davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
OTHER LIVESTOCK MARKETS.

chsags May t 6 ~ 1907 90
and feeders. sass As. cows and h.iters 81 40
q 50 80. calvcs 81 IS q SC IS. HoGs--Receipts.
2s. 600 weak to shade lower than opening
s. 5ca S S s7, rough IS sos.s 49, good 70
s3S sS hssvy s. SO = Ps sYEy spg
W TssSSs s. ? 2Sss. 50: earrings IS %
lambs. native. 81 25g$s 10; Western. 81 $50
,5 E'. SLOW Eu ana an aaz
ESQ. active; 25c lower. s5?5@se7S HOGS
5 Receipts So ss sas5 5s5y nShs; 'ss
Workers. ana PIGS 50 tSsss 90 roushs s. Tax
SHEEP AND LAMBs-R.c.ip,, 5000. sheep
Sen6 ana '' ,aS,s lambs SLOW" &c '0"s'
'' c!ncinnatI Nav .-cATrIE-RsceIp,, $50:
ass so common, $: ?9sss .. Aoos-R.,
SP, | Svs g Common su'fsff;s sst
3HEEP.Ressipts; 1863 ste"dy. s2asS' lambs
5000 including 100 southeins; steady. h.svy
steers shade lower; calves sc higher; dress.1
beef beef and S Sg steers ;. ,2essc
stoclers and feeders sa75as5 IS; southern.
!2sasG, 60; southern co.'s ss;ssss1,,ss.
bulls. IS 1885; calves. f4ffSIS HOGS.
Receipts. II 200. SC lover lux OF sales. s. -
n - 90. heavy 81 I5H 81 %, packers ana
butchers 81 s0QSj o5. lights, s. s5Q$5 o..
sHEFP--Receipts. 1000: l5c higher. lambs.
sass To- yesrlngs. S42Sqt5 SIS; ~ethsr.,
Sc sof - 50 eeec. s. 5oa si?5. stockers and
feeders. s3Qs3 ~.
Pitishurg. May --CArTLE-Stes5y; suprir
light: choice. s6Gse IS: prime. s. 1886 SHEEP
strong: supply light prime wethers. s. $50
81 10 cus and common. sass So sprirs
lambs. ssdsii VEAL CALVES. sass ~
HOGS Lower: receipts Is double dseks, pr'ns
heavv SO. medium. S. 4oGss A.. hesvy Yorkers
Sc SO. light Workers. 81 5cff6 55 pigs. IS $50
81 90, roughs, S5as5 y.
(By Telegraph 30 The Tribune
Louisville Msy t-sHEEP AND LANES
Receipts S5s for four deys this week, ss2;
market ruled dull. demand ltghr ard trading
slow: best fat wool sheep. 363'7e; medium ara
common hard sale ~ li2d3c; fan lambs slcw
sale. best 81 down, not mueh demand or ou'es
for spring lambs yet: bulk Of sales od'c.
"a, Telegraph to The Tribune
St Louis Nav a-CATTLE--Receipts sos !
demand in excess OF supply. firm 70 Toe high.
o.. vearlirss IS 80; steers, 81 Io1 IS 80 h-f-
.rs 81 4oRss 10; COWS So 5o1 So 20 soptherr
steers. 81 - q SO: southern cows 81 3au - p"
HOGs--Psceipts 1887. active and 81 100
loW@r: pigs end light s. 1896. packer
aud hogs. 81 7idst So sHEEP-hecelpts'
lii5. active and iOc higher; spring lamps,
! go 5n6s7 30: lambs and yesrlngs. clipped.
Si5ogs5 % clipped. 50 1885 40.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
BUSINESS TROUBLES.

