BANKS AND GOLD AND POLITICS

J. P. Morgan.

Cortland Evening Standard, Thursday, July 23, 1896.

BANKS TO THE RESCUE.

Financiers Come to the Aid of the Treasury.

GOLD CERTIFICATES DEPOSITED.

Philadelphia and Boston Banks Also Decide to Contribute and the Reserve Will Be Maintained. Gold Being Withdrawn For Hoarding.

   NEW YORK, July 23.—Representatives of foreign banking houses held a conference in the office of J. P. Morgan & Co. and discussed plans for checking gold exports. A committee was appointed to formulate a working scheme so as to hold the gold here for two months at least when, it is hoped, trade conditions will be such as to relieve the tension and render unnecessary further action by the bankers.

   It is believed that 60-day bills of exchange can be sold at a rate that will accomplish this end, and that such will be the committee's recommendation.

   Twenty-two bankers attended the meeting and among the firms represented were L. Von Hoffman & Co., Ladenburg, Thalmann & Co., Heidelbach, Ickelheimer & Co., Pliny Fisk of Harvey Fisk's Sons, John A. McCall of the New York Life Insurance company, Lazard Freres, Kuhn, Loeb & Co., and W. H. Crossman & Bro.

   The meeting was brought about, it is said, by the absolute refusal of several large national banks to agree to deposit gold in the subtreasury unless the foreign bankers would also help protect the gold reserve. J. P. Morgan is said to have urged upon his associates the necessity of helping the treasury. It is believed the foreign bankers will accept any plan which the committee may indorse and that it will become operative immediately.

   The gentlemen who participated in the conference would not discuss the business considered, but rumors of their alleged proposed action created a decidedly better feeling.

   Frederick D. Tappan, president of the Gallatin National bank, says that a very large amount of gold has been pledged by the associated banks and trust companies to be exchanged for legal tender notes, and that more is expected.

   Almost $7,000,000 in gold was deposited in the subtreasury yesterday afternoon by the banks, and Mr. Tappan says the treasury reserve will be placed above the $100,000,000 mark immediately.

   The banks will continue to turn gold into the subtreasury, as requested. They will generally do this by depositing with the subtreasurer clearing house gold certificates, which are the same as warehouse receipts, and receive legal tender notes therefor. The assistant treasurer, if he needs the gold, can then get it on demand. It is believed to be unlikely that it will ever be necessary to disturb the gold in the clearing house vaults. Should any be needed, it is probable that the banks would supply coin for the certificates rather than do so.

   The exact amount of gold turned into the subtreasury yesterday by banks in exchange for legal tender notes was $7,750,000. The larger contributors were the City National, $2,000,000; Hanover National, $1,500,000; National Park, $1.000,000; Bank of New York, $500,000; Mechanic's National, $400,000, and Gallatin National, $400,000.

BANKERS HOARDING GOLD.

Startling Increase In Withdrawals For That Purpose.

   WASHINGTON, July 23.—One feature of note in the day's operations at the treasury was the startling increase of the amount of gold withdrawn from the subtreasury for hoarding in this country. On Tuesday only $158,900 in coin was drawn out for this purpose, but yesterday the amount withdrawn aggregated $744,100.

   The reserve was diminished by the amount of $2,776,500, of which $1,250,000 was coin for export and $762,000 gold bars for the same purpose. Jewelers and other users in the arts took $20,400 in bars for home use. This leaves the balance at the close of business $88,839,528.

   The news of the meeting of bankers in New York reached the treasury department, but only unofficially. It has been known for several days past that the bankers were contemplating united action to control the exchange market and protect the treasury gold, and it would be welcome news to the officials here to know that the plan of selling 60-day bills against the fall crops to the amount of £10,000,000 had been agreed upon [sic].

No Bond Issue Contemplated.

   WASHINGTON, July 23.—Secretary Lamont has returned to Washington from New York and spent some time in conference with Secretary Carlisle. It can be stated positively that the administration has not now and has not had recently any intention of resorting to another bond issue for the purpose of replenishing the gold reserve.

Boston Banks to Contribute.

   BOSTON, July 23.—President T. B. Beal of the Second National bank is attempting to secure Boston relief for the United States treasury. His intention is to raise $2,000,000 in gold, which sum represents about one-third of the gold in the banks of this city. He is meeting with success and expects to have the full sum today.

Gold Argument For Policy Holders.

