davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1908-06-05
R1NKS TO PAY INTEREST.
Gopernment Deposits to Drasc 1t
Under Nezc Currency Lac.

.-,i,s-on June 4-Under the terms of the new
80, law banks in which funds Of the gov
,-+ are deposited must hereafter pay interest
- -, ,,se of such funds. An exception is made
=, -. csss of those national banking associations
sasigrs-ed as regular depositaries, in which gov
.snt funds are placed strictly for use in the
-,s7-,s own expenses. There are outstand-
d. ,ho,,t s72oooOo0 Of government funds on which
-, ,-,,,st he psid by banks. and by q coinci-
s,ros similar amount rests in depositaries not
-, - the TAX. It is stated at the Treasury
n.-.+-,ent that not only will the tax be charged
IN all deposits Of government money mace IN 'he
s-,rrs hui that the tax will be payable on funds
law became effective
The rate Of interest chargeable is 10 be not less
.h.n per cent and much more as the secretary
% ,he Treasury may deem proper. For the pres
sn1 however the probable rate Of interest VIII be
: per cent g year
n ,ae South and the West each year large sums
~ money are necessary to move the crops, anu
government funds have frequently aided greatly IN
~.revinr the situation. In the recent stringency
.bers Was CRY for government funds from the
c-o, centres Hereafter banks must pay for money
lent hv The government 10 move crops.
IN The hanks designated regular depositaries
-ba government deposits funds 10 carry on neces-
xa-v =xpeudtures Of the government in various
,,s-1s of the country. The government Is benehted
=. lending the banks this money, and in many
cssss II is said banks not only not anxious
10 be 6epositaries Of government funds, but have
asked 10 be excused from acting as depositaries
There las therefore been no tax placed upon these
regular deposits.
New-York tribune., 1908-06-05
Mutual LIFE TRUSTEES ORGANIZE.

The newly elected board OF trustees OF the Mutual
,fa Insurance Company organized yesterday by re-
,ootino the old officers. The following standing
committees appointed;
Finance-George F. Baker, Dumont Clarke, A. d.
IuiI,iard j. Rogers Maxwell succeeding T. M
Mulry) and Benjamin F. Tracy
paal estate-tharles S. Brown. William P. Dixon
II pieman Duval succeeding Charles d. Dickey).
Alfred e. Marling and Louis Stern
insurance and agencies-Julien T. Davies William
T. uarritv (succeeding H. r. DuvaD William H.
lambert Henry w. Taft and William H. Irues-
dale <,, H.,
80, sprinesD. Thomas NJ. Mury tsucceedins w
= Harrity) Cornelius Vanderbilt and Robert t.
Woodward
Auditing committee-Cyrus H 4 Curtis succeed
ing Theodore Morford' deceasen)' freoerlcA n
-. I.ucceeding Alfred NJ Shook, George p.
Miller and Herman R!dder.
New-York tribune., 1908-06-05
y. p. WILL ISSUE $50, 600. 900.
Larger Figure 4dUised by Bank
ers Who 4re to Take Bonds.