The following petitions in bankruptcy
were fled in the United States Circuit
Court Yesterday:
ALBERT GREEN. iobDer III millinery
supplies, a. No 80 Grand street. invOlun-
tary. Creditors. Bumheld a Moss. $50:
Solomon ChorOsh q Goldtaum so, and
RothstadJ a. Sperber. $50 IT was alleged
that he wa insolveut and made preferen-
tia payments. Judge Hough appointed
John GIucnb"rs receiver, bond 5000 As
sets are estimated at 5000 on notes and
accounts.
JENCICk MOTOR MANUFACTURING
COMPANY. - Port Chester. y. y manu-
facturer OF gasolene motors; involuntary.
Creditors: Marshall q Remsen. t27l Louis
g. Merit, 5000, and Louis W Mertz 500
II is alleged that on May the company
| admitted IN writing inability 10 pay debts
by order Of the board Of directors Judge
Hough appointed George +. Mcrtz, Of Port
Chester. receiver, with a bond OF $1,000
Liabilities are said TO be over $5oooo. and
assets $4,000.
BARNETT KORDONsKY and HYMAN
GREEN BAUM who composed the firm of
Kordonsky & Greenbaunl, formerly in bust
ness al Grand aud Ludlow streets: voluu-
tary. Liabilities. ,257, assets. 500 in ac-
! counts
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
NOT ALL BANKS PLEASED
Many Oppose Clearing House
Plan to Admit Trust Companies.
POINT OUT DISCRIMINATE
Head of Large Institution Says
Pending Proposition Is Not
Broad Enough.

The various proposals and suggestions
made by the New York Clearing House
Association looking 10 the return OF the
trust companies to afilistion with the
clearing House. which practically all of
them abandoned in the spring of 1908, in
consequence Of q rule requiring them 10
MAINTAIN 2 certain cash reserve. have had
,,t,Ie attractiveness TO the trust companies.
which have refused TO consider associate
membership OH the basis Of Is per cent
cash reserve. or full membership with the
requirement ~ the maintenance Of . per
cent cash reserve in their own wants.
Tne nendinc proposal that the trust COM
rsnies shall be admitted S full members
on agreeing to maintain 70 per cent cash re-
serve in their own vaults and 10 per cent
IN the form Of deposits with Clearing
House members. is acceptable 10 some or
the trust companies but does not meet the
views Of good many of these institutions.
although all agree that the adoption or
some method for uniting banks and trust
companies by o common bond IL desirable.
The banks like the trust companies, are
no. a unit IN favor Of the plan now before
the Clearing House for ratification on Tues
esy. those opposing It taking the position
that under IT'S provisions there will be dis
elimination against an important class OF
Clearing House banks. 70 the benefit of the
trust companies. which will continue tn
tsep only Is per cent OF their cash re-
sources unemployed in their vaults. while
the banks must hold D per cent reserve,
from which no revenue csn be derived this
discrimination working out as bad banking,
and the proposed plan being therefore
economically unsound.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
FOREIGN MARKETS.

Lyero2 Msy 1 MI TIT, ~, fs,a g. a.
toner IS $50 CORN-Spot firm new Amer
can mixed Is IA Old american Z. m ,,1r. IS a SsS
III, "a sd. September. Is As.d. FDpl r
Winter patents. 27s 81 HOPS s, r. L,nnon , ,pa
mess SIS "a. PORK-Prime mess western. -
81 HAMs-Short cut. SIS I'D BAroN tun
berland cut SIS: short rib nominal; Clear beilss'
5as. long clear midiles. light, SIS ~ hSss.
ais short clear backs 4es sHot LpHHs-
S1uare AIS sd LARD-Prime Western, tieLcss.
ia "a. American refined. pals. AIS 81; CHEESE
-CaraCian finest white, new, Us 81 c'oIct'
as Aforementioned United States SIS COOL
SOS TuRPENrIHHEusprtl!!,s soI poc,s E'S aiSd.
rINSEFD OILS COTTONSEED oit.-hpn
refined. spot rs l0isd, TALLoW-Austrsi1sa
i'm Iordon. ass los'd.
,on,o, Nav RAW SUGAR-Centrfugsl.
ia "a. nnscovado. los 3d. BEET sCGAR--
Nav. los -3'.d. CAICuTTA LiNSbED
Iune ass 81 LINSEED OIIS-aas. sPEhm
OU&e3i Jos. PETRoLEU M-Amsrican rehnssd:
SID; spirits. Glad. rURPENffNE~Splfi a.
"a RoSIN-N american strained, rs. nre, l"' NJ
Antwerp. MAY -PHTROLErM-io trance
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
PASS TEST FOR ANNAPOLIS
14O Out of $50 Candidates for Mid
shlpmen Successful.

