davidaulloa/AmericanStories huggingface dataset:
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29

cannot be maintained. Until the dis
location Of affairs in Mexico by Huer-
tn. that system worked well. Back
IN 1907 it was subject to severe test
and out of the precautions made
necessary then grew the banking
legislation of 1908, which imposed re
stricuons upon all the banks of the
republic
Prior to the year 1903. the banks
Of issue OF which the Bank OF Lon
don and Mexico was onel were led In
some cases to invest their resources
in Assets which were not readily con-
vertfble, and at one time the minister
Of france took note Of the marrow
margin Of cash in the hands or the
banks in proportion to outstanding
notes. Adoption Of reform soon fol-
lowed. and II ~ that reform which IN
the end should facilitate resumption
by the Bank of London and Mexico.
But tho problem will remain.
whether the bank will be able, as was
ours in 1907. to draw on the cash
Ieserve Of Europe In the present UNI
fortunate condition Of things in Mex
leo. this relief Is not easy 10 obtain.
Even the Rank OF France shut down
FOR q considerable time on payments
Of gold and silver when the prussian
army was at the gates Of Paris IN
1871.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
NATIONAL.
BISCUIT
COMPANY
Always look for that name
konetchy Will
Become Pirate

PITTSBURG. Dec. 2s.--The statement
emanating from st. Louis that Ed
konetchy, the star first baseman, Sc
cured by the Pirates from tho Cardi-
nails, was sore" and might Jump to
the Federal league. Is classed as the
veriest bunk by President Barney
Dreyfuss. of the Pittsburg club.
"Konetchy win play for Pittsburg,'
said Dreyfuss. Il am as certain OF
this as / am that I am alive. Before
we made the deal with Messrs Britton
and Higgins we were sure of our
ground. We knew that Konetchy
wanted to play In Pittsburg and that
there will be no trouble over salary
matters"
Dreyfuss was asked concerning the
report that the Big Train" was paid
at the rate OF $3.50 last season"
THE question OF salary Is one that
concerns only the player and the club
owner" was the reply. II will say
however, that when the time comes a
settlement viii be effected without
trouble
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
TO DISCUSS MANY
NEEDS Of RICHMOND
BUSINESS MEMS CLUB HAS SEW.
ERAL QUESTIONS OF IMPORT
ANCE TO CONSIDER.

The members of the Business Mems
club viii meet in the club rooms this
afternoon for serious discussion OF
several questions now uppermost in
the minds Of Richmonders
Among the things to be discussed
are the proposed public library, the
Medical college offer to the city OF
it's hospitals and the efforts to he
mace by this city to secure the loca-
ton OF one Of the regional reserve
banks necessitatef by the new cur
rency law.
The library and hospital matters
viii receive considerable considera-
zion, X is understood. but the greater
part OF the time is to be devoted to
the means of securing one of the re-
serve banks for this city. 1t Is ex-
pected that enc OF the largest attend
anccs in many weeks will be present.
The table talk lnncheons which
we're discontinued just before the
Christmas holidays are to be resumed
within a short time. N
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
CLAIM GOOD CASE
AGAINST SIMMONS
POLICE PROFESS TO HAVE PROOF
OF BLACKMAIL OF Bic
HELD IN HEAVY BAIL
YOUNG CHAUFFEUR PLEADS NOT
GUILTY TO CHARGE OF Ex-
T0RTION--wTLL BE HEARD
TUESDAY.
HELD IN HEAVY BAH