Following q meeting yesterday of the executive
committee OF the Union Pacific Railroad Company
at which ii was decided that the amount OF the new
bonds TO be issued at present should be $50 900
instead of $40, 100000 at first contemplated and
at which the sale of these securities ratified,
bankers purchasing bonds this statement:
Kuhn. Loeb & Co have closed negotiations with
the Union Pacific Railroad Company covering $780,
ooo.oeo of first lien and refmnding mortgage 100
in New York by Kuhn, Loeb & Co. and in London
& Co The London part of the issue win be sterling
bonds.
1t is learned that the offering price will be s0ls
or Il per cent less than that at which the Penn
sylvania bonds were brought out a few weeks ago,
and that the public offering will probably be made
by Wednesday of next week. The bonds,
when issued actively traded in yesterday
the curb, the sales aggregating S6S5.00 par
value. at prices ranging from a6% to e7A, the final
transaction being tes7s. than a point
above the figure which subscriptions be
invited next week.
1t Is understood that the decision to offer s5o.-
o0oto Of the bonds. instead of $4,000 900, due
to the suggestion of the bankers, rather than
the desire railroad company, which. although
It readily find uses for the proceeds of the
additional 100000, could well enough have got
along with the smaller But the bankers
slider market conditions advantageous for the plac-
ing without difficulty of s5o0oo.0co and in
Huenced in advising the larger issue by the fact
that owing TO the exceedingly heavy oversubscrip-
ton of the Pennsylvania loan. with which the
Union Pacific bond issue compares in quality and
in price, investors able to secure only very
small percentage OF the bonds for which they sub
scribed.
THERE'S excellent ground for the belief that Lord
Rothschild will in a few days issue a statement
supplementing Mr.. Harrman's declaration on
Wednesday that the relations between the Roths-
childs and the Union Pacific management are
amicable and adding that difference of opinion
as TO the issue price the only reason for the
failure of the Rothschild house to become MEM
Der OF the syndicate purchasing the s5G,oc00o0 of
bonds.
New-York tribune., 1908-06-05
WHIsKEY TEST CASE NOT YET DECIDED

Washington, June 4.-OW-ing to certain passages
in the decision of Justice Robb OF the District
Court OF Appeals. in the Levi-Urt case, the
false impression gained that the
a final determination of the blended whiskey
which Will be brought by the government under the
pure food law. The Levi-Uri case was trademark
case The decision was that a whiskey composed
OF rye whiskey, bourbon whiskey and neutral
spirits is entitled TO be called pure whis-
key" so as to justify the registration Of trade
mark which will be put that whiskey and bear
ing the words pure rye whiskey.
The impression arose from the fact that there is
q test case yet TO be decided in which the question
What is whiskey?' will be thrashed out by many
experts The James Clark Dstilling Company fig
ures as defendant in this case merely because 1t Is
close TO the seat of government and in easy reach
of service This is TO be purely test case
New-York tribune., 1908-06-05
B. & Il. BONDS APPROVED.
Z. S. Commission authorizes SeUen
Million Dollars for mproUements.

Albany June 4-The application of the Boston &
Albany Railroad Company for permission to issue
S.ooo,000 OF twenty-five year Improvement bonds
bearing per cent interest granted to-day by
the Public Service Commission, I'd District The
bonds guaranteed by the New York Central &
Hudson River Railroad Company, and the proceeds
are TO be used for permanent improvements amount
ing to S25S690 and extensions, additions and other
improvements in progress about to be un-
dertaken aggregating about s4.500O00 The improve
ments be made in New York and Massachu-
setts. The bonds to be sold at not less than 30
per cent of their value, and report is to be made
to the commission every six months as to the dis
position of the proceeds. The improvements sched-
this year include S545 436 for station build
ing and the elimination of grade crossings at
general grade crossing elmnatons s32 1853 for pass
ing tracks and sidngs, $4,000 for clearing main
tracks Of switching movements and improving local
station facilities, S2527 for increasing yard fac-
ties 81 149 305 for engine houses and additions,
555 coaling and water stations, sS,OO for new
buildings, including passenger stations at Milford
and Richmond; s165,752 for elevator improvements
and elimination of grade crossings at East Boston
and sNS52 for automatic signal system between
Boston and Albany, filling in gaps not now occu-
pied and thirty interiocking towers.
The commission also granted the Erie Railroad
Company authority to issue 100000 in substitute
bonds under its Buffalo & Southwestern division
second lien mortgage. 1t is provided in the order
that the company cannot sell any of the new bonds
less than so per cent of their par value without
the approval OF the commission.
The commission has appointed Edmund F. Van
Hosen of Albany. inspector in its division
of transportation, at annual salary or S'VU lie
was formerly Deputy State Engineer.
New-York tribune., 1908-06-05
GEORGE G. LOCKWOOD BANKRUPT.

