin
ning of the United Slat es. And again,
it is to woman we owe it, that the
celebration and the great exposition
are to assume such gigantic propor
tions. To them, and more particularly
to the Virginia "Women's Socletj' for
the Preservation of Antiquities.’ who
petitioned Congress to preserve-James
town Island and Its historic ruins—is
due tho credit for inaugurating th'-
movement from which has sprung the
forthcoming celebration and exposi
tion. Hence all gratitude and homage
to our noble women, especially in this
instance, to the daughters of old Vir
ginia.
A Significant Celebration.
Quoting from a late address In Con
gress. by an eloquent orator, Hon.
Charles A. Towne. “no more moment
ous circumstance has ever been cele
brated in this (our) country than that,
which is the subject of the proposed
observance. It would he difficult, to
over estimate the significance of the
event which it is proposed to celebrate’ '
It is one of the events that lias a con-,
secrated place of imperishable glory
in a reverend spirit we shall turn our
steps in the May time of another year
towards the little island in the James
River, peopled not only by memories,
but dedicated forever to the respect
and homage, of mankind, by its asso
ciations with the advent upon the con
tinent of those heroic souls who, three
hundred years ago, braved the peril-
of the sea to raise their altars in ,
wilderness—‘and be a fair beginnin™
of a time.'
“Let us therefore when the sprin™
shall come again, gather in old Vir
ginia about the earliest altar erected to
our civic worship in this brave new
world, and where. Americans al! take
upon our lips again the holy ‘natal
vows of our peculiar nationality stroq-
in the hope and resolute in the pur
pose that in t'm words of John Adams
to Thomas Jefferson, ‘our pure, virtu
ous. public-sprited federative republic
shall last forever, govern the glob"
and introduce the perfection of man’’’
Let me sue* in Virginia’s name." that
in all that Virginia has of heritage and
tradition, of ideals and aspirations the
country anti a!! the world—has ’ ful'
share, for neither a place nor a peo
ple can hold alone those things which
are eternal, and when Virginia opens
her gates to welcome the world she
wili open as well her heart and sh ire
her best with all who come to do her
reverence.
NOTICE TO SUBSCRIBERS.
Examine label on your pa-
ner. It tells how vou stand on
the books. Due from date on
id t D wo freight I the label. Send in dues and
the r signals were I m!xei ° 1 c 1 '■* 11 y also renew for the year 1907,