davidaulloa/AmericanStories huggingface dataset:
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06
SUMMARY OF TO-OAYS NEWS.

-Hobocs shoot an brakeman on
Cho-apeako and ohio traln.
Question may be raised in court as 10
Mrs Ellis right name
Funeral OF Sir Flanagan tooh pia'e
i' LIgterestinx intefy.ew with Congress
man james Hay.
STATE NEWS.
-Ten-thmsand-d0ilar IRE n FredericAs-
burg. .-,.. v,~.,,,,
ports. -. t,..sor,.,s-
burg. .,.. 80
spiracv AGAINST his nfe. and Judge khea
repudiatcs Hamilton. a..
Enlistment In Philippine army IN leu
o. .,9 terrible tragedy IN the mountains.
George T Winston elected president
of the North Carolina Agreullufdl ana
Mechanical college.
Nou0way county. died from pistoi-shot
~Three indictments against Arthur \.
IBrakeman klied and engineer and
greman hurt hy locomotive boiler eNplO-
sion on the Norfolk and Western
GENERAL NEWS.
-EN-Govcrn0r stone denies that ne Is
to gucc,ca Chairman Jones.
Dishar1ment 81 Scranton Rase- Bal
,s,ncf,tfon viii cause "A reorganization OF
Atlantic League -, ,.,.-s.......
eneuiue OF the Internaiional christian
p,fe,yor convention attended by thou
sands. - -. a..
show that the damage = worse than
~Ri.hop John Newman, ~ The Meiho-
dist Episcopal Church, d'ed In Saratoga.
FOREIGN NEWS
French crowds show rudeness To
,fefarr.e pre.-fus IN their curiosity,
An ntfempt made 20 shoot the Ameer
OF Af-h1ft4fFn.
-sl~ Alexanler Armstrong late Medical
Director ~ the British navy Is dead.
CONFLICTS between rioters and police
I'm barcelona continue.
England has completed arrangements
to send nifty thousand men TO South
Africa at short notice.
Americans score strong point In the
Peace Congress.
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06

au parts of Cuba and 90 collect SUBJ
scriptions To- fund for building Gomez
"a home and furnishing him with money
enough for The rest OF his lifc This de-
Cis.on is universally popular
luthc opinion of an Cuoans. even his
political opponents. Doe deserves such "a
recognition after DIS long service and
solCacriace iu behalf of the Cuban
cause.
Senior Don jose Socrauo. suains first
Cousul-GencrM iu Cuba. arrived to-day.
lie was received ON landing by "a repre-
sentative committee of Spanish residents.
and thc entire party took breakfast at
the Spanish Casino. Senior Segrario VIII
probably pay au official visit Co General
Brooke tomorrow.
Many American officers are here who
We're in the Santiago campaign. and,
without exception when discussing She
yellow fever outbreak among the Ame-
rican troops in chat part OF the island.
they Say they Do NOT believe there VIII
Doe any safety until the ODD Spanish barr
racks an Santiago are burned TO the
ground
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06

WASHINGTON. July 5-An order d.
rectmg the enlistment OF ten new reGi-
ments of volunteer infartrT was COM
platcd this afternoon, and will be issued
tomorrow. The order was drafted after
ID conference this afternoon between the
President and AdJaiant-General Corbin.
and directs the recruiting officers 20 enlist
men under the law passed March 2, 1893.
These regiments are 20 Dee numbered from
% 10 80. thus retaining the continuity Of
the present infantry organization.
Major Edmund Rice, Third Infantry
was to-day appointed colonel OF the
Tweny-si1th. tine hrst selection made BY
the President
THE APPORTlONMENT
Senator McLaurin. of south Carolina,
was at the White House to-day In the
interest of some applicants for commits
s.ous ln the now military organization.
Ile was given 10 understand that the
PRESIDENT would apportion the officers
among the several States IN the propor-
ton of captain and a first lieutenant
for each state irrespective OF politics.
The higher officers, as has already been
mtimatcd. are 10 bee taken largely from
the regular establishment
D. is understood that "a strong effort
WIl he made t0 reserve the second leu-
tpu.ucies for the non-commissioned otii-
GERS who have made good records IN
active service. both with the regulars
and volunteers.
TO FREE THE PRISONERS.
The War Department has received from
General otis adyices relative 10 The nego-
rauons proceeding n Luzon between the
Spanish Commissioners and Aguinaldo.
looking to the rolcase of the spanish
prisoners General OTIS report Indicates
that there is fair prospect that these
unfortmates viii boz set Tree. II not an of
thom. then certainly "a large number
I ls not known whether or not the
cs,tiHos of thc Yorktowns crew are 10 be
included iu the prisoners to Doe released
but 10 is fclred that owing to their dr.
fereut status they viii Doe held by ihe
insurgents.
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06
HURLED OVER THE
TELEGRAPH WIRE
A Brakeman on the Norfolk and Wes-
tern Railroad Meets a Terrible
Death Near TazeweII.

