Newspapers / The Raleigh Times (Raleigh, … / Jan. 29, 1908, edition 1 / Page 1
Part of The Raleigh Times (Raleigh, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
Gn!y Qfizrnoon Paper Boivcon Richmond and Atlanta With Leased Wire and Fail Press Dispatches. THE BALE EYE IE 8. VOLUME 30. RALEIGH, N. C., WEDNE SDAY, JANUARY 29, 1908. PRICE 5 CENTS. A NUMBER OF: AMERICA'S FAMOUS FINANCIERS EITHER RETIRED OR ARE GOING TO LEAVE THEIR FORTUNES IN HANDS OF SONS LITTLETON NOV SEC. CONTELYOU REPLIESTOTHE RATE ADDRESSING DEBATE STILL RAILWAY ENATE RESO Statement Concerning Treas'y Departments Action During Financial Panic MORALtFFECT OF ACTION CF The Xntionnl Banks Were Exerting Themselves to Increase Circula tion When the Treasury By the Xew Issues Placed at Their Com mand tlie Means to. Do So This Was the Main Action That Check ed the Panic and Reduced the Premium On CiKency, Says Mr. Cortclyou He sis a Great Deal More Which Will..! lie Read With Interest. (By Leaned Wire to The Times.) Washington, D. ('., Jan. 29. Secre tary t'ortclyou's reply to the senate resolution calling upon him for a state ment covering' his department's action previous to and during the recent fi nancial crisis, was presented to the senate today. The communication em bodies one of the most elaborate state ments of government ' financial condi tions anil operations ever made. . The secretary-' first summarizes the operations of the treasury for the past few months and follows with a detail ed statement of the methods and rea sons for some of the steps taken; "While the action of the depart ment," he says, "In placing large sums i.i .tin xr.to.iml hnnku In New York wn subjected" to some criticism, It was amply justified by the conditions as timv in psistcfl rtnd as they have been disclosed In .'the light of subao nuent events. . .. ' "The f.'.rt that' the national banks were exerting themselves to increase circulation and that the treasury by these new Issues placed at their com mand means of doing ko, undoubtedly in ,1 a miiinl effect which tended to check the panic and reduce the prom, lum on currency.' The banks wen hnmnered. however; before the itn- linnnecnient of the new government Issues, by the rapid advance In the price of two per cent bonds. These bonds sold ns high as 110. and even at this price the Bupply in the market obtainable by national banks was ex tremely limited in quantity. .-.'.'- "It was with a view to relieving this situation and counteracting the prem ium on currency, which was Itself a stimulus to hoarding and which prac ticallv Interrupted exchange between different cities, that it was decided on November 17 to receive applications for subscriptions for $30,009,000 in Fan lima Canal bonds, under the act of T.-n S 1902. and 1100.000.000 In 3 per cent certlllcates of indebtedness, un (Vr the act of June 13. 1S98. One of the direct- effects of these issues was. to afford to the banks the means of Increasing their circulation. If the proceeds of those Issues had been re tained In entirety In the treasury the Increase In bank . circulation would have been offset by the amount paid by the banks for the bonds. By pro viding, however, for the transfer to ' the banks of a part of the purchase money as an addition to their holdings of public deposit at the time, a very considerable net Increase In circula tion became possible. "The character' of the new Issues of securities of subscription on the 19th of November last was such mat it was anticipated that most of the subscrip tions would come from notional banks. The two per cent bonds afforded such privileges to national banks as a basis of note circulation that there arestrong Inducements to the banks to outbl 1 private Investors, who would find In the bonds nothing more than the best form of security paying only two per cent per annum. It was expected and this expectation wan fulfilled that the bonds would be used chiefly as a bas'.a for additional bank note circulation, and that such circulation would con tribute It sture to relieving the acute pressure for currency which existed throughout the country. Even If there hac" been no other Justification for lim iting FUttsrrlptlon to national bank, this - consideration that the bonds would be used to,, meet the pressure : for currency would, In the opinion of the department, have