NEW YORK. Dec. 2s.-Austin C. Sim
mons. the young chauffeur, who Is &C
cused of trying to extort $4,000 from
the family of Jessie Mccain, the young
social worker who disappeared from
her home, in Flatbush, on Decem ber
4th, was arratgned before Magistrate
Reynolds In the Fifth avenue police
court this morning and held In S. 00G
bail for examination Tuesday morn.
ing.
The young man pleaded not guilty
to the charge of attempting extortion
but the police say that they have q
strong circumstantial case against him
They say his hand writing is similar
to the writing in the two letters re-
ceived by Robert q. Mccain, the mis-
sing girls father.
Put Through Third Degree.
Simmons was put through the third
degree this afternoon. The police say
he stuck to his story that he is not
concerned in the attempt to extort
money from Miss Mccain
Robert G.. Mccain, Jr., said that the
family has received between 4e0 and
600 letters demanding money for in
formation about where Miss Mccain
is now.
Some of these apparently came from
cranks, and others came from persons
who had criminal Intentions" said
young Mccain. I'VE have paid no at
tention to them, until the two letters
from the same person, who we believe
is simmons. showed that he was SO
persistent that he would keep on an
moving us. Jessie's disappearance has
been a hard thing for all of us to
bear. but 1t was made more terrible by
the false clues sent In by these per-
sons. each of which gave us reason to
hope until 1t developed that there was
nothing to it"
The second Letter.
The second letter alleged to have
been sent by Simmons was part OF the
evidence turned over to Magistrate
Reynolds. 1t said:
Your daughter would have been in
your home by this time. II you had
turned over the money / asked You
must think more of money than you
do of your own flesh and blood 1t
strikes me as very funny when ] read
the different clues the police get They
don't know any more about Jessie's
whereabouts than the man In the moon
| feel sorry for your girl rs she will
be hurt II anything happens 1t will
take $4,000 for me to escape from the
gang after-I- return--Iaur- daughter
This is your last chance TO get your
sister back alive as the gang Is go
ing TO take her to another city in a
few weeks. When I told your sick
child that you did not give up the
money to save her from life which
Is worse than death she did not believe
me.
"(sisned YOUR cAPToR."
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
VARIETY OF CAUSES
FOR SHARP RISES
MANY REASONS CONFINED TO PRO-
VIDE IMPULSES ron PUR-
CuASEs.
SECURITIES RESPOND
DEFINITE INFLUENCES OPERATED
MORE DIRECTLY UPON FINAN-
CIAL MARf&F.T THAN UpoN
GENERAL BUSINESS.

NEW YORK, Dec. 2s.--T71e suns
weekly review Of the financial situa~
ton tomorrow Will say;
Securities have been responding to
certain definite influences operating
fnore readily and directly on the r.
nan e'si markets than ON general bust
ness. and have been re3ie-tIng condi-
lions TO which quoted values are more
sensitive than are trade and industry.
Stocks have risen sharply and ac-
lively for variety q reasons, which
have combined to provide impulses for
purchase not only Of a speculative
hut uf an Investment lnAture and a
better inquiry for bonds ~ improv-
Ing rrjces has conceded with the new
phase Of the share list
Stock Market Recovery.
Stock market recovery after the
bottom of the years decline was
reached last June went further by
mid pt ember than It has yet been
carried since the autumn relapse and
staGnation. but tho upward 1noveIu ent
has had good deal 81 buoyancy,
which has suggested something more
than merely aggressive speculative
campaigning by professional opera
tors IL has betokened not only the
belated retreat Of an over extended
shori interest. hut rep1trchases for
long accounts which had realized TO
advantage at much higher Levels when
all financial ccuteTs and countries had
before them rs a prospect the period
ri credit etringeGc capital eXhaus-
ton. price shr1nkageS. liquidation and
commercial contraction which the
economic world has been passing
This period has probably denoted
the acute stage Of n more extended
81 - tt e4Y hry
has been commonly understood or
even suspect ed. hut the Unite or such
a period are not easily determined.
How proph etic. therefore, the Deoem-
her rise in stocks may be OF sustained
advance in quoted values or of early
and enduring betterrnent In general
business Is, Of course, conjecfural
Response to Currency Law,
Discussing the situation more CON
cretelv and specifically Wall street
has teen Responding 10 the achieve
menf of legislation for new banking
and currency system In combination
with the token of a dawnfng under
standing between .'big business" and
public sentiment governGnentaliy cx-
press a, in combination further with
the conviction that the pubiiC's gov
ornamental agencies have been per-
ssiade9 of the necessity OF indulg inR
imper alive railroad requirements with
some sanction for increased freight
rates
Moreover. the considerations thus
inspired have operated on accumu-
lated evidence that the security mar
kets had 1iquidatcd go thoroughly that
they were mot only sold out but heav-
lily eversold and that holdings Of
stocks and bonds had been reduced
8 ~
NAL amounts for the reduction to
last much longer unless altogether In
visible bargain opport umfties should
offer. while quotations had been cor
respondingiy carried too far below the
normal leyel Of values to remain
there in country Of the reCupera
tive resources Of the United States,
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
FINANCE COMMITTEE
ONLY ONE CALLED

