Democratic Sentinel, Volume 18, Number 46, Rensselaer, Jasper County, 30 November 1894 — IRON TO HAVE A BOOM [ARTICLE]

IRON TO HAVE A BOOM

ENGLAND’S SUPPLY IS NEARLY GONE. Treasury Nets a Big Premium for the New Bonds—Probing the Ricks Rulings—Resurrection of an Old Pennsylvania Law—Turks Indignant. Iron Here and in England. Secretary Motton is convinced, as a result of his visit to Europe, that the seat of empire in the world of iron and steel is to be transferred from England to the United States in the near future. He learned while in London that the supply of hematite ore in Spain on which the English have been drawing is nearly exhausted. At best the ore is only 40 per cent, pure on an average, and the haul to the British blast furnaces is a long one. In the United States we have in the Lake Superior region a practically inexhaustible supply of hematite ores averaging 60 per cent., and this can be delivered to the iron and steel mills of Chicago, Cleveland and other lake cities by a short all-water haul. For these reasons Secretary Morton believes the United States will soon pass Great Britain in the output of iron and steel, and we may soon outbid our rival in the markets of the world. JUDGE RICKS' INQUIRY. Congressional Subcommittee Begins Its Investigation at Cleveland. The House Sub-committee on Judiciary, appointed to investigate the charge brought by the Central Labor Union against United States Judge Augustus J. Ricks, began its inquiry in the Federal building at Cleveland Monday. The subcommittee consists of Representative Joseph W. Bailey of Texas, as chairman, Edward Lane of Illinois and Case Broderick of Kansas. The Central Labor Union was represented before the committee by Arnold Green, while Judge Ricks was represented by Virgil I’. Kline, Judge S. E. Williamson, Judge Sanders and Andrew Squire. The charge made by the Central Labor Union against Judge Ricks is, in brief, that while acting in the capacity of special examiner in some forty patent cases he failed to turn over about $1,500 in fees belonging to the Government. It is alleged that after Ricks was appointed United States judge he approved his own accounts as special examiner in these cases.

SYNDICATE BID ACCEPTED. Entire Issue of $30,000,000 Bonds Taken by the Banks. Secretary Carlisle has decided to accept the Stewart syndicate of bids for the entire new issue of $50,000,000 5 per cent bonds. The figure offered by the syndicate was 117.077. The following official statement concerning the acceptance of the syndicate’s proposal was made at the Treasury: “The Secretary of the Treasury has accepted the proposal of John A. Stewart, president of the United States Trust Company, and his associates to purchase the entire issue of 5 per cent bonds, amounting to $50,000,000, at 117.077, and accrued interest from November 1. The proceeds of the bonds under this bid will be $49,517.62 greater than they would be if the other highest bids were accepted. A very important advantage to the Government in accepting this bid is the fact that all the gold will be furnished outside, and none drawn from the treasury. It is also more convenient, and less expensive to the department, to deal with one party rather than with many.” LARGE DEBTS AND NO ASSETS. Failure of Neal Brothers, of Portland Accused of Embezzlement, The rumors concerning the financial trouble of Neal Bros. & Co., the largest milling firm in Eastern Indiana, proved true. It is expected the debts will run from SIOO,OOO to $150,000 without a cent of assets in sight. The creditors include every grain dealer in Portland and at Decatur, Berne, Ridgeville, and other places, besides hundreds of farmers who stored their crops of wheat, all of which is now gone. Among these are several widows. Wallace and Burton Neal, the members of the firm, were arrested on the charge of embezzlement, preferred by Mrs. Sarah Frye, of West Chester, w’ho had her wheat crop in storage. The Neals were placed under a bond of SI,OOO each.

