Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1911-05-23
LABOR MEN ARE
AGAIN IN COURT.
GoMPERs, MITCHELL, AND NOR:
RIsON ARE DEFENDANTS IN
NEW PROCEEDINGS.
NEW ISSUE Of PANAMA BONDS
They Will Not be Available to Nation.
ri Banks as Basis of Circulation.
Small Bidders to be Given
Preference

Washington, May 1.-THE supreme
court of the District of Columbia. on
It's own initiative, instituted proceed
lngs for alleged contempt against
President Samuel Gompers. Vice Pres
ident John Mitchell and Secretary
Frank Morrison, of the American Fed
Grafton of Labor.
The sentences of Imprisonment i'm,
posed on these men by this court were
revoked by the United States supreme
court Monday and the case remanded
to the district supreme court.
The United States supreme court, In
setting aside the sentences of impris'
onment, held that the cases on which
the lower court had acted constituted
a civil contempt against the Bucks
Stove and Range company, and that
the offense was punishable only by a
fine, to be recovered by the wronged
corporation. Justice Lamar, In hand
Ing down the opinion, called attention
to the fact, however, that If the lower
court felt aggrieved 1t could have
brought criminal contempt proceed
lngs in the premises and have inflict-
ed Jail sentence.
The lower court has been quick to
take advantage of the opportunity az
forded to reopen the case. AS the
labor dispute which brought the case
into court had ended it was presumed
the matter would be allowed to drop.
Justice Wright, of the district SUI
preme court, who imposed the SEN
fences upon Messrs. Gompers, Mitchell,
and Morrison. in instituting the pro-
ceedings anew appointed Jos. ]. OAR
lington, Daniel Davenport, and Jas. H.
Beck, counsel for the Bucks Stove and
Range company, az committee to
inquire forthwith" into the question
Of whether the labor leaders had VIC
lated the courts order. The commit
tee was instructed to report to the
court whether In tht opinion of the
committee the labor leaders were
guilty of contempt in violating the in
junction against the publication of
so-called boycott list in the Ameri-
can Federationst, official organ Of the
labor federation.
More Panama Bonds.
Secretary MacVeagh invites popular
subscriptions to a $5O,O0O,OOO issue
Of government bonds. to reimburse the
treasury general fund for expenditure
on the account of the Panama canal.
Treasury officials expect the loan
will be largely over-subscriber and in
distributing the new securities the
government announced its intention is
to give preference to smaller bidders.
The new securities will bear per
cent interest, payable quarterly. viii
be free from all national, state or mu-
nicipal taxation. and will be in denom-
nations of 800, $500 and $1,000. They
will be dated June I. 1911, and will be
payable in fifty years.
BY provision of law, the new bonds
will not be available to national banks
as the basis of circulation, inasmuch
rs they are the first, the United States
ever has issued with such restric-
ton, much interest is attached to the
price they will bring. According to
law, they cannot be sold at less than
par. The three per cent French rentes
recently have been selling around IS
and the German imperials per cent
loan, has been at about SO. Great
Britain's 211 per cent consols have
sold recently at 70. The premium
which the new Panama canal bonds
can command therefore, will reflect
the national credit of the United
States as it compares with that Of the
great nations of Europe.
Inasmuch as the postal savings bank
law fixes the par value of postal
bank bond bearing az per cent inter.
est at 100. it is agreed that the three
per cent Panama canal bonds must
bring more than par. How much
more, is conjecture. The estimates
range from slightly above par to 1903.
Checks and postal orders will be
accepted for the new bonds, some.
thing which never has been done be.
fore. Although the issue is designed
for private bankers, national banks
which bid for the bonds will be al,
lowed to deposit them as security Tor
government deposits.