davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1906-10-21
SUIT MAY BE BROUGHT
AGAINST STOCK BROKERS
Montreal Bank Likely TO Ask Disclos-
ure of Account of Man
ager McGill.

NEW YORK. oct. 20.-It was rumored
in Wall Street that a prominent New
York Stock Exchange house may be
proceeded against in the courts next
week by the Bank of Montreal. to force
it TO disclose the details OF a speculative
account which, II Is alleged, IL carried
for Charles MCGiu, manager Of the on
tario Bank. which failed recently. 1t is
said that this account was conducted
in the name Of McGin and that three
other Stock Exchange houses had ac-
counts with McGiH, which. however.
were conducted in the name of the on
tariO Bank.
It is said that the three firms which
had accounts in the name OF the bank
have permitted the Bank Of Montreal TO
take over the securities in the accounts
by paving of the bank loans IN which
they stood as collateral. These, at the
time of the failure. showed good equi-
ties
The Washington times., 1906-10-21
European Financial Situation
Viewed With Alarm by
Brokers and Clients.
BIG LOSSES THROUGH LIST
Closing Prices Were the Lowest Of
the Day With General
Weakness.

NEW YORK, October 20.-Tne liquida-
tion in stocks which started yesterday
on account Of the unexpected advance
in the Bank OF England discount rate
70 per cent. was resumed again this
morning with renewed vigor, In conse-
quence Of which the market experience
ed another violent break. The slump
was indeed of larger proportions than
that recorded yesterday. From the out
set there was evidence of a lack OF sup
port except that which came from the
covering OF short contracts. and prices
tumbled downward with little resist
ance. No fresh news came to light re-
garding the European financial sttua-
tion. though II was evident that no lit
tie uneasiness prevailed beth at London
and New York regarding the outcome
OF developments abroad. London ca
bles said that some apprehension exist
ed there lest financial weakness should
he uncovered at the next settlement.
but nothing OF a positive nature was
forthcoming on this topic. II Is, or
course. appreciated that certain London
firms have undoubtedly sustained heavy
losses on calls which they sold long ago
on Union Pacific. Southern Pacific and
the United States Steel shares
The downward course of prices in the
last two days served to uncover numer-
Gus stop-loss orders which accentuat-
ed the decline. Following the publica-
ton of the bank statement the stock
market experienced another sharn break
and prices continued TO fall up to the
close Of business. almost no rallying
power being exhibited. Losses for the
day throughout the active list ranged
from I 10 per cent. with declines OF
Il r1vlrs -
leaders as st. Paul and Reading lost
from . To 6 points. while Union Pacific
fell 1. Pennsylvania pa. Baltimore and
Ohio 3lA. Southern Pacific 2ss and Lou
isville ~3A. Amalgamated Copper broke
points, Smelling AS and the Steel
shares over a point. The market closed
very weak. with prices at the lowest.
Government bonds were unchanged
railroad and other bonds lower.
The Washington times., 1906-10-21
BUSINESS SITUATION
ENTIRELY FAVORABLE

NEW YORK. Oct 800 far as can
be seen at the moment there is practi-
cally no cloud on the business horizon.
Crops are made. and are so prolific as
10 insure an enormous consumptive
ability for the coming year. Production
is pushed as never before TO meet the
demand in sight From every section
of the country comes the same story
OF activity. Clearing house exchanges
and transportation earnings are at rec
ord marks.
The only disturbing feature Is the
scarcity OF labor This is tending 10
higher wages, a factor which is likely
to assume more prominence in the near
future, and which, of course, will add
to the cost of business operations.
The prosperity of the iron and steel
industry, the recognized barometer OF
general trade, can hardly be eXagger-
ated. The same can be said Of the con
per market and in fact nowhere are the
essential conditions other than favor
able.
The Washington times., 1906-10-21
BANK EXCHANGES.