Tho council committee on finance
Is the only committee called for this
week so far. That body will meet
Friday night to pass upon a number
of matters which were left over from
the regular meeting last week.
Common council will meet In reg
ular session next Monday night, and
1t is likely that discussions on the bud
get will be held by the finance COM
mttee during next week.
AS is customary the finance com
mittee will, hold several public meet
ings SO that those interested in the
appropriations may be heard before
final action on the appropriation
measure Is taken.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
CRISIS IN MEXICO
LIKE PANIC Of 1907
SCARCITY OF CERRENCY FORCES
TEMPORARY CLOSING OF
LARGE BANK.

NEW YORK. Dec. 2s.--I.aSt Mon
day there occurred in Mexico City the
most serious financial event which the
present unsettled state of affairs in
the southern republic has brought
about. II was the temporary closing
or the Bank Of London and Mexico,
the second largest banking institution
tn the republic. ana the virtual sus-
pension OF cash payments against
bank checks, following Immediately
m the issuance Of a presidential de-
cree proclaining that legal bank
holiday existed from December 22d
10 January %. This decree meant
shat the banks would not be Obliged
% pay checks. letters of credit or
otheI drafts upon their funds. and
lhas il would nc Impossible to make
their non payment within the period
fixed a question Of litigation or dam
ages
None Of those dispatches which told
IF the event OF the clos1n r Of the Lon
Goa and Mexico bank called Il a bank
failure" especially ~ il opened its
loors the. following day II expecta-
ton Is fulfilled. events will show that
She utter inability 10 secure silver and
gold currency was alono responsible
for the closing q the bank. Its man
ayers described tho bank rs having
ahat II WAS Impossible TO secure cur
eeney with which 10 pay depositora
In this, as in some other respects
the position Ia not wholly unlike that
which arose IN the United States six
years ago when practical suspension
81 cash payments to aepositors oC-
cured al all our banks. with certified
checks on Wall Streets largest I'M
stitut5ons selling for S5 cents on the
dollar. or, in other words. with a
premium Of : per cent on currency
That episode occurred because money
Mas being boarded in huge quantities
BY the people Exactly the same
thing has happened. and for obvious
reasons. IN Mexico. Even President
Huerta'S proclamation Of series of
special hank holidays" reminds one
~ the recourse adopted during our
panic Of 1907 by the governors and
legislatures Of oar own Western
States
our banks in 1907 continued 20 pay
out cash sparinsly to depositors and
,aeyer closed their doors. Under the
Srst uncertainty. the Bank If London
ard Mexico closed temporarily 1t
has since reopened. but. supported by
8 The presidential sanction. the officials
have refused To pay checks Of more
*har geo pesos, a concession which
tney consider sufficient to enable de-
fsoxsfprs to meet their urgent needs.
That sAis event has bcs(a refsee-
ksnn 0u tha Mexican banlsSng system
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
THE BLADE
Continued from Fifth page. J

dig the n1selves into the earth and
arise "a life as terrapins. This theory
was discovered many years ago by
DARWIN, and Is here promulgated for
the th0usandth time.
The number Of neckties passed
around as Christmas gifts, this year
reaches far into the millions in Rich
nond alone. while socks and slippers
are ilhmitabie.
The editor has "a large supply Of
all these which viii hc exchanged for
other commodities, Of more or less
equal value. principally wood and
coal. dogr. diamonds cr seal skin
sacks
Another pertinent fact which one
Of ocr staiisticians discovered In his
research was that Herbert jackson,
of the Virginia Trust company. mad
written more Wills than he ever had
done before, which is "A fine indica-
ton that mppeyed men believe the
coming year will be a good one from
q hna ncia8 standpoint
The editor II going TO have him,
write his Will so that the right ones
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29

