davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
EXCHANGE MEMBER SUSPENDED.

Charles w. Bonner, who has been a member OF
the New York Stock Exchange since 1891. was sus-
pended yesterday from the floor OF the Exchange
for the term OF one year Mr.. Bonner was charged
with splitting commissions. He pleaded guilty to
the charge. and the sentence imposed is the mimi
mum penalty for such an infractIon of the Ex-
change rules.
Mr.. Bonner was member Of the firm Of Earde
Bonner s. Co. of No. Is Wall street. The firm was
organized I'm june 1905. and consisted of Dudley s.
Harde. Charles w. Bonner. who was the stock
Exchange member, and Charles BOYD. The firm
quite recently dissolved by mutual consent
the dissolution being caused by the incident which
resulted In Mr.. Bonner's suspension.
In making the announcement, President Pomroy
OF the New York Stock Exchange said Mr. Bonner
had pleaded guilty to the charge, but that the
governors had found extenuating crcum-
stances IN this particular case, iuasmuch as Mr
Bonner knew nothing OF the circumstances him-
self The board OF governors was compelled. how
ever 10 take action IN the IN order that the
best interest of tho Exchange might he upheld
Mr.. Bonner is a popular member Of the Exchange
and Il is said that a Communication OF the sentence
may be made.
''Infraction of commission rule; years sus-
pension was the only comment which Secretary
Ely would make to q Tribune reporter. At Mr.
'out of town"
The reported circumstances OF the case show that
of the members Of the firm in a bond sale split
the commission. but did in ignorance Of the
Exchange rules. Mr.. Bonner did not know OF the
transaction in the case, but when taken before the
board Of governors he had no alternative 10 plead
Ing guilty.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
PROF. LOUGH ON PANICS
Due to Disastrous Break IN Pros
perty, He Sans.

Al the meeting OF the New York CHAPTER Of thu
American Institute OF Bank Clerks AZ No ~ yy,o,r
ley Place. last nigat Professor w. H Tough ~ 20
the New York University School OF Commerce -
counts and Finance. delivered an adde's, - -,
dtions Favorable TO Panic" F. A MANDARIN -,
president Of the National City Bank was 10 49,
spoken on How to Read the Financial Col,, :,
but telephoned that the panicky conditions OF In.
Professor Tough said in part:
crisis is sudden and disastrous bre,I a.
prosperity. depression is long continual sto-
ua''oh OF industry and commerce A panic ia
psychoIoslcal phenomenon state OF mind to which
traders may be driven by an unexpected arar.,.,
danger Generally speaking depressions COW. : -,
crises ana are brought about by the sama co,Ii
TONS and panics are incidental features OF cr,so
Crises are generally believed to be the resr,.
OF three causes conditions:
First, the most popular and nIsus,b,o "a !,
causes is tho state OF mind OF the peoDIo 90
whole. Bankers get scared and call in loans To
We could only stop the bankers from patt,n
scared we could stop crises These crises oro
caused by waves OF emotion passing from, o.
person to another. especially bankers. We bay,o
crises because people not sane enough an,
broad minded enough. and because they concentrate
their minds on business activities.
THE second group of theories which some tr,
TO explain crises by are Overproduction theorisSS
One man after another produces goods until the
thrown out OF employment factories oioss ar
condition OF overprOductiOE its chain Of co1s
THE third group of causes is based n5o3 Us ~,
growing disproporIon of outstanding credit aT ne
cash on hand. This Is particularly true V,ban
there arises demand for cash that cannot be sat
isded" - ST.
Professor Lough then reviewed the great nDa,c,o,
crises IN this country England, France and Cer
many since 1906. Concluding he said: Ne'-
Here have general rule namely tbo4
metallic reserves before crises decline either abso
lutely or relatively. We may put forward tbGs
rule tentatively az an explanation Of crises it
OF the conditions preceding crises has bafr - -
abnormal lowering of the available stock or s,oid
pl ~ "A in h.
credit liabilities based on gold 1t il reaeOnaIia 90
suppose that the factor will be essential In ths
future " "S
The second and last address. on Conditions Fa-
Tough on March Is -'A
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15