Bank exchanges are again larger. not
only compared with preceding Years.
but compared with preceding weeks
the total for the week for all leading
cities in the United States being g.
OSI, ,7S2. .94I, gain OF 20 per cent over
last year and POS per cent over the cor
responding week of 1904 Trade is clear
" expanding. and the volume of pay
ments through the banks is close to the
higk water mark, with no speculative
excitement at any point There is an
increase at every city but one over
both preceding years. ana exchanges at
cities outside New York are the largest
ever recorded.
The Washington times., 1906-10-21
sDaMbexy8yDrUber5
NSSceS565E8

Maurice Otterback, who for seventeen
years has been connected with the Ma
tional Capital Bank In various capaci-
ties, sewers his connection with thar in
sutution on Thursday next 70 take the
position Of manager Of the new Anacos-
tia bank. a branch of the Union SAY
lEgs Bank of this city.
In leaving an institution which he has
been held in such nigh esteem and
where his relations with tns crs-5nera
have been so uniformly pleasant. he vii
carry 10 his new field Of labor the best
wishes of the many friends he has 50
faithfully served.
Mr.. Otterback belongs to an old fam
lily Of Washingtonians which has been
prominent on Capitol Hin for many
years. lie is a Mason and a knight
Templar Of high degree anI has been
honored by both orders in many ways
As citizen Of Anacostia he will be a
valued acquisition 10 that community.
The Washington times., 1906-10-21
May Increase Home Savings Capital

There Is some talk Of increasing the
capital OF the Home Savings Bank from
the present issue Of 500 600 70 possibly
double that amount The wonderful
growth OF this institution has been such
as TO require an enlargement OF capital
ln order TO meet the increasing demands
upon il and 1t is believed that an addi-
uonal 10000 would at once become a
profitable Investment
At the present market value OF the
stock the issue would be eagerly taken
ana stockholders are not averse 10 see
ing the addition made.
The present high price Of the banks
stock seems to offer no attractions TO
holders 10 dispose OF Il. and the daily
bid of 275 Is not productive of results
The Washington times., 1906-10-21
A. NJ. Read Made Director.

The death of Robert Portner caused a
vacancy on the board of directors Of
the American Security and Trust Com
pany, which has been filled by the cleo
tion Of A. NJ Read, president Of the
Security Storage Company. Mr.. Read
was for many years the general man
ager of the storage department Of the
The Washington times., 1906-10-21
MAURICE OTTERBACK,
Who Sewers His Connection With the
National Capital Bank to Head
the AnaCOstia Bank.

American Security and Trust Company
and when this branch was made a sep
arate company he was chosen 10 head
Il. His election as a director IN the
company with which he was so long
connected is q tribute TO his many ex-
celleut qualities and will be found Of
advantage to his associates in the man
agement Of the affairs OF this very sue
cessful institution
The Washington times., 1906-10-21
Joshua Evans, Jr., at Convention.

Joshua Evans, jr., the newly elected
trustee of the American Bankers As
ISOLATION, representing the Institute Of
Bank Clerks. waa Ia st. Louis all last
week In attendance Ia the convention.
and enjoying his first experience In as
sociaung with the big wigs of the fiUan-
cial world. His friends Of Washington
chapter have good accounts from him,
and expect him 10 make a favorable
impression among the veterans.
The Washington times., 1906-10-21
R. W. BeaH Honored.

Rignoid ". Brall, who is second vice
president OF Moore & Hin. inc, and
who was the original promoted OF the
Citizens Savings Bank, which made
him vice president has been given FUR
ther honOrs by his election as a dirac-
tor Of the Washington Title Insurance
Company
The Washington times., 1906-10-21

Following are the sales and quotations
Of today market:
Metropolitan Railway 5's, S1,OO0Qll4.
Washington Railway and Electric As,
81, 1,OJ0487, 81. .OJ0H87.
Washington Railway and Electric pre-
ferred, 3HSg4.
Norfolk and Washington Steamboat,
10G2T71h
Washington Gas. 25a57. l5Q57. 5q57,
10a57 5057.
Mergenthaler, 1u2O5.
Lauston 1UGGl4I5. lO0dl4h.
Mitchell Mining, iO0d54. 5GG5%
American Security and Trust, 10d279.
Union Trust Company, 1OQl522s, 30152 y.
Security Storage, 6-2Od15O
Washington Railway and Electric pre-
ferred. 10HS9.
Washington Railway and Electric, 2's,
s. OJUdS7
The Washington times., 1906-10-21
FINANCIAL GOSSIP