   BOSTON, July 23. — President J. L. Greene of the Connecticut Mutual Life Insurance company has prepared a letter for policy holders, in which he says: "Our contracts with you agree to pay to your families so many dollars. There has never been any doubt what was intended thereby, but should we come upon a silver basis, your policies would for the present be paid in dollars worth to your families only about 50 cents, and the great bulk of them would probably be paid in dollars worth not more than from 25 to 35 cents."

Jerry Simpson of Kansas.

"LOT OF IMBECILES."

That is What Jerry Simpson Calls His Associates.

   ST. LOUIS, July 23.—The slow progress made by the People's party so far is exciting the ire of some Populists. Jerry Simpson last night denounced the officers of the convention as a "lot of imbeciles." Charges are made that the failure to light the hall last night was a plot against the middle of the road men, and was designed in part to shut off Mrs. Lease, who was to have delivered one of her characteristic harangues against endorsing the action of the Democratic convention at Chicago. It is regarded as significant that twenty-five minutes after Chairman Butler has adjourned the convention the lights were turned on. The secretary of the St. Louis Business Men's league who has the convention arrangements in charge, however, assumes all the responsibility for the mishap and says it was entirely accidental.

   The Bryan and anti-Bryan forces seem to be distinctly aligned this morning behind rival candidates for permanent chairman, the Bryan men favoring Senator Allen of Nebraska, and the anti-Bryan or middle of the road men supporting Ignatius Donnelly of Minnesota. Each side claims to have a clear majority of the convention. The stand taken by the middle of the road men recall Senator Hills speech at Chicago, in which he said: "I tell you that no matter who your candidate may be in this convention, with possibly one exception, your Populistic friends, upon whom you are relying for support will nominate their own ticket and your silver forces will be divided. Mark the prediction which I make."

OLD ARMY VETERANS

From Auburn and Ithaca Hold Their Annual Reunion in Cortland.

   The twenty-fifth annual reunion of the Nineteenth New York Volunteer Infantry and the Third New York Light Artillery is being held in Cortland to-day.

   These reunions come only once a year and with each year the ranks are found to be growing thinner, but the survivors always enjoy the day in relating and rehearsing old time scenes. The reception committee, Messrs. George E. Ashby, H. B. Greenman, W. S. Barker and W. H. Martin, together with members of the G. A. R. and headed by the Cortland City band marched to the Lehigh Valley station at 9:46 this morning and escorted the veterans from Ithaca arriving on that train to the headquarters at the Cortland House. They then went to the D., L. & W. station and met those arriving on the 10 o'clock trains. From there they returned to the Lehigh Valley station, where at 11 o'clock a large excursion arrived from Auburn bringing the greater number of veterans, together with many others. The Auburn band of fifteen pieces was with the excursion and with them at the head of the column returned to the Cortland House, where ranks were broken.

   Nearly every business place on Main-st. is gaily decorated with flags and bunting, and many residences about town are also decorated. Dinner was served in the vacant store in the Garrison building at noon by the ladies of the Woman's Relief corps.

   The business session was held at G. A. R. hall this afternoon. The reports of the secretary and treasurer were read. Auburn was decided on as the place of the next reunion. The following nominating committee was appointed: C. B. Matthews, J. B. French, W. D. Bingham, W. H. Martin, John Coon, Martin Webster, and I. N. Gillett. During their deliberations Frederick Cassum of Elmira, senior vice commander of the State of New York department, G. A. R., made a few remarks. W. P. Harrington, J. B. French, and L. Howe of Ithaca were appointed a committee on resolutions. Major D. W. Burdick of Ithaca was made an honorary member of the association.

   The nominating committee reported the following who were elected officers for the ensuing year:

   President—Robert A. Dyer of Auburn.

   Vice-President—Isaac M. Gillett of Auburn.

   Secretary—Orrin McCarty of Auburn.

   Treasurer—William Rammage of Auburn.

   The president is to appoint the executive committee.

   Vice-presidents for each of the batteries were elected as follows:

   A—S. O. Stockwell of Auburn.

   B—Nelson Elliott of Geneva.

   C—A. J. Hollenbeck of Waterloo.

   D—Owen Gavigan of Matteawan.

   E—George I. Brown of Auburn.

   F—Willis Collier of Sempronius.

   G—Fred W. Battis of Auburn.

   H—Paul Fay of Syracuse.

   I—M. S. Webster of Auburn.

