davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-25
Bank Officers as Borrowers.

What are your views on the restriction
by legal means as TO the right OF officers
and directors Of financial institutions to
borrow money from their own banks
Mr. Untermyer asked.
I'm answering that question / must
give YOU two answers, said the witness.
Briefly speaking. | should say that II
would be better II officers were not per-
mitted 10 borrow money from their own
banks on the other hand. l know a
prominent banker who says that he
doesn't want his officers TO borrow any
where else than from their own banks.
He wants TO know where they are doing
their borrowing and keep tab Of the
amount"
ION the whole. you don't approve OF
officers and directors borrowing money
from their own Institutions
yOmcers. yes; ! think they had better
not"
And directors?'
II see no objections to directors bor-
rowing | dsapprovc OF legislation pro-
hibiting such borrowing
But couldn't fifteen directors loot
bank by each borrowing his fraction OF
the banks funds? Any one OF them could
borrow 10 per cent OF the capital or sur
plus" said Mr.. Untermyer.
IAN the laws in the world could not
keep fifteen directors from footing bank
II they were agreed on the subject and
started out to do IT," said Mr.. Dawson.
Thinks No Law Needed.
Mr. Dawson gave it as his opinion that
il would he very unfortunate for the
banks and the country II bank directors
were prohibited by law from borrowing
from their own institutions.
Would you put any limitation on the
borrowing capacity OF any director"
NO further limitation than is imposed
IN any other individual"
Mr.. Untermycr wanted to know why I'm
the issuing Of bonds the same practice
should not prevail as prevails in the case
OF stock issues.
why should not the bonds he offered
FIRST to the stockholders asked counsel
for the committee.
1T would kill the market for the bonds"
But /, doesn't kill the market for the
stock. does it, =,
No; but that 10 a very different thing"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-25
THE DAY IN WASHINGTON

ject and which will be looked for with IN
terest.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-25
Concentration in New York.

As 10 the point Of so-called concentta-
ton. II is an unquestioned lsct that New
York civ is IN. chief centre of money
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
BASEBALL CHAIR FOR TAFT,
Special Provision Made For Him In
Yale Grand Stand.

Appointed originally as Kent profess
sor of law at Yale, Professor William
II. Taft has received further distinc-
ton by the action of the Yale Baseball
association, which has awarded to him
the honor of a special baseball chair.
It is in the grand stand directly back
of the home plate.
There wasn't seat in the grand
stand of proportions ample for the COM
fort of the one time president When
this was learned there was a tearing
out in the first row of the big stand,
an aisle seat was extended by the adj
lition of another seat, everything Sc
curely bolted to the floor and a re-en-
forced wire screen put in front OF the
seat to turn aside foul tips.
The seat was then presented to the
distinguished new member of Yale's
faculty. 1t was accepted. and Profes-
sor Taft expects to see his alma mater
whip Harvard in the commencement
game
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
Government Control.

Their term Of office Is for eight years.
except that Of those first appointed one
Is TO serve two years. one four, one six
and one eight years. At least one Of
the members appointed by the presi-
dent is 70 be person Of banking ex-
perlenee. Thus it will be noted that
the government will have absolute con
troll OF the system The salary Of each
member Of the board except the two
cabinet officers who are OK oficio mem
bers Is fixed at $4,000; the comptroller
Of the currency to receive $1,000 in ad
dition 70 the salary which he receives
under existing law
The powers of the federal reserve
board are ms follows:
90 10 examine ut It's discretion the
accounts AVID books Of each federai re.
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
CATERPILLARS STOP TRAIN.
Clog Rails and Compel Crew to Sand
Track For Miles.