conference between President Roosevelt and the
heads c. FOUR important railways would have
no oE;ccrae favorable 70 the corporations.
The big insurance companies. according 20
another report we're pouring stocks on ths mar
kss but in reply 20 this Samor 3; was stated or
excellent authority that neither the Equitable
Life Assurance Society nor the Mutual Life IN
srEance Company had disposed 81 any consid-
cradle volume of is stocks recently, not enough
certainly &c hare contributed in any way 20 the
causes C. the decline
London was 3 seller oS stocks in this market
20 the amount OF 5000 shares following sales
o. $4,000 shares or Wednesday. Two small fail
uFes were announced in London, but the market
acted well. 4 prominent New York firm re-
ceivsd q cable message from its London CORE
spondent expressing the belief that the Lon
don banking situation was sound. and adding
that the correspondent expected trouble in
other quarters. The frm received messages
also from IS Berlin and Hamburg CORE
EpOndeuts denying any knowledge Of failures.
On the great break yesterday there was heavy
buying for investment. the purchases running
into the millions. & was learned from excellent
sources IN addition TO the wealthy investor,
luany bargain hunters OF the smaller sort were
reported 10 be looking over the field and picking
up lots Of from fifteen 10 fifty shares, which
ahey bought outright. The following table.
showing the lowest prices reached by a number
OF prominent Issues. with the rate Of dividend
% each. VIII give an idea Of the opportunities
offering al the period Of greatest market depres-
sioa yesterday:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
NO CHANGE OF POLICY.


ernor Deneen and Attorney General Stead ot
that state. and contained the further informa-
ton that they were coming to the capital for tbs
purpose OF discussing the railroad situation,
following conference the President viii have
with the railroad presidents" nothing Is YET
officially known Of the railroad mems plan Of
action. 1t Is believed at the White House thag
the men Mr. Morgan suggested to the Presi-
dent at his recent call viii be anxious to set an
early date for the talk. but as yet none Of thera
has been heard from. President Roosevelt win
receive them at any time they desire.
Governor Deneen and Attorney General Stead
VIII doubtless discuss railroad legislation and
litigation with the President at their coming
visit They viii see the President at $50 D. n.
on Saturday.
NO action the President has ever taken or
viii take has ever been made or will ever be-
made with an eye to Wall Street" said one Of
the Presidents closest friends to-day. I'm fact.
the ups and downs of the market affect him no
more than they do the man IN the far back
woods who does not know OF the existence OF
railway shares. He will do what he thinks is
best for the good OF the country, and the stock
market will have to look out for ITSELF
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
RALLY IN LONDON.
Consols Recover, Though americans
Reflect Ne1C York Conditions.

London March 14.-Money was in increased
demand and dearer in the market to-day. Dis
counts were firmly maintained Prices the
Stock Exchange suffered in the morning from
the recent liquidation and the overnight fall In
Americans Two small failures were announced.
but the settlement was closed with further
trouble and the market rallied well.
The favorable bank statement and the an
nouncement that the rate of discount Of the
Bank OF England was unchanged were the chief
causes Of the Improvement Consols touched a
new low record, S49s. but recovered to so1@ in
the afternoon. closing fraction below the best
quotation on the shipment of gold to South
America Home rails attracted the attention Of
investors, while foreigners picked up fraction
ally on better Continental support Kaflrs
firm and dearer.
Americans practically reflected the prices iE
Wall Street. They started several points lower
compared with yesterdays official close. but the
bears covering and American buying caused al
advance to 81 over parity before noon. Later
quotations hardened further. but business was
not large pending the receipt OF the Wall Street
opening quotations The latter caused another
relapse. Union Pacific falling points from the
highest quotations and other shares easing In
sympathy After wide fluctuations the market
closed with prices above the worst of the day.
on the curb Union Pacific offered at 1879.
Southern Pacific at S0Ih, Atchison Topeka &
Santa Fe at 90l, and Canadian Pacific at 17612,
Other shares, including copper. We're weak.
The American bankers here attribute the
present situation almost entirely to the fact
that the demand for gold to meet the booming
trade conditions everywhere exceeds the avail
able supply of the metal. They do not expect
that the United States win take gold from here
Immediately. and say gold will be purchased
in London for America unless such step is
absolutely necessary. as. although the Bank of
England is at present I'm good position, such
a demand would inevitably mean an advance
in its rate OF discount
Both the bankers and brokers here say the
course Of the American market in London is
ruled entirely from New York They hope that
the announcement that Secretary CorteIyou will
not at present call in $30O00OO0 of government
funds deposited In the national banks will re-
lieve the monetary situation in the United
States
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
" SENATOR'S WITH TRUSTS. .
La Toilette Makes allegation. and
Smith Yehemently Denies 1t.
tBy Telegraph to The Tribune