George G. lockwood, a photographer, with a
studio at No. 259 Broadway. filed voluntary peti-
tion in bankruptcy yesterday In the United States
District Court. Liabilities were given at s2O199 81
and assets partly exempt, at s266. The petitioner
has been in the photograph business in this city
since the Civil War
The principal creditors Francis H. Macy, No
Broad street. sS.563 90; William Curtis. No. 4s
Wall street. Sc, 779; NJ. NJ. Gowan. No. West 2Sth
street, s1.27s; Realty and Improvement Company,
No. ~ West 18th street, $1,000. and Horace s. Ely
No. 21 Liberty street, $1,000.
Colonel Elihu r. lockwood. a veteran of the
Civil War. and brother of George G. lockwood
who associated with him in the photograph
business. died suddenly from heart disease on March
80 in the firms Broadway studio.
New-York tribune., 1908-06-05
RI. TREAT AN OPTIMLST
p 6 Treasurer Sees Prosperity Re-
.,.rn;ug-Praises Currency Lac.

city June 4-Charles II. Treat. United
--essurer addressed here to-day the Ma
e" ,7-hnlessle Grocers Association. in conven-
iona .,,-sine a note OF warning that the per-
tion' - reserves in the national banks was alb
cesT,, high showing a lack of confidence in in
hO,sn-. but congratulated the country on the
We .,actius Of the recent panic
euOA - after first expressing Mr.. Roosevelts
WI M.ts+ion Of the great service the association
fpP p --5ered TO uphold the enforcement of the pure
hso rraised the steps taken by the President
'o01 racr,tarv Cortelyou in meeting the recent
-.nic He continued
,-.sv the skies clearing. We find ourselves
ALeI-.s,- off in monetary resources and prop
r1ucn. c.rs, in previous panics We have great re-
cry live live mower behind us. There seems no good
-esson why There siio~4~ 'e " f'e
IN - Gre full return 20 widespread prosperity
70 Selaved until after the Presidential election
70 -be readjustnaent OF our tsIi1 scheauIes ~ Is
ane Aae 70 EXPECT that legislation in this direction
-easo,. -, co-7rleted by March, and confidence
% "a the business world TO start anew ana trade
So scrive in all those productions that are al
ected bv tsrih rates on the srowIns re.uIn , @. ol
iecsss1re our monetary resources should enaoie US
s,~t time 10 resume normal business actVlties
-, address, closed with discussion Of criticisms
- ,.+io-sl hank system. Mr.. Treat declaring
%. +be misleading cry" that the government
.,s ee+ out Of the banking business seemed 10
- almost wholly from organizations repre-
- rv bankers who advocate asset currency
S. 81 q hond secured currency The new cur
n~ ~ 1.,- V-ss referred 10 long stride forward
'eA.. Ns;nr out and perfecting the national bank
ing system. , -,- 49,, s..,, -,
~. ,severidge bill. which compels the datlng OF
=. ors cans occupied most Of the time of the
n..ocistion's meeting this morning Resolutions
-,-e passed directing the officials OF the associa-
~ - raise defence fund for the support Of
- - foos laws and the blocking Of legislation
80 dating Of cans and printing of exact for
,,x on proprietary goods
New-York tribune., 1908-06-05
RELEASES FIVE MILLIONS.
GoUernment Deposits Not To Be
Included IN 25 Per Cent. ReserUe.

Officials OF the New York Clearing House Asso-
citation said yesterday that. inasmuch the new
emergency currency law stated that national banks
need not maintain reserve against government
deposits, the latter would not be included here
after In the cent reserve that the association
requires Of its members AS there is about s27 co.,
coo of public money deposit with national banks
in this city, this will release for circulation more
than 100000. which has been part Of the 2S per
cent
When Leslie NJ. Shaw was Secretary of the Treas
ing reserves against government deposits but the
New York Clearing House Association never took
advantage of this ruling.
A member of the Clearing House committee said
that If the market was favorable the interest on
this money would more than offset the per cent
which, under the law the depositary banks
required to pay all government de-
posits, except what are known "disbursing off,
GERS accounts, special customs accounts
One prominent banker said that whether or not
the banks could afford to retain government de-
posits, that they subject to interest
charge, depended several conditions. chief of
which was the length of time they allowed
to remain on deposit. With call money at only a
fraction above the government tax, he said, 1t
would hardly be profitable to do so. He pointed
that those funds technically subject TO call
at any time by the Secretary of the Treasury, and
for that reason could not be used for long term
loans.
If the government. he added, would leave this
money with the banks for period of two or
three years, they could afford TO pay as much as
per cent interest it. but the uncertainty re-
garding the length of time the Secretary would
allow the money TO remain on deposit was the
principal difficulty, he said the bankers had to
contend against in meeting the interest charge I'M
posed under the law
New-York tribune., 1908-06-05
HOME BANK OF BROOKLYN REoPENs.

