The Irish standard., 1911-05-20
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.
al Banks as Basis OF Circulation.
Small Bidders to be Given
Preference.

Preference.
Washington, May 17.--Thc supreme
court of tho District of Columbia. on
Its own initiative, instituted proceed
1 ings for alleged contempt against
President Samuel Gompers. Vice Pres
dent John Mitchell and Secretary
Frank Morrison of the American Fed
Grafton of Labor.
| The sentences Of Imprisonment i'm
A.! posed on these slen 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 mpris
onment, held that the cases on which
| the lower court had acted constituted
civil contempt against the Bucks
Stove and Range company, ard that
| the offense was punishable only by
| fine to be reco~ cred by the wronged
corporation. Justice Lamar, In hand
, Ing down the opinion, called attention
to the fact, however, that If the lower
court felt nggrieved 1t could have
brought criminal contempt proceed
| ings in the premises and have inf1ict-
ed a Jail sentence.
The lower court has been quick to
take advantage of the opportunity af
forded to reopen the case. AS the
labor dispute which brought the case
into court had ended it WIS presumed
the matter would be allowed to drop.
Justice Wright, of the district su-
premc court. who imposed the sen
| :ences upon Messrs. Gompers. Mitchell,
and Morrison. in insttllting the pro-
ceedings anew appointed Jos. ]. Oar
lington, Daniel Davenport, and Jas. II.
Beck, counsel for the Bucks Stove and
Range company, as committee to
inquire forthwith" into the question
of whether the labor leaders had vio-
| 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
a so-called boycott list in the Ameri-
can Federationst, official organ of the
labor federation.
More Panama Bonds.
Secretary MacVcagh invites popular
subscriptions to $50,000,00O 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
10 give preference to smaller bidders
The new securities will bear 3 per
cent interest, payable quarterly, will
be free from all national, state or 1nu-
ocipal taxation, and will be in denom-
natio3s of 500, $500 and 81 900. They
will be dated June / 1911, and will be
payable in fifty years.
BY provision of law, the new bonds
will not be available to national banks
as they are the first, the United States
ever has issued with such a restric-
ton, Duch 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 95
and the German imperals 3 per cent
loan, has been at about 49, Great
Britnin's 21a per cent consols have
sold recently at 70. The premium
which the new Panama canal bonds
ran 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 a postal
bank bond bearing 2h 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 for
government deposits.