Thousands of caterpillars crawling
along the rails Of the Montauk division
of the Long Island railroad in a woot
near Montauk Point stopped train
recently for several hours, according
to George Paul Englehardt, member OF
the department of botany in the Brook
lyn institute, who was on board the
train with party Of specimen hunters
Mr. Englehardt declares that while the
train was passing through the wood
the wheels failed to grip the rails, and
the result was a standstill
All of the foliage on the trees. he
said, had been eaten away, and the
caterpillars evidently had taken to the
rails in an effort 10 reach nearby green
cry. II was not until the crew threw
sand on the rails for a distance OF
nearly two miles that progress was
made away from the caterpillar belt.
Mr.. Fullerton, superintendent Of tht
agricultural station maintained by tht
Long Island Railroad company a.
Medford n, Y. is giving aid TO resi-
dents of the island concerning the ex
termination of the pests.
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28

nificant OF the kind known TO history.
Assembled under one flag tens of thou
sands of the survivors OF the warning
hosts will recount upon the scenes of
their occurrence the battle episodes of
half a century ago.
On the morning Of July 1. 1868, the
opposing armies led by General Rob
ert Il. Lee and General George c.
Meade, were marching in the vicinity
Of and generally in the direction of
Gettysburg
The seven corps composing the Army
Of the Potomac were then distributed
In northern Maryland from one TO
three days march from one another
and from Gettysburg Meade ordered
them to proceed TO that point.
Fighting Began July /.
The First corps was in advance and
closest 10 Gettysburg, Its commander.
General j f. Reynolds, who was a
Pennsylvania, without waiting for
orders marched forward with the
intention of holding the town. He
directed the Eleventh corps to close
up in support and recommended to
General Daniel f. Sickies, head OF the
Third corps, that he move his com
mand forward also
Early in the morning General John
Buford's Federal cavalry encountered
General Henry Hcths Confederate in
fanuy marching toward Gettysburg
by the road from Chamhersburg
through Cashtown Brisk fighting FOL
lowed. Heth was re enforced, and. op
portmely, Reynolds reached the front
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28

serve bank and 70 require such state
rnents and reports as II deems nctes
sary.
obl TO require or on application TO
permit Il federal reserve bank to re.
discount the paper of any other fed
eral reserve bank
Co TO establish each week. or as
much oftener rs required rate Of
discount Which shan be mandatory
upon each federal reserve hank and
for each class Of paper. provided that
said rate OF discount need not be uni
form for all federal reserve banks, but
shall be made with view tc accom-
modating tie commerce of the coun-
try and promoting stable price level.
(dl 70 suspend for ported not cX-
ceeding thirty days and TO renew silS.
pension for periods not TO exceed Or
teen days. any and every reserve re.
quirement specified III this net.
te) ~ supervise and regulate the Is.
sue OF treasury notes - federal re
serve BANKS
% 70 add 90 the number OF cities
elassllied as reserve and central re-
serve cities under existing law IN
which national banking associations
are subject To- the reserve requirements
set forth IN the aot or to rerlaSsiry
existing reserve and central reserve
cities and 10 designate the banks there
in situated as country banks ~ it's
discretion
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28

as reserve These were the nrst troops
on Cemetery ridge
Howard sent word to Meade, who
was several miles away, of the death
of Reynolds and the situation at the
front. Doubledays First corps line
faced west and the Eleventh corps line
faced north, both nj that hour being
less than mile from the town. The
divisions Of Rodes ana Early. the for
mer marching south and the latter
@1utheast, arrived in sight of Gettys
burg at the same time and struck the
Eleventh corps line in front aud ON
both TANKS almost Mt once
Ewells line as it forged ahead turn
cd the right flank of the First corps
line west of Gettysburg. The troops
fought desperately TO hold the Cash.
town approach The Iron Brigade
and the Pennsylvania "Bucktails
were conspicuous for their valor and
Sacrifices over 50 per cent Of the
corps fell. killed or wounded. A,
Dightfall the remnant retreated to the
ridge, where the Eleventh corps sur
TiFors had preceded them
The Struggle For Round Top.
Lee In person had directed the
close Of the fight on July l. His op
ponent, Meade, only arrived Mt a. m.
%be 2d By that time the Third and
Twelfth corps had joined the defeat.
ed troops on the ridge. The Twelfth
corps, under General H. w. Slocum.
vap the right Of the line. Ga Culps
hi]l, ana the Third corps formed the
ls1t With the survivors, Of The First
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
civil Var Veteran hoo.