Justified an ab solute restriction of the awards to na tional banks. . '. "Alter careful analysis or me Din ..io,i the conclusion was reached by the department that if bids wereouteg devolving upon him the careful awarded to Individuals In large sunw . attention they deserved, and he asked ururu w ... -- would have the tendenov to cause II further relatively snl reserve. K v Still SENATE Fine Speeches Today by tiis Senators From Roton, Halifax and Others URGE di LISTENS TO SENATOR M'LEAN I'pper Branch of General Assembly Slicks Its Coulter Deep. Into tile -'Argument of the Pending Special Order ar.d u Half-Down Excellent Speeches -Result Senator Ij-v-ell's Vivid ; Remarks Mr. Polk Talks to the Point Mr. Mfiiiiii' Thinks There is Too Much Talk. .VAuinluT of Local Measures Are .lactrd Today Test Farm ; ol ' fransjlvmiltt County to lie Sold Antes und Incidents of the Session of the State Senate. Day's The three-and-a-half hours' session of the .state senate today Was consum ed after the morning hours' business ihd been completed, by the delivery dt a number of unusually excellent speeches by senators on the pending unfinished special order, being the senate committee's railway p.i-engei rate bill, providing for a flat rate of two and a half cents (the full text ot the bill was printed In The Evening Times last week, the day it was re ported by the committee.) The limited time in which an after noon payer has at its disposal between the time Of the delivering of these speeches and the time this paper must go to press, precludes the printing of full reports of the speeches of these gentlemen, only an extended outline of those first delivered and briefer ref erences to those following them, we would otherwise content ourselves with, are possible, under the condi tionr. Some of the speeches had not been completed when the first .edition of this paper went to press. This explanation Is made because some of our friends do not appear to be advertent to these facts,- some of them apparently taking It for grant ed that wo can as easily report at length the debates as fully- and com pletely as a morning paper, which has fully twelve hour? longer to get up the reports and put them into type. The senate rcnorter wishes to state, however, that all the speeches today in the senate were fine efforts, worthy of the able gentlemen who produced them, and were edifying not only to the senate, but as well to the large number of spectators In the 'lobbies and galleries. The happy remarks of Senator Lov cll. In prefacing his excellent argu ment, were thoroughly enjoyed. The county of Watauga has more than once hn.t nern.ulnn to feel nroud of Its pres- scnt representative In the upper branch of this general assembly. . . Tim Rneeebes of Mr. Daniel, (one ot a,, oi.iout men In the senate), and of Mun. Hreese and Fleming (two of the strongest of the younger senators) and those of Mr. Polk and Mr. holt ,,..ra nveirnnnt with the learned am ,,,niH,,n which thev fired in neience of the position they took on this at present all-important question. ..... Other than the discussion of the rate i.m ...rv ntito was accomplished.' In tUn nenntn tOdaV. .' rpi. ,i.i. hnnnl of nsiieulture was J lie r.n.fcv- " .nthnrixofi to noil the tot farm owned 1,., tUn tit A In Trnnsvlvanla county Mltehell (who Is a member of the nHenliiirnl board) stated that the de tmt hn.i nbnndoiied this farm yui i.fc wmil.l never have further use of it Mr. Breese protested and tried-vain- i n .i..foii the nnssnee- or the Din A renolutlon was adopted providing t th. n,.,,,pnt of the principal clerks in the senate and house for the additional work they have to perform after the session adjourns, under the terns of Chapter 6 of the revlsai. A number of local bills on the calen dar were disposed of. none of them of any general Interest. Senate Proceedings in Detail Senator Brown, ot Tadkin, made thajthe BSUanc8 of treasury notes in the opening prayer in the state senate snape 0f deposits in designated de thls morning when the eighth day's posltor;cgi t0 j,e protected by the se proceedlngs were begun at 10:30 rleg prescribed in the Aldrich o'clock. . . 