TAZEWELL Va july 5.-special-On
yesterday about . O'Clock In the after
noon "a most frightu accident happened
on the y. * W about seven miles east
Of this place. near Tip Top.
Engine 80. 20 was pulling the heavy
grade near Tip Top going cast, and made
a stop to get mp steam After a minute,
perhaps the locomotive exploded, killing
Brakeman oscar y. owens. who was on
the tender. and seriously. if not fatally
wounding Engineer j. ID. McCOigan and
Fireman +. y Albert
THEY JUMPED.
The fireman and engineer Jumped from
the engine a moment before the explo-
sion and thus escaped instant death.
The brakeman was not So fortunate.
Little hope Is entertained for the re-
covery of the/engineer and fireman.
IL Is said the body OF owens, the brake
man was hurled over the telegraph wires
to "a great distance and was picked up In
an orchard some distance from me track.
BLOWN FIFTEEN FEET
The engine boiler was blown 10 the top
NJ "a dfteeu foot bank. the wheels. eXcept
the front drivers. remaining upon the
track
All OF the men are unmarried ana I'VE
at Blueheld. except McColsan. VINO ives
at Norton.
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06
BRAZ0S VALLEY
AN INLAND SEA
The Whole Face of the Country Un-
der Water and the Destruction
OfLire and Property Terrible.

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-, 80 ,.i.'. ,r-.... ..,'..
'". D'ai ''~,' 'y'' i''''''.' .,', -,,...,f
~ .O.'' a. ~ ..
e','.,....5, -, '.... ,-l iars 5l.
.''7 .p.,t.el l.7's ...
,'"- .t..- '.-,i.o
,-,... w., t.'f, 49,. t..',. ,.....,.,'r..i
"'. ,,.,.i.i-@ n,irts,r
"'1' VIC 10" o' ....
''"
~D'E- '"''
-'f s-.t..
'o-oay '' " Do". 9'F'" ''''''' ',''"
ABOUT -FOUR "u""i' p', "I E
l"1eu on d. 'il'i p'''o i. m
Lia1'7 o''''il7 l"'.' ,'''''' li"'" ''".N
e"-ie. '.I"t H"HtIen "'''D '' '
tolA'." az 9aH I"''r t'
,,... tgo rrs..'. tba .i,b, hundr.I u..s
,.r. a,...tI,, he last Nam, Win die as
i i from hunger aynosrre and cx-
bau.tfon
GREAT SEA
."Tho water to-day is running through
the town of Brookshire. something never
known before. The sixty-dye lives rr-
ported lost to-day We're ln radius Of
twenty miles north and south of Sea.y.
We are completely Isolated at sealy. but
This town is not in danger We cannot
estimate tine situation beyond limits
mention. The whole faee oI me country
here D. sea. Ii'e 'h'n.ei OF ,ue nl'los
river mere n'7 aill''" "',N' 'ii''
ana ihe water l7 Hli',h Nl.i'7 "i''' Hl5
houses lumber ana iah"d5 hd'.ii"''
merchandise liNe stock a.I '.n'f nom
"'1 ""j "' ,N' H. |...i..
cnrers TO go io tne fr.lei OBJ ll' ...ll. ...l..,-
srred people. most "l N"'" '' "'..
lhe i"iIi"tHa arc ".7'''f' '' ','
Nn immense "i7'.'u' -..,..,-
ctuid ao"'h "t a'''s .''' ',iir,..i
I"l7 'uia ou '"i ,,.l -,
and Texas the Gulf. Colorado ana 9tn'a
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06
BISHOP NEWMAN DEAD.
The Noted Methodist Divine PASSED.
Away in Saratoga Yesterday.