Now that the currency bill is about
to become IA law, giving the tinted
States new banking and currency
system 1t is interesting to look back
TO 1858, when the old national bank
system under which we have been
operating for generation was Gre
ated
The country was in the midst or
civil war and the currency feature was
based on government bonds. which
were issued by the hundred millions
to carry on the war. The BILL which
became O law February 90 1858, ere
ated currency bureau In the treasury
department at the head of which was
the comptroller of the currency, VINO
was given the power to authorize the
establishment of national banks with
a minimum capital, except In small
towns, OF 100000.
State Banks Slow.
Not a few State banks were slow to
take advantage of the new arrange
ment, which was devised primarily to
secure the backing OF the banks for
the national credit. In January, 1865.
only $50 banks had organized under
the national law. On March 3, 1865.
a law was passed imposing tax of
10 per cent on the notes OF state
banks, to go into effect August J.,
1856. Then the reorganization pro-
ceeded rapidly and by October. 1866,
there were .644 banks in the nation
al system. The charters under the
law Of 1853 were To lapse after twenty
years, but in 1882 congress authorized
the recharter of banks Tor terms OF
equal length.
Hugh McCulloch, of Indiana, who
was made comptroller OF the treasury
tells In his Men and Measures of Half
a. Century" how the system began:
Summer had come before the first
national banks was authorized to COM
mence business. The First National.
OF Philadelphia, took the lead, with
a capital of $4,000. It's organization
certificate was issued on the goth of
June. On the same day certificates
were issued to the First National. of
New Haven. with a capital OF $780,
600; to the First National. OF Youngs-
town, Ohio. with a capital of $780,
900: to the First National, Of STAN
ford Conn, with capital of $300,-
600. On the 22nd a certificate was
issued to the First National. of Chi
cago (whosef present business is
larger than that of any other bank
in the country, with capital of
100000 only; on the 18th OF July, to
the First National. of Cincinnati. with
capital of 100000. The organi-
cations then increased RAPIDLY. but
mainly In the Middle and western
States. Most OF the bankers in the
large commercial cities of the East re-
garded the system with distrust. 1t
did not take at the start. either in
Boston, Philadelphia or New York.
THE First National bank, of New
York. the richest banking mine ever
opened in that city. was chartered on
the 2ist of July. with capital OF
$500, 00o; the Second, on the 18th Of
August. with capital Of $500. 900: ihe
Third. On the 21st OF September, with
capital of 100000, No more were
organized In New York until Fcbru-
ary ~. 1864. when the Fourth Ms
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
TOOK TWO YEARS TO GET
BANKS INTO OLD SYSTEM
Hugh McCuloch Comptroller That Time Tells of Creation
of Present National Banks Philadelphia Was the First
How Old System Began.

tional was organized with a capital OF
$4,000, 600. None OF the large State
banks were converted into national
banks until nearly zoo new hanks had
been organized,
Why Banks Were Unwilling.
There were four causes tor the un-
Willingness of the State banks to be-
come national banks.
Il. The apprehension that the ma,
tfonal system might prove To be re-
petition Of the free bank system OF
the West. which had been a disreput-
able failure.
"2. The opinion that In becoming
national banks and issuing notes
secured by government poads their
interest would be so identified with
the interest OF the government, their
credit so dependent upon. so inter
woven with, the public credit that
they would be ruined II tho integrity
of the Union should not be pres
served.
"3, The danger of hostile legisia-
ton by congress. or the aEnoyances
to which they might be exposed by
congressional Interference with their
business for partisan purposes.
"a. The requirement that in order
to become national banks they must
relinqnish the names to which they
had become attached and be known
by numerals.
+ Do you expect that the Bank OF
Commerce. said its president to me,
will relinquish it's honored name and
be known as the Tenth or the Twen-
tieth National Bank of New York? Ii
you do, you will find yourself mis-
taken. On this point the leading State
banks were unit. When II was
yielded by the secretary and they were
permitted to retain their old names.
with the word national prefixed or at
fixed. they came into the national sys-
tenn with a rush--Roston, as is her
wont in all public enterprises, taking
the lead. Within les than two years
the State banks were superseded by
the national. and their notes. the most
of which had at best merely a local
and uncertain credit. were Withdrawn
from circulation. and their place was
filled by notes of perfect solvency and
current through the Union. All this
was accomplished without a ripple Of
disturbance TIC the current business OF,
the country
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
WOUNDS WITH ROCK,
SLABS WITH KNIFE

