WEALTH BY BILLIONS VALUE OF FARM PRODUCTS FOR THE YEAR 1907. WHAT THE EARTH PRODUCES -Agriculturalists Have It In Their Power to Curtail the Operation of Trusts and Prevent Unequal Distribution of Money. Farms of the United States in 1907 •will produce more wealth than all the gold mines of the world have produc ed in 20 years. Conservative estimates place the value of all farm products at -approximately $7,000,000,000, or about $200,000,000 more than their value in 190 G. The farmer is the magician, the -alchemist, that makes use of nature to enrich the world. The farmers' corn crops alone average a billion dollars a year, and all the other cereals an other billion, with cotton, tobacco, hay And flax worth another billion, and the fruits, garden truck and animals a few billions more. Thus it can be seen that •the farmer, produces wealth greater than taken from it by the miners for its precious gems and minerals. There is no other foundation for the wealth and business of the world other than tha land. Men cannot eat gold; the coal is only useful to him as a means •of utilizing what the earth grows; "there is nothing in the mineral world that will sustain life, or anything that is necessary unless mortals eat, drink and wear clothes. When there is abundance of agricultural productions, there are prosperous times, and a fam ine when the opposite occurs. The whole financial fabric, the entire com mercial system, is dependent upon the farmer, and his work. One billion dollars is an amount be yond the comprehension of the aver age man. The life of an individual is •not sufficiently long to count it cent by cent should he work ten hours a day, from his tenth year until death. 'This is the average value of the corn •crop alone that the farmers of the UJnited States produce yearly. One would believe that if only a small portion of the vast wealth, which the farmers produce could be •only retained in the agricultural com munities, there would be a class of •crich men greater than in any commer cial 'Community. Yet statistics show that for the amount of wealth yearly produced, the farmers are retainers of •only a small portion of it. The tend ency is toward concentration of wealth in great financial centers. It is in these places, and by the control of this great wealth, that trusts are built up, and the machinery putin opera -tion that systematically draws from the agricultural sections the great •wealth produced. Farmers can, if they -will, bring about a change by a sim ple adherence to the home trade prin ciple; by patronage of local business institutions instead of the concerns in the large cities. D. M. CARR. FOR THE HOME TOWN. Be a "booster" for your home town. tßy patronizing other than local insti tutions you are using a boomerang that is likely to fly back and do you injury when you least expect it. No "one can be an ideal citizen and talk and work against the interests of his home town. So long as you are a resi dent of a community, do your part towards assisting it to greater progress. Those who are opposed to the evils of capital concentration, the building up of trusts that work against the in terests of the masses, should consider tho fact that any and every system of business that depletes a section of the country of the wealth it produces strengthens the system of business and financial concentration. One of the most baneful systems that at the present is working against the inter ests of the smaller cities and towns, and is the greatest medium of drain ing wealth.from agricultural communi ties, is the mail-order plan of doing business. From some rural towns from 40 to 50 per cent, of the trade goes to foreign concerns. If this trade were confined to the home town, its business would he doubled, employ ment given to twice as many people; the profits accruing from mercantile business would seek local investment, and within a few years the population of the town would be more than dou bled, and all lining tvithin the district •would be benefited. JEvery kind and clars of goods have a real value, and this value is based upon the cost of the raw material, the price of the labor in producing it, and the cost of distribution. Whenever there are big bargains offered in any line, and goods offered ' below 7alue," be careful and see that you are not getting an inferior article'. While the farmer ma» receive a •dozen papers from the large cities, he invariably reads his local paper. It is to the interest of the farmer as well as the merchant that the latter use its columns freely to tell of the latest prices, goods freshly received, etc. The farmer wants to buy, and the merchants want to sell, and Kbe farm er will buy when and where he can