davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1907-06-09
CURRENCY LEGISLATION.
Why Banks Should Be Allowed to Hold Any
Kind of Current Money as Reserve.

To the Editor OF The Tribune.
Sir: Your editorial the currency situation as
raised by the circular letter issued by the National
City Bank calls to mind article published last
winter when the credit currency bill was being
considered in Washington.
At meeting OF the Senate Banking Committee
OF the bankers appearing for the bill was
asked by Senator Aldrich II banks were not hold
ing national bank notes in their vaults and pay
ing less attention than formerly to the legal re-
quirement of government notes as reserve.
The banker said he sorry TO say that this
Suppose the banker had replied. Yes this
is so because there Is good business reason why
ma tional bank notes not good for bank
reserve S government bills"
Suppose he had added that the bankers had
for time that law passed forty
years ago did not fit conditions OF to-day. and
that the matter OF reserve was being seen In It's
proper light.
reserve was for and little discussion on these
lines had ensued. Couldn't II have been clearly
shown that. the bankers IN acting they have
this question were using good business Judgment?
A reserve is fund kept on hand by bank to
meet undue demands and as any funds that are
current could be used pay checks. ordinary
business cannot understand why national
are legal tenders. for demand legal
tender In payment OF a check, and the majority
ali they require being the bills that in
all business transactions as are all the forms OF
cepted quickly as another and at par every
The banking law OF the State OF New York. as
understand 1t. recognizes this situation and al
lows tse oahs .ht us ~ 20 rUtd any sS
there is good business reason why all the banks
OF this country should not have the same privilege,
for the customers OF the bank and the public
would be as we'll served and protected under such
conditions they would be II the old law should
In the opinion OF the country bankers in my
law requiring legal tender notes as reserve should
remain in force, and We trust that Il VIII soon be
repealed. Yours very truly, r T. LHFONO-
Waverly, y. Y. June s. 1907.
New-York tribune., 1907-06-09
LETTERS TO THE EDITOR
ANCESTRAL MEMORY" +
How the Idea Was Treated in Poems'by DR..
Welch

To the Editor Of The Tribune
Sir; The ingenious article. Ancestral Memory.
published In The Tribune Sunday. giving the
theory of transmitted memory, evolved ny
Forbes Phillips in The Nineteenth Century. has
interested greatly In point of time 1t Is ante
dated as l recall. by DR.. George T. WEIGH in MS
book OF poems IAN Age Hence" published In 1901
Mr. Phillips saws: rs it not possible that the
child NAV inherit something OF his ancestors
memory? That these flashes of reminiscence are
the sudden awakening. the calling into action or
something we have blood; the disks. the rec
ords OF an ancestors past life. which require only
the essential adjustment and conditions TO give UP
their secrets?"
II is a fascinating theory and like nash OF
lightning In the gloom. II suddenly opens up the
treasure vaults OF the past and II is not to be
wondered at II others have also brooded upon the
same idea.
There was an antique superstition that. at the
hour OF noon. in the strange stiffness that divides
the turmoil OF the day, evil spirits were abroad.
and in his poem 1.-The Hour OF Pan" Mr. Weich'
represents a lovely maiden asleep among the flow
ers, the margin OF stream, and an evil genius
hovers above her. bent upon her undoing but I'M
able accomplish IT. since he is impalpable AT
this moment he perceives a youth approaching. and
the genius enters his bosom. and nesting warm
within him he inspires the young man with sudden
love- and bids his rowing eyes take in her lowell
ness. until
Desires strong wine flew mantlLng TO his brain
From times long past-the bood,s inheritance
OF beautyS conquest IN some otner HLe
Lived joyously long since. began to urge;
And sore the demon piled him with his artsI -, ,
But when he thought he'd conquered chose thes
youth
From all the flowers q lily. which he laid
Heart troubled, her breast and stole away
And in another poem he says:
Why should 1 bend to times antique,
Nor dare trust this soul OF mine,
When through my tongue the ancients speak,
Their glories In my actions shlhe.
A thousand marches further on
/ greet the they lOnged 10 see. :
Palned with their yearnings, yet. for dawn,
And splendors which shall never BE-
Coined have l been oft before, -
l feel bold memories in my blood.
And know the voices calling sore
From phantom lips beyond the flood
do not remember to have seen this doctrine SO
clearly enunciated elsewhere, but as Mr. Phlnlps
says, from the very dawn OF history II has haunt
ed the minds of men, CHARLES RODNE1.
New York June 3, 1901
New-York tribune., 1907-06-09
COTTON CHANGE UPHELD.
Tice- President Ans1rerS "The At
Ianta Constructors" Criticisms.

