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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,