y " fI iAA '''Nt .ffhfssft
SARATOGA NN.. July b.-BIshop John
j.. Newman. of the Methodist Episcopal
church. of san Francisco. died 40 2.5p
O'Clock this afternoon. bishop Newman
had been in failing health for "a year
past but it WIS only week ago mat
BITS condition really alarmed hls friends.
Since July 3d he has been sinking rapidly
The immediate cause OF the death Of
Bishop Newman was pneumonia and
myettis
Tha Bishop became conscious shortly
before his death and recognized his "i'r
Mrs. l.. S. Grant. Nrs T. ID. Grant and
others arrived 700 the scene moment
later Mrs. Newman s almost crushed
by her bereavement. nlasmuch as She
is in comparatively feeble health Do H
feared that she VIII not long survive hcr
husband
Tclcerams ana rah'cerams orc being re-
ce.vod from ann quarters tonight express
mg sympathy a dispatch from Bishop
Randolph Foster at HoXhury. Mass, an-
uomces That te WIN rnch Saratoga to-
morrow morning and complete atran-e-
mont- for thr funeral. To VIII take place
no tho First Methodist Episcopal church.
this city. Saturday afternoon.
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06
sbotatthc AmerY.

LONDON July 5.-The - Petersburg
correspondent 0f thc Globe says that adj
y.De. have been received there from
Cabu capital of Afshanistan. that an
Afghan recently discharged "a rihe point
blank at fhc Amoer hut missed him, the
bullet lodging in tho shoulder of a general
standing near ny
mn. advice. also say that the Ameer's
brother Ishak Khan. attempted 20 bribe
"a cook O. poison fhe Amcer ana that
when me plot was discovered, ishak hed
into Russia and tne cook was hanged.
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06
More Than Ten thousand Crowd
Tent EndeayOr,
CHOIR Of A THOUSAND VOICES
Composed of Wbitc-Capped Men and
Maidcns - Mckinney Telegraphs
His Good Wishes for the SuC-
cess oftbc Convention The
Red and White Minglcs
with National Coiors.

.......,...,.. ,,,,.,, ,..,.. ,rhl oet,-
'l-i ''''' Do ~" ''', '
noon of the preliminary d'y oi ih' els"-
foouth annual international Convention
, ,.,.....,.... ,..,......,.,.r ,.s. sb,y.or. brt
t-l '.'..i.. ,b. .,,, .hr,.a through
,,.. l,l.,,,l, '-a ,t. travel fr,ro ,u ,arts
t, ~, tto Cbrisrian Erdesyor
-. t..., A., s,,,.l,,,.., Io,,... ,,.,,..r-
,..'.,,, ,.....l. t,or ,..riofs
- I'D. cha. ,.re.r do,ds
..t.,' .o,t.d lit,- an CON
,..roi... -o,..rd .r.rt Irdea,1r beneath
,.t-i. t.,l.'I .,,.,.li,e canvas the wei
'.'- ,.if.. ,,... t.r1
.........l b., tbr,,,.,b tha four
....-...- l. .i,h.r sil. and down the
''t ....t .i.l.. unfu
s.A N''t1 ,...., ,,.,.
tu. tu. -i''' ..", ..,,..fI.rs
"l'' ~ i"I '''"' .i.......t ,,,.
oul'.".' "'. ...',. e,,t'. sid.
oi'II'n5 a., . ,rro>-s
..,., ,-.i',' -.l and ,,bits
i"' '''' t...i.f. .r hro.I
was 7"- l..l".' l' ... ,i.. ..,,.,
s.i .. ''l'''' ,"' l.,-.l ,,itb tbo
i"e' t..... ....-t,,o5 .,+ i,-
oldi' 'Nu "''i'-'' nuns s.....
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06

LONDON. July Sir Alexander Arm
strong IS. C. b.. formerly director gene
raj of the Medical Department or me
British navy. s dead.
Iic served five continuous years In me
Arctic regions searching FOR sir John
Franklin and discovering the Northwest
Passage.
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06


