davidaulloa/AmericanStories huggingface dataset:
Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-01-23

safety largely to his care. All the
national banks have TO report to him.
and he has large corps OF bank ex
aminers, or bank detectives. who are
moving about over the United States,
and writing or telegraphing him daily
as TO how our financial institutions stand.
He is in close touch with the greatest
financiers of the country, and the least
change in our financial condition is al.
most felt by him before it comes to pass.
Mr.. Eckels is a financial genius. He
has one OF the clearest and coolest heads
that has ever presided over millions in
the treasury department. Still, he looks
like a boy. He does not appear to be
thirty, though, venture. he has passed
the forty year mark some time ago. He
makes you think more OF an overworked
college student than one OF the most
responsible officials OF our government,
and his pale, intellectual, smooth shaven
face shows the refinement OF scholar,
rather than the gross beehness oil the
average overled politician.
THE QUESTION OF A PANIC.
The first question asked Mr.. Eckels
when ! met HIM IN the treasury depart
ment today was that which begins this
letter. 1t was as to whether we are not
on the edge of panic. Mr.. Eckels re.
piled:
81 think not. don't see any occasion
which suggests that panic is possible.
much less probable. 1t is true there
have been number of bank failures
since November Ist, but, with the ex'
ception of the National Bank of Illinois,
in Chicago, the national bank failures
have been unimportant both as to CAPT.
tai and deposits. The number of failures
has also been slight, AT the close of
the report year oil 1896 we had 500
national banks, and since that date
several new ones have been organized.
OF this number only sixteen have closed
their doors within the past ten weeks.
This is very small record as compared
with the first ten weeks OF 1885,"
what were the causes OF the fail
uresl" asked.
THE failures were in each instance
brought about by local conditions and
local causes. They resulted either from
Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-01-23

national banks"
"what is the biggest national bank OF
the United Statesl"
"rhe largest national bank in point of
deposits is the National City Bank of
New York, while the largest in point OF
capital stock is the American Exchange
Bank and the National bank OF Com
merce OF New York city. Each of these
banks is capitalized at $1,000, ooo."
WHERE NATIONAL RANKS MAKE THEIR
MONEY.
"Tell me, Mr.. Eckels, where do the
national banks make their money! They
make lot out oil Uncle Sam, do they
not2'
They did at first, " replied Mr.. Eckels,
but not now. When the banks were
first organized there was a large amount
OF profit in taking out circulation, and
at first the circulation feature OF the
banks predominated Then the bonds
increased in price, and under the law
which permits but 90 per cent of tue par
value OF the bonds 20 be issued to the
banks in circulating notes. the profits OF
the circulation feature vanished The
most of the money made by the banks
now comes from deposits and discounts.
This is the feature OF proht in banking
in England, Scotland, Ireland and the
United States. No, the profits of the
national banks do not come from the
government"
WHAT UNCLE SAM MAKES OUT OF
NATIONAL HANKS
docs Uncle Sam lose anything by
the national banksl"
mo. indeed" replied Mr.. Eckels, as
he picked up a paper OF figures and
looked il over. $50 far from losing by
the national banks, the government has
made great deal out o. them. A care
full estimate OF the amount of profit to
the government shows that from the
organization oil the first national bank
up 10 the end OF the report year of 1896
Uncle Sam has netted sI57439, AS 9S
This amount stands out III startling
contrast to the greenback issue, which,
instead OF having been source OF profit,
has been source of direct loss OF hum
dreds OF millions to the people,"
"Do the national banks make as much
now as they did in the pasH
NO. was the reply. For some
time after their organization the per-
centage OF profit was large During
recent years the profit has steadily fallen;
SO that, taken throughout the period OF
twenty seven years. Tor which the figures
are to be obtained, the average dividend
on capital and surplus invested in
national banks has been only Ga per
cent A considerable number oil the
banks continue to add their dividends
to their surplus. Others have been com
PEELED to charge oil losses sustained to
their surplus, so that many banks dur
ing the past few years have either paid
small dividends or uone at all"
ARE NATIONAL BANKS sAFRl
"How about the safety of national
banks, Mr.. Eckels. Is ones money safe
| in them?'
"As TO the safety OF the national
banking SYSTEM" was the reply, 'the
best test Is the statistics. These show
J that of the s,o55 banks organized sine,
Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-01-23

