Durango semi-weekly herald., 1902-05-01

| many OF our Mills Will smut uOWn III
definitely and soon will be forced tc
the wall. In our distress we look
to the senate for relief"
TELLURIDE, Colo. April 2s.-
What is known as the Turkey Greek
mill was burned yesterday afternoon
1t was a ten stamp mill owned by
Philadelphia parties and used by the
Four Metals Co. Loss is In the
neighborhood of $4,000.
TELLURIDE. Colo, April esd
Storm. a miner working at the Butler
mine, had his right leg broken late
Saturday evening. Patient is in
this city and getting along nicely.
| OURAY, Colo, April 2S.-Yester-
day afternoon while Miss Susie Ken
meth was handling a revolver. 1t ac-
cidentally discharged the ball pass.
ing through the fieshy portion of the
arm. 1t is thought the young lady
who is II years old. was examining
the revolver and pulled the trigger
unawares.
OURAY, Colo, April 2S.-Harold
| NJ. Collins. for twenty years resi-
| dent of Ouray county. and operating
mines and prospects In the Red Noun
tain district. has become insane and
| officers left for Red Mountain this
morning to bring him to Ouray. Col
| Inns is a member of the Knights of
Pythias and the order has appoint
ed committee to look after him and
his interests
NEW YORK. April 24-America is
soon to have a gigantic financial in
stitution ranking well up to the Bank
of England and Bank of France and
other big European banks.
The National City Bank of New
York has taken steps to increase its
working capital to $40.OOO00O This
will be effected by making its capital
stock s25 5000. 900 and its surplus S15.-
900 900 It's stock is now 100000
900 and its surplus $7500.000.
Bv this increase the National City
Bank will be far and away the biggest
financial institution in the country.
Its nearest competitors will be the
First National Bank and the Bank
of Commerce. each of this city. with n
capital of s1O,OOO,0OO respectively.
The singular thing in this enormous
capitalization which was not even
dreamed of five years ago, is that It
is a reflection OF the gigantic strides
of America towards the commercial
supremacy of the world and of New
York toward the proud eminence of
being the financial center of the uni
verse. The National City Bank has
been an important factor In many of
the recent colossal combinations engi-
neered bv ]. P. Morgan and other fln-
ancial giants. and its managers evil
dentlv see before them strong proba-
calling for the use OF an enormous
| capital
- It is understood. for example. that
|-this institution will play an impor.
| taut part in financing the big combi.
| nation of steamship lines Just brought
| about bv Mr.. Morgan. which will offer
a s5O00O.0OO bond issue.
Mr.. Morgan. as matter of course,
| needs the help of other capital than
| his own in floating great organiza-
| tions. and the National City Bank is
working in harmony with him in these
| tremendous transactions. He Is rep
| resented In the directory of that bank
bv George w. Perkins, who is a
partner in ]. p Morgan & Co.
The directors of the National City
Bank took action by passing reso
luton in favor of increased capital
ization. They propose to issue $50,
900 new shares of stock at $3.50 q
share. although the stock has recently
sold far above 5000 in the open mark
ct or course the old stockholders viii
be given an opportunity to take ny
the new shares and there is no posi-
BILE chance for outsiders getting 9
chance to subscribe for the new stocl
This bank has been paying divi
dends of only 6 per cent but the higf
price of its stock is accounted for by
the fact that it has been putting {
large part of its profits into a surplu.
fund. The surplus now amounts Il
nearly $500 900. and 1t is to be dou
bled. The premium of $50 on eacf
share OF new stock Is to be turned
into the surplus fund. thus adding
| 81 ,oVu,OVOs
WASHINGTON, April 29.-WesterI
cattlemen are very much discouraged
over land leasing legislation outlook
The regults of visits yesterday after
noon to Commissioner Heron. of th
general land office, and the house pub
lie lands committee. have thrown
damper on their hopes. The dele
cation was given to understand las
week II plan for separate legisla
ton for each state was submitted
would be favorably acted upon, bu
visits yesterday seem to show the ad
ministration will not aid and the in
portant question will be side-tracke
till the next session of congress
Commissioner Heron informed tn
delegation he could only give an opir
ion when the matter was submitte
to him by bill from congress. Thi
Is an indirect contradiction of assul
ances given cattlemen by the interio
department,
This afternoon the committee cal
ed upon President Roosevelt In hop
of securing from him promise OF
temporary suspension of the orde
compelling stockmen to take dow