Bennett Britton celebrated the one
hundredth anniversary of his birth re
Gently Mt his home in Plainfleld. N
He was born In Paterson, N. j. MIR.
Britton Is veteran of the civil war
and expects to attend the coming re
union of the veterans of the north and
Eouth at Gettysburg.
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
By Capt. GEORGE /. KIlnfrR. Late u. s.v

BY Capt. GEORGE L. KILMER. Late U. s. v
T%HE Gettysburg campaign, the
semicentennial Of which is now
IA upon as, began with fighting on
the Rappahannock river. In yir-
GINA, June o. 1863. and ended with
fighting on the Potomac in Maryland,
July II, 1868. Incident to the military
maneuYers. there were combats in
Virginia every day from June 0 TO
June 81 The first serious encounter
on northern sol took place June 80
at Hanover, Pa, and for three days
following the opposing armies con
tended FOR the mastery around the
town of Gettysburg.
On the battlefield, now a magnificent
memorial park. anniversary exercises
are scheduled for duly /. 2, aud 4
The celebration Is perhaps the great
est and II assuredly Is the most sig
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
NO REFUGE NOW FOR CROOKS.
New Extradition Treaty With Para
quay Will Close Last Door.

The last country to which American
criminals can flee and escape extra
dition will soon be closed to them.
The foreign relations committee of the
senate has ordered favorable report
on an iexuadition treaty with Para
quay.
This concludes treaties OF this char
acter with every civilized nation on
earth. Two years ago Honduras was
the favorite resort for fugitives from
Justice, but treaty closed that abode.
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
EMPRESS BREAKS VASE.
Cars Mother spoiIs Pair Valued by
Morgan at S25

HIVTYaH At pEoiUUV
Great Britain's royal household Is
greatly disturbed by the breaking of
one Of pair Of blue urn shaped vases
given to Queen Alexandra by the late
empress Of China. The dowager en-
press Of Russia. sister OF Queen Alex
andra, While visiting Marlborough
House in London dropped the vase
and broke n handle.
Just after the breaking Of one Of a
similar pair in the royal palace Of
Picking the rule Of the imperial family
IN China came to an end The vases
are 100 years old. ard the late J. Pier
pont Morgan offered Queen Alexandra
$4,000 Cor the pair
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
AND CURRENCY
NOW IN CONGRESS
Under Its Provisions All Power
win Be Taken From
Bankers.
= A..-.-.-.-.-.-.-.-.-.-.-.....-.-.

currency as members ex 0filcio. -Four
other members are chosen by the presi-
dent Of the United States, by aud with
the advice aud consent OF the senate,
for 4 term of six years each One Of
the members thus appointed by the
president Is to be governor Of the fed.
erai reserve board. one vice governor
aud one secretary
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
DIGEST OF BANK
REFORM BILL
Reported That Measure May
Be Put Through During
Present Session.
VXTHILE prophecles arc VIC In

wv yHILE prophecies are rife In
M dispatches from Washington
that congress will take &C,
ton during the present ses-
sion on the currency reform bin, late
by introduced in the house by Repre-
sentative Carter Glass of Virginia, the
chairman OF the committee on bank
Ing and currency, others are not lack
ing, which seem 10 indicate the con
trary. despite the fact that the meas
ure has the backing of the administers
ton. Every point In the bill as pre-.
scented. was carefully gone over by
President Wilson and Secretaries Bry-
an and McAdoo. and it Is understood
that several of its most important pro
visions were directly fathered by them
For the convenience Of the busy
man, the following official digest Of
the measure will give definite idea
of its scope and aim:
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28

aud Eleventh. III the center At ! a.
n. The Second corps. led by General
w s Hancock. arrived and took posi-.
ton on the right Of the Third and two
divisions Of the Fifth. commanded by
General George Sykes. acted as re
serve.
In Lees camp wo divisions Of Gen
eral James Long heet's corps reached
the field during the night; also Gen
eral Edward Johnson's division of
Ewelrs corps Hits and Ewers
troops had continued on in the direc-
ton the fighting led them on the Ist.
This drew EwelI to the northern end
Of the ridge and Hill toward its west
ern slope
Longstreet deployed his line on the
right Of Hill and so confronted. at a
distance Of two miles. the Federal
Third corps line. Hill confronted the
Federal center About noon Sickles
advanced the Third corps from the
main ridge westward one mile to a
secondary ridge along the Emmitsburg
road Here the divisions Of General
p. b Birney and General A. A. Hum
phreys were suddenly assaulted.
Sickles was wounded, fighting hero.
ically. aud his line destroyed and hurl-
ed back toward the main ridge, which
at this point terminates In the eleya-
lions known as Round Top and Little
Round Top.
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
Division of Earnings.

