Newspaper Page Text
8
GOV. TILLMAN’S COUP.
©
BE STARTLES THE STATE WITH A
SENSATIONAL MOTE
,r 4n the Noted Denmark Case—Solicitor Servey
Made a Sensational Speech Against the
Governor and Now ho is Prosecutor.
Columbia, S. C., May 4.—(Special.)—The
aftermath of the Denmark lynching grows
interesting. Today's developments are racy
and those of the near future will probably
be more so.
From the published utterances of Gov
ernor Tillman on the subject the general
impression has been that he would take
no action against the lynchers, but he
took the preliminary steps today and in
a way that is unexpected, bold and start
ling.
At the mass meeting of citizens in this
county recently to express themselves on
Governor Tillman's course in sending the
negro Peterson before the lynchers. So
licitor Jervey, of Charleston, happened to
be present and on being called upon to
apeak, made use of these remarks: “If I
were the solicitor in Barnwell county I
should indict every man who took part in
that murder and 1 should name as accessory
before the act I'.. R. Tillman-dloud applause)
—and in my argument, before the jury
I am very much mistaken if 1 would not
•how that he was more" responsible than any
©f them.” (Loud applause.)
Today the governor made public a letter
(written to him yesterday by Solicitor Bel
linger, of the Barnwell circuit, in xxhiiu
Hie says: . . ~
“I desire to call your attetnion officially
to the recent lynching at Denmark in con
nection with the following statement: ho
far no warrants have been sworn out bj<
anv one against any person supposed to
he connected with the affair and the pro
ceedings and verdict of the jury of
inquest gave no information upon
which the prosecution can be begun.
Under those circumstances, if the ease is
to receive that investigation which its
'gravttv seems to require, it becomes the
d’-tv of the executive officer to institute
proceedings in the premises. Inasmuch as
a violation of law was committed m a
community in which 1 have relatives and
•connections, it is not impossible that some
of them wore implicated, especially when
it is stated that the entire community was
engaged in the enterprise. Such being the
case, any effort on my part to bring the
perpetrators to justice would be embarras
sing to me. ami probably lay me open to
the charge of partiality ami insincerity. I
would, therefore, respectfully request that
vour excellency would charge the solicitor
of one of the adjoining circuits to take
charge of the ease, and would suggest
Solicitor Jervey. whose circuit adjoins this
countv, and who probably better under
stands the situation, and could give the
matter satisfactory attention.”
Herein comes the interesting part of
this story:
Todav Governor Tillman wrote a totter
to Solicitor Jervey. in which he notifies
him of Bellingers letter, and says: “1
therefore direct you to proceed to Den
mark at your earliest convenience for the
purpose of thoroughly investigating the out
break and taking the necessary steps to
vindicate the law and punish the lynch-
* r ’l ; ho conclusion of the governor’s letter
illustrates the very refinement, of sarcasm.
complv with Mr. Bellinger’s request the
more readily because your well-known zeal
and ability give assurance that you will do
vour dutv." Yours very respectfully.
F>. It. TILLMAN, Governor.
P S.—Mr. Bellinger will, of course, take
y nr place in anv work in your own circuit,
winch may interfere with your compliance
with this order.
.Jervey Makes Reply.
Charleston, S. C., May 6. —(Special.)—
The following is a copy of the letter sent
by Solicitor Jervey to Governor Tillman
today in reply to Tillman's letter instruct
ing him to prosecute the Denmark lyneh-
* "l beg to acknowledge your letter of the 4th
Instant wherein you direct me “to proceed to
Denmark at your (my) earliest convenience
for the purpose of thoroughly investigating
the outbreak and taking the necessary steps
to vlndie.it the laws anil punish the lynchers.’’
All lawful directions emanating from the ex
ecutive shall be fully and earnestly carried
out by me. bur in a matter of such importance
It is best that your directions conform strict
ly to law. There is no provision of the law
which would authorize me with, or without,
your sanction, as solicitor, to go into another
circuit and assume the enforcement of the
criminal law there. Section 511 of the general
Statutes under which 1 assume yon act in
this matter authorizes the governor to direct
the solicitors to assist the attorney general
or each other in all suits or prosecutions in
behalf of the state. The section clearly con
templates that a solicitor so directed must be
associated with, not supersede, the constitu
ted representative of the"state in the circuit in
some suit or prosecution there ponding. 1 am
satisfied that under this section ho would not
be authorized to talc- original proceedings,
and that an iedictmont presented by him
v .mid i.ot be valid. Whenever the solicitor of
the second circuit shall have performed Ills
functions of tin. law. and a prosecution has
been begun in Barnwell county, should you
think that the interests of the state would be
subserved by mv presence 1 shall promptly
obey the direction of your excellency. The
duty is one of grave responsibility, neither to
be sought nor evaded, and I shall devote to
Its proper execution all the .ability and earn
estness at my command.
I tic Governors Rejoinder.
Columbia. S. May 6. (Speial.)—Gov
ernor Tillman lodat replied to the letter of
{Solicitor Jervey. in wim p the Inner, reler
rmg to the governor s instructions to pros
ecute the Denmark lynchers, held that the
law only directed him to assist another so
licitor, .and not to take charge himself. The i
governor says; "While it may be presump
lion in tue, a layman, to construe law difi'er
vntly from so distinguished an ornament, of
the bar as yourself, 1 insist that you are
•splitting hair,’ so to speak. You will not
li'sert that the disability of the solicitor of
The second circuit paralyzes the Jaw, or
deny that the judge can appoint a solicitor
j>ro tem, ami the technical language ‘to as
sist the attorney general or em it other, ean
jiot be construed to forbid an interchange
©f wyt’M or swapping places b.v the solicitor,
©ven ’to take original precedence.’ I still
hone that ’ ■n will waive your own con
struction and leave it to the court to pass
on the legality of such proceedings as you
rnav take in prosecuting the Denmark !
lynchers. Os course. I have no power to
force yon to perform the duty, which I
thought would be pleasant, to von. If you 1
still refuse th'- matter must be left with the
Judge when court convenes.”