'o'o I'il' l'''I'''' ""
plated that those volunteers should hc
otIr.rDl hF volunteer officers. INHt ln'
lIlI '.u'i n- i.i.i AS hri' 'ni' li'e
Governors of the several States being fe-
QuCsied i0 furnish their respective quotas
of 0iicer.d regiments or comp'nie-.
senator 'orhf'H OF M' '"'Il. was
patron ol tIe mt assure N' one. "7 jar 'a
} Know even "i'iii'H lhtl lh' "'i''
H'I..A N''.d ...h '. 'Hi s'.''I- ''
olI''rHI m,lh'd from 'H'l ''i''i'-
plated n} iHe bII ana io pNi i'-iIai army
officers over ih'-e men, To '' SOD ir .'.H-
l.i ..'I' 'i U''I .'.'.''i '' f'",I
'Nr II'rII"Il - I.au iH'-- r'INl''7 "'"."
h'i Ir volunteer DID IH' common ",'' .'-
tt'I1" oi inr term. In'} would i'iIF ''
rDf ar soldiers. AID oi our wars nave
hrr i.atht nF volunteers raised Ut iNf
states. ihe President Do my J-'tin'nl
mas 'l7'IN''IN "' a.'.".'' '' ,'l.. "'t
HI ". fi'i.. 'I'.'" H, '' '''i' ,'
do ,' '"N5i B "il 7'I'' "I" '."'
notice o. lhr u.''i dIsI gary %. ''
ANA lcll'I Cd. 'H' Ii". I"'- ''' 'i.',
GEMS ' h I''. .".
u.s. becoming rampant in SOME p''
tors. ""'.d H'l "' '''
should I' "-h'' I'D i"' "' ~
-'t'' men. sometime '.''"N &
r.-enIal "i -'''t ""-' ''"-
io -.e ihlr "OIr "'. .' ".i
foreign interests. hut really t' nave
Dig army io pui dow" o'i"r'''' ''''
bies. ...... ,....,.,.,
MA '--h'' .....,..
DIT. Il"l ""F ''N'" ""''
would pr ihr ISSUES I' l"' "'N' r''
o'nNfi cam HH.
In lh. II@ l,Ii''' .'''
ll' l,'I.' "'" .
AIT. w. d. 1917 ." Hi''''''l ''.' "'- ,''.
"' NII h' I.'N'I "I.'" ".n
ciiIlen ahd N'' "4 ''''
wise Tor hi. I''''' '' '''''' ''N' '' '''''7
n.Iy DDS aiihf
no" a- '' ..' '. l. "'E III
was lh Is.' 7'A',.. ''
man anu j ''" .t..+
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s'u'I .t... ....,. tto rer,,br
'".''' . lt.,,.T Tba o,ff
cam "',l.'''' ,,, '........ff,. 1r.i, t,o
' N.f' .t.,.. iie. ,t.od Ttis
- l.,'i ~, ,,,.,1,.',,t,..s question u
,,.,,.. and H. ,.ir Do an issue the Rcuub-
i.'.'.,,. ain b,,. IN r,c.
EXPANSION
or.rrito,~,1 oxnsnsion or impcralism
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ni9'' N''-' way. |
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r@1'''1' '','' ''''''' ','. .i.,ii 5n
Nir NtN"' N"'".'''i 'l "N'- " ..
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06

ST. louis Mo. Jolly 5.-Ex-Goyernor
~. j. Stone to-day denied thc report thar
he bad been appointed TO succeed Senator
Jones as chairman of thc Democratic
National Committee uo said that Chair
man Jones would NOT resign his position.
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06

CHICAGO. July Percy W. Palmer.
OF Evanston. shot himself to-day lie
WAS any-three years old and a native OF
Alabama.
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06
A HOME FOR GOMEZ.

A Cuban Committee Appointed TO So
Iicit subscriptions ior One.
HAVANA. July 5.-Thiriyt~o district
branches Of the National party have
he'd meetings and decided 60 oppose even
fho iomnoIary withdrawal OF General
MeNlmo g1mez from the island
A committee has been appointed 10 visit
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06
Order To-Day for Ten
Volunteer Regiments.
THE APPORTI0NMENT
OF Officers, a Captain and First Lieu
tenant for Each State.
HIGHER ONES FROM REGULARS.