Officer Reid. of the Second station,
got busy last night and arrested
Samuel Puryear, charged with wound
ing Goldie Fuller with a rock. and
Henrietta Smith, charged with cutting
Joseph Minor with Knife. The two
cases We're docketed at the Second
station, and will be called In Police
court this morning. The prisoners
are colored.
The ambulance surgeon had to sew
up the wound in Minors anatomy
Henrietta claims she cut in self de-
Tense
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
National League
to Guard Interest
Says Its President

HARRISBURG PA, Dec. IS
THE National league will protect it's
interests" replied Governor John X.
Tener. president of the league, when
asked tonight whether the National
league would apply to the United
States courts for an injunction to re-
strain Joe Tinker from carrying out
his announced intention to play with
the Federal league.
THAT is all care TO say about the
matter now" continued the governor
in response to further questions.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
MECkLENBURG PACK
IN THREE DAY HUNT

The three-day fox hunt behind the
famous Mecklenburg pack will start
from the Little Mecklenburg hotel to-
morrow morning. An unusually large
number Of riders are to take part In
the chase. and mere than 100 hounds
viii be in the pack. Special arrange
ments for the entertainment of the
guests at the hunt have been made,
and dancing at the hotel Is to be one
of the features of each evening.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
Graham Contracts
for Spring Water

GRAHAM. VA. Dec. 2S,--The town
council of Graham has given a con-
tract tor the building Of the mains
necessary to secure spring water for
the town, tbs source of which VIII be
two miles from the present reservoir,
The supply is 70 be carried in an
clEht-ineh Castiron pipe, which is IN
be pure based from one of the local
pipe foundri es Work viii be started
as soon as the ground Is IA condition
for ditching, and IL can be completed
within sixty days
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
4 Talk With Advertisers.

Notwithstanding with the New
Year the advertising rates in the
Blade will be increased nifty per cent
This Is done because the great In
crease in circulation warrants It, If
you do not wish to reach two mill
lion people, do not advertise in The
Blade, Rates on application.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
Cabby Street to
Join Federals

CHATTANOOGA, TENN, Dec rs.
"Gabby" Street, former battery mate
Of Walter Johnson, star pitcher of the
Washington Senators. will cast his
fortunes with the Federal league dur
ing the coming season, according to
letter written by Street to a personal
friend here,
He will not report to tho Chatta-
nooga club, which secured him last
season from Providence.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
Stirs the Orientats.

BEIRUT, SYRIA. Dec 2S.--Jules We
drines. the French aviator. now on an
air trip from Paris to Cairo, caused
complete suspension of business here
today, when he made the first aero
plane flight ever carried out over this
city, The patriarch presented the
aviator with bouquet prior to his
departure for Cairo.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
Stock Market of the Past Week


each when
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29

JAFFA, PALESTINE. Dec. 2s.--Jule
Vedrines, the French aviator, passed
over this port on his way to
Cairo. His appearance caused con-
sternation among the Inhabitants. most
of whom were ignorant of the exis.
tence of flying machines.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29

may fall heir 10 his solid metal watci,
and chain, his pastepot and scissors
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
A persistent
purpose
to produce
perfect
biscuit

~ ational Biscuit
Company is inspired
by a persistent pur-
pose to produce per-
feet biscuit and to de-
liver them in perfect
condition.
The accomplishment
of this purpose has
resulted in the build
ing of modern baker
les, in the invention of
new machin cry, in
the exercise of un-
ceasing care, in the
selection of finest in
gradients.
The perfect products
of tn C N tional
Biscuit Company
are delivered toyou in
perfect condition
some in packages
with the famous In
er-seal Trade Mark,
some in attractive
small tins and some
from the familiar
glass-front cans.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29
RAILWAY AND M1scEILANEous SHARES.

Week ending Dec. 81. 1913-Net---
sales. High. Low. Clos. chge
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-29

tional was organized with capital OF
$1,000 900. None OF the large State
banks were converted INTO national
banks until nearly zoo new Tanks had