No Central Bank in | _ Aldrich Plans. Moaetary Commission ton opie For Reserve Association. — f Senator Nelson W. Aldrich’s long awaited “plan for the revision of the national bank legislation,” as he calls it, was made public in Washington. It does not contemplate the estab- | lishment of a central bank. It is so far | from what most people have expected from Mr. Aldrich that it may come to many as a notable surprise. The plan was submited to the na- tional monetary commission, but Sen- ator Aldrich was not at the meeting. Far from recommending the institution of a centra! bank, Mr. Aldrich express- ly disclaims belief in it as calculated to meet the needs of the situation. What Mr. Aldrich does propose is the establishment of the “Reserve As sociation of America,” representing what might be called a federation of local associations formed by national banks. The Rhode Island senator de- clares the belief that the association, | organized as he propuses, cannot be “controlled by ambitious monetary in’ terests or dominated by political in. fluence.” Some of the Provisions. So well-knit is the scheme proposed that it is dificult to state briefly the provisions of the plan; but these seem to be the essentials: At bottom, local organizations of representatives of banks, formed by not less than ten banks, each bank holding stock in the association in pro- | portion to its capital. Directors would be elected by these to the board of “branch” associations, | one branch for each of the fifteen financial districts into which the Unit- ed States would be divided. Each “branch” board would include a certain proportion of men not bank- ers, but representing industrial, agri- cultural, commercial and other inter- ests. The “branches” in turn would elect to the reserve association proper direc- tors, forty-five in all, among whom must also be a proportion of men rep- resenting interests other than banks. There would be also six ex-officio members of this board, namely, the secretary of the treasury, the secre- tary of commerce and labor, the comp- troller of the currency, and the gov- ernor and two deputy governors of the association. The governor and deputy governor of the association would be appointed by the president of the United States and would be removable by him for cause. The association would be the princi- pal fiscal agent and aepository of the government, would fix from time to time the rate of exchange or discount, and eventually its notes would replace those of the national banks. 1 ‘wie commercial paper, passing up from the banks through the local as- sociations and branches, as well as bonds of the government, could be used as a basis for currency issue. New Scope For Banks. The plan contemplates also two new classes of national banks, or depart- ments of banks, to receive savings and make loans upon real estate and also ! to be in effect national trust companies. The system of mutual support by which the associations’ members would meet currency emergencies Is detailed at length. It is proposed to charter the Reserve Association of America with an au- thorized capital of approximately $300. 000,000. The length of the charter shall be fifty vears, and the head office shall be in Washington. A national bank having a minimum | capital of at least $25,000 may sub scribe to capital stock of the reserve | association equal to 20 per cent of the | stock of the bank and not less, and each of such subscribing banks shall become a member of a local associa- | tion. Fiity per cent of the subscrip- tions to the capital stock of the re- serve association shall be called in cash: the balance of the subscriptions ! will remain a liability of the stock- holders, subject to call. Share of the capital stock of the as- under no circumstances may they be owned by any corporation other than the subseribing national bank. The carnings of the reserve asso- ciation shall be distributed in the fol- lowing manner: After the payment of all expenses and taxes the stockholders shall re! ceive 4 per cent. Further earnings | shall be divided, one-half to go to the surplus of the reserve association, un- til that surplus shall amount to 20 per | cent of the paid in capital; one-fourth to go to the government, and one- fourth to the stockholders. After the stockholders receive 5 per cent per annum the earnings shall be divided, one-half to be added to the parplus of the reserve association and one-half to go to the government. Af- ter the stockholders receive 5 per cent per annum and the surplus amounts to 20 per cent, all excess earnings shall go to the government. The mini- mum dividends to the stockholders shall be cumulative Mind Blank Six Years. Gaston Ketcham, fifty-two years of age, a wealthy real estate operator of Wassaic, Dutchess county, returned to Poughkeepsie, N. Y., after wander- ing about the country with his mind a blank for nearly six weeks. Ketcham dropped out of sight while visiting relatives in Hoverhill, Mass., on Dec. 5. It was while he was wait ing to have a check cashed in a bank that he was recognized and detained. Ketcham is almost a physical wreck, but his mind seems to be entirely clear again, and he says he js ready to take up business where be eft oft. ‘ €c¢sca Cead In Gas Explosion. As the result of an explosion of nat- ural gas in the basement of the five and ten cent store of J. C. McCrory & ! Co., at Connellsville, Pa., seven per- ! sons are believed to have perished. Five charred bodies have been re- covered, only one of which was posi- tively identified. The second body taker from the | smouldering ruins was declared by the parents to be that of Miss Christabel Smith, aged nineteen years. Mabel Wagner, fifteen years old, and Minnie | Mulac, aged fifteen years, are known to have perished. Of the bodies recov- ered four are giris. The fifth is that of an unidentified man, supposedly a cus- ' tomer. Attempting to change mcters with- out shutting off the gas at the curb is held responsible for the tragedy, and Coroner Bell promises a thorough investigation tofix the responsibility. That any of the twenty-five persons in the store escaped is regarded as miraculous. Within a few moments the entire two-story brick building was a mass of flames. Within fifteen min | utes after the explosion the walls col- ! lapsed. Eight Killed on Battleship. A serious accident occurred in the fireroom of the battleship Delaware, en route from Guantanamo, Cuba, to Hampton Roads, Va., killing eight en- listed men and badly injuring anoth- er. No commanding officers were hurt. The accident was reported to the navy department by Rear Admiral Marshall, commandant of the Norfolk navy yard, who forwarded a wireless message from Captain Charles A. Gove, commanding officer of the Dela- ware. The dispatch said the men were burned by steam. The names of the dead follow: | Charles Henry Harp, of Violet, Ky. fireman, first class; William Morris White, of Vicksburg, Miss, fi:eman, second class: Columbus Porter Watts, | of Fairmont, Ga.. fireman, first class: Herbert Anderson Brewer, of Hermii- age, Tenn, fireman: Lewis Addison White, of Beaver Dam, Wis, coal! passer; Clarcnce Dewitt, of New Flor ence, Tenn., coal passer; Christen Jen- sen, of Brooklyn, N. Y.. water tender, and an unidentified man. Badly injured: Eugene Washington, fireman. Famous Picture Slashed. Rembrand''s most famous picture, “The Night Watch,” aged by a uischarged naval cook by the name of Sigrist, who entered the Rijks museum, at Amsterdam, and with a knife deliberately slashed the © masterpiece. Sigrist, wuo was arrested, declared that his vandalism was an act of ven. geance against the state because of ' his discharge from navy. The cuts traverse the principal fig- ures of Captain Franz Banning Cocq's company of arquebusiers, but art ex- | perts express the opinion that the! damage is not beyond repair. Didn't Speak In Fifty Years. Philip Burkhart, ninety years of age, is dead at English, Ind. Burkhart had | been insane for about fifty years and had not spoken a word in that time. | During the Civil War he lost his mind and became superstitious on the gues- tion of witches. He believed witches were always trying to put burs in his horse's mane and tail and he kept his gun loaded with needles to shoot the ' ' witch. Ship Subsidy In Canada. Sir Wilfred Laurier has announced in the house of commons at Ottawa, 'homest Ont., that the ministry has decided upon granting a subsidy of £25,000 annually for steamship service be- tween ports on the Pacific coast and | China and Japan. The subsidy is not to ‘run for a period of more than ten | years. Taft Wants Canal Fortified. ' President Taft sent to congress a | ' special message urging the fortifica. | tion of the ‘anama canal. appropriation of $5,000,000, to start the work on the proposed defenses, be | | gress. Japan Buys Mexican Oil. The Mexican Eagle Petroleum com- : pany, of Mexico City, Mex., of which Lord Cowdray, of England, is the head, has just closed a contract with Japa- { { nese interests for the delivery of fifty Philiips, of | service in the The president recommends that an sociation will not be transferable, and | Wade at the present session of con- BOOKS, MAGAZINES, ETC. “Lewis THE Rosser.” — The autobiography and daring deeds of David Lewis, the robber and counterfeiter, just off the press, is said to be an authentic account of the depredations of the terror of the Alleghenies in the early part of the last century. Sent postpaid tc any address for 16 cents. Address The Neas Bookstore. Roaring Spring, Pa. Announcements. We are authorized to Gi , of Huston will be ii voters the So the oo at the c primaries to be held Saturday. June 3rd, 1911. TREASURER. _We are requested to announce that J. Mitchell Cunni , of Bellefonte, will be a candidate We are authorized to announce that Miller, of Walker Rh vii be a cai candidate voters of the ue Socios pe pd go oh ng wb fy une 3rd, We are authorized to announce the name of idate for County reasurer, subjec tt of the Democratic voters of the. counts at the general primaries to be held June 3, 191 PROTHONOTARY We are authorized to announce D. R. Fore- man, of Bellefonte, will be a candidate for Pro- thonotary of Centre county, to the decis- ion of the Democratic as ex- at the primaries to be Satur- , June 4rd, 1911. We are requested Fortoey of Bellefonte, will be a candidate for Dis- trict Attorney, the decision of the Democtatic voters of the county, as expressed at held urday, June | primariesto b Ihegfrneral p dug COMMISSIONER. 1 |We are authorized to announce that John R. Lemon, of Ferguson township, will be a candidate } for Gounty subject tothe decision he Democratic voters of the SOUY I : fressea a the primaries to be held urday, ; RECORDER. I hereby announce myself as a candidate for R , subject he decision of the Demo- cratic voters at the primaries to be held June 3rd, 1911. EDWARD C. McKinny, of township.* _New Advertiw ments. ARM Fe FOR SALE.~Good farm of 190 ac buildings, near church, sc! good pAddress 3 “POSTLETHWAITE, | Mev eytown, F* | 56-1 was badly dam- tin street now occupied by Charles M. ! McCurdy. Apply to MRS. ORBISON. Wars FOR X SALE OR RENT.—Ruhl’'s hotel Mills, Pa., having license and a HSE Mis is for sale or rent. Write ! | or inquire of T. B. JAMISON, A ' 56-1-tf Spring Mills, Pa. DMINISTRATOR"S NOTICE. —Letters of | Administration on the estate of H. A. a, late of Liberty town- | ship, having Bean granted to the undersigned ' they request all persons | debred to said estate to make paymen t and those | ha claims against it, to ayinen them duly authenticated for settlement. SUSAN LINN SNYDER, HARRY B. SNYDER, lanchard, Pa. UBLIC SALE OF REAL ESTATE. -— undersigned, trusses jor 8 the sale estate of Mary C. Ard and of i | rd, deceased, will offer at public sale at Fine An Mills, Pa., on “SATURDAY, FEBRUARY CTH eI, at 1:30 o'clock p. m. No. 1. HOMESTEAD PROPERTY on Main street Pine G Sin aren the rove Mill, hava | i FINEST RESIDENCES in this beautiful town, consist f ! frame building, with Wig dy oo | buildings stable; to, r with a lot of ay fhe | Jogethe ontaining Slot Of frou » o No. 2. DWELLING HOUSE AND STORE BUILDING. | on Main street in Pine Grove Mills. 56-1-6t i | Terms OF SALE.—~Ten cent in cash j of sale, balance Ter § vushoniday | Possession to be given April Ist, 1911. I. J. DREESE, Trustee. | W. HARRISON WALKER, | J. THOMAS MITCHELL, Attys.tfor Trustee. £6-3-4t DMINISTRATOR'S NOTICE. ter of the estate of John I. a. Rn: of the of Bellefonte, deceased: . Letters of administrati the above estate hav. ing been granted to the undersigned, all ied to said supe are i to ke gay. pay. | duly authenticated for br hid gh without delay. i M. ELIZABETH OLEWINE, | W. HARRISON WALKER, Attorney for estate. million gallons of refined oils during the next three years. New Locomotives For the P. & R. phia & Reading Railroad company has | Atlantic type of passenger locomotives summer. John Paul Jones’ Crypt. At a cost of $135,006 the senate pro- poses to provide a permanent resting place for the body of John Paul Jones in a crypt in the naval academy at An- napolis, Md. A bill to this effect was passed by the senate and now goes to the house. Washington Elects Poindexter. By a vote of 86 to 10 in the Wash- ington house of representatives and of 40 to 1 in the senate, the two branches of the legislature, meeting separately, elected Miles Poindexter, insurgent Re- publican, United States senator over George F. Cotterill, Democrat. Townsend Elected In Michigan. Congressman C. E. Townsend, of Jackson, was elected United States senator by both branches of the Michi gan legislature to succeed Senator J. C. Burrows. a It is announced that the Philadel. | The placed an order for twenty-three new ' desi to be built in Reading, Pa., during the | DMINISTRATOR'S NOTICE.—Letters of administration on tuin on the esta estate of Catharine ough, having been granted t th undersigned te requests knowing themselves indebt- ed to said estate to make payment and those hav. the same to present them duly ne bv law for settlement. G. FRED MUSSER, Admt.. . HARRISON y Rellefonte, Pa. Atty. for Estate. 55-48-6t —— wanted. 1 RENT APRIL 1ST.—The house on Cur. , : Jog the themselyes in- | of the | Fine Groceries | drated lime (H-O) through your drill ‘“ 2 Five 1 Seven 1 Two “ ‘“ Roadster “ ““ ‘“ 16th and Walnut Streets PF = i : | Rebuilt Premiers Represent a Greater Value than Many New Motor Cars. We now have the following cars which have been thorSugily overhauled and which represent exceptional 1 Five Passenger T ouring Car 1) Model. 1908 1910 COMPLETE INFORMATION SENT ON REQUEST. THE MOTOR } COMPANY vr SY TY WY WY WY ww Ww ae ce co me Se ——— IT a crass ata a anda ada day PREMIER A MOTOR CAR TRUTHFULLY NAMED. One of Quality and Sold on its Merits. SEND FOR our 1911 CATALOOUL. “ ““ b Philadelphia. The First National Bunk. 1911 Begin the New Year with a Bank Account. | You cannot make a better start toward ‘ SUCCESS. HERRERO i || The First National Bank, Bellefonte, Penna. i i 56-46-1y i 1 Groceries. Groceries. Sechler & Company —) GROCERS (— rE We are at this i season giving Special Attention to ! Supplying the Pe the trade in Fruits, ons and gage ot oe we do not let gO on ig li line of MINCE MEAT of our own make is the is possible to produce, 15 cents per pound. Coffees, Teas and pure Spices, we carry i highest grades and at reasonable prices. for butchering pu ground handle no cheap spices or low any kind. or whole berry—all pure goods. we grade goods of Sechler & _Company, Bush House Block, Bellefonte Pa., 3 Lime and Crusnea Limestone. H-0 You Famers and Ariculturists E-Q Your land must have LIME if you want to raise L faite pigs Use Hy- or Ee , you seed, for quick results, or use ordinary lime, fresh re or lime for general use. BE SURE TO USE LIME Ground Lime and Limestone for all purposes. Limestone crushed to any size. Works at Bellsfunte, Frankstown, Spring Fi and Union Furnace. The largest lime manuiscRuete in ig Now is the time to place your orders for prosipt Write for literature and all information EHS, onl yeild com AMERICAN LIME & STONE CO., Office at TYRONE, PA. Meadows, Tyrone New Advertisements. OTICE.—The annual stock Eg EE be Bellefonte, Pa., on Monday, ay. January 3rd. 101 at 10 o'clock a. m., for the elect! the ensuing year and to an PT ness as may properly come before such meeting. Bellefonte, Pa- January 6th, 1911. Repairing. D. S. CLEMENTS (WEST BISHOP ST., BROWN CORNER.) irs all makes of Sewing Machines. RE A ace Of aa are. i a ’ nA ~ awe ~~ : F.P. BLAIR & Co. The Rich and Unusual . m Holiday Goods EVERLASTING. (GUARANTEED. BOTH 'PHONES. —— F. P. BLAIR & Co. 55-46-tf d PBT LV LNT LT LST BSG ATV OV OLVAT LYE BT LV BV BTV 8 ABTA ‘Brokers. Te — (Established 1874.) C. I. Hudson & Co BROKERS. Members New York Stock Exchange 34-36 Wall St., New York. a s— Branch office Williamsport, Pa. 55-38-3m. Both Telephones. wo— Saddlery. ' New Departure Business Ly Surely, you must think well of Ry: To will save you some plan a set of Single Harness. it is up to you to make us SCHOFIELD'S MAIL ORDER DEPT. A Set of Harness in Nickle or Imi- tation Rubber, at.. . $12.85 { This hamess is equal to any S15 set on the $14.85 which has no equal for less than $17. Ti 0 insure Ie Brom: Kea of the the be mailed tiled upon request Address all communications to E. N. SCHOFIELD, Mal, to which he will Sheerlully give his prompt GuamaxTE—The above goods resented or James a SpringStreet 3532 Bellefonte, Fa. VA VAVAVAYAVY.A Vawvw., : | PPA CATVAVANTY AV AY AVAVAVTAVYAVCAVTAVYAVAY. AVY AV ATYAY
Significant historical Pennsylvania newspapers