Ann ArbOr. Mich. March 14.-Senator La Fol-
lette spoke before the students of the University
OF Michigan to-day. and among other things as
serted that the United States Senators from
Michigan were lined up with corporation inter-
ests. He continued:
On anything involving corporate interests
have invariably found that forty members Of the
United States Senate are lined up with the cor
porations and twenty-seven, who have only pTi-
vate interests against them
have offered nine amendments on trust mat
ters. and eight of these were recommended by
the Interstate Commerce Commission. All were
tabled, and when I went down to attend the
last session they said they would table me- also
1 tell YOU. this country is in the control OF the
corporations.
When Senator William Alden Smiths atten-
ton was called TO the statement that the MichI-
gan Senators were with the corporations. he
was very indignant and said:
do not believe Senator La Toilette made any
such statement. but if he did he lied, so far as
l am concerned. During the short time have
beep IN the Senate the only two votes that I
nave cast have been on the bill making Il an
o1ence 20 keep railroad telegrapher on duty
lot more than eight hours at stretch and the
Dill 70 broaden the Denatured Alcohol bill Both
these enaetmentS are Numerically opposed 20
tue trusts and are in favor Of the general public.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
Dividend Low price
rate March Ia

The total sales yesterday were in excess OF
100000 shares. the business being the largest
since August 20 1900. the day Of thu announce
Tnent OF the Onion Pacific dividend increase TO
10 per cent and tho establishment OF Southern
Pacific on = . per cent basis. Twice pre-
Hiously since the first Of the year the sales have
exceeded 100000 shares in a single day.
AS in the Northern Pacific panic J. Pierpont
Morgan is away from the city, having sailed
for BsarOpe or wednesday. George w Perkins.
Of j. p. Morgan e. Co, is ina the South is
Jacob II. Schiff. OF Kuhn. Loeb & Co. Otto H.
Kahn. OF the latter firm. is his way to Eu-
rope, and James Stillman, president of the Ma
fional City Bank, has been abroad for two
months. James J. Hill, who does not concern
himself with the stock market is in the West.
=. II. Hartman. who was early in the day
ported 20 have gone to Palm Beach, was at
his Office yesterday. An interview with him and
statements on the stock market crisis from
several other prominent hnancers viii be found
ssn another column
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
DTNEEN ON WAY TO WASHINGTON.
Has Little to Say About His Visit to
President Roosevelt.
rBy Telegraph TO The tribune J


Chicago March 14.-Governor Charles S.
Deneen and Attorney General Stead passed
through here tonight on their way to Wash
ington. where they are 70 have a conference with
President Roosevelt Saturday. The Gov
erncr was not communicative on the subject
OF his visit. but intimaJed that railroad AFFAIRS
had something 10 do with it, II would rather
that President Roosevelt gave out statement
concerning our Interview" he said. L have
been summoned for a talk Saturday afternoon
that is all know OF it
Has Your visit anything 70 do with railroad
rates or Chicago & Alton bOnds?" he was asked
Well / prefer not to say. he replied. Il
only know the general nature of the subject the
President wishes to talk TO us about. He wired
asking when it would be convenient TO come.
do not think any other governors are going 70
be present"
The question OF whether the interview had
anything 10 do with Illinois Central suits the
Governor has been raising money in the Legs
latUTe 10 start raised but he refused TO
say anything more
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
SLOH'ER TRIMS.
WesterR Lines Managers May Al
Change Schedules.
~ relssraph b &c T.isnns ]

Chicago. March 1.-THE lengthening Of ths
time Of all passenger trains on Western rails
roads was discussed to-day by passenger traffic
managers Of all the Western lines at meeting
here The decision OF the managers, which is
said TO be unanimous in favor Of ths proposed
change will be reported shortly 10 the operating
departments. A definite plan for concerted es-
ton will be taken at a future meeting
1t is probable that some OF the extra accom-
mediation trains will be discontinued. as It 10
said they are operated at loss. There were
various reasons assigned as a basis for this
action. but the operating officials agreed
that the measure is one OF economy as wei
as of safety. II is denied that the laws Feduc-
ing the passenger rates or that the fning sys-
tenn in vogue for delaying the United states
mails has any bearing on the question. but ~
is known that some officials represented az tas
meeting to-day are inclined To take further pre-
cautions TO avoid such fines and believe tnsk .
frightening of schedules viii assist them -
this particular
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
FENANCTERS CHEERFUL.
sgF0FrimGn Thinks Results of Panic
Will Be Beneficial.