T. NJ. Weld. vice president OF the New York Cot
ton Exchange. issued statement yesterday in
ply TO criticisms Of the exchange which appeared
In The Atlanta Constitution" recently. He ad-
mtted, however that the revision committee ha
made grave errors in revising the differences at
which certain grades OF cotton might be deuveaed
upon contract. Replying to the charge that
buyer who demanded delivery Of cotton was likely
get anywhere from twenty Ave to thirty differ
ent grades. Mr. Weld said that this was because
there were twenty-five thirty different grades
OF merchantable cotton dealt in the world over
nd because the holder OF q contract agreed to re-
celve any all OF the grades.
In regard 10 the charge that tho New York Cot
ton Exchange regards color alone, ignoring guam
ttty OF dirt present and the quality OF the staple
the vice-president pointed out that tho rules OF
the exchange prohibited the delivery OF sandy.
dusty, gin cut and Tebn!ed cotton and Of cotton
that had been frsudulentIy packed. and said that
express attention given 10 length of staple.
and that a premium allowed the deliyerer on
staple Of extra length.
In answer to question contained In tho cTiu-
cism referred TO- 10 why the exchanges quota
ticns the nnaI day OF delivery were from 10 Z
cents below the price which cotton caz be
bouglt In the actual spot market, Mr.. Weld said
that in all future markets of which no had cog
u ade or middng, and that the latter h0d been a
very scarce grade this year and had commanded
Il pTemAm over all other grades. causing the quo
tation OF middling In every future market o be
contracts
the reason that rnIddlins in New York was at a
said that the revision OF differences at which
grades grades otner than middnns might be delivered
mttee last November. did not establish sufficiently
might bo Delivered upon contract That this was
grave error in judgment on the part OF the re-
mtted. but he declared that whatever the faults
ght be tie future Ia m P' s and M
members honestly ATTEMPTED 70 give every one
square deal and that II they had failed to DO 80
II had not been by pTefneditatiOn design
New-York tribune., 1907-06-09
SUGGESTION OF CANDIDATES.
Governor Cummins of Iowa and H. Clay
Evans, of Tennessee, Urged for Ticket.

To the Editor of The Tribune.
Sir: The battle for the Presidency has begun.
Various candidates for nomination have been
toned. Secretary Taft Governor Cummins Speak
or Cannon Vice President Fairbanks and Governor
Hughes are among those most frequently
toned. OF these candidates Governor Cummins
would, think, make the best President. His pop
uIarIty is great, and is shown by the that he
is now serving his third term Governor OF Iowa.
The Republicans OF the Middle West have for a
long time advocated principles which dlamet-
rically opposed to those advocated by the Repub-
licans of the East The Republicans of the Middle
West are favor OF tariff revision the income
and railroad rate regulation. The best men OF the
party are found to be in favor OF these reforms.
Among these may be mentioned Senators La Fol-
Harris In the East. however. the outlook is dif-
of these reforms. The majority OF party
leaders are found to be opposed TO some or all Of
these principles.
Governor Cummlns embodies the sentiment Of
the Middle West and also OF those who favor tariff
revision. He Is fine lawyer and has filed his
office with great ability. At the hearing before the
minis aided the cause of the people in many cases
testifying almost alone against the large number
OF men who were In the pay OF the railroads. We
should consider the fact that these Republican
leaders favor reforms advocated by the Democratic
party They may not join that party yet we
should strengthen the party by choosing its
forms, Albert p. Cummins, OF Iowa.
Fer Vice President H. Clay Evans, OF Tennessee
has high qualifications. Mr.. Evans elected
the Democrats In 1895 he a candidate for
the nomination for Vice-Presdent and polled a
large vote at the national convention. Last year
duced the large Democratic majority to Sc0Q Nh
Evans is also in line with the reforms pr0posS
New-York tribune., 1907-06-09
NO EARTHQUAKE PREDICTION.
Horace Johnson Disolaims Forecast of Dis
aster on Manhattan Island.