DEFEW ON CLEVELAND.
lie Says the President Is Not a Good Fi
nancier
New York, May 6. -The Herald says:
l>r. Chauncey M. Dcl’exv found time yes
terday to pay his respects to the president
mid teli what he thinks of the administra
tion’s financial policy.
“Mr. Cleveland appears to me,” said
Mr. Del’e-.r, "like a barber with a locomo
tive. tie does not know what to do. He
acts like a pedagogue and appears to be
endeavoring to educate the majority of his
t'hJ ty, who are silver men, up to the gold
Standard, while in the meantime the fimin-
I vial standing of the country is going to
wreck. Thousands have already become
bankrupt because Mr. Cleveland has not
bad fiuanclil horse sense enough to avert
| the crisis He has not in his cabinet a
xnau who Las ever been a good financier—
a man who Has ever handled large amounts
of money and shaped financial policy for
the government. Mr. Carlisle is an able,
clever man, but who ever heard of him
as a sound financier and a man capable of
handling hundreds of millions of dollars
®s men did who were in the republican a<?
ministrations from time to time? Secre
tary Gresham and Hoke Smith are good
lawyers, but they are not versed in linan
tial" matters where millions of dollars are
concerned.
“When specie payments were about to
b- resumed in 1879. the leading bankers of
tin* country were called together and de
cided that the government, iu order to
have and preserve a sound and safe finan
cial standing with the people and the
world, should keep in the United States
frewury $100,000,000 gold as a reserve
and that amount was the sum fixed on by
the .government. It gave the people confi
dence and they were assured that the gov
ernment was financially sound. The
amount was much higher at times and was
down to within a few millions of the mini
mum, but never below it, and while the
government assured the people that, it was
there, they were satisfied and had full
faith in it.
“But since Mr. Cleveland came into of
fice again, he has done nothing to continue
that confidence—and hundreds, yes thou
sands, of men —who were about to start
new industries, or add to old ones, stopped
and would take no chances of losing what
they had. When Mr. Cleveland took the
reins of the government wo were moving
along prosperously. The government was
on a good solid footing financially, indus
tries were flourishing and we had the
world’s fair in prospect that it would bring
hundreds of millions of dollars into the
country from other parts of the world.
In spite of all that, we found ourselves
in the midst of a financial crisis that is
miking havoc with everything. But the
people wanted a change in the government
and they got it.”
WHAT SPKKCKLES SAYS
About the Situation of Affairs Over in
Hawaii.
San Francisco, May 4.—The war cloud
that appeared on the horizon at the time
of the refusal of the captain of the Japan
ese cruiser Naniwa to return an escaped
murderer to the provisional government was
disseminated April 20th, when the fugitive
was sent ashorq from (he vessel.
Many annexation and anti-annexation
meetings are being held in the islands.
A factor not new, but more than ever
important, has made its appearance in
Hawaii polities, by the arrival of Claus
Spreckles. the “sugar king.” on April I,Bth.
Spreekies's influence in the islands is very
great. His opinion on the question of an
nexation versus restoration has been eager
ly sought.. He has been charged with
having conspired to bring about the revo
lution on January 17th last, in the interest
of the sugar planters. Questioned as to
whether lie favored a republic, Mr.
Spreckles said:
“1 have come down to investigate. While
1 have a link or two in the chain, tny plan
is not yet definitely outlined. The labor
question is the all-important one. and con
stitutes my only objection to annexation.
Planters must have cheap labor, and this
necessarily must be Asiatic labor. Whites
could not and Kanakas will not work in
cornfields. The monarchy cannot be re
stored. If I could find a man of ability
whom I could trust, I would favor a re
public. The thing is to find a man.. Give
the United States a place at Pearl harbor
in fee simple. That’s all they want.
They could keep their ships there and
protect us, if we could not take care of
ourselves.”
BI T THERE IS BUCK,
He Io A Bowed to Remain in Office Notwith
standing His Political Activity.
"Washington, May 4.—Charges of offen
sive partisanships against federal office
holders are coming in from every quarter.
Tile congressmen say that this seems
to be the only way to got some of the re
publicans out. In this condition, the presi
dent must have been relieved to find that
there is one district where the republican
incumbents could be arraigned. This is
Mr. Outhwaite’s district in Ohio. He
called at the white house today, and in a
conversation remarked that the federal
officials at. Columbus cannot be ousted by
bringing charges against them, for they
not only abstained from undue participa
tion in polities, but they are all good men
and efficient officials.
A Comparative Statement.
A statement prepared from the records
of the postoffice department shows that
during the first two months of the present
administration, the total number of fourth
class postmasters appointed was 3.594 as
against 5,104 made during the first two
months of Mr. Harrison’s administration.
The number of appointments made during
the last two months to fill vacancies caused
b.v resignations and deaths was 2,(185 as
against 1.608 made during the correspond
ing period of the last administration. The
number of removals made during the last
two months is shown to be only 1.209.
while the number of removals made during
the first two months of Mr. Harrison’s ad
ministration reached 3,496. The excess of
appointments four years ago was. there
fore. 1.210 and the excess of removals
2,087, while the number of appointments
made on account of resignations and death
was 1,077 more than four years ago.