II is Proposed to lFill the second Lieu
tenancics and Nom Commissioned
Places from Ranks Of Men who
Have Made Good Records In
the Recent Mar in cuba
and Philippines.
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06
WEATHER FORECAST.

virginia showers THURSDAY, proDaD'y
fair Friday variable winds.
North Carolina showers and cooler
Thnrsday. threatening Friday, variable
winds.
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06

CONTINUED on Second PaEsJ
The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-06

.WLon lle bn was na--ol.' 1lr Hay
The times., 1899-11-12
DECREASE IN DEPOSITS
The Reserve in New York Banks
Below the Legal Limit.
The Decline in Cash Said To BE Due
to the Rule of Charging One-Tenth
of One Per Cent on the Collection
of Checks - system OF Conducting
Clearing Business May Be Resumed

The statement OF the New York banks
for the past week shows heavy loss of
cash. and reserve fund lower than at
any time since September, 1893. The figures
of the statement are given elsewhere in
The Times
Local bankers and financial men are
looking on at the difficulties in the New
York bank situation, not exactly with sat
isfacuon, perhaps. but undoubtedly with
somewhat OF the I-told-you-so attitude.
Interviews with several prominent Wash
ington financial men during the past few
days by reporter for The Times make
this very clear. There is one very simple
reason, it is said, for the loss OF deposits
and Of cash by the New York banks belong
ing to the clearing house. and the conse-
quent stringency in money at that centre
while the remainder of the country is wit
Messing nothing Of the kind. The rule
adopted by the New York banks nearly a
year ago of charging one-tenth of / per
cent for the collection of checks is not a
success. 1t is dislked by every financial
institution outside Of New York, and it
New York was once the financial centre
of America TO a far greater extent than it
is at the present time Washington bank
ers We're in the habit. of sending to their
New York correspondents checks on banks
even in the Southern States. Western and
Eastern and Northern and Southern banks
all exchanged through New York. Heavy
deposits were kept in that city. II was
the universal dumping ground if the eX
preston used by a banker yesterday is
permissible. There were some good points
in the system and it was probably profit
able TO New York if for no other reason
because it helped to preserve in provincial
financial minds the idea of the pre-eEli-
nence of that city
During the flush money times of several
months ago. when loans were being made
at and per cent. the New York Clear
ing House Association decided that its
banks could make money out of this bust
ness by charging for the collection Of
checks. For a time while the money rates
were very low there were two reasons why
the outside institutions and individuals did
not object to this plan. The per cent in
terest that the New York banks paid on de-
poslts was very near what surpluses would
net anywhere else. And the New York
institutions had the very fair argument
that with money so cheap they could not
The times., 1899-11-12

NEW YORK. Nov. 11--Tbere were Uals-
ual Developments in the foreign exa1a-ra
market today. As a rule thar market is
Al staHdzrnl On Saturday bu today it
was sctvg and decidedly weak. This con
ditioa was due in part to the i1c.5a sing
outward movement of cotton. ba- nor
particularly 10 the high rates I-- money
a. this centre. Those rates have i-dIezd
bankers with International courz-t-1us
10 make sterling leans on an extensive
scale and the sale OF the borrowed siIi5
has helped 20 dcpress the market for signt
sterling. European bankers viii, Of course
dc everything in their power to prevent
shipments Of specie TO this country. They
may defer the movement but they certainly
cannCt avert it, il is only a question CT
time when the offerings OF exchange viii
be so largely in excess Of the demand that
rates for sight bills viii drag to figures that
VIII make specie the cheapest form Of re-
nittance.
Instead Of looking TO the natural channels
OF relief from an uncomfo-. shle Eo-zy mar
ket the spsculating element in tx street,
inducing few bank officials No cater 10
that element, apparently regard the Sec
retary OF the Tree sury as chiefly responsible
fer a continuation Of the present condition
CT affairs. il is true that for the first
time in many months the Treasury is TAX
ing ia more money than Ii pays out but
not enough 10 warrant the use Of surplus
income for the retirement Of interest bear
ing obligations. 1t is doubtful if the pur-
chase Of round amount of Government
bonds by the Treasury would give the re-
lief desired while tha operation would GER
Jsirly interfere with he natural tendency
OF the foreign exchange market and thus
delay the payment Ci balances from Europe.
FuTtf-r deposits of Government money il
the banks also seems imDracticabla. in view
OF the large amount, about $50 eco COO, al
ready On deposit in national banks. Both
tho GCveTnmsnt and the business com
mummy can afford TO l5t natural causes run
their course in the present situation By
doing so beaIthful check viii be given to
speculation Of al kinds that viii avert
disastrous collapse
The weekly statement OF averages for the
associated banks shows a larger loss Of
lawful money than had been expected.
Loans have been contracted as usual OF
late. yet net enough tO bring the deposits
down TO a figure that would make the
smaller reserve sufficient for legal re
quirements. In consequence. the reserve
Is over two and three-Quarter millions
below the = per cent limit In anticipa
tiCn C an unfayorable showing by the
banks the stock market was heavy and
nervcas until the clearing house state
ment was published Then 1t became weak
and closed at material net declines for
many CT the usually active stocks. The
greatest net losses were sustained by Man
haitian Railway. Tennessee Coal and Iron,
American Tobacco, and the anthracite coal
stoEks.
The times., 1899-11-12
THE CHICAGO GRAIN MARKET
\ Further Weakness in wheat Al
fccts Corn and Oats.