To the Editor OF The Tribune
Sir: VIII you please publish the following In cor
OF the article that appeared in your journal
of May q, referring personality The article
has reference to an earthquake to take place
Manhattan Island, I have made such predic-
ton. No person is authorized to my name IN
such manner or form II IS possible there may bs
a disturbance OF such a character in the month of
August I have not completed my figures In refer
It. While II is possible to foretel when ths
planet earth will move in earthquake belt in
It's orbit, I must confess unable at present TO
locate further than that IL will bs at some weak
point where earth Is overloaded IN consequence
OF the displacng OF dead weights from place
other place.
ANY forecast to be original from me must be ac-
Companied with my signature. l am not farmer,
nor am I in active business I have been a student
in the science of meteoroOgy for than seventy
II a subject for to handle
know little OF It: wish l knew ALL II is creative
power. II create IT can destroy. -
HORACE JOHNSON.
Middle Haddam Conn. June 8, 1907
New-York tribune., 1907-06-09

The Brooklyn team had no difficulty IN WIN
ming against Columbia oval team in the Sec
ond section league game a Prospect Park. A.
Lowell bowled splendidy, and 10 his work with
the ball the winners were enabled to dispose OF
the vLg.tors for less than 40 His record wah
six wickets for runs and he has seldom done
better. on the winning side. G. @, France. +.
O. Challenger, Lowell and W B. Scale were
the best men with the bat For Columbia Oval
H Lomer the only man to excel at the bat,
while .. Turville did good work with the BAN
and got . wickets for II runs. The totals:
Brooklyn 3. 9S; Columbia oval G. 3s
The Thistles B team played the Kings County
Z team at Prospect Park In second section
league contest and forced TO submit TO
defeat, the margin being 6S runs. T. H. Clarke
did well in both departments. His bowling fig
ures we're 7 wickets for 30 runs, while he was
top scorer in batting with 81 b. Dean ran up
20 f W. Chapman contributed Is. f.. p. Tan
ner anu r. Gautier each scored IA and j. G. X,
Jordan added 13 on the losing side w. II ug-
gins played patiently for 10 not out. and J. Ken
nedy scored j, while c. H. Somers had the
best bowling figures 3 wicISets for 80 runs. The
totals Thistles b. 62; Kings County b. 40.
The Manhattan II were unable to stem the
tide OF defeat and lost TO the Prospect Park
team in a second league game at Prospect Park.
] Dixon tried hard TO win the game and got
wickets for 46 runs. but the team failed sig
naIIv at the bat J. T Rose, with 9, being top
scorer. For Prospect Park J. b. Barrow made
4 wickets for il runs, j. Gillette, in addition TO
taking for 20, ran up not out innings or
j.
totals: Prospect Park. 70; Manhattan H. 81
The Staten Island Club played the Bellevue OF
Timer Montclair at Livingston, Staten Island
and easily had the better of the argument. Some
bi., scoring was seen in the game. G II. Clark
r;nning up over a hundred, not out, In a fine in
-iings A G; Laurie was not out for -, and r. H L.
Steinthal reached the same figure Clark ana
Laurie did the best bowling on the winning SIDE
The figures being for IA and for 54' re-
spectivelv For Bellevue w. f. keenan, was In
good form in his innings of 25. but the CHIEF
scorer on the side was II. F. V. Burke, who ran
IN "a ] J. Power was the only other man to
reach double figures. The totals: Bellevue 1O2;
Staten Island 273 declared for two wickets.
The Jamaican Club beat the Gentlemen OF
Jamaica at Prospect Park. the totals being So TO
50 A Wolcott captured wickets for the WIN
ming side and scored 18 with the bat, while d.
Levy and ]. Melbourne ran up 20 and 13, re-
spectivoIy. on the losing side, w. Allen was
best man In batting, with q. and De Silva capt
ured six wickets for seven runs
The West Indian Team ran up total Of
$50 for two wicxets before declaring, mainly
through the good work of Thompson and Arm
strong The formers 50 not out
while the latter contributed 81. Allen and BoXill
reached double figures. while for Team Odum
Sargent Kelsick and Pereira batted we'll enough
to enable the game TO go on record as draw.
The total of Team was SO for seven wfcketA.
New-York tribune., 1907-06-09
LITTLE KANSAS WHE4T
Report Says Crop UW Be Smallest
IN Many Years.
tBy Telegraph to The Tribune. ]