save money. The merchant who lets business go away frem his town through lack of advertising riglitly Is pot a very enterprising business man. It is well to be on guard when deal ing with itinerent agents, sellws of groceries, carriages, machinery, pat ent rights, etc. It is a pretty good Idea to never take grab-bag chance vhen fou wish to buy an article. See what |/>ou are purchasing before paying »tor It POOR GOODS, CHEAP PREMIUMS. How Money Is Sometimes Squandered in Patronizing Prize-Package Concerns. The economical housewife Is a blessing. She who will watch the pennies and dimes can greatly assist her husband in accumulating money for use during days of advemity. Quite often women through their anx iety to assist in saving, and not having a training along business lines, make foolish expenditures. llow often do we find women in the country towns and districts engaged in buying soaps, spices, teas and coffees from some club-order concern with a view of get ting cheap premiums that are offer ed with each lot of goods? There is no economy in this method. Women as well as men should remember that there is never anything of value given without an equitable compensation, and when purchased on the club plan the profits paid are generally enor mous. You cannot get something for nothing. If you desire to purchase $lO or S2O worth of groceries, the best place to buy them is at some re sponsible grocery establishment In your own town. You can see what you are getting, and you know that the goods must be good or you can re turn them. When you get a premium with a lot of soaps or spices or ex tracts, you will find that while the goods may appear all right, there is a great chance of fraud that you little look for. The bars of soap will be of light weight, poorly dried, made of cheaper materials, and would be dear at your home store at half the price that you are compelled to pay for them. The spices will be half ground bark, and the extracts synthetic, never made from fruit flavors, but out of the dirty-looking coal-tar, a by-product of gas-manufacturing, and even the teas and coffees will be of the poorest kind and doctored up to look well. Then how about the premiums? You will find that they, too, are of the cheapest class, and could be purchased at the local store for half what they are represented to be worth. Women are only doing their duty in trying to as sist their husbands, but too often they waste money by patronizing premium and club concerns that operate from distant cities in small towns and ru ral communities. CRIES OF THE SIREN. Alluring Promise Made in Exaggerat ed Advertisements to Gain Trade, "Don't be robbed," "Save the profits that your storekeeper makes," and many like catch phrases is the princi pal advertising stock of the concerns who claim to sell at "wholesale" prices direct to consumers. Their ar guments appeal to women and men who have little knowledge of commer cial methods. It is the appeal of self ishness that wins for the concerns who seek business among the resi dents of farming districts rather than any merit that the arguments present ed may have. There can be little doubt as to the mail-order way of doing business be ing a permanent fixture in the mercan tile world. The fact cannot be dis puted that in certain lines of goods which are offered as "leaders" lower prices are quoted than like goods are generally sold at in local stores. But the average price on all lines cannot be lower, character and quality con sidered, than the same goods could be sold at by the local merchant. The business of the big mail-order concerns has been gained by extensive advertising and continuous aggressive work. It has been the apathy of the merchants in the country towns that has allowed these concerns to take trade from "under their very noses." Conditions that allow the steady drain of money from the agricultural dis tricts and small towns to the big cities are to be deplored. There cannot be doubt as to the evils of the mail-order systems as a factor in the concentra tion of wealth in the great financial centers, and the resultant building UR of trusts. For the past quarter of a century the trust evil has been con stantly developing and keeping pace with it, is the mail-order system. Much like the leprosy, its progress is such that the evil has a firm foothold ere serious attention is paid to it. The cry of "Save the dealers' profits" is synonymous with "Kill the industries of your own town; help us bind the trust ties firmer about your own hands." Don't be a traitor to your home town, even though there is a promise of a small saving in cents and dollars. Do your part to head off the business concentration evil. FREE TREATMENT. A