internal bad management or from the
accumulation of assets during boom
period. These boom assets under the
financial depression which we have had
during the past four years have not been
conversible into cash. They were not
good assets, in other words, and the
same banks with the same character OF
assets in the same management would,
/ believe, have failed sooner or later
during a period of ordinary business
conditions. 1t can be confidently
argued that the recent failures do not
indicate any such changed condition in
the banking world as to warrant any
suggestions OF a panic. On the other
hand our returns, received under the
last call, December 18TH. 1896, for a re-
port OF the condition of the banks show
them to be stronger in cash reserves
than the law requires. They show that
the amount OF their deposits, as well as
the amounts of their loans ami discounts,
have increased, though, OF course, the
increase OF the last two items has not
been so large as might have been hoped
tor. The reason for this, believe has
been the agitation OF certain subjects,
both domestic and foreign, which has
made the investors timd and those who
have money to lend doubtful about loan.
ing it,"
''But has the increase been as large as
was expected, Mr.. Eckels?"
"NJ, not in the way OF loans and dis.
counts. but the reason for this has been
the agitation OF subjects both foreign
and domestic, which has made investors
timid, and those having money TO lend
doubtful about loaning it. believe that
as soon as these agitations are at all end
we ought TO enter upon a condition OF
business affairs which will give employ.
ment to labor and business 10 all con-
Quoting the operations OF trade and
| commerce
OUR NATIONAL BANKS,
"How much money is there in the
national banks todayl'
According to the last report. made
| October 9th, the amount was S343 I43,
| 500, and the amount OF deposits was
sLs97 s9I os9"
"Where are these banks1'
They are scattered all over the
! Union" replied Mr. Eckels. "Those
having the largest capitalization are in
the eastern states. Here you find 1889
national banks, with capital stock in
IOuHh hBuIes vi illOiS thdh ~ ,pOojOOb
In the western states there are 1883
such banks, with capital stock OF more
than $4,000, 600, while in the southern
states there are 5s7 banks with capital
OF more than sI5S .ooo, ooo."
'ls the number OF national banks in
creasing1"
"No, do not think you could expect
that they would increase during such a
period as we are now having. The bur-
dens OF financial losses tall upon the
banks, and don't think that banking
institutions of any kind have been in
creasiug within the last year or So Or
the other hand, there has been falling
of, brought about by the failure of some
banks, the liquidation OF others, and the
TACT that there have not been many new
banks organized. imagine that this il
true as TO state banks as well as t.
Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-01-23

are uppermost in the minds OF our bust.
ness men. The last great panic had to
do with banks, rather than with business
and commercial establishments. The
panic OF 1872 was almost altogether
business panic. 1t was the same with
the financial troubles OF 1884, and also
with those OF 1890. The panic OF 1898
was a bankers panic. Banks OF all
kinds failed. National banks, state
banks and private banks went down.
Within ten weeks, beginning May 1898,
one hundred and sixty.five national
banks closed their doors Fifty
OF these had to have receivers appoint
ed for them, and the others were ouly
allowed to resume under conditions i'm
posed by the controller of the currency.
AT this time the people lost confidence
in the banks. Thousands OF men with
drew, their money and stored it away in
safe deposit boxes. Today business
men are watching the banks as they
never have done before, and the real
condition OF such institutions is a matter
OF vital interest to all classes oil our
people.
THE FINANCIAL NERVE OF THE UNITED
STATES.
The man who knows more about our
banks than any other is Mr.. James Fl.
Eckels, the controller of the currency.
He is, in fact, the great financial nerve
OF the United States. He has his feelers
reaching out to the banks of every town
and every city. Hundreds of millions
of capital and more than thousand
million OF dollars OF deposits owe their
Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-01-23
UNCLE SANS FAILING BANKS.
Chat With Controller Eckes About Nationa
Banls-Their Profits and Their Losses

the Question Ihn7he
DheefoS-What GHch of tie
menf Debts and Or Interest ionHf-Ekai President ce0ehrua
and Tie Bond AsNes<ie
and NV c Not Med Aye Au
The Hard Times, Thci, and tie Future
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-06-21