Under the terms Of the bill each fed
eral reserve bank after the payment
Of all expenses and taxes is entitled
to pay an annual cumulative dividend
Of per cent on paid in capital to its
stockholding members. One-half the
net earnings of the bank must be paid
into the surplus fund until said fund
shall amount to 20 per cent of the paid
In capital Of the bank. The remaining
one-half of the banks earnings shall
be paid to the United States. and
Whenever and so long as the surplus
fund OF each federal reserve bank
amounts to 20 per cent Of the paid in
capital. the shareholders having re-
ceiyed their permissible dividend of 3
per cent all excess earnings shall be
paid TO the United States. Every fed
eral reserve bank Is exempt from fed
eral, state and local taxation, except
In respect to taxes upon real estate.
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
BATTLE SOON
SENICENTENN|AL
Casualties Heavier Than In
Any Other Battle Of
the Civil War.
Observation-Disclosures

with General } s. Wadswortn's dlvi.
sion Reynolds was killed while di-
recting the deployment Of General A
Donbleday's division to support Wads.
worth's line on the left.
The fighting and new dispositions
had consumed the time from 9 to IL
O'clock Doubleday succeeded to the
command when Reynolds fell Gen
era John G. Roblnson's division, the
remainder of the First corps, arrived.
and Doubleday posted the brigades
and batteries to hold the Cashtown
road az all hazards
on the Confederate side General A.
r. Hill brought forward General w.
D. Pcnder's division to aid aeth.
About noon the commander Of the Fed
eral Eleventh corps. General o. o.
Howard, reached the battlefield lie
outranked Doubleday and took com
mand While his corps was coming
up a fresh Confederate force, the di
visions Of General Jnbal Early and
General X. II. Rodes of General r. S.
EwelPs corps. was sighted north of the
town by Buford's watchful troopers
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
STORY OF GREAT
TO HIVE ITS
Gettysburg Campaign Ua-
douhtetIy Most Decisive
OF Four Years Strife.
GETTYSBURG CASUALTIES.

Trustworthy Compilations Of the
losses OF the Fcdeta army In the
battle Of Gettysbnrg give the aggre-
gate as 12.0)i. OF WHICH number 500
were killed, A6g7 wounded and 5.43a
missing. COnfeaeratg records avail
able give total ~ l.f4s. the kiiled
numbering 25g2. the wounded l270s
and the missing 5is0 Aggregate
for each side was the heaviest Of
any battle Of the war
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28

reserve board
The national banks are compelled 10
be stockhoiding members Of the fed
ern reserve bank Of their respective
districts ana state banks and trust
companies are permitted to be mem
hers under certain well defined regula-
lions. All the domestic transactions
Of the federal reserve bank must be
with member banks and the govern
ment. except TINT it may purchase
bankers bills and bills Of exchange In
the open market from individuals as
well as from domestic or foreign banks.
Division Of Business.
The object Of the bin Is to effect a
moderate division and classification Of
banking business along indicated lines.
the net result presumably, being sum
med up as follows.
First National reserve banks will
be strictly limited to redlscounting ac-
tnal commercial and Industrial trans
actions evidenced By very short term
paper and on rare occasions, under
carefully prescribed conditions. to finap-
eial operations protected by collateral.
They VIII also be able 10 engage in
foreign exchange operations, sales Of
government securities, etc, rs already
explained.
Second National banks will be sub
jeeted TO precisely the same restric-
lions as at present. with relaxation in
favor Of q moderate amount Of real
estate loahs by country banks under
carefully guarded conditions.
Third by a revision Of the admin
istratige features OF the national bank
ing net provision will be made for close
oversight of national Institutions with
u view to holding them strictly up TO
the requirements of a legitimate bank
ing business
Fourth order to possess them.
selves of the kind Of paper emitting
them 10 rediscounts national banks will
find themselves obliged to keep rea-
sonabe proportion OF their assets in the
form Of paper eligible for rediseount-
ing. and this will mean very consldera-
bic emphasis upon the strictly com
mercial aspects of the business done
by national institutions.
1t Is believed that the present sub
treasury system is unsatisfactory
clumsy, injurious to business and diff
cult to manage in time of stress. The
BILL therefore. provides for:
First The placing Of all currency
funds Of the treasury in federal reserve
banks and the payment Of government
creditors by checks thereon.
Second. The equalization Of the pub.
lie funds between the different reserve
banks by direction Of the secretary of
the treasury and subject to a rate Of in.
terest 10 be fixed by the federal reserve
board
Third.--The trust funds of the treas
ury are to be held. as at present, In the
vaults of the treasury.
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
Federals Seize Cemetery Hill.

