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

New York, Feb. 13.-The first wool ex-
change In the United States, n the
fourth or fifth I'm the world, has been In
corporated in this state and 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 tine Iieni-
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 will 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 will be
conducted. Allan McNarghton is the
president OF the new exchange. He has
been actively engaged in the wool busi-
ness and Ia the promoter Of the enter
prise.
Considerable III feeling has been en-
gendered in banking circles ecaus or
the alleged bad faith of certain bank
presidents in reducing the loan rate Tor
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 2 per
cent. The failure OF the banks to MAIN
tain this rate Is due TO the fact that the
trust companies were mo- bound 10y IL
and thai they Immediately offered to
loan millions on call at lls per cent
Call money is a drug on the market and
can be had In unlimited quantities at
from ~ to 1A per cent.
Owing 10 the refusal Of Chairman
-arr,., 20 ~ U.,,pL \ the ocOnniafihn
to issue a one fare rate. the annual con.
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 were
favored by the railroads, but Chairman
Farmer say that the ticket scalpers
profit most by the one fare rate and the
association has decided 70 discontinue
the practice of issuing half fare tickets
for the present. The convention will, II
Is thought, go to Chattanooga,
Sanger Pullman, second son OF the
sleeping car magnate, has gone into the
wine business as "A canvasser for a favor
tie brand of champagne. He has chosen
the social field in which to work, and vii
thus be brought into competition viii
Berry Wall, who has long enjoyed a mo-
nopoly Of social preserves.
Rumors are afioat hat an agent OF the
Hamersley estate. of which Lady Beres'
ford is a beneficiary, has ~absconded with a
large sum Of money. Details are withheld
Lady Bsresford, after the death OF Mr.
Hamcrsley, married the late duke of Mari
borough. Young Beresford is, therefore
her third husband.
William A. Brady. who first began L
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 theatrica
companies, refused 10 appear as lisa IL
1.-THE Clemenceau Case" Manager Brady
accordingly withheld her salary and dis
charged the obstreperous actress. Miss
Standish brought suit and, after a lega
fight extending over six years. she yester
day recovered 1880. She sued for $5l0.
There Is talk In Tammany circles OF ION
mating Richard Croker for mayor of tn
Greater New York on the democratic tick
ct. Croker Is a Barkis. but IL Is not likel!
the Tammanyites will have the hardihoo'
to make him the candidate, as such a nom
ination would undoubtedly give prestige 4
Henry ID. Purroy and his home rule
party, who already threaten to make tn
election Of a democratic mayor impossioi
at the next election.
The edict has gone forth that the over
head trolley must go. The General Elec
trio Railway company, which controls tn
new underground trolley, secured, a fey
days ago, the contract for equipp,ng tn
Chicago lines with that system, and IL j
expected that when the conduit idea !
country will abandon the overhead wire
and adopt the underground method.