davidaulloa/AmericanStories huggingface dataset:
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09

wise, and organizations of business
men in many quarters give their
thanks to the New York cearin.
house for its services in the interest OF
sound banking and proper business
methods. 1t is easily a circumstance
that merits bit of study as to how it
came about.
Suppose one goes back, just for mo-
ment. to the beginning, before there
was any clearing house as all. 1t was
long enough ago to be in the days when
the boarding of ones wealth in q
stocking was not matter for extraor-
binary comment. Diverse systems of
banking carrying diverse consequences
to the depositOr had afflicted the coun-
try, and there We're not few who had
but little use for banks anyhow and
chose to keep their funds at home
where they could be always obtaina-
bic. These chary ones, then, wanted
to have their assets in a thoroughly
liquid" state. To do that they took
the chances Of fire and robbers and
rats, kept their deposits in their closet
and made their clearances over then
own hearthstOncS.
1t was Il system that had certain ad
vantages. but was not without it
| drawbacks. If one leaves out of con
sideration the element of safety in the
stocking bank there is still an objec
ton of inconvenience when it comes
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09

person to whom the debt was due. So
the banks, with their steel and con-
crete vaults for their cupboards. kept
their funds in their stockings and
made their elearances over their own
counters, sending forth their messen-
gers in person with cash to pay those
who owed and would not come to col
lect.
Hence the establishment of the clear
ing house. Here was community
knitted more and more closely together
every year by the strengthening of
common business interest, becoming
more and more center for the ex-
change of the country's business,
where the weekly clearings ran into
the billions of dollars and the weekly
exchanges of credits into the hundreds
of millions. For each bank to keep on
hand all the cash needed to care for
all the demands of depositors every
day meant that practically all the as
sets representing active accounts must
be available at an instant's notice.
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09
NEW FALL STYLES.
Brown the Most Popular CoIor-Coats
Shorter, Vests Cut Higher.

Brown the Most Popular CoIor-Coats
Shorter, Vests Cut Higher.
The man in green is the most exclu-
sive and conspicuous dresser of the
season His suit is of bottle green.
He got the idea from Paris, and his
distinction lies in the way he carries
out his color scheme. His hat is a
shade of green. his gloves and hand
kerchief little lighter He wears Il
light green shirt, with suspenders OF
the same color. His tie is distinctly
darker, but still green. Even his I'M
derwear. it is said by Mems Wear,
harmoniZes with the shade of his suit
Brown, while not so extreme. IS the
most popular color of the season. In
some shades the demand has been SO
heavy that the stock of cloth is eX-
hausted Green tones with grays alsd
are seen frequently, but there are few
plaids. Blues. of course, are always
correct. But. whatever the color of the
suit the accessories must match
Coats for business wear are a little
shorter than they were last year. The
back slit is retained, but in some styles
the curve at the waist has been elm
mated. AS further contrast TO the
faring skirt formerly in vogue, the
chest is cut extremely full, and thI
sleeves are large at the top. The
business cutaway is made with OIL
without pockets. Gray mixtures ar,
popular in. the cutaway, and one styl,
| is made so that it looks like a sacl
| from the front.
| The vest is cut even with the Goa
lapels or little higher sometimes i
the material is fancy in texture or col
| or. Vest pockets are made with flap
| that button in some instances. Th,
| cuff is being left off the trousers.
There is less waist in the overcoat
this year They are made of tn
| softer cloths, and full, rich colors are Il
evidence. Mufflers include the platte,
silk, and the wooden muller tina
clasps around the neck still VIII be tn
vogue
| A novel necktie is made of WOO,
pulp. 1t looks like silk and promise
| to become popular. The neckwea
makers are much interested. Autumn
four-in-hanGS to be correct should b
not more than two inches wide. The
| are seen in high colOrs. Bat wing
come in solid colors two inches wide
Knitted scarfs are in fashion agai
as well as the cross stripes and tn
|
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09
QUlNTET'S LONG WALK.
Baltimore Singers Will Travel 4,5oo
Miles on $4,000 Wager.