Edward H Hartman had talk with Henry
iaI Rogers after the close Of the market yester-
DAY. and later Mr.. Hartman talked little with
reporters at his Office. They asked him for his
views about the panic. and he asked what they
particularly wanted 10 know.
''KYhat has caused the panic?" was question.
How should know" he rejoined.
will you tell who should know?"
I'd hate to tell YOU" said Mr.. Hartman
with a smile ''who could give you correct in
formation on the situation"
''Wiu you make q SUGGESTION
NO. If did. / would be criticised"
what about the market conditions?"
Well in a bul market men sell stocks think
ang the top has been reached and later have to
buy at still higher prices The ball rolls up
ward. In bear market people buy stocks,
thinking the bottom has been reached and later
have TO sell them at lower prices. The ball
moves downward"
Asked about a report that he had disa greed
with Kuhn, Loeb e. Co, Mr.. Hartman answered
only by smile and shrug OF the shoulder. as
81 the question was not worth answering When
he was asked about a report that he had been
q seller OF Union Pacific and Southern Pacific
An the market, he replied
Il haven't sold a share Of either stock"
How about the report that you have bought
Reading" was asked
That isn't true 7 haven't bought share Of
Reading. II was said 1 was buying Reading
when was in Washington. away from the mar
.6et"
What viii be the result of the panic?"
There WI be a shTinkage. The result ulti-
Tnately win be beneficial. Both labor and cap
stal viii be much mere plentiful"
viii they he cheaper
Yes"
The noteworthy feature of the situation ncxr
% the extent Of tie decline itself" said F. A.
Nanderlp. Of the National City BANK has
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
LAWSON SAYS HE DID II.

The Tribune received two telegraph messages
yesterday from Thomas W. Lawson. of Boston,
explaining the slump. The second message which
Mr. Lawson said he had sent to the president OF
the New York Stock Exchange declared that Mr.
Lawson's book, Friday, the 18th showed how
present conditions could be brought about He
added:
Day after book published seats droDped
$5Osl apiece and present conditions began. Whole
world amazed and says, mo reason for present
conditions. What can they mean?" No use longer
10 Disguise There are two bands of Bob Browns
ieys at work. Nothing but antidOte can Offset
their onsaughts Watch me administer It to them
now Fhen your institution and the world win per-
haps wake up to real conditions
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
BREAK IN PHILADELPHIA.
Prices on Change Crumble in Sym
pathy 1cith Wall Street.

Philadelphia. March H-There was a violent
break the Philadelphia Stock Exchange to-day
following the panic in New York Although the
safes were not heavy, prices crumbled and at the
close the market appeared TO be In a semi-demor-
allied condition Reading led the decline the price
for that stock following tho New York figures
United States Improvement fell from s. to sOt3
Cambria Steel from s9A to s2&, Electric Storage
from - 70 4l1a Lehigh Valley from 50 81 Lehigh
Navigation from SO ia so and others from one TO
points. The close almost at bottom figures
the prices quoted for some stocks are the lowest
they have sold at in several years
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
MIR. MELLEN HAS INVITATION

New Haven. March 14-An official announce
ment has been made at the Offices of the New
York, New Haven & Hartford Railroad that
President Charles S. Meuen had received an in
vitation from President Roosevelt to go 10
Washington to confer with him concerning the
railroad situation in the United States Mr.
Meilen Will accept the invitation and will prob-
ably go TO Washington some day next week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
STOCKS FALL IN BERLIN.

Berlin, March H-Prces in all departments Of
the Boerse here were depressed to-day upon the
New York and other advices Many stocks fell on
heavy offers with takers Shares of the dyna-
mite combination lost lI9 points and various min
ing stocks declined from TO points.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
BETTER PRICES ON PARIS aouRsE.

Paris. March 1&-Prices the Borirse to-day
opened weak the New York advices. but later
they became generally hrmer. Russian imperial
IS were not quoted and the bonds OF 1904 closed
so
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
TO PREVENT TIE GRIr.

LAXATIVE BROAfO Quinne removes the cause To
get the genuine call fer full and look signature
~ t. W. Grove. 23c.
New-York tribune., 1907-02-09
THE MOVEMENTS OF STEAMERS.
FOREIGN PoRrs.