iectS toFn and Oats.
CHICAGO Nov L-Wheat deyelcDed
further weakness today. Buying by shorts
was the only support and scattered hold
ers Of long wheat were the principal sell
ers. Liverpool was unchanged to Id
hlgner. Antwerp and Berlin SIS lower.
Budapest l l-2 lower Primary receiDts
were 100000 bushels less for the dav and
5,50O,OOO less for the week than last wear.
Clearances $4,000 bushels. Mondays sta
usties promise to be beaTish. Holders Of
December wheat are showing tenacity. but
the liquidation of their contracts seems in
eyitable in face OF the steady accumulation
OF supplies and poor cash and export de-
mand, only fifteen loads taken today.
May corn lost 1-SdI-4c. The December
May spread tonight is only / l-8c Stocks
here this week will decrease about 400. 900
bushels. Receipts all the week have been
light only 231 cars today with 800 for
Monday, The shipping demand is poor.
although there has been a moderate rush
within few days TO get corn of TO catch
the canal, which viii soon close. Cash
handlers pretty generally report increased
offerings West but it viii be a week or
more before the car lots here show much
increase.
Oats are sympathizing in a small way
with corn, the declines stubborn and slow
There was good deal Of May selling at
. "a but the close was shade over that
The cash situation is much like corn, small
receipts. moderately increasing Western
offerings and no great shipping demand
Today's cars 1872 with 80 for Monday
Stocks will increase here slightly this week.
Provisions were weak and lower on the
decline in hog market, and the prospect of
liberal receipts next week, 1870 900. and
closed quiet at inside prices Commission
houses and English packers sold, most of
the demands coming from shorts The
cash trade was low
The times., 1899-11-12

afford to do the clearing business for the
country for nothing.
The return of immense business activ-
ity however, has given the Western and
Southern bankers more profitable uses for
their money, and il has also removed the
only argument the New York bankers had
for charging. They can now employ all
moneys deposited with them by outsiders
at remuneratiye rates.
Soon after the new rule was adoDted out-
side banks began to withdraw their de-
posits. Nearby New Jersey institutions
and New York trust companies and private
banks have been receiving these deposits
largely where they have not been taken
away from the vicinity of New York en-
tirely There has been a steady drain OF
cash from the clearing house banks, and.
contrary TO the general expectation. il does
not return this autumn at the usual season.
1t may never return. if the charge for col
lection OF checks is not given up.
This drain has been particularly hard for
the banks, because they had loaned out all
their immense deposits. and have been
obliged to call in loans heavily as the de-
posits have been withdrawn. The state
ment issued by the banks yesterday is a
very clear showing OF their present situa-
tiOn. Their reserve is now 80, 100 600 below
the legal requirement
The outlook now is that if Chicago and
other large cities do send money to New
York, it Will not be as deposits in the banks.
but as loans in competition with the banks.
II was said in several quarters yesterday
that immense sums Of money will be re-
ceived in New York this week from the
West but that it viii be loaned directly
at the prevailing market rates. 1t is even
said that Secretary Gage has received such
direct and positive assurances to this eff
feet that he sees no reason to come TO the
aid of the New York situation. knowing that
il will be relieved in a few days at most.
The suggestion made in Washington and
elsewhere is that the New York banks
should go back TO the old plan imme-