London. June 20.-Queen Victoria be-
gan the celebration of her jubilee to-
day. as was betting her entire career,
before the altar of her Father.
Throughout London, the United
Kingdom and the empire, in every ca
1hedral church or CHAPEL of the Es-
tahIished Church OF England were held
services similar TO these at st. Georges
chapel. Windsor. where her majesty
paid her devotions and offered solemn
thanks TO God.
The announcement that services at
St. Georges chapel would be private,
and for the members of the royal fam
lily, prevented the gathering of a large
crowd.
The scene was most impressive and
the service simple. Her majesty sat
in the chair Of state Immediately in
front of the communion rail, and just
behind the brass plate whose inscriD-
ton desiSnates the spot which was the
temporary place of interment OF the
prince consOrt-
The ladies and gentlemen who are
the grand officers of the queens house
hold entered first. followed by the milf
tary knights Of Windsor in the full cos
tune of cooked hats and scarlet coats.
The Duke of Devonshire and Lord
Rosebery occupied their stalls as
Knights of the Garter. The rest Of the
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-06-21

peers and peeresses in full robes. the
| foreign ENJOYS and five colonial premi-
ers with their families. Others seated
in this portion of the edifice were the
special delegations from the Royal
Society. the Society of Antiquaries, the
Royal Academy of Art, and the Royal
Academy of Music; the presidents of
the principal hospitals and colleges in
London; Sir Richard Webster. the at
torney-general, and 200 queens counsel
in their wigs and gowns.
Just before II o'clock. the Archbishop
of Canterbury, the bishop of London
and the dean of the cathedral, with the
cathedral clergy and choir, proceeded
to the west door to receive the members
of the royal family. The aisle was lined
with guard of honor, consisting of the
medical staff corps, in view of the fact
that it was hospital Sunday
The members of the royal family ar
rived Dunctually, and were received
with the Drofoundest respect as they
drove through the streets TO the cathe-
dral. Among them We're the Prince and
Princess of Wales, the Duke and
Duchess of York, the Duke of Cam
bridge. the Duke and Duchess of Sake
CoburgGotha. Prince Charles of Den
mark and Princess Charles, Prince AL
bert of Prussia, Grand-Duke and
Duchess of Hesse, Grand Duke Cecil
of Russia. Prince Waldemar of Den
mark Prince Eugene of Sweden. the
Grand Duke of Luxembourg and the
Prince and Princess Frederick Charles
of Hesse.
Preceded bv the clergy and amid
the strains of the professional hymn:
20. King Of Kings. Whose Reign of
Old Hath Been from Everlasting" they
proceeded &c their seats
The service was conducted by the
Lord Bishop of London and the ca
thedral choir of $50 male voices. as
sisted by an orchestra of $50 pieces
from Covent Garden opera house and
several of the principal theatres rem
dered the musical portions. The form
of service was the same as at St
Georges chapel and was participated in
by the vast congregation with evident
feeling. To the invocation Of praise:
Send her help from Thy holy place
came the deep responses of the kneel-
ing multitude: And ever more
nightly defend her." while in inn
pressive unison came the Amen,
following the priests words. Let
her reign be long and prosperous,
and crown her with Immortality in the
life to come"
Holy Communion was celebrated and
the sermon was preached by the Lord
Bishop of London. who touched upon
many of the events in the reign of Vic
toria and eloquently extolled her piety.
charity and motherly love for the
people.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-06-21
BEFORE THE ALTAR
OF HER FATHER