   K — William Richardson of Union Springs.

   M—W. D. Bingham of Watertown.

   Company A—Judson Sennett of San Diego, Cal.

   Comrade William Anderson of Crocker Post, Auburn, recited an original poem, "The Bomb Proof of the Band," which was warmly applauded and an adjournment was taken to the park where further exercises are being held as the STANDARD goes to press.

Cortland Opera House was located on Groton Avenue adjacent to the Cortland House.

"A TRAMP'S DAUGHTER."

Highly Successful Amateur Performance By Local Players.

   The presentation of "A Tramp's Daughter" at the Opera House last night by local players under the direction of Mr. Edward B. Kelly was one of the very best performances ever given in Cortland by amateur players and it can also be said that it was one of the best theatrical entertainments of the season. Usually the audience at an amateur play is called upon to make allowances for the fact that the players are amateurs, but in the entertainment last night this fact could well be ignored and the play could stand upon its merits. There was a large audience present and the entertainment was satisfactory in every respect.

   The play was in the main more pleasing than the one given by the same company a month ago. The plot was brighter and more agreeable, and the presentation was certainly an improvement over the other, excellent as that was. The outline of the plot has already been published. It is a comedy, pure and simple and there are a number of comedy parts in it which make the whole exceedingly funny.

   The chief interest in the play centered about the part of Peter Grump, the lawyer's clerk presented by Mr. Kelly himself. That gentleman was greeted with prolonged applause at his first appearance, and his every word and act was a signal for a laugh. His ever present law book and his offer to prove everything by "looking it up" was very funny. He had a wholesouled manner in his part that was very taking.

   Two others of the funny parts were taken by Mr. B. D. Hakes and he did almost equally well in them both. In the character of Bridget Malone he proved a terror to every one with whom he came in contact, and in the dandy Dutchman's comic song and dance he brought down the house and was compelled to respond to several encores.

   Mr. W. F. Seacord as Julius Hilderbrandt showed much ability in taking a difficult part which assumed many different phases during the course of the play.

   Miss Elizabeth Phillips was queenly in manner and attire in the role of Mrs. Hilderbrandt, the wealthy Jewess, and performed her part excellently. She well merited the beautiful bouquet of roses that was thrown to her.

   Miss Winifred Smith as Mary Marshall had a part totally unlike that which she assumed in the former play and that she interpreted both so well is an excellent tribute to her ability as an actress. In this part her sweet unassuming manner and her quiet dignity charmed everybody.

   Mrs. E. S. Burrows as Polly was lively in the extreme. She fitted into her part well and was vivacious and quick and ready for any emergency.

   Mr. Chas. Roe as Jim Brandon, the tramp, made as villainous looking and acting a party as one would care to meet in a generation. He must have made an exhaustive study of hoboes before undertaking such a part. His part, though repulsive in the extreme, was remarkably well taken.

   Mr. Harry Greenman as Charles Sumner, a colored servant, had an opportunity in his part in this play, which he did not have before, to show his ability as an actor and he did well.

   Mr. Fred Thomas as Mike Booze seemed to have been behind the counter before, and his skill in other lines of trade appeared to stand him in good stead in his duties in this play.

   Taken altogether the play was a most excellent one. The fine music of the Susan Tompkins harp orchestra was much enjoyed between the acts. The whole thing will be repeated at McGrawville next Monday night.

Careless Use of Firearms.

   Scarcely a day passes but that an instance of careless use of firearms is brought to light. Tuesday evening Will Watkins, who lives on Homer-ave., was by the side of the creek at the rear of the house shooting with a rifle. At the same time Mrs. A. W. Stevens was at work in the kitchen of her home on Halbert-st. One of the bullets passed through the screen door, grazed Mrs. Stevens' right arm and lodged in the cellar door at the other side of the room.

   Too much care cannot be used in the use of firearms.

Cortland Standard block.

BREVITIES.

   —The East End Juniors defeated the Knockabouts this morning at baseball by a score of 12 to 9.

   —On Saturday evening, July 25, the W. C. T. U. will serve ice cream and cake at the home of Mrs. Maria Lowell, 7 Elm-st. Neighbors and friends will be most kindly welcomed and served.

   —It took over 400 loads of gravel to grade Tompkins-st. from Prospect-st. to the STANDARD building, and a few more will be needed to carry the work on to the Main-st. crossing, but Street Commissioner Stearns has done a first class job there so far.