1.111 : ' cnnirman urauam oi mo itt on railroads, arose and . i . .u mnato eiiti that he was overwhelmed with letters and petitions anent railway rate matters, wnicn wr num nr,.. Hir.etiv nr mfnrrpd to him: that n POUid not Klve these and other .v. ...... - for neip. A Bpecla, committee was i finally ap T& 0 " W:N W Igit ifef fwi Wh- Mm- mm mMS$mK imiK ';t L - 1 JK 1 A number of America's most famous fiiianciees either recently hiiv conduct of their gigantic business interests in the I'.ands of their sons. up the work laid down bv their tiistiiiuuislicd and successiui miners ler, Jr., M. II. Kofiers, .Ii and Karl CURRENCY TO BERE Sen. Aidrlch Gives Notice to Democratic Members OF CHANGESTQ BE MADE The Kmeracney Circulation Author- izrd ts !ni i;-asi (l to 95(IO,()CO,0U. This Slakes Su li Secn:itiei Issued P!i' the C-uiiKti'urtion of Parks, Roads, Water Works, (iifs, lite, Available. (By Leased Wire to The Times.) Wasliiifgtou, Jan. 29-Tlvc ."Ald- rli'h currency hill w!li be reported io the senate tomorrow. Senator Aid rich lias acquainted the -democratic.' members yith -the.- changes, -'.the" re publicans havo practically decided must be reported. : the provision regarding t lie use of ' municipal bonds as se::urity for . emergency circulation wn iiiiuliv more specific by the inclusion of all quasi-public bonds that have paid 4 per cent, interest for five years. This makes such securities issued for . he construction of parka..' roada. water nr. n.m.lc nlrt ,1 ia 1 1 ,, lil i . Aa already has been stated, the amount of the emergency circulation author- ized ia increased to $500,000,000 and li.il iti iuui uaot.ii iu (ju'tmuuv ...... provip'.ons incorporated for keeping ... . i. .i. ...i,.,. i!.. notes on uaiiK uti-i.itu3uiif anii authorization to the treasury depart - went to proceed to the collection of data concerning municipal bonds. ( The section relating to the filing of railroad bonds will remain in the bill, although it has been determined to re-wrlte it into more definite form. The committee has demanded that it. be put in such shape ns to aiTord in-1 stant knowledge to the treasury nu-j thorities who are to Issue currency j based on their security that the rail- j . . ... road bonds offered are of the proper character and value ':. Al me meeting 01 me ixuium. tomorrow the democrats will Offer BILL PORTED their substitute which will prescribe,""-'""' l"A ' .. . .'. . i.. .i.!Wake county. , Gorilla Negro Arrested. mv Leased Wire to The Tlirujs.) Owings, Md., Jan. 29. John Har- v.n.UDU, . den. colored, has been placed in cus- todv on the charge of criminally as- gavliting and robbing Mrs. Maggie BuKKe a widow, near i Mt. Har- JJUggie, n tuun , urni . wii. ..... 1 mony. a station on the Chesapeake1 - . . I I P. Shaw, son of thp former Secretary Subiect of DiSussiCR.2; Slcm- Iro TosJay MANNiNG STANDS PAT Advocates the Present Rate With Few Modifications and T. Reviews! History of Litigation Mr. Man-' fiim for Compromise Other Mat ters Done in House Today. The house today took up the rate nijft ter business and there was a deal of ' arsunicnt both against and, in favor ot tne compromise or uov - ernor ulenn. Mr. Manning or uur ham championed the "standpatters,' those who are against the conipro hike, and -in favor of the 2 -cent , . . rate rai. lvir. iianiuii i uotun iwr, lowed Mr. Manning for the niise measure. There were' three things consid- erca at once me two minoruy re- ports and the substitute bill. ! The house passed a number of local bills. Proceedings Today. -.. Senator ' Brown offered prayer at ihn m.f.tiinrr nf thn honsiM InriflV. I 1 Mr. Harshaw introduced a bill to repeal passenger rate law. iii. vianuwu.i vinvjio, ut" . i ing depredations . of domestic fowls . ... ii 1 .v.i..,l M.i 1 .. 1 !.-.. rf Prtimrn. in ureeuo couuiy. it iiudkuu iuwu "reading. - ..".. , Ml. . Harshaw offered a resolution to have the house, the senate 'con curring,, adjourn tomorrow at five o'clock. There was objection and the resolution went to the calendar committee. Mr. Blount called for the passage of the local bills before the special, order was taken up. I his was tfe- cided upon. inns 1'nsseu. Tq corporlte niawasseo Company. K... . t Rail- . OBinn of - ' i, r,.ir tnwnah in Wake county. To amend charter of Murphy, Cherokee county. SIATL1ILLIS tllUSE To authorize secretary of state to no returiiB from his visit to San Fran correct law so as to enlarge limits cisc0 where he Is now, to Papiti, of Fayetteville. lsland of Tahiti, where his boat is To authorize Statesvllle to issue undergoing repairs, bonds without election. . According to Mr. London, Captain To authorize Lumberton to Issue Avatein, Martin, Johnson, his engl kntoto Inpcr. ns well as a Bailor and his two . l"'C,ttl Special Order. Tho Chair suggested mat uio iwu minority reports be presented to ,..... . . ..