The annual meeting OF the stockhOld-
ers Of the Baltimore and Ohio Railroad
Company will be held in Baltimore on
November 19.
Municipal ownership Of public utilities
is gaining ground in the city Of New
York, which has bought the Thirty
ninth Street Ferry for S7500O0 and will
take title November I.
There has been Withdrawn from the
Bank of England el,O5O,O0O in gold. or
this amount $3.50. 600 Is for shipment TO
Egypt, 10000 for the Continent. and
E20.OO0 for Roumania.
With a view OF meeting the growing
scarcity Of copper. to which the recent
rise in prices is ascribed, several old
workings in England, Wales, and Ire
land have been restarted.
NIanv new shafts have been sunk in
Cornwall. where. II Is also claimed, sat
isfactory yields are being obtained from
the coarse sea sand.
II is reported In Wall Street as
certain that Secretary Shaw viii come
% the further relief of the money mar
ket in case he feels that the business
interests Of the country demand H. and
certainly the present situation is little
different from what IL was some weeks
ago when he ordered the deposits Of S26.-
b0. 600 of Government funds in various
National banks throughout the coun-
try. The Secretary can. and probably
will. duplicate this deposit AT an early
late.
L, II I4arriv,a,, has given Out a state
ment in which he says that II passes
he bounds OF credualty' that the sign
ed agreement on the selection Of a sue
lessor of William Grinnen would have
been nullihed by a verbal agreement
giving Mr.. Fish the privilege of veto
ing any selection not agreeable 10 him.
He declares that the written agreement
was the sole agreement and that Mr.
Fish violated il. Friends Of Mr.. Harri-
nan admit frankly that he Is determined
20 Oust Mr.. Fish, and that he VIII have
strong support from all the Hartman
directors in doing so.
The Washington times., 1906-10-21
NEW YORK CURB STOCKS.

[Quotations furnished BY Charles G. Gates
& Co. Munsey Building: Members New York
Stock Exchanged
SATURDAY. Cerfnhar %. III
The Washington times., 1906-10-21
n. Y. STOCK MARKET

Quotations furnished by Charles @. Gates
& Co. Munsey Building; Members New York
Stock Exchanged
The Washington times., 1906-10-21
PRICE CHANGES OF WEEK.

Prices for quotation lots only: highest
and lowest prices are for actual sales
The Washington times., 1906-10-21
NEW YORK COFFEE MARKET.
BANK STATEMENT.
sInPreaSa.

The surplus of the banks. $500, $50,
against 81, $50. $50 q year ago, and ST..
S53. .925 two years ago.
The Washington times., 1906-10-21
FINANCIAL.
EQUITABLE
COOPERATIVE BUILDING
ASSOCIATION
ISSUE OF STOCK

OPEN FOR SUB GRIP TION
AND FIRST PAYMENT.
sHAaEs. 22.5o PER MONTH
Subscriptions for the 5ad issue OF stock
and nrst payment thereon VIII be received
daily from am. to 4sJ pm. at the ofics
Of the Association -Four per cent Interest
per annum is allowed on shares Upon
maturity Of stock fun earnings are PAID.
The EQUITABLE has strictly carried
out IN tie Fass t=enty-seveu years. since
its organization. with conservative busi-
ness me5ao5s. its object and plan as n
purely cooperative saving and loanlng as
sociation. Il has steadily increased IN
the number OF shareholders and In the
volume Of business and assets. and has Sc
cured the largest degree OF practical help
and success 10 both those who save on
stock and - those who borrowed % pay
Tor property.
Further information vii be cheertuIly
furnished upon application al the Office.
EQUITABLE BUILDING. 1908 st. NV.
John 10y Edison, President.
Ellis Spear, Vice President
Geo. W. casilear. % Vice President.
Frsnk p. Reside. Secretary.
John Joy Edson. Jr.. Asst. secy.
DIRECTORS.
Fred'k 3. Pyle. Jno. A. Hamilton.
Geo W Fisher A NJ LOthT0p.
Job Barnard. Geo. H HarTtes.
+. 3. Turpin. T. V COVIle.
Jno. B. LarueT.
The Washington times., 1906-10-21

Total stocks last week. 6.SSS-
Total bonds last week. S34 $40.
The Washington times., 1906-10-21

There has been Withdrawn from the
Bank of England el,03000O in gold. or
this amount e99O. 600 Is for shipment To
Egypt, 10000 for the Continent. and
600 900 for ROumania.
The Washington times., 1906-10-21

Municipal ownership Of public utilities
is gaining ground in the city OF New
York, which has bought the Thirty
ninth Street Ferry for $3.50 600 and will
take title November I.
The Washington times., 1906-10-21

The annual meeting OF the stockhold-
ers Of the Baltimore and Ohio Railroad
Company will be held in Baltimore on
November 19.
The Washington times., 1906-10-21
LATEST NEWS AND GOSSIP OF THE STOCK MARKETS
THE WASHINGTON MARKET

saturday. October 20:
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-07-20
MONUMENT UNVEILED.
Memorial to Samuel de Champain
Erected at Seal Harbcr, Me.