After being closed since February l, as result
of the excessive demands of depositors, the Home
Bank OF Brooklyn, at Fifth avenue and 4sth street.
reopened its doors and resumed business yesterday
morning After the bank closed its affairs were
administered under the new banking law, George
Leonard deputy bank superintendent, taking charge
of the institution He found neither loss nor deficit
and spent only forty-two days in examining It's
affairs There were numerous depositors waiting
when the bank reopened, but excessive with
drawals were made. The officers of the bank
are William E. Kay, president; Charles Crawford
vice-presdent and John w. Waller, cashier
New-York tribune., 1908-06-05
CHICAGO GRAIN AND PROVISIONS.

Chicago lime Improved weather for crops u,
this country and abroad caused weaknesS m +be
grain pits On the local exchange to-day Al l.Ie
close wheat for July delivery showed a net loss =.
Asc. Corn vas down 1c to nc oaus "eie
lower, and provisions 2l3c 10 1azc lower. .5
The wheat market opened weak, and grew stead
Iy weaker trading progressed, ufti LnlG pr, 1aot
touched point more than &c below tle AisI - - -
q the day. There general selilhg' pa9ou y. Va
weather conditions and on two crop reports 1lal
were made public during the day ShoI,s
the best buyers Much better Weatilet .pa .Ia+ 60
maturing crop was reported from the South"esl'
AND foreign adyices claimed that the crop IN i1u
mania and Southern Russia had been greallg DeIIe
hteo by rain According 10 the ONO Iepo olS,.tn
crop IL that state has gained per cent III coi 20
during May. The second report a private one "
The Minneapolis Trade Journal estimated the
condition Of the spring wheat crop OF Mlnnesola a 9t
NE DaAotas June J as much better thail ma ma
O year ago. The market closed weak July
opened Ssc &c and 7sc lower. at sOlsc ana svsc -
nc sold Of 10 S82.c. and closed at ss9sc- -,
thces Of wheat and -four were equal TO lisovo pus %
els Primary receipts were $4,000 bushels, COM
pefeo with 5000 bushels the corresponding u' &
year ago. Minneapolis, Duluth and Chlcdbo -
ported receipts Of Ie2 cars against 15S cars last
week and 215 cars year ago.
The break In wheat and improved weather for
idfn work caused weakness in corn, prices at tHe
-" point being more than 1c below the hlSh poIh'
VI the DAY Selling was general throughout IHe
eH Hute session, and much long corn was hquldateu'
a.. O''S ald commission houses were the chlel , pus
~ The market closed weak at the bottom pidSe.
>, opehed &c 10 &c TO &c TO re lower. al o'1z
- ossc, and sold of 6s3sc, where II closed.
sraoe.
Oats were dun and weak The decline in wheat
-. - corn Was the chief depressing Influence
,h-Hs elevator the principal seller althoush
- Was more or less selling by small holdefs,
coss oshed 3sc lower, Al 47c, sold off TO 4oe' ana
- a E5Sc. Local receipts were 80 cars.
g., Nlhtons were steady early in the day on buy
~ III investment account, but weakened later ih
sns S1esson owing 10 the break in grains. Longs
rlos ~ packers were the chief sellers. At the
OF ~ Suy pork was on 7izc, ~ :15 65ia. iaTo was
oper1 % oc al s. 521s and 81 IS. Ribs were nc
corr &c e receipts for tomorrow: Wheat Il cars
q - cars oats, 20 cars; hogs. 22.oo0 head.
New-York tribune., 1908-06-05
RAILROAD MERCER BILL ADVANCED.