Topeka. Kan. June S-The dry weather and
low temperature OF May played havoc with the
wheat crop OF Kansas. The report of Secretary
Coburn of the State Board of Agriculture, made
public this morning. shows that u per cent of
the area, or 1,41OOO0 acres, has been ploughed
up or Is worthless. and that the condition of the
remaining 0.595,OO0 acres, which now seem likely
to be harvested, is 567 per cent, or 27.3 points
lower than six weeks ago. and 1873 per cent lower
than q year ago. Mr.. Coburn does not attempt
to estimate the proba BILE yield but by the usual
way OF figuring the report indicates a possible
yield for the state OF 50O00O00 to 10000 900
bushels compared with 93,0OOOO0 bushels in
1906. making it the smallest crop. with one ex-
cepton, that Kansas will have produced in
eleven years. Secretary Coburn says:
The cause OF the increased area ploughed up
and decrease In condition chiefly ascribed to
the frequently recurring If not continuous low
temperatures and general lack OF timely and suf-
hcent May rainfall The most notable damage
OF all. however. appears 10 have been done by
the widespread freeze occurring in the last week
OF May. and this was nowhere more severe than
in that portion OF the state where the grain was
heading headed. and where prior TO this
freeze there had been fair promise OF a salts
factory crop.
New-York tribune., 1907-06-09
CUTS RATES on PEACHES.
Commission Declares Present Fig-
ures Unreasonable and UniMst.

Washington. June S-The Interstate Commerce
Commission to-day declared the freight rate
peaches charged By the Atlantic Coast Line Rail
road Company from Macon and Atlanta. Ga. to
Washington. Baltimore. Philadelphia and New
York unreasonable and unjust The
pIslned OF by J. j. WaxebAum was rs loo
pounds TO Washington and Baltimore and 81 cents
TO Philadelphia ard New York. with "A refrigerator
charge Of l2iz cents crate of AZ pounds. Ship
meuts required to contain Mt least $50 crates
The commission fixes the rate at 73 cents TO Wash
ington and Baltimore and 76 cents TO Philadelphia
and New York, and the refrigerator charges at IL
cents. The rates to apply 70 shipments
containing 20OOO pounds for S6root and 22.500
pounds for s0-foOt The rate is TO become
effective on July Is The commission upholds the
demlirrage ChHl yes OF IS Il day refrigerator
Tor delay after tie FIRST tw enty four hours.
New-York tribune., 1907-06-09
COTTON PRICE JUMPS.
Figure Reached Since 1876
No Intentional Corner.

The feature OF the local cotton market yesterday
was the July option, which, after opening at u,
went up, wild rush OF shorts to cover, to
30 said to be the highest figure for the time of
year since 1876. Rumors that certain interests had
effected In the July option caused most
OF the activity in that future. The excitement was
added to by reports that interests at Liverpool in
tended to ship out the stock of cotton here and to
stop July tenders August affected to some
extent by the in July but the favorable
weather map acted "A brake against any con-
siderable advance in the new crop months. De
cember. the call. sold ! point lower than the
preceding days close.
subsequently the whole market feverish. and
fluctuations were marked that 1t was almost
impossible for the traders 10 follow them Busi-
ness continued a heavy scale during the two
hour session, following the sensational trading at
the outset. but The advance brought out large
quantities OF cotton which holders had big
profits some of It having been bought around 1850.
and this combined with the favorable weather re-
port and forecast. caused the market to rule less
active at the close. July closed at 1908, up s; Oc-
tober at ll9S up g. and January at 1903, up l.
Theodore II Price, OF the leading cotton
bulls, sid yesterday that he had knowledge OF
any concerted attempt to the New York
cotton market. and that he himself was unalterably
opposed to corners but that It began to look II
natural and automatic corner would result
simply from the scarcity OF supplies. He stated
further that IT, with crop of 13500OoO bales.
natural corner existed at II cents pound seri-
Gus problem confronted the cotton trade in de
@ @eilhiilh8 10 What price cotton might go, II the
next crop. as indicated. did not exceed
100000 bales
a representative OF Carpenter, Baggot & Co.
one or the largest brokerage firms in the city said
that II was too early yet TO talk OF a corner in
cotton and that the activity in the July option
due to the fact that It would be the first future
TO be delivered. and could not be affected as the
later options might by possible increase in the
crop over present estimates, owing to favorable
weather from now
Montgomery, Ala, June S-Presdent Seymour
or the Alabama Division OF the Cotton Growers
Association gave out statement to-day showing
that the condition of cotton at this time is not
much above % per cent The stands are poor and
badly In the grass. he ana only the best OF
weather from anything like q
crop.
New Orleans. June S.-July cotton continued
its unusual rise to-day, the option being quoted
at 1871 soon after the opening. The price OF OCto-
her came within two points OF l2i4 cents pound
and then TeCeded.
New-York tribune., 1907-06-09
MUTUAL OUT OF TEXAS.
Last Of Big Three" to Whhdra1c-
McCHntOck Visits Office.