IT MAY BE ABANDONED.
Our Reciprocity Treaty with Spain Does Not
Work Well.
Washington. May 2. —An evening paper
has this; Abundant reasons for the aban
donment of the policy of reciprocity under
the McKinley bill exists in the complaints
received by the stale department regarding
the evasions of the treaty by Spanish offi
cials iu Cuba. The Spanish government
was forced into the treaty by the diplomacy
of Mr. Blaine, because of the fear that if
the Cuban sugar growers were deprived of
their market in the United Slates through
reciprocity arrangements with other sugar
growing countries, they would rise in revolt
against Spain. The government apparently
intends to make the treaty so unpopular
that it will fall to the ground of its own
weight, and has imposed an excise tax near
ly equal to the duties remitted by the Mc-
Kinley bill. The Spanish minister gave
tin* assurance when the negotiations were
in progress that no export or port duty,
national or provincial, should b? imposed
on exports which the United States ad
mitted free of duty, but the new excise,
although levied on sugar for domestic con
sumption, practically accomplishes the pur
pose of an export <iuty. Our government
will oil her protest strongly •igainst this tax
or wipe out the whole treaty and leave the
Cuban growers to face a possible import
dutv under our new tariff.
The Spanish government has already
shown its inclination to make trouble by its
action regarding the schedules of articles
on which duties were reduced by the treaty.
Such schedules were to have boon prepared
at Washington as the result of consultation
between the Spanish minister and the state
department, but Spain has twice prepared
schedules of her own, and Secretary Foster
sent a strong protest, last summer to Mad
rid against this violation of the treaty.
The Brazilian government is also making
trouble over the treaty with that country,
but is not apparently violating the treaty so
flagrantly as the government of Spain. It
was understood when the schedules of dis
criminations in favor of the United States
wore made that the general scale of Brizil
ian import duties might be raised. The dis
criminations in favor of this country xvere
based upon reductions of 25 per cent on the
duties levied on imports, from other coun
tries. whatever those might be. Brazil took
advantage of this arrangement to raise her
dutiable schedules soon after the reciproci
ty arrangement was made, and she was
obliged to do so in order to obtain sufficient
revenue for carrying on the federal govern
ment. The result has been a very small
net gain to American merchants, while the
people of Brazil are complaining of the in
creased schedules against other countries
and the complications arising from the dis
criminations in favor of the United States.
The reciprocity arrangements with both
Spain and Brazil would probably b° wiped
out at once, but for the desire of the admin
istration to proceed with deliberation and
to make our policy toward the southern
countries dependent upon a revision of our
entire fiscal system.
Tiie Cuban liiMirrection.
Washington, May 5. Secretary Gresham
has received a letter from the United Stales
consul general at Havana, dated April
29th, forwarding a copy of the proclamation
issued April 28th by the governor genera!
of Cuba, already published, declaring the
province of Santiago de Cuba in a state
of siege. The reason given for tile meas
ure is that some bands of men have risen
in arms against the government in the
hamlets of Velasco and I’uerta, near the
northern coast of t!*» province, for the
immediate suppression of which active mili
tary means are now being taken by the
government.
The consul general says that, according
to the newspapers, the bands number about
one hundred persons, while rumor gives
their number all the way from 500 to 700
men. TMs letter was the first ©liieial in
formation received by the state depart-
THE WEEKLY CONSTITUTION: ATLANTA. GA.. TUESDAY, MAY '9. 1893.
went with regard to the Cuban trouble.
Secretary Gresham said this morning
that no telegrams had come to him today,
and that he had not been advised of the
reported surrender of the insurgent band
as given in previous dispatches. The Span
ish legation here keeps a close watch upon
all filibustering movements, and never fails
to give proper warning to the state depart
ment when anything more seriously is ac
tually in progress than Cuban junta pro
ntinciamentoes, or speeches of Senor Marti,
No complaint has Ixum made to the state
department for many months b.v the Span
ish legation of contemplated violations of
the neutrality law in the United States.
The commander of the revenue cutter Mc-
Lane, stationed off the Florida coast, is
under general and specific orders to nrompt
il advise the treasury department of any
show of danger of violation of the neutral
ity laws by filibustering expeditions, and to
take immediate measures for the repres
sion of any such movement without wait
ing for instructions. No report of any
contemplated filibustering expedition ha’s
been received front the commander of the
McLane, and it is, therefore. inferre<l by
the revenue marine officials that no move
ment of this kind has over been in serious
contemplation, dispatches from Key West
to the contrary notwiehstnnd.
THE TREASURY STATUS.
The Situation nt the Treasury Seems to Be
Much More Favorable.
Washington. May 3.—(Special.)—Secreta-
ry Carlisle, when he returjis to his desk to
morrow morning, will find a very material
improvement in the condition of the national
finances.
When ho left for New York to witness the
naval review the gold reserve fund was,
in the language of the paddock, about. $3,-
O(M),(MH) to the bad. There is now about
,S.’{,(MM>,(MM) of free gold in the treasury, ac
cording to a. reliable estimate based upon
a computation of the gold offering (luring the
past week. The gold is steadily piling up
from day to day and the fact that there
were no withdrawals of the yellow' metal for
shipment from New York on Saturday last
and that the steamers which left New York
today will bear no American gold, no report
of withdrawals having reached the treasury
department, makes the situation compara
tively easy. The low rate of exchange would
seem to indicate that there will be very
light shipments of gold b.v Saturday's steam
ers. if, indeed, there are any at all.