The Midnight Sun Quintet. com
posed of five young men who have
started on a wager to walk from Balti-
more to Seattle, Wash, arrived in
Washington recently for a brief stay
The walkers left Baltimore penniless,
one of the agreements in their wager
being that they shall earn every cent
they spend on the way by singing.
II the quintet reaches Seattle in fif-
teen months $1,000 will be the reward,
says the Washington Post. One of the
drawbacks in the journey across the
continent is the fact that the singers
are obliged to drag along a good sized
push cart.
I'VE will take the southern route"
said their leader, 80 as to avoid the
cold. We will strike out through West
Virginia and Kentucky. down through
Arkansas to Texas, through New Mex
leo and Arizona to southern California
and thence up the coast to Seattle. We
expect TO arrive there before the open
Ing of the Alaska, Yukon and Pacific
fair"
By this route they will cover a dis
lance of about 1850 miles This means
that they must average about fifteen
miles day.
The quintet is composed of Hall A.
Butler, manager; W. A. Saunders, mu-
steal director; W. B. Corbin, T. T.
Hamilton and Clifford Gill.
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09

trough the stuLing boxes in 81 e.: -
tom of the boat and are connected 10
its hinges the triple horizontal plates
which form the propeller worked up
and down with the sinuous action of a
fish. says the New York Herald. The
device is so unlike anything presented
before for propelling n vessel and its
merits seemed SO apparent that the
spectators predicted the propeller and
its inventor would speedily become
subjects for serious consideration by
all Interested in marine or aerial pro-
pulson, for Mr.. Turner intends to ap-
ply his system to aerial navigation.
Captain Reynold r Hall, L. s. N,
chief of the steam engineering depart
ment at the Brooklyn navy yard. who
was one Of the spectators. said of the
propeller afterward:
1T looks we'll and it works we'll and
| IS an invention that it seems to me
| we'll warrants trial in the water. 1t
has lifting as well as Il propeliing mo-
ton, and it has this advantage over
the screw propeller that the surface
| on both sides of each blade. or plate
| is efficient for propulsion, while in the
screw propeller only the front surface
| Is efficient"
Commander Emil Thesis of the same
department at the navy yard said:
This is certainly an interesting in
vention, and it looks promising The
principle is a good one, AMI it may
| revolutioniZe all theories of propul
| sion"
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09
End of the Stocking Reqime.

So it is not difficult to see how the
system of letting a bank make the
change and attend to the other bother
some matters between the man who
pays and the man who receives be-
1t commanded public confidence super
seeded the stocking theory of banking.
These trite "reminiscences are indulg-
ed in here to remind the reader first
that confidence and credit based on
confidence We're essentials of the first
departure that public convenience
prompted from the stocking bank the
DRY of doing business. And in the sec
ond place they are made in order to
suggest that after the banking COM
muhity became highly developed, so
that there were many people clearing
their own personal debts and credits
through many banks, the banks them
selves came to occupy the same rela-
ton to each other as regards the trans
action of their mutual business as
their customers had occupied each to
the others generation or two before.
The check of every bank was n Ger
tificate of its own Indebtedness, good
SO long as the person to whom 1t was
rendered believed that the individual
who signed it had the funds on deposit
and that the bank itself was sound.
But, however readily accepted, the
check of John d. Rockefeller or J. p.
Morgan would have no value unless
| its handling meant in the end that the
actual cash was to be paid out to the
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09
The Lucy Tanis.