Must Sell Bread by Weight. The market commissioner has caused quite a flurry among the bakers of Reading, Pa., by issuing a notice that on and after January 1, 1895, they will be required to sell all bread by weight. This action is taken under an old act of the Assembly passed in 1797, which directs that all bread shall be sold by the pound, and imposes a penalty of $lO for every violation. As the law has been a dead letter for generations its enforcement is likely to work a revolution in the baking business of the city. American Papers Shut Out. The recent edict calling for the seizure at the frontier of foreign newspapers containing accounts of the Armenian massacres prohibits the entry of every American newspaper into Turkey. This action on the part of the Turkish government is supposed to be due to the attitude assumed by the American press on the Armenian question. Chicago Man Donates $50,000. The Board of Trustees of Fargo, N. D., College accepted a cash donation of $50,000 toward an endowment fund of $200,000 from Dr. D. K. Pearsons, of Chicago, conditioned upon its raising $150,000 in addition. The institution is now running, and has a fine building and grounds. Bought Religious Paintings. Bishop Keane has purchased for the Baltimore Catholic University the. collection of religious paintings by Italian artists which were on exhibition at the World’s Fair. They were collected from the descendants of old families of Italy and blood connections of pontiffs and nobility. No Gambling Permitted. Business men of Denver petitioned the Governor and chief of police to permit the gambling rooms to run under restrictions by the police, but the request .was denied. Bound for Tien-Tsin. Shanghai advices say Count Oyama’s army is marching northward through the Liao Tung promontory in the direction of Niuchwang. He has left 10,000 troops behind for the investment of Port Arthur. After reaching Niuchwang it is said that Oyama’s destination will be Shan-llai-Kwan, the terminus of the railroad to Tien-Tsin. Cattle Plague Breaks Out. The foot-and-mouth disease has broken out among cattle a t Falmouth and Sittingbourne Bugland, and the Board of Agriculture have been notified of ita existence

CHEMICAL IS CAUGHT. New York Bank Has Its First Defalcation in Over Fifty Years. The Chemical National Bank of New York City, one of the most prosperous and most conservative institutions in the country, has, for the first time in half a century, been made the victim of a defaulter. The amount involved as far as known is $15,715, and John R. Tait, who was the paying teller, is the official accused. The matter is peculiar, inasmuch as the officials of the bank declare that not a cent of the money went to his own nse. The proof of this is that he could have taken $1,000,000 as well as a few thousand had he been so inclined. Three-fourths of the sum, they say, he lent to personal friends, taking no collateral, and only in a few instances receiving as much as an I. O. U. for the money; the rest, it is said, is due to errors made by Tait in paying out cash. It is estimated by President Williams and Cashier Quinlan that the excessive worry caused by these loans reduced Tait to such a condition that he was hardly responsible for his actions and made many mistakes. Although the first loans were made more than a year ago, the shortage having been carefully bidden was not discovered by William H. Kimball, the National Bank Examiner, when he inspected the institution officially in May last. Tait, who is nearly 50 years old, hns been in the bank's employ for twenty-eight years, having first been a messenger. FOUND GUILTY OF MUTINY. Six Indians of the Crew of Scaling Schooner Await Sentence. At the Westminster assizes, Vancouver, B. C., six of the Indian crew of the sealing schooner C. D. Rand were found guilty of revolt and mutiny on the high seas. Just outside Behring Sea, on last season’s sealing cruise, this crew took possession of the vessel, and remained in command for nine days. The Indians outnumbered the white crew three to one. At length the captain took advantage of a favorable opportunity, when ouly two of the Indians were on deck, and drove them into the hold, where he kept them confined until the vessel reached Vancouver. For the defense it was claimed that the capatin supplied them with whisky, gave them no food, and was taking them to Copper Island instead of Behring Sea. as had been agreed upon, and the Indians fearing barbarous treatment at the hands of the Russians nt Copper Island, revolted. The defense, however, was broken down, and the Indians convicted.