There is considerable speculation as to
whether Secretary Carlisle has made a deal
with the Chicago bankers for a large ad
dition to the treasury gold. The weight of
opinion was that he has and it is I'xpeeted
that the aid thus furnished by Chicago will
dispel the uneasiness which has been felt
throughout the country since the begin
ning of the gold scare.
Carlisle on the Gold Question.
AVashu.gton, Mtiy 3.—Secretary Carlisle
was at the treasury department at tin early
hour this morning and from the crowd of
visitors which was present in his room dur
ing the day it was apparent that the public
was well acquainted with the fact of his
return. The trip which he took was evi
dently beneficial to him, for he appeared
bright and free from the expression of care,
which was noticeable when he loft the city.
I’robably the information which he obtained
on the gold situation was pleasing to him
and relieved him considerably. A reporter
asked him today whether, after looking over
the condition of the gold in the west and
his conference with the Chicago bankers,
there was anything to say regarding the
financiial situation. Mr. Carlisle replied:
"There is nothing to be said, as affairs
are in a most satisfactory state and the de
partment is not anxious. There is plenty of
gold which can be utilized, but I did not
make any absolute arrangement while away
for the acceptance of any gold b.v the treas
ury department. The treasury now has a
line of confidence, which is now significant
that the government is well pleased with the
present situation and felt it could meet what
ever demands may be made on it.” Au
official statement of the gold in the treasury
made to Secretary Carlisle for use at the
cabinet meeting this evening shows, gold
in the treasury. $97,401,000; gold in transit,
sss(l. (hh>; toial. $97,957.01 Ml.
There is some talk of Secretary Carlisle's
going to New York for another conference
with the bankers there, but nothing positive
can be learned about it. The total gold in
the country, as estimated by the treasury
official st.ilenient aggregates $(>13,000,000,
of w hich $518,000,000 is in circulation.
"The Gol«lite« Hard Pressed.”
From The Philadelphia Item.
Some of the ge.lditcs are getting rabid and
wild, evidently through slicer des]>eratioii.
Au instance is in the editorials which have
lately appeared in The Standard Union, of
Brooklyn. N. Y., from which we make the
fullowing quotation:
“The price of silver was not affected a
cent's xvorth b.v the alleged demonetization;
not one cent's worth. If silver becomes the
standard, it will be worth no more than now.
and everything else will be xvorth less. The
free coinage of silver at the old ratio would
be the greatest swindle ever perpetrated to
denationalize the currency, and cheat above
all the poor."
“Cheat the poor!”
The newspaper referred to was endeavoring
to dispose of sonic editorial arguments in
The Atlanta Constitution, which while in
favor of the free coinage of silver, was ex
plaining the difference between free coinage
under the present par relations between
silver and gold and free coinage under the
e.ommercial relations. The point being made
bv the Atlanta journal, that if free coinage
of silver xvas established making a. silver dol
lar out of the number of grains required to
bring it up to the commercial value of gold,
“the proposition would be folly itself."
Tile statement of The Standard I nion that
the demonetization of silver had not affected
its value a cent's worth, is equivalent to say
ing that b.v the w-ithdrawal of the highest:
bidder from the commercial market tile article
bid for wi Ilfeteh Just as much as before.
All very small school boys know better than
that. For the first principle of getting the
highest price for an article is the retention
of the highest bidders for it. Remove those
highest bidders and the price of the article
necessarily descends to the next lower grade
of bidders.
Demonetize silver In all the countries now
using it as coined money, and the commercial
value of silver at once descends to what it
will fetch for mercantile uses—-merchants be
ing the next lower bidders -which at a guess,
may be in the neighborhood of 10 cents on the
dollar of the present valuation.
To state that an article does not descend in
value at the withdrawal of the highest bid
ders. is almost too silly to print; yet the de
nial of such a. result, ami, too, b.v the consent
of the noted editor of the named journal, Hr.
Murat Halstead, a gentleman who ought to
know better, necessitates an exposure of such
nonsensical reasonings.
There would bo exactly as much sense
saying that if there wore only three bidders
for a house, one at SIO,OOO. a second at $5,-
00(1, am! a third at .SI,OOO, that the house
would be commercially worth as much after
the removal of the .SIO,OOO bidder as before his
removal.
Then the converse assertion that if silver
again becomes the standard, that is, if the
free coinage of silver again becomes a law,
that it will be xvorth no more tliau now, is
equally absurd.
For it is equivalent to saying that even if
tlie government is willing to pay miners
$1.29 per ounce, the miners will prefer to
so i l it to London and sell it for S 3 cents per
ounce.
How a supposed to be sensible newspaper
can editorially print such trash is a problem.
We make no charges of briberj’ or corrup
tion in this case, but something is wrong
somew’here, and! the striving to saddle the
issue upon "the poor.” saying that it is one
of the greatest swindles ever perpetrated
against the ]M>or. exhibits a remarkable con
dition of tlie mind to say the iciest.
How the poor are swindled by obtaining
a. silver dollar that is commercially worth
par. is not expiaim d. But that is one of tlie
common ravings of lhe goidites. and seems
to have been uttered in tlie desperation of a
lost cause.
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; THE TUMBLING STOCKS.
I WALL STREET NE W YORK, IN A STATE
ON PANIC,
l
Caused By the Almost Unprecedented De
cline in Stocks, Which Recalls the His
torical Panicky Days of ’73.