- . gather. Then Mr. Manning of Dur (Continued on Page Two.) jetired or are on (he eve of i-etirni; from active business, leaving the In this Did tire arc shown lour of the young men who are now to take rom eft to riu it tliev are .1. 1'ieriioiit, or the Treasury. Their fathers are sketched standing behind their sons BRYANTS THE Deniocr2is in Both M Senate and House Favcr Him THIS YEAS IS THE ONE Bryan Has 'Sought to Impress'1 - i Mr. I'pou Eveiy Man With Whom Hi Has Talked the Conviction That This Year is the Appointed Time for a IK'inocratic Victory With William J. liryan as Nominee. (My Leased AVire to The Times.) Washington. I). C, Jan. 29 William "jeunlug liryan 'left Washington ilnii- ly convinced that he was the man of the hour, and that every democratic member of the house and. With the ex- ceptlon or two or tnree, ine uemoei.iue .... copro-1'P 3 inious for him iis the standard bean In the presidential campaign of l'JJS, .....1 .... AT,, lit-, -nil h..n u.iuirllt ti. tni- ..,1011 everv man with whom ne ibas talked the conviction that this year is the appointed time for a denio- eratie victory w ifl. himself as tlie '.uU no matter . ,le' is bound t"o win at the polls. idenee that has yet been offered to .1 M.. l.....i,. f.,t fvi-im 1111. .iiiiu iii.il ..ii. .i...i. i. .... popular with a large proportion of the .l..iii..,-i'-ii. iiiinilieri4 itf the house -wa ... jolTcml l:i the publication of a poll of -'T " . .. ...1?. i... a ..'.i-bn '1 In this poll, w hich was taken by four men, who went at the work without prejudice. Mr. Hryan is shown to have Ijehlnd him the support of 10T mem bers ir tin' house, while his nearest coniiietitor for the honor of the niuul- nation, i.oveinoi hut slx""'n' Jolinson. of Miuneso- JACK LONDON WILL SHIP NEW CREW j (By Leased Wire to The Times.) i . . ' -.ll "'wno has neen mamas a iur u ..c m.,,ri,i in his boat Snnrk. has notified :tno mnKaine which employs him that he will have to ship a new crew when Jr. ", Japanese servants, have been bitterly" MANOFHOUR aiKapiminum ul men auu.B "'its sins is rpapliif? tho just rewards - .witn tne aavemurcs wnicn uwy wiii0f his evil lifo in prison nmi RiCknea , - jsuro Uack IllUtSL it'oUU 11 U 111 a (.1 i(f nun Jack London. iioriian, .jr., .onn i. uocKeici- CURTAIN RUNG DP FOR LAST TIME The Las? Act in the Thaw Trial Now Being Enacted THE HOUR ARRIVES The. Wiiito''For. and' Against, tlie! . . . .. Prisoner Have Brought Their Lit- Th;w wag born under conditions cat tle Budgets of Information, Aired ciliated to cloud his mind he is aane . - ' - 1 i j.1 1 i - M iL . Their Way Tnem nnd cut Summing I'p of Lawyers, the Judge's Charge to the Jury, Jerome's decision to present his (By rionoTHY Dix.) ca8e without calling alienists or sub- New ork. Jan. 29 -The cu n has g h nypothetlcaI QMegti0n been rung .up for the last act in the . , i , vT. ,. Thaw trage.lv. The evidence is all hi. paused Littleton to change his plana The witnesses for and against the", at the last minute. He had Intended prisoner have brought their little bud- working up his case before he gets of 'information. '.opened them and .summed up to that point where the gone their ways and all that is left ' jury would be convinced first of now to be done Is the summing up of ; the lawyer., the . 'judge's solemn charge to tne jury, .ami men waaiever ino gods will for Harry Thaw. It Is stranire and curious how Thaw's fate in both trials has nung upon the story told by a woman on the witness stand. In the first trial it was the story of lils wife's. -.wrongs', that was depended upon to inlluence the Jury. It was a touching and moving: story, so terrible In its recital of childish .In nocence betrayed by the hand it trust ed that had the twelve men in the box believed 'it "they . would have cleared tin; .man. who killed Stanford .White they .would' have gone out and built a ............v.... ... l:.,. This trial, it is the story of Thaw's mother that will save him from the electric' chair, 'it is as piteous a story as ever woman told 'of a child