Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1897-02-20
WOOL EXCHANGE IN NETWORK
First in This Country and One
of the Few.
Trust Companies in New York Null
ify the BANKERS Two Per Cent
Agreement--Caii Money
Is Cheap.

New York, Feb. 13.-The first wool ex-
change In the United States. and the
fourth or fifth In the world, has been In
corporated in this state n will be In
operation next week in the fine new
Wool Exchange building at West
Broadway and Beach street. When
trading begins IL is hoped by the mein-
bers to regain for New York the pres
tige II once had as the wool center of
the United States. The exchange is
capitalized AT 81 900, 900. Ii viii have In
the ~neighborhood Of 1000 members,
trading members becoming such by the
payment OF a license fee OF 500. A gen.
eral exchange business in wool VIII be
conducted. Allan M~cNarghton is the
president OF the new exchange. He has
been actively engaged in the wool busi-
ness and Is the promoter OF the enter
prise.
Considerable Ill feeling has been en-
gendered in banking circles a or
the alleged bad faith of certain bank
presidents in reducing the oan rate for
money 1t seems that at a recent meet.
ing OF the bankers a "gentlemans
agreement" was entered into by which
call money was to be held firm at . per
cent. The failure Of the banks to main
tain this rate Is due TO the fact that the
trust companies were not bound 10y II
and that they Immediately offered to
oar millions on call at ll2 per cent
Call money Is a drug on the market M
can be had in unlimited quantities at
from ~ to ia per cent.
Owing 10 the refusal of Chairman
Farmer of the Trunk Line association
to issue a one fare rate, the annual o n
vention Of the Baptist Young Peoples
Union of America will not be held In
Brooklyn, as agreed upon last year. All
previous conventions of the union We're
favored by the railroads, but Chairman
Farmer says that the ticket scalpers
profit most by the II fare rate and the
association has decided 70 discontinue
the practice OF issuing half fare tickets
for the present. The convention VIII, 1t
Is thought, go 10 Chattanooga.
Sanger Pullman, second son of the
sleeping car magnate, has gone into the
wine business as "A canyasser for a favor.
tie brand of champagne. lie has chosen
the social field in which to work, and will
thus be brought into competition with
Berry Wall, who has long enjoyed a mo-
nopoly of social preserves.
Rumors are afloat that an agent OF the
Hamersley estate, of which Lady Beres-
ford IL a beneficiary, has absconded with a
large sum Of money. Details are withheld.
Lady Bsresford, after the death Of Mr..
Hamersley, married the late duke Of Marl-
borough. Young Beresford is. therefore,
her third husband.
william A.. Brady, who first began 10
acquire wealth when James j. Corbett de-
feated John l.. Sullivan at New Orleans,
has received a setback. Miss May stand
ish, who Joined one of Brady's theatrical
companies, refused TO appear as lisa in
1.-THE Clemenceau Case" Manager Brady
accordingly withheld her salary and dis
charged the obstreperous actress, Miss
Standish brought suit and. after a legal
fight extending over six years, she yester.
day recovered 1890. She sued for $50.
There is talk in Tammany circles of NOM
mating Richard Croker for mayor of the
Greater New York on the democratic tick.
ct. Croker il "A Barkis. but ii Is not likely
the T~ammanyites will have the hardwood
to make him the candidate, as such "A NOM
ination would undoubtedly give prestige &c
Henry D.. Purroy and his home, rule
party, who already threaten to make the
election OF a democratic mayor Impossible
at the next election.
The edict has gone forth that the over
head trolley must go. the General Flee
trio Railway company, which controls the
new underground trolley, secured, a Few
days ago, the contract for equipping the
expected that when the conduit idea IL
better understood all the large cities In the
country will abandon the overhead wires
and adopt the underground method.