The Mutual Life decided yesterday to fall into
line with tho other companies and to write no FUR
ther business IN Texas after July 10. and the
pNny is the last Of the Big Three 10 withdraw
from the state. Tho decision in all three cases
is largely the result OF the enactment OF the Rob
so-called 20 per cent 75 per cent" In
vestment law. Both the Equitable and the New
York Life announced their withdrawal several
days ago. a told IN The Tribune last week.
The Big Threes' departure means the with
drawal Of millions OF dollars from the Lone Star
State.
Following yesterdays decision tho Mutual Life,
by htter telegraphic message. gave moro than
i've hundred OF its sub-agents and others the al
Tentative OF resignation from the company or
transfer to another state 1t is predicted that %
per cent OF them will elect to resign from tho
Mutual Life. probably to enter Texas companies.
Attorney General IIadley's opinion handed down
Friday. holding constitutional the Missouri
law prohibiting any insurance company which pays
any officer more than a $50 900 salary a year from
doing business in that state. may the Equi-
table to withdraw from Missouri well from
Texas
While Mr.. Hadiey holds that the law does not
affect licenses issued for I907-thus affording six
months grace-it was expected confidently that the
Attorney Genera! would hand down Il reverse deci-
Metropolitan Life and the president and the Vice
president OF the Prudential all receiving salaries
Of more than $4,000 year
Emory McClintock, the irst vice president OF the
Mutual Life who has been absent from his office
since last autumn. paid flying visit to the Mutual
Life building last week. for the first time this year
a Tribune EeR0rter learned YESTERDAY. As told ex
clusivey In The Tribune at the beginning Of his
absence, Mr.. McClHtOCk has been suffering from
amnesic AphAsia, following partial paralysis. Soon
after his Illness Mr.. McClintoCk departed from his
MorTistown home for the South where he passed
the winter. returning home a month or two ago as
quietly and as suddenly as he had departed
Mystery surrounds his visit his office last
week. Mrs. McChntock apparently accompanied
him, and he made no attempt to resume any of his
duties He has not attended, far be
learned. any meeting OF the board Of trustees. OF
which he was elected member at the recent cleo
tOn. MI. MCCuntuNk mas departed again from his
home and is now. Il is said. in Boston.
Beyond the vague statement OF his physician
that he doing we'll information. seem
ingly. was forthcoming from any quarter TO his
condition.
Within Insurance circles generally II is believed
that Mr.. McClintock Is stl far from well. although
his place in the Mutual Life to all appearan noes
remains open indefinitely.
New-York tribune., 1907-06-09
OWNERSHIP OF "THE DAILY NEWS"
Senator McCarren Disclaims It-Member OF
the Staff Says He Is the Backer.

The announcement In yesterdays Tribune that
Senator Patrick II. MCCarren had obtained control
of The Daily News caused much comment among
politicians. Mr McCarren himself denied the story.
saying he had interest in the paper. but T. J.
O'Lesry. the stan OF The News" said that Ths
Tribunes story correct. and that Patrick J.
Daley general manss ger OF ths paper. rela-
tive of the senator's.
Mr.. OLeary, who Is close 20 the powers that be-
In the management OF The Daily News" said:
Yes. l know Mr. DAILY a prominent labor man
and have always understood him TO be relative OF
Senator McCarren. and the Senator Is finan-
cial hacker of the sheet
You couldn't hand me a newspaper on a gold
platter II 1 had to run it, Senator McCarren
quoted saying II have ambition along that
line I realize the great power OF the press for
right or wrong but have never felt II my duty
TO act as a public conscience. There plenty OF
men ready and willing to do that. have much
interest In The Daily News YOU have II you
have none at ALL
New-York tribune., 1907-06-09
TRUST COMPANIES TO MERGE SOON.
Equitable and Mercantile Expected to Unite
After Long Negotiations.

It is believed in well Informed circles that the
long pending merger OF the Mercantile and Equita-
bic Trust companies will be arranged. The
consolidation will ae effected 1t is said In the form
Of acquisition of the Equitable by the Mer-
camille Trust Company. representative OF the
Equitable Trust Company said yesterday that
while nothing definite had been decided the matter
proceeding smoothly. lie would not give any
of the details OF the purposed merger nor say when
Il would finally be Consummated. but intimated
that the time not distant when the consolida-
tion would he effected.
The Mercantile Trust Company was organized in
1873 II has capital Of S2,0oo,00o and surplus Of
has SS,0GOo0 capital $1,000 oo0 surplus and s2164s-
600 deposits This would make the combined re-
sources of the two companies aggregate SS2 l65 1875.
The Thomas F. Ryan interests are closely affiliated
with the two companies. and their consolidation
has been regarded as probable for soma time.