or all earths feats there is but one
For which I have a mania,
And that's in brief. ere life be done.
To fit across the seas upon
The speedy Lucy Tania
yearn TO test that wonder craft,
That marvel of CELEBRITY;
ycarn to tramp her fore and aft
And scof the waves too weak to watt
One touch of mal-de-merity.
1 pine to break my fast in Cork
(And break 1t not too brokenly).
To lunch at sea and prod fork
In dinner grub at old New York
Or. at the least, Hobokenly.
The things has fascination which
Appeals to many crania.
For me. I'll stint until I'm rich.
And then III float across the ditch
Upon the Lucy Tania
Long months that means to me: all eartl
Holds not a man that's needier.
And when at last I've bought my berth
II bet you everything I'm worth
They'll have a boat that's speedier
Richmond Times Dispatch.
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09

TO the average followers of at
fairs financial the name of the
IL New York clearing house is as
sociated primarily with the
weekly bank statement on which bro
kers sell or buy the market, as suits
their disposition, and an annual state.
ment of clearingS, balances and ey.
changes running into wholly impossi-
bic figures that are only useful for
one who is preparing an address upon
the commercial greatness of the coun-
try. To the average outsider still less
is suggested by mention of the New
York clearing house unless perhaps
there remains a memory of some early
study of banks and their relationship
to each other says the New York
Times.
Go down past the clearing house
building in Cedar street, between
Broadway and Nassau, and there is no
sign of great things happening near by
A doorway leading into a marble wall
ed foyer, where sits an ancient guard
reading a newspaper; then a winding
succession of stairs-mOre than one
stairway and hardly two-and one
comes into an upper corridor and meets
another guard, also at his ease.
Inside are two private offices that
might serve any large private banking
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09
Element of Dancer.

There was an element of waste and
an element of danger in such Il situa-
ton as this. The element of danger
was that the banks, obliged to keep so
large an amount Cf cash on hand,
would have shut down on their Gus
toners whenever there was the slight
est contraction of money, lest they
find themselves unable to make good.
The element of waste lay in the limita-
tons placed upon the investments
which the banks might safely and
profitably make of the funds in their
charge If only their actual cash out
lay could be figured on the net instead
of ON the gross basis. The clearing
house was the result.
And with the clearing house came
mutual confidence based upon infor-
nation. The member banks, first dis
closing to each other their debts and
credits every day, later recognized the
wisdom of making a weekly confes-
sion of condition. Side by side was
maintained the right of the clearing
house to go in and make an examina-
ton at any time of member bank, for
the clearing house undertook to take
J from each bank belonging to it state
ment of it's claims against every other
member bank, to balance those state
mentS, collect the balances from the
debit banks and turn the credits over
/ to the banks entitled TO receive them.
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09

house and back Of them a board room,
impressive in it's mahogany paneling
and furniture. There is an air of de-
liberation about the whole place. No
body speaks loudly; nobody appears to
hurry; nobody acts as though he were
at the very vortex of the great swirling
financial community.
Into these quiet quarters have been
going daily for the last few days q
company of grave faced men. They
meet in the morning in the board
room and are together for n half hour,
an hour or longer, as the case may be.
When they separate to leave the build
ing each is greeted at the door by a
knot of reporters with a common ques-
ton:
us everything safer"
And the members of the clearing
house committee have answered:
everything is safe today. The usual
applications were made for assistance
and it will be extended"
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09

cough was very dry and harsh. The
local dealer recommended Chamber
lain's Cough Remedy and guaranteed
it, so | gave it trial One small bot
tie of it cured me. | believe Chamber
lain's Cought Remedy 10 be the best
have ever used" This remedy is for
sale by all druggists. 4@
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09
Eliminates Cash Exchanges.