Annapolis MAY t-One hundred and fort
candidate for admission 10 the Naval
Academy as midshipmen were accepted hy
the academic board AT tho Academy from
among the three hundred and CITY who
took the mental tests in Washington III
April. The list of successful youths posted
here to-day includes principals aud alter
yates from most Of tho states in the Union
Those from New York. New Jersey and
Connecticut fellow:
New York-Henry e. Clark. Philip r
Giennon, Edwin | kilb9arne. Lsrree, !,
son Melville V. Powers. John $. RAY.
Donovan Suanton. Frank T. Nreelsnd,
Ioseph r. War.ng John Z. Whitmyer.
Gerard ~. Wood; Waller NJ, a Wynne'
Jo Nnoy - IeTsey",Charles @. Clark. r p CuI-
bert Cornelius ". Finn. Frederick W
ponnoyer. IT,. Hobart C. Ramsey. Isaac
SIdlo5nnectcut Leon j Brown. Robert =
DeTrow. Steuart = Hamilton. Ralph !.
Mitchell owen h. ONeal and Mark l..
sperr.. u.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05

spot quiet with prices 10 points lower, az
- SOC for middllus upland, no sales delivered
on contract Ioo bales Liverpool cables: spot.
large business doing sales. 5000 bales specu
la'on and export. 1000. Amerlc an, l4.V~: i'm
ports 1000 81 American middlns upland;
s2Sd Futures opened steady, unchanged 70 |
point lower on near and 242i1 points lower on
i.,or months closed barely steady. al points
lower. NAV. 794iad: May-June 1904. June-July.
s2d. Julv-August. I74i2d. August -Sepienbsr'
sd. September October. 1oSiad; October No-
vanber OH. November-pecemher. $500; DE
80 rnher- January. . Sd. Jaruar' February ana
February March. $3.50. March-ApriL bs3'zd.
totFEF-Busiuess was small sales aggre-
caring ~ coo bags and prices were steadier
Closing al net gain of IHil points. me hrtn-
ue4. v-sa dra largely go un' Npecied s'l"hs'H
.hroad uteu, Hafre closed lfd's franc n-t
hicher. and Hamburg showed gain II IN .
NJ owing to Che holiday I'm Brazil there were
,,o ,ubit. sn'es from either Rio santos, but
locsI rrrreseuta'ive7 reported cost and freight
offers generally steady 81 unchanged 90 ab'ut .
roirrs lower Spot steadier. m sympathy WIN
the advance m futures Rio y" I, ~ 80. Local
CONTRACT prices ,-.-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
Position Of Banks Explained.

Inc terms proposed for admission Of
TRUST companies. Ia per cent cash and 10
per cent deposited in Clearing House hanl,s
at interest. constitute n greater handicap
upon the banks than one unfamiliar with
banking would suppose A bank having n
trust company deposit and savings bank
deposit could lose the savings bank ac-
count, which could go 10 the trust com.
panN because of the greater interest fine
trust company could pay from getting in.
terest on the 10 per cent reserve 4 DIFF
ference in reserve based on accounts sinh.
Ject 10 check as against deposits renre.
scented by certificate would be fair but tbo
same class Of business should carry the
same reserve
IF the Clearing House Committee had
followed the lead of the last important con.
terence on the subject. where all the hanks
we're represented. they would have propoged
a plan OF collection Of checks on the trust
companies and non-member banks
Ihe Clearing House examiner scheme
which has no connection with the reserve
question. could be independently adopted
by the Clearing House with its present
membership. and the thirty odd bank Off.
GERS who are directors in trust companiss
could use their influence to have q similar
pan adopted IN the trust companies"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
EXPORTS
CASH QUOTATIONS.
GENERAL MARKET REPORT,