church was empty save the seats of the
royal family near the queens.
] The dean Of Windsor, wearing the in
! sigma Of chaplain of the order of the
/ Garter. OBLIGATED, assisted by the lord
bishop of Barry and several canons.
Punctually at II o'clock, amid the
| soft strains Of an organ voluntary, the
quaen arrived from the cloisters at the
entrance. Assisted by her Indian al
tendant she walked slowly to the chair
Of state. the congregation standing.
/ She was dressed all in black, except for
a white tuft in her bonnet.
Empress Frederick of Germany. at
tired in deep black. took the seat at
the right of the queen. while the Duke
of Connaught, wearing his Windsor
uniform. seated himself at her left
The others grouped closely behind and
looked very like a simple family of
worshippers. Among them were the
Duchess of Connaught. Prince Henry
of Prussia and Princess Henry. Prince
Christian and Princess Christian, with
their children: Princess Henry of Bat
tenberg, the Grand Duke Sergius and
the Grand Duchess.
Ordinary morning prayers began with
a short exhortation from First Tim
othy and the SURFACES after the creed.
First Timothy and the suffrages after
the. creed contained these sentences:
Presto Lord. save the queen.
Answer-Who putteth her trust in Thee.
Priest-Send her help from Thy holy
place.
Answer-And evermore nightly defend
her
Priest-Let her enemies have no advan-
tage over her.
Answsr-Let not the wicked approach
TO hurt her.
After the first collect, a special collect
was read. and instead of the prayer for
the queen and royal family, two special
prayers were substituted, containing
the following:
Almighty Cod. who rules over all
the kings of the world. and disposes of
them according to thy good pleasure,
we yield thee unfeigned thanks for that
thou vast pleased 70 place thy servant,
our sovereign lady. upon the throne CT
this realm. Let thy. wisdom be her
aid and let peace and love flourish in
her days. Direct all her counsels and
endeavors TO thy glory and the welfare
of her people, and give us grace to
obey her cheerfully. Let her always
possess the hearts of the people; let
her reign be long and prosperous. and
crown her with Immortality in the life
TO come"
\ special prayer for unity was said.
and there were special psalms and |
gospels used instead of those for the
day. the gospel being the 18th verse of /
the 22nG chapter of St. Matthew:
Render. therefore,. unto Caesar the /
things which are Caesars.
There were no sermons, but special /
hymn written by the Rt. Rev. William (
Walsham. Lord Bishop of Wakefield, /
with music by Sir Arthur Sullivan, was /
sung d. her majesty's request. The /
third verse was as follows:
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-06-21
GREAT CROWDS PRESENT.
All Intensely Interested in the Ser
wees.

London. June 2O.-There were two
services at st. Paurs cathedral today
a. II a. m. and 3 p. m.
Immense crowds filled all the ap-
proaches TO the cathedral at the morn
ing service. anxious to catch a glimpse
of the royalties and distinguished per-
sonages who were announced. includ-
ing all the Protestant ENJOYS. The
first to arrive and TO be recognized
with the greatest interest was the
Archbishop of Finland. in purple and
black vestments, ACCOMPANIED by two
deacons and General Kirreen in full
uniform. Then followed Chang Yen
Hun. Chinese envoy, IN gorgeous celes-
tial garments. He was escorted 10 the
choir, where were seated also the en-
voys of the United States, Russia, Hol-
land, Denmark. Sweden. Brazil and
Hawaii. Whitelaw Reid, with Ambas-
sador Day and Mrs. Day. General Miles,
Ogden Mills. Creighton Webb, Captain
Maus and Captain McCauley came in
royal carriages.
Under the dome and behind the rich
ly crimsoned royal pews, were the
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-06-21
NATIVE OF CANTON
IS AFTER The JOB
He Is Making a Very Hard
Fight for Ii.
Brown and Rogers are Morally Ger
tain that Certain Appointments
Will Be Made This Week, and
that Brown Will Dictate Matters
to the Powers that Be-Whitte-
more Appears to Have Given Up
in Disgust.
Special to The Harald.l


Washington. June 2O.-Those who be-
lieve some Utah appointments would
be sent in last week say that these
matters were on the programme. but
were not reached in time for action.
Mr.. Brown and Mr.. Rogers believe
that certain appointments will surely
be made this week. it being. expected
that the marshal and district attorney
will be first named
Brown is confident that the men he
wants will be appointed. notwithstand-
ing the opposition being made against
them by Thomas and others.
1t now appears that the marshalshio
viii either so to Hoyt Sherman or Glen
Miller.
The latter has remained constantly
on the ground. keeping vigilant eye
on the situation and has kept his
chance in good condition.
1t is positively known that Colonel
Percy Sewers. once secretary of the
Republican state committee, is also a
candidate for marshal Colonel Sewers
was born and reared in Canton, Ohio.
and is said to be intimately acquainted
with the president He is now in Can
ton, and is endeavoring TO secure the
position through the very potent in
fuences Of his Ohio friends.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-06-21
The Senate