FOREIGN PORTS
L-zart. Feb S-Tassed steamers DaIeby tErl KarlSev
Nrw Orleans via Newport News Aarhuus: 81
'utEbr-t supposed lBrl. Lewis New York for Ant
S,iuy. Feb 4 u-Passed steamer Iceland tBr,
broaU Uh,ad, New York f'- Antwerp
MaucreJrr. eb Arrived. steamer C0ullens tBelgl.
Penrice New York
Gibraltar Feb S-Tassvd. steamer Sldra tBrl
New York Via 81 M'cEosIs Tor barcelona. etc.
Cape Town. FOB S-Arrived. AIJs castle tEIl
Day, New York fpr AlEot bay.
Port said. Feb sailed NaEdaiia Franck
ttrpu! HiaEu. ctc,, York.
Hamburg Feb :. 3 ui-SaIed. steamer Pruz Sigls-
uluut Viert. Tor New YORK.
ArNanurla. Feb s-Sated steamer Ce,Ic tBr}. RAN
Naples.
Fowey. Feb G-Saied. steamer Lorle tsu EEsert, New
York.
t8rl Sobrrs. Philadelphia Naples; 4th George
ttRD. Billet. New York via - Michaels for Snga
Algisrs Feb Sailed steamers Iodoyca t,uso. Pc
trIulch from 1TleStei. New York 4th
tBr). Gray orIom New Yorl,l calcutta
Trieste. Feb 3-Sated. steamer Teresa tAust Persich
Gibau FEB Petersburg E,ussl szssky
New York vita Rotterdam.
Naples, Feb Sailed steamer Braslle UtaO Ovar New
York.
Naples. Feb = noon-saIed Hamburg Gen
Burmei>ter. New York
Lisbon, Feb 5-sailed steamer GER wenin
BatOun. etc) New
Venice. Feb 3-saed. steamer Carolina tAusO Bartolch
Fayai Feb Passed, steamer Necxar cier Harras,o-
witz. New York for Naples. etc.
Dunedin. Feb G-Arrved, Irish Monarch t3r
Graham. New York via 81 Vincent Z V Melbourne
sydney,
san Juan Feb Arrived steamer RIuecher t;er Rees
sing. New YORK Via ST Thomas ten crliseI.
New-York tribune., 1907-02-09
C4LIFORNI4NS 1RRITE.
In Washington 10 Discuss Japanese
Question 7cith President.

Washington, Feb. S.-Mayor SChmtz and the
School Board of San Francisco. who were sum
,,,opad loro ~ disoues tho Jaranasa school
-, -, -. -, =,
question with President Roosevelt, arrived IN
washington at '."' CLOCK thls afternoon Inc
delegation VIII be received ny the Fresiuent TO-
morrow afternoon.
we have come 10 Washington SAID Mayor
Schmitz, with free mind TO discuss the school
question with President Roosevelt. The mere fact
that have responded the Presidents invita-
tiou is sufficient evidence that stand ready TO
make concessions If We are convinced that in 50
doing the entire country VIII profit by our action.
No Californian is willing 10 stand any techu-
cality that will work 10 the dcriment OF the nation
It would be unfair for us 70 go into a fun and
free discussion of ia, questions involved until We
have conferred with Mr.. Roosevelt. We have not
ex.l,,1a5 ,,, r,-,..,.-, ,,t1-.. .. 49,. .,.-., ~,
San I.ro,,,is,o. t.,,, ,,,. 49,. a., 49, 60, -,
~ 80 "'' '''''' III ''' '"' 7c''oo' nun"
has round Il necessary to adopt the policy OF segre-
pafio1 cx.Irsi,, an, .,.. ,r,4 f.,.,
''''''"'' anu '''''
Ihed'ete Hepat tihenS the law "f California makes
school l,oaras n, Tho ,-ar,,,,. o,,.,,g l ,f -, ~,
s,.., RI -. . "a .'
" ''" ''""' '''"1 ''' 7'I"o! authorities
may scsTtgair the children OF the white and Mon
gOllan races and reo,tray ,i,a. ,.l...
-, - "'' ""'' ll'e S'Pa'Hle
SCHOOLS have been established nf fl,a
two races must attend the .ceoole go, ,,..., g.
them After tho a.. ,,. ..,,..i a.. -,
,,.r .,.,, ' ''''' '''e Japanese
v" N''"H'"E ''' "iH'e chHdren ont Of the
''''' "a" "I" 's'dbIiSh lle sep