BOMB THROWER SHOT. Anarchist Salvador Francli, of Barcelona, Meets His Doom. Salvador Franch, the chief conspirator in the bomb-throwing plot which resulted in the death of thirty persons and the wounding of eighty others in the Lyceo theater in Barcelona, Spain, a little more than a year ago, was shot to death there at 6 o’clock Wednesday morning. He rejected energetically the efforts of the priests, who sought to persuade him to turn his mind to his approaching death, and expressed scorn and contempt for those persons who relieved that his recent pretended conversion was genuine. The prisoner showed no fear. His meals were eaten with a good appetite and were apparently relished. It was several times found necessary for the military to charge upon and disperse the crowds which had collected about the prison in the hope of seeing the execution. Franch cried, “Long live anarchy!” as he was being led to the place of bis execution, and scoffed at religion to the last.

ENGLISHMEN FLEECED. Drop a Million Into the Pockets of u Rascally Countryman. The English capitalists who have been dealing in South Dakota paper during the past few years have been investigating the validity of their holdings and find in nearly every instance they have been swindled through J. L. M. Pierce, an Englishman, who has been living during the past three years in London. Fresh evidence is daily accumulating, but enough has been gathered to indicatethat Pierce has realized fully $1,000,000 in five years through fraudulent and forged papers, school bonds, tax deeds, certificates, mythical township bonds, etc. The firm of Pierce, Wright & Co. hns offices in Yankton, in London, in Holyoke, Colo., and in Spokane, Wash. Discovery of the frauds was delayed thus long by the prompt payment of the interest coupons at the New York office. TELLER ON THE BOND ISSUE. Colorado Senator Says It Will Not Help the Treasury Gold Reserve. Senator Teller has started for Washington. Before his departure he said regarding the new bond issue; “In my opinion it is foolish to suppose that the issue of bonds tends to keep a large reserve of gold in the treasury, as the bonds are purchased with gold that has been withdrawn from the treasury a few days previously. I don’t believe there is any system of finance that can bring general prosperity to the country that does not include the free use of silver with gold at the present mint ratio of 16 to 1, or at the French ratio of 15% to 1. I believe further that the political party that will insure a return of that system will be the successful party in American politics.”

BANKERS TAKE A HINT. Carlisle Checks the Raids Upon the Subtreasury in New York. Secretary Carlisle’s implied threat to reject the bids of all bankers and brokers who persisted in withdrawing gold from the subtreasury for bond-buying purposes has evidently proved effective. Not a dollar was withdrawn from the New York subtreasury Wednesday, and word was hurriedly sent to Washington that a mistake of $400,000 had been made in the reports of Tuesday’s withdrawals. Only $1,200,000 in gold had been withdrawn instead of $1,600,000 as reported. This leaves the total withdrawals up to date, since the official announcement of the issue, just $4,250,000. Big Log Pool Planned. The lumbermen of Minneapolis who are cutting on the upper Mississippi and its tributaries have decided to form a big log pool, and the committee is working out the details. The firms will subscribe stock in the pool to the amount of the logs they want to get out of the cut. The pool will then buy all logs by scale at the bank, and attend to driving and sorting them, reselling them to the mills as wanted for cutting. Awarded $lO for a Funeral Sermon. At Macedon, N. Y., Mrs. William Bennett’s husband died, and Rev. Paddock was engaged to preach at the funeral. ■When he presented the bill for his services the widow refused the payment, claiming his words of consolation were not worth the price asked, $lO. Consequently Paddock sued, and was given judgment for- the full amount The case will be appealed. The Rioters Had Dynamite. At the Coit National Guard court of inquiry into the military shooting at Washington Court House, 0., a box of forty sticks of dynamite were produced which were found in the weeds three days after the riot half a square northeast of the courthouse. Great Britain la'Delighted. The rumors which have reached London from Washington to the effect that