Method That Should Cure People of the Habit of Patronizing Quack Doctors. It matters little how widespread through the press is the information a3 to frauds being operated in the country, there is always a field for the people who live by petty graft. One of the latest plans to defraud has re cently been worked in a number of western states. Strangers, purporting to be agents of a free hospital, would approach a farmer, inquire as to his health, and promise him free treat ment should he be ailing, claiming that the state medieal department would furnish the medicine free. A lengthy statement of his complaint would be written and his signature secured. I few weeks later a note duly signed by the farmer would be presented to him by his home bank. This appears to be a filmy scheme, but nevertheless more than a score of farmers in one Minnesota county were caught for from SSO to S2OO each. Don't sign any contract or statement unless you are positive of its character. CAMERON COUNTY PRESS, THURSDAY, OCTOBER 31, 1907. CLEARING NOISE TRIES TO STEW TIDE OF FINANCIAL DISASTER BY ISSU. ING CERTIFICATES. AN ACTION SELDOM TAKEN. Six Banks and Trust Companies in Brooklyn and Vicinity Suspended Payment Friday—Savings Banks Enforce 60-Day Rule. New York City.—Friday was an other nerve-racking day, but the finan cial institutions of New York showed extraordinary power of resistance to the pressure put upon them. While several minor institutions were forced to close their doors, yet two things should be said about them —first, that the amount involved was not so great as to exert any marked influence on the general situation, as these banks were located in residential quarters and did not come in touch with the larger financial institutions of the metropolis; second, that there is every reason to believe that these banks and trust companies are en tirely solvent and their difficulties will prove to be only temporary and due entirely to inability to secure ready cash. In the light of the general excite ment the savings banks put into ef fect the rule requiring 30 to 60 days' notice for the withdrawal of deposits. The institutions which closed their doors Friday, with the sums due de positors, were: The United States Ex change bank, Harlem, SOOO,OOO. International Trust Co., about SIOO,- 000. The Borough bank, of Brooklyn, $4,- 000,000. The Brooklyn bank, $2,300,000. Williamsburg Trust Co., Brooklyn, $7,500,000. The First National Bank of Brook lyn, $3,500,000. The First National Bank of Brook lyn, the Williamsburg Trust Co. and the International Trust Co. were allied Institutions. None of these companies had any important business connec tions with the larger banks. On the other hand a number of favorable features marked the day. The Trust Company of America and the Lincoln Trust Co., the two organi zations which have suffered most from runs, closed the day with all demands having been met. The most favorable incident of the day was that the stock exchange was provided with funds ample to meet its immediate necessities by a money pool headed by J. P. Morgan, which sent about $15,000,000 to the exchange during the afternoon. The stock mar ket had held relatively firm all day, but when the pool money was offered in the loan corner there was an im mediate upturn of prices and the mar ket closed strong. A further encouraging development, the good effect of which can scarcely be overestimated, was the decision 'to issue clearing house certificates. There will be a meeting of the Clear ing House association to-day for the purpose of taking official action for the issuance of these certificates. The immediate effect of this will be to en able the banks to settle the balances between, themselves with these cer tificates and thereby release large sums of currency for the regular needs of business. The decision to is sue clearing house certificates is like ly to end any further anxiety in re gard to the supply of currency. The first issue of clearing house cer tificates was in IS6O and there were several issues during the war. Other issues occurred in 1873 and ISB4. The last occasion on which they were availed of was in 1893. • WEEKLY BUSINESS BULLETIN. The Leading Industries are Generally Active, Although Many Tin Plate Mills Have Closed. New York City.