New York Mav 4, 1911.
GRAIN-WHEAT-A showing sllghi
decline early IN the cables, the market rallied
sharply and developed decided strength, clos
in- az net advance ~ -sGlc. Shorts were
good BUYERS and scntirient vas bullish FOL
loving the sharp advance both in Ninneapoli
and Winnipeg, where millers we're said "a
be huvine wheat more freely on the hIy
weather neus. cash markets generally nrinef
v-ith gains 81 about 2 cent r bushel. Export
sales loads of Manitoba. No red. 90 &c
elevator. end g77sc ahoat: No Nor,n l.
ern Duluth II 01ia b anost CORY
Barely steady a. he opening. but A. he close
showed a net gain Of 20 80 ? new, for g.
port 60c shoat oATs-Noderatel,,
activ. ard hrm. closing az net advance ~
i,1a,c Cash Gets STEADY. standard white
31i, &C. 20 . 30i,c No 3 zoe No J. IS. @.
BAfLET-Dull, mating. 81 1881 p. q
View YORK BUCEWHEAT-Quiet' American
So nrr 100 h. New York, Canadian, t3c,
{ New York. for export
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
NEW YORK PRICES.
INTERIOR RECEIPTS.
sEABOAKD CLEARANCEs,

'OTIDN-Weak- and prCes sl1ersd %
ere break under active selling. Bull brokers
came in BUYERS OF jus I'm he afternoon
when tlat position broke 20 ID lGc. o. about
% points below the recent high record and
% points under the closing figures Of last
night. The close was OF practically the low
e. and with the tone nervous ard unsettled.
Southern sp0t markets offctal'y reported
early we're unchanged TO - lower. Local
contract prices
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
COUNTRY PRODUCE MARKETS.

New york. MAY 4. lplt
RF,Ss ANp -Rec4pts. 40 bags
heart and as peas white varieties quiet and
',n@hsnsed Red kidney higher end strons
sen,s holders ask more than we quote Choice
lima entirely free from rain damage are dong
I,tie better scotch peas stead. BEANS.
N srrop.. choice 100 10. 81 70. poor 20 good. 81
$50 5. medium. choice. So As. poor TO good "a
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
CHICAGO GRAIN AND PROVISIONS.

Chicago. MAJ Higher prices for ~heet Tsrs
scored fo-6av than - any time since February.
r,rv weather in the Northwest and congestion IN
- Ma, orrion herr brought about the sdrance.
The close was AZ nearly the top level reaches.
&c 10 II. az, above last night. Corn gslnsd ~
~ Ia Sac net. and oats i7dasc 10 Sc. The end
M ,he day Jeff hog products Irregular, sirurg
ant from ei9c Kiss 10 i5c decline Range 90
prices
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
ARMY AND NAVY NOTES
Bachelor Naval Officers Must
Wait for Their Money.
From The Tribune Bureau !

.
LAW DEFECTIVE Thirty naval Off
GERS, most of whom have been at some
time on duty at the BROOKLYN navy va I'd
VIII not be reimbursed for certain expenses
IN connection with the bachelor mess. as a
result of the discovery that the law passed
last session for this purpose and signed by
the President on March l. is defective Al
though the payment was approved by Con-
gress, no appropriation was made for the
purpose. and the officers must therefore
wait until Congress corrects the mistake.
For many years II has been the practice
70 maintain these messes az navy yards
for the benefit OF bachelor officers. and
certain enlisted men Of the messmen or
servant branch of the navy. recruited for
the purpose of cooking and serving food 10
the officers and men, were detailed BIZ the
| Bureau Of Navigation TO duty with the
, officers mess at the navy yards. These men
we're subsisted from the same table as the
officers themselves and i'm return for this
subsistence the officers who acted as treas
urers Of the mess received the 90 cents a
day 10 which each Of these enlisted men
was entitled in lieu Of the ration. This
was done with the knowledge and consent
of the enlisted men themselves, and was a
practice of long standing
The accounting officers discovered recent
~ that the pay officers were not authorize
10 turn this ration allowance over TO the
treasurers OF the mess. and the pay officers
who did so were informed that their ac-
counts were correspondingly incomplete.
The pay officers. therefore We're required
70 reimburse the government TO the amount
involved. and instead Of being obliged 10
suffer this loss the naval officers who We're
members Of these messes at the various
navy Yards. NOTABLY Ar Brooklyn. volun-
tarily contributed the amounts. and the
sums We're turned into the Treas ury.
A. the last session Of Congress = bill was
enacted to reopen the accounts with the
idea CT returning the money 10 the pay
officers. who would in turn pass II back 10
The individual naval officers. II has nov
been discovered that the law is defective
and that nothing can be done.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
RAILROAD EARNINGS.
ANADliN PA'lI u