Great Britain is supporting or co-operat-ing with the United States in the attempt being made to mediate between China and Japan are declared in official circles there to be altogether incorrect. The United States Government is understood to have acted entirely upon its own initiative and with complete independence of the powers. Ou the contrary, England has noted the rebuff sustained by the United States with positive delight. The English foreign office is not displeased to see the United States fail after Great Britain’s sntlbbing in a similar attempt The present attitude of England in regard to the war between China and Japan is one of complete inaction. She is awaiting developments, especially as advices have been received from Japan which show that she is not likely to listen to any* peace overtures at the present time, as she is prepared to carry on a winter campaign. HOWGATE MAY ESCAPE. Con viction, It Is Said, Would Involve Many Prominent People. A Washington dispatch says that when Captain Howgate was brought back from New York a few weeks ago the opinion was very freely expressed in the department, as well as through the city generally, that Howgate would never be brought to trial. It was knowm that any action by the courts looking to the punishment of the defaulter would certainly involve a great many people who were prominent ten or fifteen years ago, and it was believed that no legal stone would be left unturned to prevent a trial of the wily captain. Now it is announced that flaws have been found in the indictment which will be important enough to prevent a trial. . And thus another unbalanced account will be carried on the books of the Treasury Department for years to come. In this connection a very interesting piece of ancient history cropped out. It was reported by a gentleman who had intimate knowledge of the affair that the acquittal of Andrew Johnson was secured by the purchase of the votes of United States Senators at $40,000 each, and that the purchase price of one of these Senators was furnished by a prominent Federal official in the North, while the balance of the money was contributed by an equally prominent official in the South. The latter, however, concluded he might as well make a little something for himself, and instead of stealing $40,000 he nipped $240,000. His defalcation was known and the record of it is still in the Treasury Department, but no step was ever taken toward his prosecution because such action would have resulted in involving too many people high up in the councils of the nation.

OFFICIAL LIST NOT MADE. Clerk of the House Will This Time Proceed with Caution. An erroneous impression has gone out that the clerk of the House of Representatives has prepared an official list of members of the LlVth Congress. This he has not done, says a Washington dispatch, and would not be able to do if so disposed, for the reason that official returns have so far been received from only two districts of the 356, those being the two Oregon districts. It is not expected that certificates of election will in any large number be placed with the clerk before the convening of the short session, and the probabilities are that all the certificates will not be on file for some time after that date. But even if certificates should be filed representing all the districts of the entire country, the clerk would not in this instance probably be disposed to issue an official roll call of the next Congress before the expiration of the present.

OIL MAGNATES EASY. They Are Not Worried Over the Texas Indictments, Regarding the indictment of Flagler, Rockefeller and others by the Grand Jury of McLennan County, Texas, S. C. T. Dodd, attorney for the Standard Oil Company, said to a newspaper reporter: “The same thing has been done before and the indictment was dismissed, as it undoubtedly will be in this case. The Standard Oil Company does not do business in Toxas anyway, but sells to St. Louis parties, who supply the trade in the Southwest.” Treasurer's Report. The annual report of United States Treasurer H. D. Morgan shows thnt the net ordinary revenues for the last fiscal year were $297,722,019, a decrease of $88,097,609 as compared with the year before. The net ordinary expenditures were $367,525,279, a decrease of $15,952,674. Including the public debt, the total receipts on all accounts were $724,006,538 and the expenditures $698,908,552. Declines to Help Liliuokalani. Judge Wiedmann, who was sent on a mission to England by ex-Queen Liliuokalani, has finished his visit there and has gone to Germany, from which country he will return to Hawaii via Bremen and New York. The judge has not met with success. Biggest Wind in Twenty Years. The most terrific and destructive windstorm known in Dunkirk, N. Y., in twenty years prevailed all Tuesday night, doing great damage throughout the entire section.

Dark Plot Laid in Chili. A secret pamphlet is being circulated in Chili against the conversion scheme, and calling the people to arms. The ministers are advising Moutt to resign. New Minister to Washington. The bundesrath has appointed Dr. Pioda von Locarns to be Swiss minister to Washington. He is now councilor of the Swiss legation at Rome.