New York, May 4.—Wall street was start
led soon after the opening by the failure of
• Henry Allen & Co., because of its ramifica
i tions in Chicago ami other western cities,
has commamled a large patronage and ex
erted important influence on ’change. Al
’ most simultaneously with this announce
ment came the failure of B. L. Smythe &
Co., and later the suspension of Schuyler
Walden was made known from the rostrum
1 of the exchange.
All three concerns owe their misfortune
to the remarkable decline in National Cord
; age stocks, of which they were heavily long
fur customers, who failed to respond to the
calls for additional margins.
Throughout the day there were rumors
that other failures were impending, and bro
kers and speculators were kept in a state of
trepidation ami excitement by the fear of
further calamities. Liquidations were on a
wholesale scale and intense excitement pre
vailed as various firms sold out their cus
tomers and a perfect avalanche of stocks
■ame upon the market.
The drop in prices was unusual, even for
times of panic, and denoted the serious
straits in which speculators find themselves.
The fact that London and Paris bought
heavily, and that investors here witk ample
means also took stocks freely, failed to stem
the downward current. Two or three sharp
rallies occurred, but the rise only served to
increase the desire to get out.
Bad Breaks in Stocks.
Just previous to the close there was a par
ticularly bad break in General Electric,
Cordage, Sugar and Manhattan, and the
manner in which these stocks were thrown
overboard gave rise to rumors that other
firms would suspend tomorrow. Shrewd in
vestors, howver, continued to buy, and the
belief obtains that the panic is in fact ap
proaching the culminating point. The trad
ing reached 741,972 shares, the largest total
for a very long time. Over 122JMM1 of un
listed stocks changed hands. National Cord
age figured for 132.81(1, Sugar for 911,070,
St. Paul for (>2,500, Chicago Gas for 44,534,
Burlington and Quincy for (12,500 and At
chison for 27.774 shares.
About King & Co.’s Failure.
The failure of A. IT. King & Co. xvas the
cause of some surprise in commercial circles
yesterday, owing partly to the fact that
under one name or another, the firm has
done business for forty years in this city.
Harry Cohen, the cashier, says that the lia
bilities of the firm were now definitely
known to be S2SO,(MX), and he thought the
assets would cover the liabilities. "The bus
iness,” he said, “will bo continued in a very
few days, on Saturday if possible.” He at
tributed the failure to lhe backward season.
“Our creditors. 1 think.” be said, “under
stand the situation, and they have been very
kind to us. many of them offering to loan us
money to heln tide over the difficulty.”
After the Inventory of the stock of A. H.
King A Co.'s stores has been taken a set
tlement will be made without litigation
There are no preferred creditors.
Whal the I’.jNf Say«
The I’osf says: Though it is quite impossi
bl?"lo predict with certainty the investment
market's future, there was reason to think
today that Wall street had already seen the
worst. None of the wild rumors circulated
yesterday about the banks have received a
moment's confirmation. 'The action of the
banks today was generally marked by firm
ness, confidence and resolution. Merchants
have met tlie monetary shock witli an ease
of mind clearly born of a sound financial
status. London bouses, it xvill be noticed,
bought lhe railroad stocks promptly at this
morning's opening ami there is reason to
believe that their purchases represented this
i time something more than New York orders.
1 In the conservative broker houses of the
| street there wore hoard from emphatically
' today capitalists who rr.rely shoxv themselves
lin Wall street; bargain houses, whoso pres
ence means assurance, and whose absence
in such a time as this are the worst of
all bad omens.
The bond market’s intrinsic strength was
demonstrated tliroughout the day in a very
remarkable degree. It is, howex’er, by no
means to be assumed that the recovery, if it
is actually in progress, will be sharp and
long continued. An overturn like this is not
forgotten in a day. The grave question re
mains. moreover, that Wall street is always
first to bend before a financial storm it has
felt approaching for the commercial xvorld
at large.
Another Black Friday.
New York, May s.—>S. V. White, more
familiarly known as the "Deacon,” has
again been forced to succumb. Shortly af
ter 10:30 o'clock this morning Mr. White's
suspension was read from the rostrum of
the stock exchange. Il will be remember
ed that Mr. White was practically ruined
about two years ago in an attempt to cor
ner the corn market. lie eventually made
a settlement with his creditors and resumed
business at the stock exchange. He made
considerable money in the Industrials, but
like a great many others, overstayed' his
market. Mr. White first came into prom
inence by his masterly handling of Dela
ware, Lackawanna ami "Western some
years ago for the 11. B. Claflin interest,
rite late Jay Gould once said in an inter
view that the only real leader in Wall
street was “Deacon" White. Mr. White
was very much broken up this morning,
lie was besieged by his friends and brok
ers through whom he had been dealing.
It was not until after 10 o'clock that Mr.
White realized that tin assignment was
necessary. No idea of the extent of the
failure could be learned at the office until
11:10 o'clock a. m.. when Mr. White made
the following statement to the press:
Tlie unexpected drop in all securities has
made it impossible to realize on securities or
to collect margins to meet my engagements.
S. A’. WHITE.
M’hen seen at his office after this an
nouncement. Mr. White said:
“If you want to know the reason of my
suspension you need only to look at the
taj>e. The terrific drop in the market: has
used me up and 1 was forced to suspend.
1 have a large number of outstanding con
tracts which must be closed out. The drop
in Sugar was one of the chief causes of my
suspension. ”
Scenes on the Strojd.