To meet the new menace Howard
pushed forward the Eleventh corps di-
visions Of General f. G. Barlow and
General A. Scllimmelpfennig and di.
rected the division of General a. Won
Steinwehr to ascend height rising
north OF the town and there remain
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
MILLIONS LOST =
BY EGG BREAKACE
Uncle Sam Seeks Safest Man
ner Of Packing.
SITUATION GROWS ACUTE.

Loss TO Producers and Consumers So
Large That Government Is Conduct
ing Extensive Experiments to Mini
nnize lt--RaiIroads Begin to Regard
Carrying Eggs as Unprofitable.
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
GETTYSBURG.


. A
hader OF cavalry bd Monument to Ohio troops at Getsurs Gen.
Pickett leader in the
5and7 rghtb by ReNbw o company,
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
Lee Decides to Fight 1t Out.

HOund Top.
Lee Decides to Fight 1t Out.
During the height of the battle troops
of the Second and Fifth Federal corps
reached the scene Of combat. At the
beginning Of the attack General G. X.
Warren hurried a brigade and cannon
to Little Round Top, at the foot of
which just at nightfall the fierce on
slaught of Hood was checked Mean
while two Of Hills brigades pierced
the Federal center of Cemetery ridge.
At the close Of the day Ewell attacked
the Federal right flank Early's divi-
sion was repulsed in a desperate as
sault on Cemetery hill, but Johnson's
division broke through the Federal
breastworks on CUPS hill.
In the evening nm important council
was held In the Confederate camp. In
spite Of opposition to the plan, Lee de-
cided that there should be a grand as
sault on Meade's position ON Gene
terry ridge the next day, Early on July
fighting began on the Federal right
flank on Culp's hill
General Ewell who commanded the
Confederate corps on this front, de-
termned that having obtained a foot
hold on the hill he would not be driven
out Johnson's division was establish
ed there in breastworks built by Gen
eral Slocum's Federal corps. Ewell
sent two brigades TO support Johnson.
who Immediately charged forward. but
was SOON checked Unknown to him
Federal rc-enforcements had arrived
during the night. The captured ground
was untenablc and he withdrew from
the hill
Piekett's Historic Charge.
The Confedefates having failed in
their attacks upon each extremity of
Meade's long line Of battle. it remain
ed for Lee to withdraw or attack the
Federal center The division of Gen
eral George Il. Pickett of Longstreets
- tn IL,
Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-06-28
Climax at the Stone Wall.

Hancoeks main line was posted be
hind a stone wall The troops held
their fire until the ASSISTANTS We're
close up. Fresh batteries relieved
those which had spent all their ammu
milton, infantry reserves We're brought
up, aud few moments of unequal
straggle decided the day and decided
Gettysburg The brigades of General
L. A. Armistead and General r. B
G,rnctt alone carried their banners to
and across the stone wall. Both lead
ers fell
Pickett saw thatit was impossible to
hold the position which had been at
tanned by Armistead and Garnett Fed
erals were rushing at him from all
sides. His men were lighting hand to
hand with troops OF the Second corps
dubbed muskets and slaves of regi
mental banners We're used in a strug
gle at once fierce and hopeless for the
Confederates. PettiSrew's forces on
the left OF Pickett'S column had given
way. and a strong Federal line had ae
cuBxlated on that flank The order
Mt last was given "Save who canr'