The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-14
PARIS BACKS OUT
Refuses to Send Any Gold to the
United States
Unless Given a Guarantee by
the u. s. Government.
1T WAS MORGAN'S DEAL
He Was After From 20 to 40
Million Dollars.
He Says There Was Not a Cent
in 1t for Him.

Paris. Nov. 14.-The negotiations
which J. Pierpont Morgan & Co. have
been conducting with the Bank of
France to obtain between 20 and 40 mil
lions in gold for direct shipment to
New York were definitely broken off
today. They had been in progress since
last week and for time seemed on the
point of being successful, but the final
demand that the United States govern
ment furnish a guarantee could not be
complied with.
Nothing in 1t for Morgan.
For several days reports have been in
circulation that certain banking IN
terests in this city are engaged In ne
gotiations for the purpose of securing
a large amount of gold direct from the
Bank of France. These reports also
have intimated that certain political
questions were involved in the negot1a-
tionS with reference to some prereren-
tial tariff agreement. From authorita-
tive sources it is learned that the effort
to secure French gold direct was made
by the banking house of ]. p. Morgan
& Co. At the first intimation of I'M
pending financial trouble a representa-
tive of the Morgan house was sent to
Paris for this purpose.
The Bank Of France fnt1mated It's
willingness to send to this country $20,-
0O0, 900 gold, but because of its govern
mental character it desired some form
of committal from this government in
so large transaction. Communication
with Washington was at once begun
in the effort to find some method by
which the transaction could be COM
pleted. 1t is stated that no profit
whatever will result to the importers of
the gold. but that it will mean loss
and that it is to stand solely as public
measure of relief for the existing cur
rency situation.
Usual Dividends Declared.
New York, Nov. 14.-Directors Of the
Union Pacific Railroad company today
declared a quarterly dividend of 21s per
cent on the common stock which is un-
changed from the rate of dividend of 10
per cent annually, established about a
year ago.
The directors of the Southern Pacific
company declared semiannual divi-
dend of 31 per cent on the preferred
stock and q quarterly dividend of 11z
per cent on the common stock. These
dividends are unchanged from the last
previous quarter.
Grain Embargo Raised.
New York, Nov. 14.-As a result of
the representations frankly and forci-
bly, presented by a special commission
of grain interests the railroad en-
barge, placed about a month ago on
grain from Buffalo, has been raised,
and all the Buffalo-New York lines
will cooperate in a movement to aid
in the moving of grain from this
country. 1t Is a matter of distinct
Importance in connection with the
gold import movement that is now un-
derway.
The traffic managers and other i'm
portant officials met representatives
of the grain trade and of the produce
exchange and agreed to ship out
100000 bushels of grain per week
from Buffalo to New York up to the
close of navigation.
Paying in Checks.
Houston. Tex, Nov. 14.-Because
of lack of cash this city is forced to
pay employees with checks. This is
the first city in Texas compelled to do
this.
Didn't Know 1t Was Loaded.
Hartford Conn.,, Nov. 14-In address,
ing the members of the National Grange
and their friends at a public meeting,
President Charles S. Mel1en of the New
York New Haven & Hartford railroad,
said:
THE prejudice excited by demagogues
and politicians against corporations has
now reached stage where others are
suffering. The burden which has rested
SO long and heavily on corporations and
those charged with their affairs is be-
ing distributed and the community will
soon have its own troubles to worry
about.
in this country since the beginning of
this year have been greater than oc-
CURED as a result of the civil war.
"This is not a rich mans panic; it is
a widespread distress rapidly extending
itself to the farthest sections of the
country. Even those who did not know
the gun was loaded whose only thought
was sensation and popularity are becom-
ing sobered by the outlook"
Whitney Tells Why.
IA IJor DIV,
Whitney said today of mortgage he
recently put on his house: 1T is true 1
have obtained loan of $500, 900 upon a
mortgage on my house at Fifth avenue
and Forty-seventh street but the pub
lisred reports of the circumstances
leading to the making Of this loan are
apt to create an erroneous impression
For some time past I have had. and
still have, on deposit to my credit in
various banking institutions cash to the
amount of more than twice the sum
above mentioned. Having occasion to
use $500, 900 for purposes having no con-
nection whatever with my fathers
estate and believing that at the present
time everyone should DO his part
toward the financial situation and the
rest Grafton of confidence, I declined 20
withdraw any part of my moneys from
the various banks in which they were
deposited, preferrfng to avail myself OF
a loan upon easy terms.
'.The estate of William C. Whitney
was finally settled during the last sum-
mer. when the executors accounts were
approved and allowed by the court. The
entire estate is invested upon certain
trusts, as provided in the will, and has
no liabilities of any kind with the
single exception of one comparatively
small loan incurred for temporary pur-
poses."
Pawn Brokers' Business Good.
New York Nov. 14.-An odd phase of
the present financial stringency is the
lively business being done by pawn
brokers. But the pawn shop proprietors