—R. G. Dun & Co.'s Weekly Review of Trade says: Monetary pressure culminated this week in the closing of several bank ing institutions, but a serious panic was averted by the prompt action of Mr. Morgan, who assumed the leader ship of a concerted movement to strengthen the situation, while the formation of a trust company com mittee similar to the clearing house committee did much to restore confi dence. Trade reports are Irregular, the events of the week at this city tend ing to cause conservatism in prepara tions for the future, but current re tail trade is active throughout the nation, and the leading industries maintain active machinery at most plants. An encouraging sign is the absence of cancellations. Transport ers are unable to handle promptly all the freight offered and railway earn ings in October thus far surpass last yoar's by 6.8 per cent. It is encouraging to note in dis patches from Pittsburg and other leading centers of the iron and steel industry that no cancellations have been received and that specifications on old contracts maintain activity at most mills and furnaces. New busi ness is light, but plants "are fairly well occupied, except tin plate mills, which have shut down about 50 per cent, of their capacity. Many plate and structural steel mills have con tracts covering output up to the end of the year. Burglar Assaulted a Woman. Pittsburg, Pa.—Stepping from her upstairs apartments in Bellevue, a suburb, Friday, to investigate a noise in the rooms of Mr. ami Mrs. J. J. Ad ams, below, Mrs. W. M. Rogers was seized by a burglar, bound to a chair, gagged and slashed with a razor, af ter which the robber ransacked the Adams place, escaping with $125. $300,000 Fire Loss. Marshalltown, lowa.—Fire Friday night destroyed the lowa Central car shops, paint shops, machinery, stock, coaches, cars and lumber, entailing a loss of $300,000. MORGAN PREVENTS A PANIC FORMS A POOL AND LENDS MIL LIONS IN WALL STREET. . Worst of the Financial Crisis in New York City Is Believed to be Over —Three Small Banks Fail. New York City.—As a result of Thursday's developments in the finan cial world there is every indication that the crisis in the banking and trust company situation has been safely passed. The Trust Company of America all through the day paid out money to depositors and closed the day with all demands having been met. The day was marked by noteworthy episodes. First came the announce ment of trouble in three minor state banks in Harlem—the Hamilton bank, the Twelfth Ward bank and the Em pire City Savings bank. These banks transacted only a neighborhood busi ness and their suspension of payment was absolutely without significance as bearing on the general situation. By l'ar the most notable episode of the day was the emptying of millions of money into the stock exchange through a pool headed by J. P. Morgan . and other financiers, in order to avert I a ruthless selling out of stocks held by ! brokers which was threatened be | cause of their inability to obtain re | newals of loans on which these stocks had been carried. A remarkable con dition brought about this extreme stringency in money, which had gradu ally forced the interest rate up to an almost unprecedented figure. Certain large interests with great financial re sources had been charging usurious rates of interest on call loans. One institution that had been engaged in this practice was a member of the clearing house and was severely criti cized by other bankers for its action. As a result of the criticism this in stitution withdrew its support and de clined to offer money on call on the stock exchange. The effect of this was to run the rate for money up to 100 per cent, and when that figure was quoted an extremely sharp decline re sulted in the stock market, Union Pa cific, a 10 per cent, stock, selling down to par. Notwithstanding the high rate for call money that might have been ob tained, the National City bank, John D. Rockefeller and other prominent moneyed Interests sent funds to the stock exchange to be lent at 6 per cent. These sums, however, were not sufficient to meet the demand. At the time that excitement was at its height announcement was made that a pool had been formed, with J. P. Morgan at its head, to come to the rescue of the brokers for whom it was necessary to provide funds at once, in order that they might carry the stocks they were holding for their customers. The Morgan pool brought $25,000,000 into the loan corner of the exchange, where it was quickly distributed. The effect of this relief measure was instantaneous and the rate on call money dropped from 100 to 10 per cent. Stocks advanced more rapidly than they had declined. DR. GILLETTE IS CONVICTED. Ex-Vice President of Mutual Life In surance Co. Is Found Guilty of Perjury. New York City.