There were lowering clouds on the Wall
street horizon this morning, though the sun
of nature was shining brightly through a
rain-washed and wind-blown atmosphere
that was stereoscopically clear. Brokers
and bankers have not idled over their rolls
and coffee at breakfast. Every man, with
a copper’s interest In speculative fields
knew that the band would begin to play at
the drop of the gtival at the stock exchange
and each one was anxious at that time to
be in the procession and close up where
the elephants should be walking.
Acting Like They Were Mad.
In the streets men and boys shot past
each other, diving in here and darting out
there —rushing in or hurrying out of tile
office where their interests centered, and
so Hie ealm hands on old Trinity’s calm
clock dial pointed the hour that should
begin another day that wears the llesh and
nerves of men was ushered in. And what
should be the record of the next live hours
that lay between the opening and closing
of that pandemoniac pit, where the for
tunes of men might be tossed about like
kelp on a stormy tide. Any fond optiijiist
who, before tlie opening, imagined that
the market might stiffen at the outset, was
disappointed. Every eye was on Uordage
and there was movement in the picture
within ten minutes alter the booming of
the cannon to engage every eye. The ap
pointment of receivers for the National
t’orjage Uoinpany, at a late hour last night,
w;u : the occasion tor a further break in
tiie preferred stock this morning. The pre
ferred stock had closed at C>s, but within
ten mi nites after 10 o’clock it had lost
its balance and piumped down fifteen points
to 50. There it caught a jutting rock
for a moment, but the rock was knife-edged
ami Cordage preferred slipped its brief
hold and rattled down the precipice until it
touched 45. "Where is it going to land?”
said those who xvatclied the descent.
“Never mind." cried the optimist. “It
will lodge and stick pretty quick. There
will be a breathing spell and a change of
wind pretty soon.”
Aqd the prediction was in some degre#
verified before the hour
before.* 11 o’clock ti porcrptibio L ”
the rush to sell. Cordag '
at 19 to 21, 5,000 shares changing a
these prices. Meanwhil", infer-
deelivity of alarm, there . l()e
ests tumbling and scramb hi ig Ar'.,.;,. , V .| S
face of the situation. V™'?"! J-s, f-v m'm
antoher weak spot and in tin hi- -‘ : (()
tiles of business the stock p- ’. ls
75. The faet that certain of ' )l .o. ement
thought it necessary to issue
that the company is all
with suspicion in some quarto • • - _
while Cl>i<'9Ko 'lj'oi'lH"! Considering
al list held fairly well.
P.,or “D-.eon WlHte-
The report that Mr. /V 11 *’’ ''.p,* c ,.'<.ropl
the moor at the base of f"' ' ' ]1( q] „f
quickly into the building.
excitement was singing . * f ~'lowd
marks. The rumor was qun klj ■
bv the Official anooum-eme! 1 th;'’
White was down. Some paused - i() ~
where he lay and a<k wha 1 • ; (( . lib>(l
him. and though the
that the terrihe d r °l» , (, Vii"ff stuTim-d a’”l
explosion of t.hicauo Gas a.
suffocated hint. He
at present, though he m‘- ( ■;
on, and people who look< (.
to where Mr. \\ hit<» was do ■ Gotten
“Too bad. and just when he had got tin
V went «.»
clearing house all ’'.-•'t
his checks wore th( . state-
Soon there came from "' /i. Co s|()( .k
,nent that Francis , U * rf4 ??<V h o n.e t’nev?”
brokers, had failed. '' ho ■’ ‘ „,. KV .,. r
many asked, but tiobof V l’;” 1^' , illVesti
and the majority had tth 'n b()W( . V(I ..
gate. It. was little t ’ was enough
It was a wipe out a m * n -,ssed the
to speed the temper. Ami •
first hour. .
Fluctuations in I rices.
The first hour the decline in prices xx as un
commonly heavy and the
cd a higher pitch than a anj
times since the panic started. \
Cordage preferred dropped -a P‘”»
to 45. American Sugar -<■ L ’
(15 3-4: American Sugar '
(18; American Cotton <>'-l to 8 .>--.. '' '
Cordage 4 1-210 15 1-2:,A;ueriean
4 to 58; Quincy 4 to S 3
15 3 4 to 59; Rock Island 4 1-4 to < ( » -•
Lackawanna 3 1-4 to l”S 1-2: Genrt’.'- m '
trie 22 to s<B; Manhattan 10 12
National Lead 0 Ito 20 1-2: National
Lead preferred 10 to (>S; .Yew Jaigland ->
to 25: Omaha 5 to 113; Rubber (>->-4 to
39' Western Union 3 to 8-1; and M heeling
and Lake Erie preferred 4 1-2 to 4:>.
Altucliment Against th© Cordage-
Deputy Sheriff Young today received an
attachment for $55,565 against the Natjonal
Cordage Company in favor of 1 aul L. t lll
band and others. The sheriff has served;
copies of the attachment on a number or
Wall street brokers. President. \\ aterbury.
of the Cordage company, said this nio r ning
that he had not applied for a rec iv T for
himself individually. He would not sav
xvhether or not application xv'mld be made
for one. He said that his affairs had b<-
come somewhat embarrassed tliro igli b ails
which he made to the Cordage -omni ny.
as well as attempts to support the sto* k-s.
Tlie receivership of the company will, in •'<
measure, relieve him as well as his :!<<<-
cinte, Mr. Wall, of pressure from the. (rtid
age obligation, thus strengthening their con
dition.
London Biiylne Henvitv.