toit 1910 1900
atb week IN April Sc i72 600 81 2e5.0oo Il slA 600
July i-April 30 81 i51.l50 19eslIPo S5,-ls -
COLORADO &. SOUTHERN LINES
an " eek in April <3i3249 s425 90 s532' ~
hui. 1-Aprii "a 1851 Ie5 iiC5i ~ l2.79t,5oi
DENVER 4 RIO GRANDE.
At nal =, Anil ss2s 500 S5S9 9G0 $50 600
.i,jiv 1-April go 10. 246 500 70 10000 1'2ls 100
II. LOUIS OTTHWESTERN
All 9.4l in april s21ol42 $3.50 Us s254 ~ ~
July l-AprIl 80. n lHo,3eN Pios''' ''''''f''
WABASH
A., .easot7 s6-6 ~ S6i9 ila
iri,. 4nru 10 p 029 li0 -. -; -, ibj.' -
curacao a ALTON.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05

FLOUR AND MEA,-Flour firm. OWNS to
] the advance in wheat. but buyers were niue
s,,a,s,S, - winter straiehts So 9oH 81 o..
! vHj.r pstorts SiioqSi 80. spring clears
81 spa %" ~>,ra 40 - ms e. e. ''f Cas- a. SV
straishts 81 @30S - 40. fancy spring patents
So i5USG25. RYE TLoUR-s'eady' Jar 70
| g. a. .rORNNEAI--F Firm. kiln dried 50 %
BAG sIEAL--Flne white and ytuoN' 81 l9a
81 "a. coerse. 81 lo0 s. - FEhp-W,ess ., te,A
sprina SOS ln. standard mldling H2b 80
dour do BaT a. red dog SOS 10. ctv bran. SIS
bulk so 80 sacks. middling. so isg So, req
dos S2e homny chop, SO bulk S23 ~ SACKS
PROVISIONS inactive. and price ehengfes
were Within narrow range PoEhmsteany
moss slsgslS25 tsmilN $ls so q So sh9 qG
family s14US15. packet Si3 50HSl4. extra
iadis mess. $3la 81, 50. BEEF HAMS; s254F
-. 100 H. DC: 40 10. oi.c: pigs. 0isc.
CrT MEATs-Tickled bellies ~ ~. lei94
r.: r. r. % af r.t3 - 5a l5c
ro,,,,tr, 5s.46isc. LARD-Steady. middle
West. So5@ >15c city I%c refined gu 4ni, ct,
i.ers 10 40r. compound steady. 7Y7iic.
sTEARINE-oleo, rs u7'sc' ei'y lard. "a
Iahc
standard granulated. Laoc net less . ner cent
cash Arbuckle Bros announce that they VIII
take new orders fcr -enHed sugars. IN London
beet sugar was steady but quiet and ?. q I'D
higher. May and June. los 3s.d. August los
ia London cahIed the worlds visible supply
n 800 500 tons Raw here closed steady
c.utrifupsL 90 test. g soc. muscovJdO - test
g 600 end molasses sugar. 50 test o5c. sales
we're f5.O0o bags cuba centrifugal prompt
shipment A. 10. basis 9B test. equal 90
2 20 OF SOC here. and so 900 hass Porto
Rico. understood TO p" second half May clear
NICE al $40. cost. Insurance and freight to
revere Refinery Boston. May shipment quoted
Al T-l6c. or possibly lj-3:c. and June az
2isc
RECE Stead, 90 firm.
TETALs-COPpER standard dull spot aad
MAJ ii6Og .7oc. June. July aud August
futures. f5i rs 81. Lake i237 y f. 500
el.ctroytic ll12l. al225c. snd eastinS.
II sTi5 gi2c rIN-Neak spot and MAJ
81 5nq u zoe. June and july. ~ $50 Hoo,
August. 40 100 Hoo London ffm. spot
iipi lbs futures. asa los LEAD pul.
4 loqf5oc New York. i25 q 3hc East 81
louis London. az l,s a. sPEiTEK-
louis London. tei - ANTIMONY-Dull,
r',1kson's "a . 50r. IRON-Cle'eland war
rants as in London. Locally barely stead 81.
y, foundry Northern. No I southern Hnd
So foundry Southern soft. So IS n So -,
SO , ioandr, Northern. sl1aSl5 80.
MoIAssEs AID sY"UPs-stesay aud un-
changed.
NAVAL srORFs-Dull and lower all around.
with co1siderable stun for ssle SPIRITS
S. - ROfIN-'onman 90 GOOD strained.
81 81. q. FL 70 Z. s. 10 snd .. s. - u
and g. o.. IS NJ y. VIC and WV. s. 10
OIL --Iiuseed on unchanged kcnued retro-
ielm steady AZ resent prices.
0OTTONsEED OIL Demand small ard
oriees easter closing a. decline OF I - .
points L.oal contract prices;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
BOSTON CURB STOCKS.