Boston, June 4.-The railroad regulation bill,
commonly known the merger BILL passed
with three amendments, to third reading In the
Massachusetts, Senate this afternoon. The vote
was p u, five Republicans voting with Demo
Gratis in the negative. The most important amend
ment adopted to-day is that the Railroad Commits
soners shall investigate the financial condition OF
the Boston & Maine and the New York New Ha-
ven & Hartford roads, and that the bill shall not
abridge the rights OF the in dealing with
the New Haven road under the laws Of Massa-
chusetts
New-York tribune., 1908-06-05
FIRST ARGENTINE CORN SOLD HERE.

A sale OF corn from the Argentine SAID 10 De
the first on record. was made yesterday IN tnlS
city, The quality purchased being l',ete bushels
The buyer was understood 10 have been me CoIh
Products Refining Company
7 7 Bedford. its president, said recently that
n The co-nsr in the grain continued arrangements
might be made by his company 10 get corn rom
the Argentine as il could be obtained at cost
TIE duty included. Of about 20 cents pushei'
against 50 cents then ruling IN me local Hlai ne
anotbe- consideration was that the Argenllne corn
r,ss be-.er aaanted for the companys uses than
tbe American grain On the New York Produce
Exchange corn is now selling around :" cents d
hushel.
New-York tribune., 1908-06-05
70 SELL aRookLYN FERRY COMPANY.

Tho property, rights, interests and franchises Of
the BROOKLYN Ferry Company will be sold at auc-
ton in Brooklyn June % to satisfy Judgment
for more than 100000 obtained December B.,
1a,s nv the Knickerbocker Trust Company. The
nroperty includes ferries, with eighteen ferry
boats piers ferry houses and the real estate on
which the ferry houses stand. Joseph j. ODono-
hue IT, president of the ferry company, was ap-
,ointed receiver in October 1906. following a de-
f.ut bv the company in the payment of interest on
its bonds.
New-York tribune., 1908-06-05
JUDGE UPHoLDs TOBACCO MERGERS.

IBy Telegraph to The Tribune.
New Orleans. June 4.-''The charge that the
American Tobacco Company has bought up and
now owns and controls large number of formerly
independent firms is not a statement of any fact
in violation of the Sherman antitrust law said
Federal Judge Eugene d. Saunders, in handing
down exhaustive decree to-day in the of
the Peoples Tobacco Company against the Ameri-
can Tobacco Company, in which the plaintiff sued
for $685. 93 25 alleging that the defendant company
had conspired TO force the independent concern
Of business. Judge Saunders days ago sus-
tanned the exception of the defendant, and to-day
rendered his written opinion
New-York tribune., 1908-06-05
PATERSON MAY GET CASH REGISTER CO.

Paterson, N j.. June 4.-John II. Patterson, presi-
dent of the National Cash Register Company, OF
DAYTON Ohio. was here to-day looking over the
Rogers Locomotive Works with view Of pur
chasing the shops from the American Locomotive
Company. If this deal goes through it will be one
of the greatest booms in the history Of Paterson
The factory Of the register company is now at
DAYTON Ohio, and employs more than five thou
sand persons.
New-York tribune., 1908-06-05
RECEIVER FOR INSURANCE COMPANY.

Norfolk, Va, June As. D. Deshazor. of Norfolk.
has been appointed by Judge Barham. OF New
port News, Va, receiver for the Eureka Life In
surance Company, Incorporated, the bond being
fixed at 600. The receivership secured under
a suit brought by ". NJ. Morgan. of Newport News.
a stock and policy holder. The company is capital
lied in Virginia $4,000. and has its principal
office Philadelphia r. L. Biddle is president.
New-York tribune., 1908-06-05
c,INARD BOND ISSUE SUCCESSFUL.