The committee became known as the
clearing house loan committee. It's
procedure was to eliminate entirely
the exchange Of cash between the
banks in settling their balances with
each other by means of system of
clearing house loans and credits. Thus
if bank had debit balance of $780,
600 it would be required to put up APP
proved collateral with the clearing
house backing loan to 1t in this
amount. If a bank, on the other hand,
had credit balance it would receive
certificate from the clearing house
in this amount having the pledge of
the associated banks behind it.
BY this method it became possible
for the banks to use all their funds
for their over the counter business
without having to employ any part of
their cash to settle their balances in
the clearing house. The degree Of the
emergency may be judged from the
fact that currency sold at a premium
of per cent, and the banks without
concern for possible receivership ap-
plications refused to pay out cash on
their checks presented in any large
amounts until the depositors could sat
isfy them that the money was needed
for legitimate purposes.
The panic of 1893 passed by and
there were no bank failures in the
clearing house circle. The names of
the men who were on the loan commit
tee of that year went down into his
tory as having performed a great pub.
lie service that was to stand unique
until the crisis of October, 1907, was
reached.
The clearing house committee of
1907 will also go down in financial his
tory as having exercised effectively
and skillfully the moral suasion which
lis the chief power of an organization
with billions of assets among its mem.
bers.
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09
MILE A MINUTE BOAT.
Vertebrate Propeller Likely to Make II
Reality. Say Experts.

That the mile a minute boat may
soon be reality was the opir ion ex.
pressed recently by party of ex-
perts, including naval engineers and
yachtsmen. who had Il private view
and saw practical demonstration of
Joseph Turner's invention, the verte-
brate propeller, at 10 Fulton street.
New York.
Set in motion by belt gear and driv-
en- by four piston rods which pass
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09
Center of Lands Finance.

1t is about once in a score of years
that this thing happens. When 1t does
come about the New York clearing
house becomes a name on every lip in
every business center in the land. 1t
Is no longer the medium merely of Il
published bank statement and annual
report. The fact that all the national
banks in the city through it have dem
onstrated their ability to meet their
balances makes it the primary news
center for the finances of the land
Just recently the Clearing House as
sociation has figured in the news in an
even more prominent way. Certain
gentlemen of explosive financial meth
DDS lave been eliminated from the
banking situation. The papers have
said that the clearing house did it
went so far even as to compel one Or
more Of them TO sell their bank stock
and> otherwise to efface themselves.
The action is hailed as courageous and
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09

to applying such q system to the ex-
igencies of even the ordinary kinds of
business. 1t involves carrying great
deal Of money in ones clothes, which
may be not only uncomfortable, but
unsafe. 1t involves postponing collec-
tons from ones fellow traders until
they happen to have a sufficient amount
of funds in their pockets to settle up.
It necessitateS much making of change
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09
LINGERING COLD.
Withstood Other Treatment But
Quickly Cured by Chamberlain's
COunh Remedy

Last winter | caught very severe
cold which fingered for weeks" says
J. Urquhart, of Zephyr, Ontario. my
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-09
Good Work Done In 1893.

1t was back in 1893 when the clear
ing house last demonstrated that 1t
was an instrument of safety rs well as
of convenience. In the memory of re-
cent things one needs not bark back
to the money stringency' of that time
for illustration of what such condi-
ton means to the banks. In 1898 the
people had to withdraw their money
from the banks not because they dis
trusted the banks themselves or the
methods by which they We're conduct
ed, but because the money was needed
to pay for the necessities of business
and personal life. There came a time
when there was not cash enough in ae-
tual circulation to so around among
the banks If Withdrawals We're to con.
tinue, and the prospect was for a sus.
pension of payments not because of in.
solvency based on inability to pay
debts in liquidation, but inability to
convert good assets into cash quickly
enough to keep up with the demands
of depositors.
The plan that was adopted has be
come historic. In the office of William
Sherer, the present manager of tbs
clearing house, there hangs picture
of a group Of gentlemen gathered
around a big board room table. A
the head of the table is H. w Cannon
then president of the Chase Nationa
bank, and around him are T. D. Tap
pan, who was president of the Gala
tin National; G.. G. Williams, then pres
ident of the Chemical National; vii
liam A. Nash, president of the Corn
Exchange National, and ]. Edward
Simmons, president of the Fourth Ma
| tional, who are still at the head Of
those institutions, and e. II. Perkins
who was at the head of the Importer:
and Traders. With them were MI
| Sherer and w. J. Gilpin, assistan
manager of the clearing house.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-07-02