Seen at a distance of 3.991) miles, the dis
position had a different aspect. \\ h.le our
own brokers were in a dazed condition au l
throwing over their slocks regard.t ss ol
prices, foreign houses were qutetl.x al xxein
picking up tiie dividend payers. 1 heir pui
chases were heavy enough to demoralize the
foreign exchanges and posted rates were
reduced to 48(1 and 189. Il was estimated
that up to noon today London s purcmise.;
of securities in the local market aggregated
fullx- sixty thousand shares, consisting of
St. Paul. Louisville and Nashville. W abasn
preferred and other interior national favo
rites. Money al this time x- <’•••<:’ and
stock exchange borrowers xvere paying 11
and 12 per cent.
At 1 o’clock the battle had been on three
hours and many of those in the early en
gagement had gone outside to tin* sutlei s
camps for food. They heard how London
and other centers were lying back in compar
ative safety and absorbing the iruits of
their sacrifices.
A Lhango for the Better.
The result xvas a change for the better in
tlie stock market and a steadier tone char
acterized the next dealings. The foreign
buying xvas felt inside to Jiave been on a
heavy scale and the New Yorkers saw that
European purchasers had certainly picked
up some very cheap stocks, the exampit’
set by the foreigners and the cotilidenee
they displayed in our securities revived the
drooping courage of home operators atid a
great rally resulted. Manhattan bounced
up to 130 1-2 from 125, a gain of -5 l-_2 per
cent. General Electric rallied 58 to 7i 1-2;
Sugar from G 2 to 74 3-4. and Chicago Gas
from 59 to <2 1-2. Ihe general railway
list showed recoveries of anywhere trom 1
to 5 per cent. Meanwhile the posted rati*
of sterling exchange had been reduced 1-2
cent, to 186 and 189. One of the Canadian
batiks quoted rates at 485 1-2 ami 488. Act
ual rates xvere 483 1-2 and 484 1-4 for
bankers sixty days. 486 1-2 for demand
and 456 3-4 and 487 1-2 for cables.
The demoralization was due to the heavy
purchases of securities for foreign account,
xvliich have increased the volume of ex
change. There would, it became evident,
be no gold shipments tomorrow. The strin
gency in the money market call loans hav
ing advanced to 30 per cent also had a
tendency to xveaken .sterling.
Then came into the situation another dap
of thunder. Tile suspension of Broker W.
L. Patton was announced and another house
was stateil to have gone under, but the re
port proved at least premature and xvas
denied.
Folloxviug these announcements and a
further advancement in cal! loans to 46 p?r
cent stocks began to xveaken once more.
Manhattan, which had spurted up to 130 1-2
on a. rumor that the rapid transit commis
sion xvould modify the terms recently offered
the company, broke to 12u. .National Cor
dage ami General Electric fdl back to 72:
Sugar to 70 1-4; Cordage Common to 20 1-4;
Chicago Gas to 69. and Quincy to 86.
At 1:30 o'clock p. m. money sold off to
18 to 20 per cent and the*pressure against
the market xvas lifted and just previous to
2 o’clock money on call fell to 6 per cent,
owing to the heavy offerings of finds by
commission houses. As a result, th? mark
for stocks became comparatively calm and
brokers enjoyed the only real resting spell
of stock had been taken up and paid for.
ZT One-half this space a
S cat<? h your eye, a
a 4© ff One-half to tell
(P M i ’ You what to buy. d
- One-half the work «
s Jsnsf ■ Os cleaning gone,
s /© s // One-half the time
, I a & Os working won \
W BY USING
I & Wasbipg 5
ie Best ’ tlle quickest, t
f and by far the cheapest ?
f OVh cleaner in the world. S
Sold everywhere.
Made only by K. FAIRBANK & CO., Chicago, A
{0 St. Louis, New York, Philadelphia, Boston, Montreal.
they have had this week. Indication pointed
then to the fact that considerable amounts
The failure of W. L. Patton & Co did not
exert much influence in values.
Up to 2 o'clock this evening the sales of
listed stocks xvere 444,970 shares and of
unlisted stocks 201,851 shares. At that
hour the market xvas somexvhat feverish al
though some stocks are actually above last
night's closing.
Mr. Keene xvas a heavy buyer of Amer
ican Sugar, his brokers taking fully It),.
000 shares from 64 up. One broker receive’]
an order for 1,000 shares of Lead when
the stock xvas selling at 32. All he was able
to secure was 400 shares at 66. This indi
cates the manner in which the market
moved in the last half hour.
You cannot afford to miss
this offer, The Constitution
and Southern Farm $1.25.
A ROYAL ONE FROM SPAIN.
The Infanta Eutaiin Who Is to Visit the
Coinmbian Exposition.
From The Kansas City Star.
Iheln fa nt.l Eulalie will be the most noble of
tne Visitors to the xvorld's fair, even in her
own peraon as the daughter of a queen, i, uc
an even greater dignity is added to her in the
tact that she represents her majesty, Maria
< iristma, queen regnant: of Spain.