—The first con viction in the cases based on the dis closures in the legislative investiga tion of insurance affairs in 1905-1906 was obtained by the district attorney's office last night*when a jury in the criminal branch of the supreme court found Dr. Walter R. Gillette, ex-vice president of the Mutual Life Insurance Co., guilty of perjury in the third de gree. The verdict was accompanied with a recommendation for mercy. The maximum penalty for this degree of perjury is ten years' imprisonment. After the report of the jury counsel for Dr. Gillette moved for a certificate of reasonable doubt and an arrest of judgment. Justice Dowling announced that he would hear the motion next Monday and for the meantime remand ed Dr. Gillette to the Tombs. During the trial the defendant has been at liberty under SIO,OOO bonds. The jury was out one hour and 25 minutes. In the Interval Dr. Gillette chatted with his son and daughter. When called to face the jury he paled per ceptibly, the pallor giving way to a flush as he heard the verdict. For a moment he appeared surprised, but promptly recovered himself. He was accompanied by the son and daughter to the entrance of the Tombs. I)r. Gillette is (57 years old and is well known in medicine, from the practice of which he retired some years ago. He was born in Philadel phia. The specific charge upon which Dr. Gillette was found guilty was that he had testified falsely before the grand jury on May 24, at which time he was vice president of the Mutual. The in dictment alleged that at the time, un der examination by District Attorney Jerome, ho stated that certain moneys ip the Dobbs Ferry bank were his per sonal funds and that subsequently he had admitted that these funds were really the property of the Mutual Life. The Lusitania Lowers a Record. Queenstown, Ireland.—The Cunard line steamer Lusitania arrived here at 9:30 last evening. She broke the best previous eastern record. The best pre vious record from New York to Queenstown was 5 days, 4 hours and 19 minutes. This the Lusitania made on her previous run from New York. Her time of passage has been 4 days, 22 hours and 46 minutes. Holdup Man Killed by a Train. Chicago, 111. After having been shot while attempting a holdup, captured by the police and escaping while under guard at the county hos pital, John Kroll, 28 years old, was killed by an express train last night at Avondale, a suburb. Universalists* Convention Begins. Philadelphia, Pa. The biennial session of the Universalist general convention opened here Thursday with prospects of drawing together one of the largest and most enthusi astic gatherings in the history of the church. fTaicomTilyri I WE have the best stocked general store in the county and if you are looking for re- h liable goods at reasonable prices, we are ready to serve you with, the best to be found. Our reputation for trust- j\ worthy goods and fair dealing :! I is too well known to sell any but high grade goods. 1| Our stock of Queensware and [gl Ohinaware is selected with f*: great care and we have some S of the most handsome dishes ! ever shown in this section, t both in imported and domestic j makes. We invite you to visit J | us and look our goods over. 112 I I I I Balcom & Lloyd. J jjjT LOOK ELSEWHERE BUT DON'T FORGET j] M THESE PRICES AND FACTS AT i! | LaBAITS || | M II M || We carry in stock , fcf the largest line of Car- ' |] |.g pets, Linoleums and fi/_ 'lrSfel ?7 Mattings of all kind 9 ever brought to this M town. Also a big line ' '• '•>*./'• • A very large line of -.FOR THE rgSljP fj fl Lace Curtains that can | X^fplr 5 '- COMPORTA6LE LOD€fM6 l\ Art Squares and of fine books In a choice Übraiy fl Rugs of all sizes and select the Ideal pattern of Qfobe- W kind, from the cheap- Wernicke "Elastk" Bookcase. H est to the best Furnished with bevel French || || plate or leaded glass doors. || M Dining Chain, I ' OB •»* I $ $ || Rockers and BEO. J. LaBAR, *4 High Chairs. goie Agent for Cameron Countj. I bj S3 A large and elegant L————————.—__J *1 line of Tufted and Drop-head Couches. Beauties and at bargain prices. |3 |3O Bedroom Suite, ff QP (40 Sideboard, quar- tf Of| P™ solid oak at tered cak 4)OU H »$26 Bedroom Suite, COl $32 Sideboard, quar- COC tS •olid oak at 3*' tered oak )Z3 JHg |26 Bed room Suits, COfl |22 Sideboard, quar- CIC Ml || solid oak at J)/U tered oak, 4)10 || M A large line of Dressers from I Chiffoniers of all kinds and || |8 up. all prices. fe# || The finest line of Sewing Machines on the inarfcet, gyf E|| the "DOMESTIC" and "ELDRIEGfe.' AH d«)p- y £2 heads and warranted. A fine line of Dishes, common grade and China, in c? *2 sets and by the piece. M As I keep a full line of everything that goes to N 4 make up a good Furniture store, it is useless to ennm- M | erate them all. || || Please call and see for yourself that lam telling || || you the truth, and if you dou 1 t buy, there is no harm done, as it is no trouble to show goods. I GEO. J .LaBAR. jj UNDBBLTAKINCS. M 3
Significant historical Pennsylvania newspapers