coming Into the world sickly, with unstrung - nerves and an--undeveloped orain and with the taint of insanity and epilepsy inherited from )nih sides of the fam ily, latent in every drop of blood which coursed through the feeble frame. Xoboiiy who heard the proud old wo man tell that story with trembling lips will. doubt (me word of It, as it was wrung-from the very depths of her soul. : . s:h w.iul.1 r.ilber hnve died than have told It. and nothing but the saving of a life dearer to her than her own could have nerved her to make the yuprcme sacrifice. In this" trial Kvelyn Thaw's story will count no more than a fairy tale, but old Mrs. Thaw's story will be the weight that turns the scale of Justice to nil icy s sld The dramatic features of yesterday's proceedings was the admission of the I to examine into Thaw's present con famous Hummel "affidavit. The little jdmon of mind. As a basis for this lawyer who drew It up and who knew .--, , rhft courts Littleton has the all the ways of the underworld and i of the underworld and tnXtA and grew rich upon and disgrace, and was not able to be (Continued on Page Seven.) THETHAWJURY With lie Caution of A Past- master, the Texan Pleads For His Client. GR1T1CAL DAY FOR THE As if His Reputation Were at Stake Littleton Proceeds to Go With Hammer and Tongues After the Defendant The District Attorney Wants to Send Thaw to the Eleo : trie Chair Mr. Littleton Is Using the Greatest Care to Draw a Line IJetween Thaw's Condition Prior to and at the Time of Madisoa Square Garden Tragedy. (By Leased Wire to The Times.) New York, Jan. 29 Martin W. Littleton, chief counsel for Harry K. Thaw, with the caution of a past master In legal argument, began ft. delicate piece of work soon after court convened this morning. He J told the iurv whv Thaw should noti be held responsible for the killing of Stanford White, maintaining that n was absolutely insane. i Jerome listened as Intently as If his whole reiiutation were at stake, and by his manner evinced that when he sums up he will no doubt go after the defendant hammer and tongs. The district attorney wants to tend Thaw to the electric chair. Mr. Littleton is exercising 1 tu greatest care to draw a line between Thaw's condition prior to and at th time of the Madison Square Garden tragedy and the present. He ii carefully guarding against making Thaw out a maniac. The. vonnir Plttsbureer's strange life up until the time of the tragedy is being reviewed by his lawyer and tested that before he finish. Mr. Littleton will urge that although ''now made, so by the shock of the tragedy and by the source of taunt- ling persecution which ICUlVl HI It made him dangerous. .Thaw's Insanity prior to the shooting n,i ,nnri nf the restoration Of his sanity by testimony from Thaw him self. . Jerome knew of this plan and was waiting only to get a chance at cross examination when he hoped to prove that Thaw was as sane as a mm could be and therefore responsible for the killing of White Jerome did not introduce the tes timony of alienists for the state be- I cause Littleton had gathered such a jmass of evidence showing Insanity ! and could base Questions on this evi dence that would shake the witnesses tor tne prosecution. The district attorney also decided j to forego the hypothetical question i because of the necessity of including ' the convincing testimony that Thaw was Irrational from childhood. The jury can bring in any one of six verdicts, as follows: First degree murder; death in the electric chair, Second degree murder; life imprisonment. penalty penalty Manslaughter, first degree; penalty twenty years in state prison. Any minor degree of manslaughter down to simple assault. Not guilty. Not guilty on the ground of In sanity. This verdict carries the re sponsibility of committing the ac cused to an insane asylum. It this verdict is brought In and Thaw is sent to an asylum, Littleton will move ; for the annolntment of a commission ;,,,,, , mmi.olnn Annnlntad ;,,, , (V, mmi.ol .nnnlntl " ; -- - at the last trial which said that Thaw was sane. It will be remembered that all evl (Contlnucd on Page Two.) (Continued on rageiiiiiiguu; i (continued on Page ssven.) -v-v.. j I)
The Raleigh Times (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 29, 1908, edition 1
1
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75