The infanta Euialie, aunt of the little king
of Sl.am and sLter of his father,
All., !s the youngest daughter <>f
Isabella 11. who so far from practicing the
mi l ues of her ancestress, the isabelk? who
resigned m 1192, was actually dethroned and
Y e''* 1 !, l' 1 ’ ,- le , F re S" la rity of her behavior
Ibe dole Eulalie xvas only four years o'ii
when In 1868. her moth -r was driven into
exi e m i'ans. There the ex-queen has eon
tmued her x agarics, and it is .scarcely a
month ago that, cablegrams announced abit
>er quarrei m the royal family because some
el Isabella s lavorjtes had insulted her high
born relatives. &
But Ibis careless, pleasure-loving, personart
was devoted to her children and the infamu
r.ma. e was brougui up with th.- utmost care
ami has had a nrst-emss education she is
now twemy-hve mil. tab, s.tmtt, w-lb
i? * ;tl ‘ carriage, blown hair
m.u I>. !? <■,>e-s. no. oeamum, mu im.-ip-ct ttal
I.jokmg; impressionable- and nervous, tnn me
at ail impulsive, i;,..- i iJ( . wii ;, ■ uotll( . r u i .;
« alls vias not particularly p.easunt. Isabell-i
xvas impnn-.ii mi ..mt extravagant ami het
t.ti, gust relatives helped her otir of one diiln-mtv
oni.v to timl iter bankrupt again as soon as
•m- could manage to spud per mom-v and
•she would be obliged to go withom a cook or
carriage until they gave her more supplies.
However, '.he kingdom of Spam allows Isa
bella. .-11111 her husband k2l<».n<Hi a vear. ami
her daughters .flu.i.iitio, .so that tin- family
cannot really suiter for long at a time.
The Iniaitia. Eulalie- married, at :ite age of
txventy-two, her cousin, i'rim-e Antoine” Due
de .Montpeiisier. two years younger than her
self and enormously rich, he and his sister
lhe Countess de Paris, being joint heirs to
the $12,0(1(1,COO which their father left, on his
death three years ago. The- prince aecom
iitinied his wife to America, lie is tall and
soldierly, tin- grandson of Louis i'hilippt
and he is quite as much t’esccnded front
Ferdinand and Isabella .is is his royal wife.
'Che Infanta. Isabel. Eulalie s eldest sister,
was first designa,>l ns the queen's represen
tative. but she wished to come in her own
character as the expense of keeping up the
slate necessary in an olli ial \isit was more
than she could afford. However, the queen
wished to honor Hie .-elebra'iun as much as
possible, so she offer, d the embassy of courtesy
to the younger ami xvenltl-.icr Eiil dle
A Spanish war vessel is bringing over the
royal party ami is nor expected to arrive be
fore the middle of May. American -.vonmn
xvill bo glad to learn that this visitor is an
exei-edingly good dresser and xvears most
magnificent (oflet.s, pr forrirtg the continental
fashions to those worn in Madrid.
Dr. Sboop, Kncine, Wis., Cures
Dyspepsia ami Chronic Nervous diseases. Dr.
Shoop's Restorative, the great Nerve Tonic,
through a newly discovered principle, cures
stomach, liver am! kidney dis'-ases. by its ac
tion upon the nerves that govern these or
gans. Book and samples free for 2-cent
stamp. A<hlr<-ss Box 231. A 93.
ACCIDENT JO LORD CRAVEN.
His Razor Slipped and Cuts His Tongue.
Blood Poisoning Feared.
Nexv York. May 4. Lonl ('raven met with
a serious accident a few days ago xvhile at
Syracuse, just after leaving on his xveddiug
journey, lie was strapping his razor ji: *
paratory to shave when the razor slipped
from ids hand and in falling hit his tongue,
cutting a great gasli. The flow of blood xvas
alarming. Inflammation lias set in and blood
poisoning is feared. His condition was se
rious enough to warrant the attending sur
geon telegraphing to Mr. and Mrs. Bradley
Martin. No special word has been received
of tlie present condition of the earl ami
therefore no serious results are apprehended.
If blood poisoning should set in with fatal
results the settlement of $750,000 made by
Ylr. and Mrs. Bradley Martin and Lord
Craven would revert to his brother, Thomas
liupert Cecil Craven, heir to his title and
estate in case of no posthumous issue.
IVAR TO THE KNIFE.
Governor Tillman Expresses His Views on
the Railroad Tax l.axx Very Forcibly.
Columbia, S. C., May 2.—(Special.)—It
is “war to the knife" I> tween tlie adminis
tration and the railroads concerning the pro
position of Receiver Chamberlain to arbi
trate their differences.
Governor Tillman said today: "I think
the slate of South Carolina itas courts of
law to settle all such questions. She will
not arbitrate xvith anybody about taxes.
This proposal is the quintessence of in
solence coming from the source it does.
YVe are neither defenseless nor xvitbout re
sources xvith which to continue the fight.
AVe will certainly continue until the eud is
reached. If the means used- will destroy
the credit of the roads, they will have- them
selves to blame. Tlie next move xvill be
made very shortly.”
Tbo Waiters’ Strike.
Chicago. May 3.—The xvaiters’ strike (-xted
ed to the xvorld's fair and. though tempora
rily settled, will break out again tomorrow.
All the men employed there today demanded
that they be given sis per xveeit Instead of
S4O per month, at which they had been xvork
ing. This demand was granted, and now the
men are far from being appeased by the con
cessions. and have made up their minds to
ask for S2O per week tomorrow and thev will
strike if they do not get it. About 500 tnen
are employed at the fair grounds. In the down
town restaurants matters xvere in a little bet
ter shape today for the hungry public. Several
houses signed the scale ami opened fm- busi
ness, xvhile some others managed to obtain
a few mon and improve their business cor
respondingly.
The “Dark Phases.”
New York, May I.—Sixty-five Afri
cans. xvho are to shoxx- the “dark phases"
of African life at the world's fair, were
steerage passengers on the steamship l-.t
Bretagne today. There xvere twenty xvo
men and four children in the party. Most
of tin- human exhibition comes from Da
homey.