The Brandon news. (Brandon, Miss.) 1892-1961, 1903-09-03
TREND OF EVENTS
AT WASHINGTON.
Shaw's Measure Reviewed by a Writer
on Financial Matters.
WILL PREVENT MONEY PANIC

Think Many Leaders of the Financial
World.-.Ship Subsidy Bill will Again
Become Bone of Contention. Com
missioner Richards Defends Officials.
Washington. accumulation of
q fund of $40, 00O.0 900. which Secre-
tary Shaw has announced for the ex-
press purpose oorlieving any strain that
may come on the money market. dur
ing the crop moving season, is regard
ed by certain financial men as one Of
the wisest moves of the treasury de-
partment for many years. Money
rates have been high during the crop
moving periods for many years, and
the banks have had difficulty in sup
plying commercial needs. The sit
uation last year was almost panicky,
these men assert and Secretary Shaw
was besieged with urgent req uests for
relief. The secretary adopted various
temporary expedients, bat found that
his hands were tied, comparatively
speaking. Such relief as he was able
to offer was in dribIets, day by day,
and without real effect upon the sit
aation. He then decided TO b., fully
prepared for the recurrence of the
crop moving season this year. Of all
che secretaries of the treasury since
Che nationel banking law was passed,
it remained for Secretary Shaw to
evolve the method of segreg ating the
internal revenue receipts and creating
Herewith fund Immediately avail
able in case of emergency to increase
the deposits in national banks; in
other words to place the governments
money in circulation.
The geological survey will soon print
report prepared by F. H Ohphant
on the production of petroleum in
1902. The production of crude petro-
leum, Mr.. Oliphant says, was greater
than any previous year. There was
slight decrease in production of the
Appalachian field, and a slight in
crease in the Lima, Ind. field. The
general average price for crude petro-
leum was less than in any year since
1908. Stocks held in the Appalach-
ian and Lima, Ind, field showed q
considerable decrease, principally in
the Appalachian field. The exports of
petroleum in 1902 were less than 1901.
No new pools were discovered in 1902.
The total production in the United
States of crude petroleum in 1902 was
80, 1914, $50 barrels, as against SO, $780,
1914 barrels in 1901, on increase of
1905, 1876 barrels, or 1876 per cent
over that of 1901, and of 81 per cent
over that of 1900 The greatest por-
ton of the increase in 1902, came
from Texas and Calf ornia, the gain
being $3.50, 994 barrels, or 1872. 7 per
cent, for Texas, and 5, 1877, 518 barrels,
or So, per cent. for California, as COM
pared with their respective produc-
tons in 1901. The increase in Indiana
in 1902 was 1, 723, $40 barrels, or about
80 per cent over that OF 1901. Louis
lana produced for the first time in
1902, the production being 54S, GIT
barrels. The increase in the produc-
ton of Kansas was 1852, 59S barrels, or
about 65 per cent over 1901. Ken
lucky and Tennessee increased their
production in 1902 by 47,799 barrels,
or nearly IS per cent. Indian Terri
tory increased $4,000 barrels, and
Wyoming $50 barrels, as compared
with 1901.
Certain officials of the navy depart
ment are inclined to think that the
movement to revive the ship subsidy
scheme will be presented to the presi-
dent before he returns to Washington
and that his support will be asked for
q subsidy bill incorporating some new
ideas, but without the features which
were found Objectionable enough to
cause it's defeat when last acted upon
by congress. Doubt is expressed.
however, that President Roosevelt will
be inclined to recommend subsidy leg
islation to congress.
Secretary Hitchcock has received q
telegram from Governor Stanley, q
member of the Dawes Indian Com
- \ !.