Bar Harbor. Nc, July 19.-The monu-
discovery of Mount Desert island by the
French explorer, Samuel de Champlain
on Sept. 8. 1901, was dedicated Wednes-
day. The exercises were held at the spot
Just to the east of Seal Harbor, where
the monument stands.
The monument is the result OF Il fund
contributed by summer residents Of
Northeast Harbor and Seal Harbor, and
consists of 4 moss covered stone, with
brass tablets on two sides. placed on q
point to the east of Seal Harbor, over
looking the open sea, the place where
Champlain made his note of the appear
ance of the island mount3ins.
On one side of the stone is bronze
tablet with the following inscription:
IN honor of Samuel de Chlmplain.
born in France 1867. died at Quebec, 1855.
4 soldier, sailor, explorer and admins
TRAITOR, who gave this island it's name"
On the reverse of the stone the inscrip-
ton, which is an extract from Cham
plains diary, reads:
The same day we passed also near an
island about four or five leagues long. 1t
is very high, notched in places so as to
appear from the sea like a range of seven
or eight mountains close together. The
submits of most of them are bare Of
trees, for they are nothing but rock !
named it the Island of The Desert Noun
tains''
Among these who took part in the ded-
icati0n exercises We're Seth Low, ex-
mayor Of New York; the Rev DR.. Alex
aHder Mckay Smith. bishop coadjutor of
Pennsylvania; the Rev. William Cros-
well Doane bishop of Albany. and Pres
fdent Daniel C. Gilman of Carnegie msti-
tute. large crowd of summer guests
were present at the exercises
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-07-20
AFTER THE COMMISSIONER.
Mayor of New Bedford Accuses Police
Official of Corruption.

New Bedford, July 19.-Removal pro-
ceedinGs have been instituted by Mayor
Thompson against License Commits
sioner John w. Hannister. Charges and
specifications were served upon Mr..
BaniSter Tuesday and he was given no.
tice of hearing to be held at the office
of the mayor.
Complaint is made against Mr.. Ban-
mister by Chief of Police Donaghy, and
these are Il charges, the most sehsa-
tiOnal being charge No. II. which l.; as
follows: you unlaWfully and cor
ruptly consrired with other parties To
compel an applicant for Il license to
pay valuable consideration for the
granting of said license The specifi-
cation under this charge is patrick
OLeary & Co." O'Leary secured u Ii
cenSe at the time Of the extra grant was
M de after the state census OF 1905 and
he was denied license at the regular
grant in April.
Another charge is that Mr.. Bannis-
ter, while a license commissioner, has
"knDWingly and frequently been pres
ent and participated with licensee in
the violation of one of the conditions of
his license" the condition which for
bids the serving of liquor at tables in
the room in which the principal bust
ness is the sale of such liquors. The
specifications under this charge are f.
+. sherman & Co. and James F. Nc
Adams.
It is also charged that Mr.. Bannister
has voted to grant licenses to common
victualers who were not provided with
the necessary implements for cooking
and serving food. that he voted to grant
4 license to hotel which did not have
facilities for lodging guests as required
by the law. and that he has failed to
require licensees to live up to the screen
law. Another set of charges relates to
the transfer of licenses and the selling
out If licenses to other persons. Mr..
Bannister will contest the removal.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-07-20
PURE FOOD CONFERENCE.
Interesting Discussion on Various
Products at Wednesdays Session.

Hartford, CT, July 19.-Today's session
of the National Pure Food Commission at
the capitol was preceded by the auto
mobile trip around the city. The sched-
uled exercises were opened by Miss Alice
Lakey, chairman of the food investigation
Of the National Consumers League of
New York. In reviewing the work of the
league she said: We now wish to hasten
the day when the jewellers in tenements
can have not only pure food but clean
food, and we look to you to tell us who
Will furnish pure, clean foods. The
league asks you for information for bull
letns, for satisfactory inspections of fac
tories, and for a time limit for cold stor-
age. Tell the packers and Gamers to so
label their goods that the league can tell
pure and clean from these that are not.
Give us all these improvements and see
how quickly the league will help the
work of the interstate pure food commits
sion.'
L. F. Lcdd. former commissioner of
North Dakota, in discussing canned food
products, said that conditions were never
better than now for recognized brands of
good standing. Every commissioner,
iic Sdiu, iitClS lOOu manufacturers WHO
desire sanction for misleading and false
labels. 1t may also be said that certain
iobbers and brokers who have thus far
escaped publicity in food matters are the
ONES whose names should i'll this connec-
ton be placed before the public, for they
have created the demand for educating
the trade to care for better grades of
products"
Dr. III. B. Barnard chemist, of Indiana,
who spoke on conditions past and pres
ent i'll that state, said that he anticipated
more success from publicity than from
prosecution in the enforcement of the
pure food law, adding. I'm a year the
markets of our state have been cleaned
oue and the morals of the manufactur-
ers, wholesalers and retailers so elcvat-
ed that they are now how long they shall
suffer themselves to believe that while
| honesty is the best policy, might have
| been 4 true maxim for poor Richard it
| had no place in modern conn .erciafSm.' -
This afternoon conference was held
with representatives. of manufacturing in
| terests and many whiskey houses were
| represented.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-07-20
WIRELESS ON PACIFIC COAST.
The Navy Building Stations from
Cape FIattery to San Diego.