when the assessor Of Cass township
was listing property for taxation pur-
poses, several people along the foot
hills on White river drove their dogs
from home that they might escape
taxation. The dogs took to the hills
and soon became wild. They made
dens under eraigs. where they re-
manned during the day, prowling at
night in the lowlands for food. The
dogs multiplied very fast, and in a
short time there We're two dozen AMI
more
Their raids became more frequent
and from killing geese. ducks and pigs.
they began feeding on larger-sized
hogs and sheep, and in several in
stances calves were pulled down and
eaten. Then the farmers began a re-
lentless war on the dogs. and after
several ''round-ups" ali of them are he
lleved TO have been shot.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-07-02

Iondoner, another Pfnkerton. told how
the citizens demanded the RESIGNATION
of Sheriff Robertson, owing to his
Federation sympathles. and threatened
to hang him otherwise. Londoner said
an atSmpt was undoubtedly made to
murder c. I. Hamlin, secretary of the
Mine Owners association at Victor.
Colo.
The soldiers fred into the union hall
before there was any firing from the
hall, but several hundred rifles. three
barrels Of ammunition and a stock OF
provisions We're found in the hall. He
also found photographs of two non
union men with crosses marked on the
back. which he understood meant that
they We're TO be murdered.
Letters from MCFARLAND say that the
Colorado authorities have done many
things NEUTRALITY-SUSPICIOUS. in deal
ing with the strikers. Friedman testi-
fed that the Mine Owners association
was not client Of the Pinkerton agen-
cy in 1903-4-5, so far as he knew. but
that individual mine owners employed
detectives
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-07-02
BoRAH WANTS MORE RECORDS
Chief Detective Accused = Witness
Tells Humorous Story.

He said that if he had known this
trial was coming up he would have
taken many more letters and reports
Senator Borah pressed him to tell lust
what records there were in the Piuker
ton office at Denver bearing directly
on this case, and while the witness
SAID he could not tell him of any par
f'cular one he remembered many let
ters written by Detective Mcfarland
IN which all manner of crimes were
laid at the door of the Western Fed
GRAFTON of Miners.
Another interesting witness was las
J. Wallace, an attorney of Crippla
Creek. who served with the militia
hrSt as a private and then as a lieu
tenant during the strike of 10000. He
related several instances as tending
to show the misuse of the power of the
militia by the mine owners: gave the
criminal records of some of the gun
lighters imported by the mine owners;
told Of the working of the card svs-
TEN; recited the circumstances connect
cd with the looting of the union stores
and newspaper office. and swore that
he saw X. c. Sterling. chief detective
for the mine owners, fire the first shot
in the Victor riot the day OF the Inde-
pcndencc station incident. He said
however, the shot was fred at bill
board.
NJ. F. White, an organizer for the
Western Federation, was the last wit
ness and brought the trial PARTICIPANTS
back to great good humor with the
drollest kind Of tale of his arrest bv
the militia with all the pomp and cere-
mony of war times, the activities Of
the vermin in the bull pen. and his
happy release by brother Woodman
Of the World who commanded the
militia.
Counsel for the defense said that
they might succeed in finishing with
MI of their witnesses except Haywood
and Meyer by the end of the week.
Their plan is to reserve those two
principals for the last The defense
has prepared its draft Of instructions
and the state is working up its rebuff
tai case. so that the end Of the trial
approaches.
Some of the testimony given in the
reports was that A. G. Gratias. a Pink
erton, was so high in the Federation
that he had charge of distributing re-
lief to the strikers. He reports doing
this so as to cause dissatisfaction
among the strikers, which he would
try to turn upon Haywood. ]. N.