FURNISHED By J. Thomas Renbsldt Ne 90
Broad street New York No "a pavonshire
street Boston, and 10. u King street West.
Toronto. Canada)
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
Ed PRICES.

ociobar. 81 %: december. 81 at olsret. s. 2si,.
AT.SIKE-Primc, so. August s. TIMOTHY
PriI,s kS 10
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
Trust Companies Deposits.

The growth Of the trust companies Is
an economic condition. Their deposits In
New York city are approaching those OF
the associated banks. and under existing
conditions their growth will continue 10 be
more rspid than that Of thoso banks be-
cause Of the smaller reserve required from
tho trust companies. which enables them 20
stiract deposits bv offering larger interest
sr6 that inequality promotes bad banking
T. is like the rebate given by railroad
which either puts the weaker competitor
cut o. business or unfairly diminishes MS
Trofts
DR. Barnett associate professor al Po-
lucal economy az Johns Hopkins OniNer-
sitv N d recent article IN the Annals Oh
The American Academy of Political ana
Social Science says.
IN New York. for example where 'hr
increase Of trust comps MES IN NUMBER ana
resources In the last ten years has oeFn
much larger than that Of either the nation
a. OF state banks. there Is no dounl oN'
tha' the more liberal reserve requirement
for the trust companies has been a iactor
OF considerable importance in their grown
There are three kinds Of banks IN the
Clearing House Tho first class are those
large part Of the business Of when con
'sis IN their acting as repositories OF lSr'
% 'he reserves Of country banks. IN lhd
rsr' ~ their business they are not anecteo
ny trust company competition. Ano'her
dass have the accounts al the trust com
ranies. and both Of these classes are more
9! less closely Identified with the tru''
companies. as about thirty oflcers OF banks
are directors Of trust companies.
wfOutslde Of these, IN the Clearing House
membership, there are a large number OF
ranks doing more largely d local business
md unfairly affected b. the competition
RI trust companies operating on lower
reserve. as the trust companies do the same
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
Dill pHIA STOCKS.

FURNISHED by Charles d. Barney Co. 40 -
Broad street New York. and No. IL soa'n
i.b street philsdeiphis.)
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
Opponent Gives His Views,

IRE head of one large institution. IN ex-
rlsin.ng yesterday why he opposed the
latest invitation 10 the trust companies 20
re.enter the Clearing House, this time as
full members. said:
Ny general objection 70 the plan is that
# IS not broad enough. The Chamber OF
Commerce as long ago as November 1905.
after a consideration Of the had condition
ri the currency system adopted the report
e us special committee on currency. which
favored a central bank OF issue. but held
that it was practically impossible at that
time 20 obtain legislation for its estsb-
nshment
Since then. following the forming Of the
AIdrich currency commission, the public
mind has been educated 70 tho point Of
sccepting the idea Of central bank IN
some form. which will prevent panics and
not merely take care Of them The Clear
Ing House has been able only 70 take care
Of panics after they have been precipitsted.
The mooted question Of reserves will he
largely eliminated when one large reser-
volr Of reserves takes the place or each
,rstitution depending on its own reserve
IN o,her civilized countries the central re
serve in tine Of stress Is applied where II
is needed In this conntrv when panic is
expected each banker grabs 10 increase
his oTn reserve
Some OF The recent articles N the papers
would indicate that the trust companies
have been very sadly treated. This Is their
history in short.
Previous 10 1873 no compulsory reserve
was required Of them, and while the trust
companies had the advantage Of Clearing
House facilities ana protection they put
ne whole burden Of reserve on the banks
In 1913 the Clearing House asked them to
carry 2 moderate reserve. minimum Of
10 per cent md not more than Ia per cent,
LATE