Washington, July 19.-Soon the Unit
ed States navy will have the Pacific
coast equipped with wireless stations
az the Atlantic coast is now equipped,
so that messages may be received at
some stations either day or night.
Wireless stations have been completed
and equipped at San Diego, Arquello,
Farralona and Mare Island
Faralona is just outside of San Fran
cisco harbor, and the station was To-
Gated there in order to have the COM
munication over the sea as much as
possible from one station to the other
Stations are now being constructed at
Table Bluff. Cape Blanco, North Head
and Cape Flattery. The stations are
from 100 tn 30 miles apart, and when
they are all erected and the apparatus
installed it will be possible to COM
municate the whole length of the Pa
Ciffc coast either in the day or night
1t has been found that owing to the
electric conditions, the wireless is less
efficient in the day than In the night,
and stations must be necessarily near
err in order to secure efficiency at all
times Any ship sailing along the Pa
cific coast and equipped with wireless
apparatus will be able to communicate
with the land at all times from the
northern to the southern boundary of
the country.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-07-20

in this part of the State during the
last five years. In the West branch
drive in the season of 1901 We're "a, 49,
100 feet of logs. The Great Northern
Paper Co. was the largest individual
owner of logs in that drive having
55,S17.470 feet for it's big pulp and pap
er mill at Millinocket.
The Twin Lakes Lumber Co. at
North Twin lake, also had 1,114,7SO
feet in the drive of its mill. The Twin
Lake logs We're taken out there and
the Great Northern logs were taken
out at Quakish lake, while the down
river logs kept on to the Penobscot
boom.
In their progress through the lakes,
however, the logs were delayed from
various causes, some undoubtedly due
to the natural vicissitudes of driving
but others, as the plaintiffs alleged, to
the negligence of the corporation driv-
| ing the logs.
The logs in the rear of the drive got
away from Quakish lake too late to
| reach the protection of the booms at
Freese island and other points at the
Penobscot boom before the river froze
up. The river closed early that year
and the logs were frozen in at various
places above the booms. They were
| frozen in where they could not be haul
| ed out and where they We're at the
| mercy of the freshet which came, not
in the following spring as would nat
| urally be expected, but in December
of the same year. The freshet took
the logs down river and scattered them
broadcast. The freshet of the follow
ing spring completed the work Logs
and ice came down together A jam
carried away sections of the railroad
bridge and toll bridge between Bangor
and Brewer and thousands of logs went
out to sea. Tug boats and crews of
river drivers secured the upper bay
and recovered some of the logs, which
were towed back up river to the mills
to which they were originally bound
The aggregate value of the logs lost
in this way a conservative estimate
places at between $4,000 and $4,000
and it is generally considered that the
larger figure comes more nearly COW
ering it. The suit of Marsh ct al. VS.
the Great Northern Paper Co. is the
lOnly one that has been brought to trial
as the result of the loss of those logs
There are other and larger suits pend
| ing. The logs in the drive were own
ed by a number Of different individuals
and corporations James NJ. McuNlty
Gilbert & McNulty, d. A. Mcleod &
Co., Marsh & Aver. Ross & Appleton
j. F. Smith, John Ross & Son. II, B
Morrison e. Son, and Wentworth Max
field were the largest owners and there
were MANY smaller ones,
Several suits have already been en-
tered. Maxfield & Aver, it is under
stood have a suit for $4,000, and it is
understood that there is another suit
pending for $4,000. The success OF
Marsh & Aver in their suit will doubt
less bring in all the other claims. Ir
view of the judgment rendered some OF
the other claims may be settled out OF
court, but in any event it is not ex-
pected that there will be any such tria
as has attended the case Just decided