London, June 4.-The issue by the Cunard Steam
shin Company days ago of fSo0,coo in Az per
at mortgage debenture stock redeemab BILE betv cen
1o,1 and 1920 at 102 price 81 has been sue
cess md the lists were closed this morning The
connanv is authorized to issue 100000 of such
stock to provide for the cost OF new tonnage anu
g. tho general purpose of extending its business.
New-York tribune., 1908-06-05
BOY RUN OVER BY TRAIN.

Abraham Morris eleven years old, OF No 1910
Cortland street, Coney Island, was knocked down
and run over yesterday afternoon by an eight-car
Brooklyn Rapid Transit train at the Culver sta
ton Coney Island DIR. Fisher of the Coney Island
Reception Hospital, found that the boy only had a
slight cut his right eye. He was able to go
home.
New-York tribune., 1908-06-05
tgwouR REDUCES CAPITAL STOCK.

St Paul June 4-The Armour Packing COMPANY y
to-day fled here an amendment 10 us d. lIo-eo -
INCORPORATION reducing its capital stock from s'5oo
so 70 g. aoaoaa No explanation is made of the ac-
don
New-York tribune., 1908-06-05
ERIE RESUMES FULL TIME WORK.

Full working time resumed at the Erie Rail-
road repair shops and roundhouses in Jersey City
yesterday. Over 1900 were affected. They
have been working half time for several months
The change takes effect In all parts Of the road
New-York tribune., 1908-06-05
scFl ow CARPET MILL CLOSED.

Clinton Mass. June 4.-The worsted mill Of the
Esseow Carpet Company will shut down to-nlght
srd remain closed until further notice About loo
hands are affected. Notices posted at the mn
ss,. thai the action is caused by al overstoek OF
yarn
New-York tribune., 1908-06-05
BANK oF GERMANY REDUCES RATE.

Berlin. June 4.-The Imperial Bank OF Germany
has reduced its rate OF discount from 10 ~ Pc
cent
New-York tribune., 1908-06-05

Where TO 70 for the summer Is always a Derple1inK
prob,em The Summer Resort Number of Tho Tribune
next Sunday will guide Order 1t at once as there
will be a big demand for it,
New-York tribune., 1908-06-05
FAIR finance
AN INFAMOUS LIE.

duty public brand the story that my market operations
are based advance Washington information
Banng with the December le and gnnlns up to last
which forsht hour public
notice of the ontheway
This advertisement all that have been enabled thus TO
purely
eight not because of actual knowledge
to b
April and May laid line OF stocks at low
preceding of sold these
would
until had This the
and market has been advancing
cumulated shorts, to-day accused
of
herewith brand
the
stanpeding the Republican
Roosevelt will
drop of 10 to 20 points.
While Bull markets
Theodore
Roosevelt believe
arranged for will first quick drop prices
Wall Roosevelt
Dga the New York Monday will for heavy
publicly
Wall predicted, this
prices at will unl pro
New-York tribune., 1908-06-05

p-uta- - 70 Tor the summer IL always pe,pleZine
The summer Resort Number Of The Tribune
- taF oaF Wiz guide Order ID ss there
Dir demand for it,
New-York tribune., 1908-06-05
Summer Resorts.
NEW ENGLAND.
new ENGLAND
VACATION RESORTS

summering places IN the most charming section, OF
New England pictured and described in the 1908
Manual OF Summer Resorts Of the New York New Haven
& Hartford Railroad Company. The shores Of Long
Island sound Buz1srds Bay Cape Cod Martha's
the lovely Berkshire and Iitch
Hills resorts of Connecticut and Eastern
New York manifold attractions to the vacation
seeker The superb train service New York New
Haven & Hartford Railroad makes these places easily
accessible Manual contains fares from New York.
list Of boarding cottages and their Send
Grand Station New York. stating territory de-
sir
New-York tribune., 1908-06-05
sAnd extri
BONDS.
SAN FRANCISCO STOCKS.

San Francisco, June 4-The official closing quota
tiors for mining stocks to-day were as follows: