&&ts&
9ftunton
two CENTS.
THV PAGES.
SCRANTON, PA., TUESDAY MORNING, DECEMBER 19, 1S99.
TEN PAGES.
TWO CENTS.
PiiP s CTLolJrijtK
FLURRY IN
WALL STREET
A Fruitless Attempt Is
Made to Create
a Panic.
STOCKS ARE SACRIFICED
The Imperative Need of Money De
veloped by Violent Contraction of
Values Causes Consternation The
Offer of $10,000,000 at Six Per
Cent. Bate Drives the Bears to
Cover Beports Indicate That 180
Per Cent. Was Paid for Money !
During tho Day Great Excite
ment on the Floor of Exchange.
New York, Dee. 18. Panic conditions
developed on the stock exchange this
afternoon with Imperative need of
money developed by the violent con
traction In values. Stocks were being
thrown over without tho slightest re
gard to the price they would bring and
at distressing sacrifice of values. No
end to the helplessness of the situation
seemed In sight when ln the last half
hour of tho market some $10,000,000 was
offered on the stock exchange by the
concerted action of the clearing house
banks to force the rate arbitrarily
down to six per cent, without regard
to the distractlve bidding at higher
rates which was being done by other
brokers for distressed operators. Tho I
collapse In the money rate checked the
decline and drove tho bears to cover.
The recoveries produced by their
urgent bidding were almost violent as
the declines had been, but the losses
were by no means entirely retrieved.
Large offerings of stocks continued at
the rally, and at some points of tho list
prices broke anew before the clos
mali'iic; the losing exceedingly irregu
lar and unsettled.
The excitement continued to the end,
with sentiment looking forward anx
iously for the developments of another
day. Tho seriousness of the crisis has
called forth the best efforts of power
ful and conservative financial inter
ests, who are busy concerting meas
ures to tide over the money difficulties
which besot the stock market and
whlrh by reason of their extent and
the Importance of the Interests In
volved threaten to affect the country's
business interests unless obstacles are
opposed, if It Is considered a point
gained to have effected a cessation of
the ruthless sacrifice of values long
enough for a period of consideration
over night. For the selling of stocks
had unquestionably reached that stage
where oidlnary considerations of pru
dence "r even of necessity had been
thrown to the wind and the sufferers
from the money stringency were un
loading their holdings In the true spirit.
A pause of a few hours for considera
tion Is likely ln Itself to do much to
ward rectifying such a condition.
Wild Rumors Afloat.
So far as actual news was concerned
today, there was a suspension by a
newly organized trust co.npaiiy and by
a firm of bankers and brokers who
have tlrured as traders ln stocks to
an extent of pome Importance. Neither
event In Itself would have been suffi
cient to precipitate a crisis. Hut thoy
were supplemented with a whole crop
of w'ld and Incoherent rumors which
spared no Interest, however powerful,
long established and hitherto free from
suspicion It may have been. One would
think from tho tone of I'omo of tho
gossip that was flying about by tele
phone, telegraph nnd by messenger
boys or by whispers, and oven by
shoutings In the lobbies of the sto"k
exchange that the whole finan-lal fab-
rlc hod been undermined and was
about to tumble In ruins. Yet the day
closed with two failures ab-ve men
tioned as the sum total of disaster, so
far as admitted insolvency was con
cerned. The reason for the widespread
effect upon sentiment of the trust com
pany's suspension was that It was on?
of a larg- number of institutions re
cently formed upon similar lines, and
which have thriven upon the multiply
ing of securities Incident to the vast
Industrial combinations which have
been a feature of tho past year.
The securities of these combinations
as a class have been In disfavor In
Wall street for many weeks past, and
In fact ever since tho headlong Infla
tatlon In their prices and subsequent
collapse last spring. Tho disfavor
whlrh Is attached to them In Wall
street has been quite Indiscriminate
and based on many varying" consider
ations. The principal allegations
ngalnst them are over capitalization,
exorbitant prices paid for constituent
properties and vulnerable to existing
and threatened legislation against
combinations.
The Sheep and Goats.
It Is evident that In so large a num
ber of combinations as have been made
these allegations can scarcely apply to
all alike. But the sheep have not been
- separated from the goats In AVall
street and some of tho least fortunate
of tho new combinations have been
affiliated with the trust company
which closed Its dcors today. Tho In
cident caused n feeling of distrust with
regard lo the whole class of Industrial
securities, ns Is sufficiently evident
from tho wide breaches made In tin
values of this class of securities In the
day's trading. It is to be noted also
that tho very heavy commitments of
capital to tho trust form of enterprise
Itself and Its incursions on the bank
ing field have aroused much discus
sion. It has been obvious for many
months past that a r.reat deal of
money had been locked up by capital
IMs In these new Industrial combina
tions, which wern becoming burden
some to carry, by reason of the heavy
demands for money In the regular
channels, the large absorption of funds
by reason of the government's surplus
revenues and the urgent needs on the
London money market, growing out ot
the Transvaal war. Last weok'a
threatening situation In Boston wis
the outgrowth of the burden of copper
stocks. In the effort to protect these
securities and others were also In
volved, Including some of the most
substantial stocks on the list.
The fall In prices, Instead of reliev
ing the situation, added to the weak
ness with accumulative force, by rea
son of the Bhrlnknge In the value of
collaterals. Before the concerted relief
by the clearing house banks the money
rato leaped to fifty, seventy, one hun
dred, and, according Jo the official rec
ord, one hundred and twenty-five per
cent. Credible report assert that 188
per cent, was paid for money during
the day. The official record of such a
transaction was lost In the excitement.
An Idea of the severity of losses may
be gained from n few specifications.
Thus American Tobacco fell an ex
treme 21; Metropolitan, 20,,i; People's
Gas, 14; Sugar, 12; Continental To
bacco, 11U; Tennessee Coal, 17; Man
hattan, 9, and Leather preferred, fl'.i.
a ln the list of Industrials. In the
ItllllUtlllil IIDIO DUVII DHvno ..a .w.
west, New York Central, Great North
ern preferred, Rock Island, Southern
Pacific, the Union Pacific and tho
Northern Pacific, Atchison preferred,
and, In fact, tho most prominent and
active railroad stocks In the whole list
showed losses all the way from 4 to n
points. Tho rallies, with the final offer
ings down of tho money rate to 6 per
cent., ran from 5 to 10 points.
The Day's Transactions.
The day's transactions run up to a
total of nearly 1,60.000 shares, which
Is the record for a day's business. Tho
excitement was Intense all day, and
there can be no doubt that a large
volume of transactions and a record of
many quotations was entirely lost In
tho seething and turmoil of brokers
and operators, which surged over tho
floor of the exchange and about every
post all day long,
The changes In
prices between sales ran up to one, two
and even three points, both on the
down grade and on the recovery. After
the close of the exchange there was a
meeting of the clearing house commlt
tco to concert further measures for
safety and relief. An issue of clearing
house certificates was discussed, but
the bank presidents present decided
that would not be advisable for the
present. A meeting of the clearing
house committee was called for 11
o'clock tomorrow, with a view to being
prepared for action In case of further
necessity. The demoralization ln stocks
affected the bond market more or less,
but losses were largely confined to the
lower grade Issues, which have been
subject to speculation. The volume of
Investment Issues brought on tho mar
ket by the severe money stringency is
as yet small.
REPUBLICAN CONVENTION.
Building Selected at Philadelphia
for the Meeting.
Philadelphia, Dec. 18. The auditor
ium In the main building of the recent
national export exposition was today
pronounced by Chairman Joseph If.
Mnnley and H. C Payne, of tho sub
committee of tho national Republican
committee, as the finest hall ever se
lected for a national Republican con
vention. With Samuel Fessenden, the
national committeeman from Connec
ticut, Messrs. Manley and Payne to
day visited tho auditorium, escorted;
by members of the local committee
which succeeded in bringing the. con
vention here. Mr. Manley and Mr.
Payne represent the sub-committee ap
pointed by tho national committee to
look after the alterations ln the con
centlon hall. Mr. Fcssender. Is In
town arranging for headquarters here
for tho delegation from his state.
John Ulrkcnblne, the exposition arch
itect, explained to the national com
mitteemen that as tho auditorium nowi
stnnds It will seat comfortably 5,000
. people
If all the available space is
utilized tho convention will provide
30,000 square feet of room. Mr. Birk
enblne said the reconstructed stage
would hold 1,200 people, and Mr. Man-
ley said space would bo required dl
' rectly In front of the stage for 015 dele-
' Bates. The committee expressed tho
opinion that with the improvements
contemplated It would surpass any In
which Republican national conven
tions have been held.
Gatacre's Proclamation.
Sterkstroin. Capo Colony, Thursday.J
uec. u. ueneral uatacro lias Issued a
proclamation forblcMing all persons liv
ing on farms to irevo about the district
or to visit Sterkstrcm, except on Satur
days, and then only with passes, under
pain of summary rrrcst. It Is under
stood that the pioolamatlon is directed
partly to the prevention of the convey
ance nf news regarding British move
ments Victory for McGovern.
Cincinnati, Dec. 18. Terry McGovern
added two more victories to his long llFt
hero tonlsht In the nrcna of tho People's
Athletic club. Ills task was a very easy
one, hts opponents being badly fright
ened when trey laced tho littlo wonder.
His first bout waB to bo ten rounds with
Charlie Mason, of Chicago. Mcdovtrn's
second opponent was "freckles" O'Brien,
of New Orleans, who weighed about 130
pounds.
Charters Issued.
Ilarrlsburg. Dec. IS.-Tho following
charters wore Issued at tho stutc de
partment today. Tho American Union
Coal company, of Philadelphia, capital
$20,000. Tho Coatesvlllo Gas company, of
Philadelphia, caotlal $1,00). J'lio Autna
Building and Loan association, of Phila
delphia, capital Jt.OOO.Ovu.
Sampson in the G. A. R.
Palmyra, N. Y., Dec. It). Admiral
Sampson was mustered into membership
ln James A. Garfield post, VJi, (..rand
Arrr.y of tho Repilbi'c. I nlshf. AMr
the ceremony thcro nnr a camp lire nnd
hurd tack and pork and beans.
Gilbert the Champion Shot.
Batavla Dec. IS. On tho ground of tho
Batavla Oun club today, Fred Gilbert, of
Spirit Lake, Iowa, won the inanimate
target chnmplor.shlp of America from
William It. Crosby, of Batavlu, by a
score of 120 to 119. The men shot at 150
taigets.
CURRENCY BILL
PASSES HOUSE
MEASURE BECEIVES ENTIBE
REPUBLICAN SUPPORT.
Voto 100 to 150 Eleven Democrats
Support the Bill Speaker Hender
son Announces His Committees.
The Usual Customs Observed.
What tho Senate May Accomplish
in the Way of Legislation for tho
Philippines.
Washington, Dec. IS. The currency
bill was passed today by the house by
a vote of 100 to 150. It had the united
support of every Republican and the
house and of eleven Democrats, Mr.
Clayton, Drlggs, Fitzgerald, Lovy.Rup
pert, Scudder, Underhlll and Wilson, of
New York; McAleer, of Pennsylvania:
Denny, of Maryland, and Thayer, of
Massachusetts. All the other Demo
crats voted against the measure, or
were paired against It except Mr. John
Walter Smith, governor-elect from
Maryland; Mr. Stalllngs, of Alabama,
and General Joseph Wheeler, of Ala
bama. Mr. Stalllngs, of Alabama, ha3
not been present ln tho house this ses
sion, owing to Illness, and one of his
colleagues announced tha't If present he
would voto ln tho negative. General
Wheeler Is serving In the Philippines.
Mr. Smith Is, therefore, tho only mem
ber of the house who did not go on
record upon the bill today. When the
SDeaker announced the result of the
vote the Republicans cheered lustily.
That was the only demonstration made.
After tho voto the speaker rather un
expectedly announced the committee
selections and the reading of the llstn
was followed with Intense eagerness by
tho members whose opportunities for
distinction depend so largely upon their
committee assignments. The only In
cident In connection with the reading
of the lists was Mr. Bailey's Interroga
tory of tho speaker as to whether Gen
eral Wheeler's name had been placed
upon the committee on ways and
means. Speaker Henderson responded
In tho negative. Tho list proved to
have very few surprises, as the speaker
preserved the time-honored custom of
following precedent as to old members,
leaving them In their old chairman
ships and places and gradually advanc
ing them as vacancies occur. The Im
portant new chairmanships are those
of Mr. Broslus, of Pennsylvania, chair
man of banking and currency; Mr.
Grosvonor, of Ohio, chairman of mer
chant marine and fisheries; Mr. South
ard, of Ohio, chairman of coinage, and
Mr. Cooper, of Wisconsin, chairman of
the newly-formed committee on insu
lar affair?.
The new members of the ways and
means committee are McCall and
Long, (Reps.), Newlands, (Silver), and
Cooper, (Dem.). Appropriations and
foreign affairs also get a considerable
amount of new blood. Mllltaiy affairs
has tho largest new membership of the
Insular committee. Is notable In be
ing a "committee of chairmen," the
heads of ways and means, apropria
tlons, foreign affairs, commerce, post
ofilces, etc.. being represented also on
thlfj committee.
The new members of the house re
ceive full consideration from tho
speaker, although following custom
they necessarily take tho lower places
on committees. Tho Democratic mem
bers receive fewer places than In tho
last congress, as the larger Democratic
representation In this house compelled
a reduction In the number of places
for each.
The announcement of tho death of
the late Representative Bland, of
Missouri, which occurred last summer.
was made by Mr. DeArmond, (Mo.,)
and the house, out of respect to his
memory, Immediately adjourned.
In the Senate.
What tho senate may accomplish In
I the way of legislation for the Phliln
pines during the present session is prob-
lematlcal, but that the question will be
thoroughly discussed Is Indicated by tho
number of resolutions bearing upon it
being introduced. In opposition to tho
retention by the United States of the
Philippine islands two resolutions wore
Introduced today, one by Mr. Tillman
(S. C.) and the other by Mr. Bacon
(Ga.), While they differ in phraseology
their Intent practically Is the same to
yield the Islands to n government to bo
established by the Filipinos them
selves. Doth senators gave notice of
their Intention to address the senate on
their respective resolutions.
Mr. Morgan (Ala.) addressed the sen
ate briefly upon the necessity of legis
lation to control trusts, his argument
being directed particularly to the com
mittee on Judiciary, to which his Joint
resolution, upon which he based his re
marks, was referred.
SULTAN'S SON-IN-LAW GONE.
Mahmud Pacha Took Ship for Mar
seilles with His Wife's Jewels.
Constantinople, Dec, 18. Tho flight
of the sultan's son-in-law, Mahmud
Pacha, Thursday, with his wife's Jew
els and all the money he could collect,
has caused a great sensation here. It
has now been ascertained that he sailed
for Marseilles on a steamship.
The Turkish government has tele
graphed to the French minister of for
eign affairs, M. Delcasse, asking for
tho arrest of Mahmud on his arrival
at Marseilles and his return to Con
stantinople on the charge that he Is
Implicated In a plot to assassinate the
sultan. ThlB accusation, however, Is
generally discredited, and it is believed
thnt the refugee Is the victim of an In
ttlgue. Trial of Solomon Qulater.
Reading, Pa Dec. IS. All of today was
consumed In selecting a Jury to try Solo,
mon II. Qulnter, who killed his wife and
Kdward Kltzmlller, last August. Tho
trial will begin tomorrow and may occu
py the time of the court for a week.
Fopp Knocked Out.
Buffalo, Dec. 18,-"Splko" Sullivan, of
Boston, knocked out "Jim" Popp, of To
ronto, In the sixth round In what wuh .to
have been a 23-round battle, at tho Haw
thorne Athletic club, tonight.
HANDWRITING EXPERT.
Testimony a Feature of the Mol
ineux Trial.
New York, Dec. 18. In the trial of
Roland B. Mollneux todny, William J.
Kinsley, the handwriting expert, was
again cross-examined by Bartow S.
Weeks. No other witness was exam
ined during the day. Tho evidence was
technical ln tho extreme, size, slant,
shape, shade, spacing, speed propor
tion, pen pressure, movement und
alignment being discussed ln detail.
Mr. Weeks took up each one of these
particulars nnd questioned Mr. Kins
ley at length regarding each letter
which appears ln tho address on tho
poison package. Though Mr. Weeks
usked many questions that seemed to
annoy and embarrass the witness at
times, on the whole he was unable to
shake the position of tho expert or
Induce hhn to waver ln his contention
that Mollneux wrote the address on
the famous poison pacKage.
Mollneux's wife and mother were
both present ln court this morning.
This Is the second time they have ap
peared In the court room since the
trial begun. Mollneux embraced and
kissed them both when he joined them
In court.
SILVER REPUBLICANS
ISSUE A MANIFESTO
Millions Who voted tho Straight
Ticket in 1896 are Advised to
Bolt Greenbacks the Best Money
Ever Invented.
Washington, Dec. IS. After tho pas
sage today hy the house of the finan
cial bill, tho Silver Republican leaders
In the city held a meeting and adopted
an address setting forth their views as
to its effect. The address ln part is as
follows:
"To the members of the Republican
party, who still believe In bimetal
lism: Tho passago by tho house of represen
tailvcs today of the gold Mandard and
bank currency bill exactly us ugincd up
on by tho Republican caucus and without
the oppobitluli of u. slnslo Republican
voie murks the culmination of a policy
long carefully pursued by curtain Influ
ences In control of tho leadership ot tho
Republican party and justifies tho notion
of tho mon who in 1S9G refused to remain
ln that organization after tho adoption
of the St. Louis platform.
Tho Republican national platforms of
1SSS und ISM had been unequivocally in
favor of bimetallism und to uso both gold
and silver as standard money. Never
theless, it wns upparent hcveral months
before tho assembling of tho national
convention of 1SD6 that the machinery of
tho Republican parly had passed wholly
Into tho hands of tho banking und cred
itors' interests nnd that It was iho pur
pose of tho hitler to commit the party
to the advocacy and achievement of tho
gold standard. Against this danger tho
undersigned and many other Republican
bimetallisms at that time vainly attempt
ed to arouse tho masses of tho party.
The politicians, und newspapers privy to
their scheme denounced our fears as un
founded or simulated, and, by skillful
use of catchwords, nnd generalities, suc
ceeded In forestalling any widespread
comprehension of their designs. When
tho convention met a similar Ingenuity
governed tho framing of tho declaration
on tho money question. Its essential part
was u& follows:
"Wo aro therefore opposed to free
coinage of silver except by Internation
al agreement with the leading commer
cial nations of the world, which wo
pledge ourselves to promote, und until
ruch agreement can bo obtained tho ex
isting gold standard must be preserved.
All our silver and paper currency must
bo maintained at parity with gold."
The address, continuing, says:
Tho promise to "promoto" tho Inter
national free coinage of silver wns never
meant to bo observed ln good faith. Af
ter tho election an alleged International
monetary commission was sent abroad
"but thU international commission be
came an International joke."
No one whose political Judgment has
tho sllfihtest weight may deny that a
frank pronouncement for tho gold stand
ard in that platform or a straightforward
interpretation of it by tho Republican
candidate for president as meaning tho
gold standard and nothing else, would
havo elected Mr. Bryan by an over
whelming majority. To .construo tho
election of V as a mandate by the
American peoplo for the establishment
of tho gold standard, is to appropriate
political goods under false pretences,
Tho International agreement for tho
frrm pnlnntrn nf silver linvlnir fulled til
bo "promoted" steps aro now taking to
insure that tho gold standard shall be
"preserved." ,
The present bill preserves It with a
vengeance. Tho vast bonded debt of the
country now payablo ln coin, that la
either In gold or sliver, Is to be made
payablo ln gold alene. Nearly half a
billion of standard diver dollars, hereto
fore not redeemable In nnylhlng not con
stituting a burden on cither tho gold re
serve or tho credit of tho government,
but forming a large percentage of our
basic money, uro hereafter to be re
deemable In gold, thus Increasing tre
mendously tho strain on that metal and
becoming an endless chain with which
to pull gold from the treasury und afford
ing an excuse for tho final destruction
of tho silver dollars as money, and their
forced Falo as bul.lon, after tho man
ner of tho German procedure of 1S72. Tho
greenbacks, tho best paper money the
world ever saw, tho produce of tho patri
otism and Btntet-manshlp of tho Repub
lican party, In the days of Abraham
Lincoln, are to bo virtually destroyed by
being changed Into gold certificates to
bo locked up ln tho treasury and paid
out only for rold.
In concluding the address says:
Tho fcchemo wo denounced In 1890 Is
nearing consummation. Tho policy that
was denied by tho Republican party In
that campaign, stands now confessed.
Millions of you who voted tho Republican
ticket In 1850 would not havo dono so
had you believed your party destined so
hoon to bo the agent of tho forces thut
now dominate It. Millions or you were
blmetalllsts In 1S9G and remain so today.
Now that tho promises then made you
aro clearly freen to havo been Insincere,
now that ns a consequence of tho decep.
tlon practiced upon your Honest confid
ence, your country Is about to bo hand
ed over to the ownership and control of
the great speculative banks and their ns.
roctated trusts nnd combination; may
wo not appeal to you to come to the res
cuo of tho liberties of tho peoplo nnd
their Imperiled Institutions?
Tho address Is signed by Charles A.
Towne, Henry M. Toller, H. F. Petti
grow, Frank J. Cannon, Edgar Wilson,
Charles S. Harttnan, John Shafroth,
Fred T, DuBols.
FAILURE OF A
TRUST COMPANY
PRODUCE EXCHANGE INSTITU
TION IS CLOSED.
A Notice on the Door Saying That
It Can Pay All, but Not Now Di
rectors Turn Its Affairs Over to
the Committee Rumors About the
Company's Condition in Wall
Street Last Week State Examiner
There Reports nnd Denials The
Company Collected Out-of-Town
Checks Without Charge Edwin
Gould's Connection Broke Off on
Account of Two Persona Offered
SD00,000 if These Men Were Put
Out.
New York, Dec. 18. The Produce Ex
change Trust company, nt 26 Uroad-
way, closed Its doors a little before 11
o'clock today, and Immediately posted
the following notice:
The board of directors of tho Produco
Exchange Trust company has deemed It
to tho best Interests of Its depositors and
stockholders to suspend payment pend
ing tho readjustment ot its affairs.
Tho following special committee, viz.:
Edwin Gould, Charles P. Armstrong,
Georgo It. Bldwcll, Edward A. Maher
and Frank Bralnard has been appointed
by the board of directors to take charge
of tho proptrty and affairs of the com
pany, and Is in possession thereof for tho
board of directors.
Almon Goodwin,
William Nelson Cromwell,
Counsel for the committee.
Immediately after this notice was j
posted a crowd collected In the corri- i
dors of the Standard Oil building and
many attempts were made by bank of- '
tlcers, clerks, merchants, reporters and
messengers to gain admittance to the I
otiice, but two big porters and a po
liceman kept everybody out.
The following letter, written by Ed
win Gould to the company's executive
committee on December C, has been
made public:
On Wednesday, Nov. 23. I made an
Informal statement to the executive
committee to tho effect that I had lately
been ablo to examine the loans and other
assets of the company moro fully than
I was able to do brfore my (lection as
vice president and that 1 had discovered
matters in connection therewith for
which X did not care to assume responsi
bility. Although the subject had been men
tioned to me previously, my election us
vlco president at tho meeting of Sept. 20,
was a surprlso and before X was fumiliar
with tho business of the company. Since
then I havo been able only to make a
fleeting examination bat the result has
been unsatisfactory to me.
The item which has appeared In our
statement as "other bonds" consisted
chlelly ln tho shares of an underwriting
syndicate. It has been changed so as to
bo more in accordance with tho facts.
t find that larjro sums of money havo
been tied up In aiding the underwriting
of certain Industrial enterprises until tho
amount so Invested together with wl'ut
wo havo agreed to furnish, If called upon
erpmls nearly, if not quite, the combined
amcunts of our capital and surplus. Most
of this Is uncollectible If needed, is due
at indefinite times and with certain priv
ileges of renewal to the borrowers.
I urn not satisfied that tho most con
servative banking methods arc being
used in Ir.estlng our money, and I feel
that tho present condition of the com
pany is such ns to render the manage
ment subject to criticism unless prompt
and radical chanscs aro made. What
these chances shall be I leave to tho
Judgment of tho directors, and I shall bo
glad to work with them upon any plan
looking to the bettering of the condition
of tho comrany between now and tho
next annual meeting If the board shows
any desire te Improve matters.
Very truly yours,
Edwin Gould.
P. S. I should like to have this letter
tpiead upon tho mli.utes of the executive
committee nnd read to tha board of di
rectors at Us next meeting.
Mr. Gould, according to statements,
did everything possible weeks ago to
bring nbout the adoption of sound
banking methods nnd, becoming dis
satisfied with the way tho business was
being conducted, resigned as vice
president and director on Nov. 7, last.
Receiving assurances, however, that a
change In management would be ln-
I augurated at the next annual meeting,
I ho withdrew his resignation on Nov.
2S, wishing to co-operate ln saving tho
concern. As late as this morning Mr.
Gould offered to advance $500,000 as
long as needed, dependent on the res
ignation of two men, whom he consid
ered responsible for the bad loans and
unsafe banking methods of the com
pany. Mr. Gould said this afternoon that
although the bank examiner had vis
ited the company a week ago. nothing
whatever was said at the meeltng of
the executive committee last Wednes
day about the examination having
been made. All knowledge of tho mat
ter was kept from him until It wns too
late to render much assistance. It Is
lcr'own that Mr. Gould has not been at
all In harmony with President Reall
or Mr. Mclntyre regarding the man
agement of tho company, and that he
disapproved entirely of the methods
followed in making loans and with ref
erence to other Important matters of
policy.
City Trusts Secure.
At the office of City Chamberlain
Keenan today It was said that tho city
had about $30,000 on deposit with tho
Produce Exchango Trust company, but
Deputy Chamberlain Campbell said h
was of tho opinion that tho city would
not be a loser.
"I liave Just been talking with Wall
street men." he raid, "who tell me that
every cent Is secure. The cjty Is lucky
that It did not have. half a million dol
lars on deposit, ns If often has.
"Tho Produco Exchange Trust com
pany first became prominent as a bid
der for a $12,000,000 bond Issue In oppo
sition to Vormlyle & Co., nnd others
who were part of a syndicate that bad
hitherto controlled tha traffic in city
bonds. This syndicate had a clause In
serted ot tho thno in their bids mak
ing the purchase conditional on the
approval of the legality of the Issue by
their private consul. Comptroller
Coler objected to this, and, becoming
aware of it before the sale, had his
THE NEWS THIS HOUNINU
Weatkar Indications Today:
CLOUDY WITH SHOWERS.
1 General Llcutciitnt Gllmoro Report
ed to bo Rescued from tho Filipinos.
New York Stock Exchango Panicky.
Currency Bill Pastes Congress.
Manifesto of Silver Republicans.
Produco Exchango Trust Company
Falls.
2 Gcncrnl Northeastern Pennsylvania
Financial und Commercial.
3 Locnl Beard of Trade and tho Water
Question.
4 Editorial.
News and Comment. ' '
5 Story "Robson's Reader."
6 Local Opinions Handed Down by
Judgo Gur.ster.
Mystery Concerning Wright's Death.
Tho City's Milk Supply.
7 Local Ono Officer Dead, tlie Other
Dying, at Old Forge.
Arguments Over Insurance.
8 Local West Scranton and Suburban.
9 Round About the County.
10 Local Llvo Industrial News.
friends organize the Produce Exchango
Trust company as a competitor. Tho
bid of the new company was slightly
under that of tho old companies, but
the comptroller awarded the bonds to
the new company and the award on
being contested was upheld by tho
courts."
The special committee appointed to
examine the affairs of the company
organized by electing Edwin Could as
chairman. The committee wns In ses
sion all afternoon and the early part
of the evening nnd totdght gave out
a statement to tho effect that the com
mittee Is well assured as a result of Its
examination that every depositor of
the company will be paid in full and
that a large surplus will remain for the
stockholders. The difficulties of the
companies) are the result of the lock
ing up of an undue proportion of Its
funds in loans not Immediately realiz
able, and which It Is believed will
eventually realize n very large per
centage of the amount leaned.
LONDON TAKES MORE
CHEERFUL VIEW
Faith in Roberts and Kitchener.
Belief That Buller Is Suffering for
Defeat Semi-Official Announce
ment to the Contrary Discredited.
Kaffir Outbreak Feared.
London, Dec. 18. "Robs," as Lord
Roberts of Candahar Is known famil
iarity, Is a name to conjure with In
Great Britain, and that of Lord Rob
erts and Lord Kitchener are consid
ered here the right men to retrieve the
disastrous situation in South Africa is
shown by the more cheery tone of the
war discussion today. In spite of the
attempts of the authorities to gloss
over tho supercesslon of General Bull
er. tho fact remains that tho new ap
pointments cannot bo regarded other
wise than as the penalty for his fail
ure. A semi-ofilelal communication
savs:
"The disposition to regard the change
as a reflection on General Buller Is
entirely erroneous. As the forces en
gaged In South Africa Increase offi
cers of higher rank ure, naturally, ap
pointed to the supremo command."
The communication then reviews tho
successive steps from General Symons
to Generals White and Buller and now
to General Roberts. In spite of the
plausibility ot the argument, however,
every one recognizes that It Is not the
whole truth. The friends of General
Duller see In the headlong plunge of
the cabinet symptoms of a panic. They
draw pictures of hasty conclaves and
the ministers, with blanched faces, tel
egraphing to Roberts and Kitchener
to come and save tho empire. While,
perhaps, such sketches exaggerate the
situation, It cannot bo denied that the
prodigious exertion which the govern
ment considers necessary to crush tho
Doer republics shows that even the se
date Lord Salisbury sees the extreme
gravity of the present aspect of af
fairs. Probably the ministers remem
ber the peril which the public seem to
have forgotten of a possible rising of
the Kaffirs. Indeed, unpleasant reports
of that are current. Such an occur
rence would be Infinitely more serious
thun a rebellion of the Dutch.
A curious coincidence In connection
with the appointment of Lord Roberts
Is that ho was appointed commander-
In-chief after the British defeat by tho
i Boers at Majuba Hill In 1SS1. On this
I occasion, however, lie will not arrive
at South Africa to find that peace has
I been patched up while he was at sea.
The newspapers ure ridiculing the
: Davltt-O'Brlen fiasco In Dublin yes
terday. They point out that tho speak-
ers at tho pro-Boer meeting "prudently
kept within tho walls where a mem
ber of the audience directly Incited 1113
murder of Mr. Chamberlain by allud
ing to his visit to the castle in the
words 'there was one man shot thero
befnre.' " All the Irish orators are
charged with having "played hide and
seok with the police," with tho excep-
tion of Miss Maud Monne, "who brave
ly faced the music, but was, of course,
protected by her sex."
KITCHENER'S DEPARTURE.
Sirdar Will Leave Omdurman for
South Africa Tomorrow.
Cairo, Dec. 18. General Lord Kitch
ener, who has been appointed chief of
tho staff of General Lord Roberts, of
Candahar, the new commander-in-chief
of tho British forces in South
Africa, will leave Omdurman tomor
row nnd will nrrlvo here Friday.
He will start for Cape Town as soon
as possible.
ROBERTS LEAVES SATURDAY.
London, Dee. 18. General Lord Rob
erts and his staff sail for South Africa
on the Dunottar Castlo Saturday,
Meeting of Board of Pardons.
Ilarrlsburg. Dec. 18. The board of par
dons will hold Its regular monthly meet
ing on Wednesday. Thero uro nineteen
cases on tho list.
AMERICAN
PRISONERS
RELEASED?
Lieutenant Gilmore Said
to Be with U. S,
Troops,
ANNOUNCED BY YOUNG
General Lawton Leaves Manila with
tho Eleventh Cavalry General
Grant Discovers a Vessel Upon.
Which Aguinaldo Expected to
Sail Hidden ln Subig Bay Major!
Smith Captures Guerillas in Zam-.
bales Province Insurgents In
Panay Suppressed.
Manila, Dec. 19. It is officially an
nounced that General Young report;!
that he believes the American prison
ers. Including Lieutenant Gilmore, aro
j now In the hands of tho United States
I troops. Lieutenant Colonel Howse and
I General Hunter have been operating
with small commands In North Ilocos
province and It Is supposed that ono
of these has effected the release of tho
, Americans. Tho report has not yet
! been verified.
Manila, jJcc. 18, 6,20 p. m. General
Lawton will start tonight from Manila
with the Eleventh cavalry under Col
onel Lockett nnd three battalions of
the Twenty-ninth and Twenty-seventh
Infantry, under Lieutenant Col
onel Sargent, to capture San Mateo,
where Geronomo has 300 Insurgents.
General Grant has nearly clearc 1
Zambales province. Ho discovered hid
den ln Sublg bay a steamer, tho Don
Francisco, of ISO tons, fully equipped
and coaled. She Is supposed to bj
the vessel Aguinaldo was keeping
ready for his escape.
Captain Layson. of tho Thirty-second
regiment, has routed un Insurgent
band in Zambales province, killing se"
eral officers. Major Smith, with threo
companies of tho Seventeenth, sur
rounded and captured another band ot
guerrillas which were terrorizing i
largo section north. The troops killed
several of the band.
General Hughes has captured Insur
gent strongholds at Leaplz and Rom
blon, the navy co-operating. One man
was killed and ono wounded.
The Insurgents In the Island of Panay
are apparently suppressed.
TO PENSION EMPLOYES.
Plan to Be Adopted by the Penn
sylvania Railroad.
Philadelphia, Dee. IS. It was offic
ially announced tonight that the plan
of pensioning aged employes by tho
Pennsylvania railroad will bo put Into
effect on January 1, 1900. There will bo
9r.O employes retired and pensioned on
that date. Thereafter all ofllcers and
employes not yet seventy years of ago
will bo retired and pensioned on tho
first day of the month following their
attainment nf that age. Tho plan
above approves an age limit for tht
employment of new men, no new em
ploye to be taken who is over thirty
five years. President Cassatt tonight
issued a circular containing tho details
und terms of the plan. It provides for
' the retirement on January 1, 1900, of all
employes of the Pennsylvania railroad
system east of Pittsburg and Erie (em
1 bodying the Pennsylvania Railroad
I company, tho Northern Central Rail
road company. Philadelphia. Wilming
ton and Baltimore Railroad company,
West Jersey and Seashore Railroad
company and tho Philadelphia and
Camden Ferry company) who have at
tained the age of seventy, and the pay
ment to such employes of a pension
rmni to one nee pent, for each year of
, c.ontlnuos service of the average sal
ary for the last ten years. It also pro-
vldcs for tho retirement of all oflbeis
and employes between the ages of sixty-five
and slxty-nlno years who, ha
ing been thirty years In tho service ot
the company, are physically disquali
fied and tho payment to them of a pen
sion computed on tho sumo basis.
These pensions will be payable at tho
same rate during the lives of tho pen
sioners, provided the total amount for
pensions shall not exceed the sum ot
$300,000 nor annum, wnen the total ox-
I )ienaltures for pensions exceeds tlu
! ,... ,,,,, rendlustment of the nen-
slon ro on the DaE.ij, ot a lower por
centage will be made to bring tho
amount within the maximum limit.
As an Illustration of the payment ot
one per centum for continuous service
nt the rate of the pay for the preceding
ten years. It Is cited that: If an em
ploye has been ln the service of the
company for forty years and had re
ceived on an ai.rago for the last ten
years $10 per month In regular wages,
his pension allowanco would bo forty
per cent of $10, or $16 per month.
Pennsylvania Pensions.
Washington, Dec. IS. Pensions: In
crease, Paschal B. Rlclmrds, Bradford,
to to $S; John Shafer, Jr., Frceland, Lu.
zeme, $3 to $10.
--. i. ... . ii . .. .
t-t-T -f-t--f-- -f--
WEATHER FORECAST.
Washington, Dec. 18. Forecast
for Tuc&day and Wednesday;
Uastern Pennsylvania Tuesday,
cloudy, with showers In tho after
noon or night. Wednesday, colder
and generally fair; fresh, south
erly shifting to westerly winds.
t t -r ft t i -rt