Washington. June 20.-The Republic
can senators in charge of the tariff bill
begin to feel that the end is almost in
sight. They do not hope to conclude
the consideration of the bill By the
present week but they expect by that
time to be able to say when they can
complete the work.
AS i matter OF fact, the difficulty OF
adjusting differences in their own party
is causing the managers more per-
plexity at present than Is the open OPP
position 10 the bill in the senate. It
has been found almost impossible TO
harmOnize the cOntending forces among
the Republicans on the tobacco and
wool schedules. The differences on
tobacco have been compromised. though
not to the satisfaction Of all concerned,
and II there should be another caucus
before the tobacco schedule is taken up
in the senate, the question is liable TO
be re-Opened then.
The wool schedule Will confront the
senate at the opening of the session
Monday and it is Senator AllisOn's pur-
pose to press the schedule forward TO
a close. Hence it will be impossible 10
postpone for a very much longer time
the settlement of the differences on this
question. 1t is expected that if the COM
mittee should not be able to reach a
determination by some time Monday
the matter viii be referred to "a caucus
if the committee fixes a rate that IS
not satisfactory TO wool men. There
is a little doubt that an advance VIII
be conceded by the committee. but
the question of interest is whether the
advance Will be all that the wool men
demand.
The wool schedule VIII. of course, give
rise to an animated debate. but the
Democratic senators say there is no
disposition on THEN part TO needlesslv
prOlOng il. There are also numerous
articles on the free list and in the
''sundry" schedule which will arouse
of opinion, and if the Re-
pI.alicanS do nos withdraw the internal
revenue features of the bill. there VIII
be a sharp clash over this. The are
practically decided. however. to retract
from these provisions. II is also practi-
cally determined that the house pro-
vision in regard to Hawaiian sugar viii
be continued, pending the disposition
of the Hawaiian annexation treaty.
For the rest. the question of re-
and the problem presented by
the trusts in connection with the tariff
are still undetermined by the Republic
cans themselves. but there is no doubt
that there win be more or less general
debate upon any propositions agreed
10 when presented in the senate.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-06-21
LONDON FINANCES.
Money Rates Remain Practically IN
changed.


London. June 2O.-The money rate re-
mains practically unchanged. and the
abundance Of funds keeps short loans at
y per cent. while three months bills are
quoted at Is per cent
There is a strong demand for gold for
TIE continent but the markets are life
loss owing 10 the races at Ascot. which
have called many out of town. and the
preparations for the jubilee which en-
gross the attention OF everybody else. The
bSe-tees will not return much before
Wednesday. after Diamond Jubilee day.
But in spite OF The lack of dealings.
prices have remained firm. and cOnse-
quently there-is d decidedly hopeful feel
ing as TO the future.
As to Americans the public is buying
Pacific IS and general lien Missouri &
Texas 2s.
As regards the railways the securities
there show but little movement, for the
most part continuing strong. while Grand
Trunk remains rising tendency.
Central Pacific has gone uD on the
prospects of a dividend and Denvers are
also in favor
Activity in mining stocks continues
very much restricted but the outlook is
far from favorable. The Barnato stocks
suffered a temporary decline on the news
of his suicide. hut there was a strong
recovery as soon as it became known
that his personal affairs had beer ar
ranged two years ago. and that his firm
would continue 10 manage and control
the so-called Barnato interests.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-06-21
THE HERALD BULLETIN

PAGE ONE.
Queen Victoria's Jubilee.
Suicide on Train.
Outlook of Utah Appointments
FACE TWO.
Yale at Poughkeepsie.
Park City Ball Team Wins.
Earthquakes Shake California.
PAGE THREE.
Reports From the Valeo.
PAGE FOUR
Editorial.
PAGE FIVE
The Holman Memorial Service.
Fraterral Societies.
PAGE SEVEN.
News From Nearby Towns.
PAGE EIGHT.
Some Living Pioneers.
Should High School Books Be Free?
Murderer Mclaughlin Recaptured.
Rev. Henry on the Endeavor Rally.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-06-21
WESTMINSTER ABBEY.
National Paeon of Praise and
Thanksgiving Finds Official Ex-
preston.

London. June 2O.-The national paeon
of praise and THANKSGIVING found Of
fetal expression al Westminster abbey
and St Margaret's, Westminster. At
the abbey, Dean Bradley officiated be-
fore an immense congregation. The
procession of persons was headed by
the lord chancellor with his usher. the
BLACK Rod and his assistants, the
sergeant-at-arms with the mace and
the purse-bearer. who were followed
by the clerk OF the house of lords with
his SECRETARY, and these N turn by
about 100 persons. wearing their rich
robes of scarlet and eTnire end led
by the Archbishop of York, the Marquis
Of Salisbury. the Marquis OF Dufferin
and Ava. the Duke of Marlborough and
the Duke of Westminster.
\ guard Of the queens Westminster
regiment lined the route TO the entrance
near the poets corner. In the congrc-
cation were more than 80 peers without
the robes of the peerage, among them