1
:I
, through.
V II insults
IiIIIIiIIlIS ll - .
’I'l‘the Greatest Financial Institution Ir.
. the World. Projected. .
LIE}: TEE CREDIT FONGIER.
Congness to Be Asked For a Charter, and
It \Vill Be Under Federal Supervision.
President McKinley and Secretary
Gage Said to Be In Favor of It.
New York, May Ill—Congress will be
asked within two weeks to grant a
charter to a financial institution which
expects to exceed in comprehensiveness
and importance the famous credit Fon-
cier of France. Its prime purpose is to
lend money to the farmers, especially of
-the west and south, .at a rate almost
half’that which they are now paying.
The system upon which the institu—.
tion is to be managed .is similar to that
upon which the Credit Foncier is man—
aged, but improvements on that sys—
tem are planned, based upon the prin—
ciples of the best know-”n .and most suc-
cessful of the national building and
loan associationsnln addition, the char-
ter will authorize the company to "o a
gene‘i‘al trust and banking business
within well defined limits, the object of
this branch of the business being to
give farmers short loans on crops and
the more imperishable farm products.
As projected, it would be the great-
est financial institution in the world.
Its capital would ‘be $100,000,000. It
may, under the charter as drawn, do a
mortgage and loan business of 20 times
that, or $2,000,000,000. The saving in
interest charges to the borrowing por-
tion of the country is put at $100,000,000
a year. All those who listenen to the
arguments advanced in the recent cam-
paign will comprehend what that means.
There are behind this institution 20
or 30 of the best known and most pow-
erful capitalists and financiers of Amer-
ica. They have unfolded‘ their plans
to President McKinley and Secretary
of the Treasury Gage and say they have
their indorsement. Indeed, they say the
way for the granting of the charter has
been paved already, and that leaders
of all parties in congress are committed
to it.
The most important immediate ef:
fect of the chartering and operation of
the new institution is expected to be
the wane of the power of lVall street.
The money changers of the street who
for many years have laughed at the
warning finger of the Almighty as sym—
bolized in old Trinity will find it their
doom. Someof the most prominent fig-
ures of thestreet are clamoring to get
into the company. " .
~The Sy dicate.
John R. Dos Pas , the lawyer, who
perhaps more than any-other is familiar
with the ways .Of banking and W'all
street, has the charter for the new in-
stitution in his Broad street office. He
refused to give the names of any Of the
persons associated with him. He de-
clared indeed that he did not want any
New York bankers in the institution.
He wants, he' declares, the mechanics,
the artisans, the laborers—the peOple—
to become shareholders. He says the
common people will subscribe for the
$100,000,000 of stock twice‘over. They
will leave the savings banks, he says,
because this stock will paygghem better.
“But,” said Mr. Dos Passos, "if the
people do not come up and subscribe for
the amount, as" I confidently expect
them to do, then there is a syndicate
ready to take the balance.”
But he would not say who are in the
syndicate. It is known, however, that
ten-men stand ready today to take 850,-
000,000 of the stock. Part of the in-
formation which Mr. Dos Passos did
not feel at liberty to give has been sup-
plied from Washington. Some details
of the movement leaked out in ”Wash—
ington yesterday, which goes to prove
the assertion that the feeling at Wash-
ington among the leaders of all parties
has been sounded.
Te information at Washington is that
' among the men in the syndicate are
James B. Forgan, first viCe president of
the First National bank of Chicago,
who, since Lyman J. Gage has been
secretary of the treasury, has been the
head of that bank; J. Edward Sim—
mons, president of the Fourth National
bank of New York; George G. Williams,
president of the Chemical National
bank; A. Barton Hepburn, who was
comptroller of the currency “under Har~
rison and who is president of the Third
National bank; Abner McKinley, broth-
er of President McKinley; Conrad N.
Jordan and Maurice L. Muhleman, as-
sistant and deputy asistant United
States treasurer respectively at New
York, and possibly Frederick D. Tap-
pen, president of the Gallatin National
bank.
The President Favors It.
It is also said in Washington that J.
Pierpont Morgan, who is now in Eu-.
rope, and Henry 0. Havemeyer, presi-
dent of the American Sugar Refining
company, have been making earnest ef—
forts to become members of the syndi-‘
cate. Mr. Dos Passos refused to affirm
or deny that-the men mentioned at
Washington as members of the syndi-
cate are members, but he denied most
strenuously that either Mr. Morgan or
Mr. Havemeyer was a member.
“This is the greatest effort of my
l:-fe,” said Mr. Dos Passos. “I have been
three months drawing this charter. I .
have with me here a gentleman who
was connected with the Credit Foncier
cf France, and he has been almost in-
valuable to me in furnishing ideas and
statistics. We have familiarized our—
selves not only with the Credit Fon-
cier of France, but with the institution
of the same. name in Austria and the
institution of the character in Germa-
ny which has been running successful-
vly for 100 years.
“I shall have the charter introduced
in congress in ten days or two weeks,
and I can say to you that it will go
President McKinley—well, it
will go through.”
“The president has been approached
or the subject?”
“I did not say that, but he is' favora—
lole. He cannot help. but be favorable.
No statesman,\\'ho knows what we pro-
pose doing can help but be favorable."
’f’, as Secretary Gage expressed him-
self?"
“I have not seen. him, but he cannot
help but be in favor of it.”
“Who will introduce the bill?”
“I think it would be a good thing it
we could get Rec—d to in.roduce it, don’t
you?” '
“Then Speaker Reed has been sound-
ed?" . ,
"I did not say that. All I say is 'ghl’?
o
Q
the bill chartering this institution will
go through.”
“How'about the senate? Senator Han-
na, for instance?”
“Oh. nobody will oppose :this when it
is understood. It is a measure to re-
lieve the people. The Populists, the
Democrats; silver and gold, the Repub-'
licans—all will be in favor .of it.
“We have enough money in this coun-
try. The only trouble is it has. notaieen
distributed properly. We purpose‘ givi
ing the farmers of the south and west
just as good and just as cheap credit
facilities as the merchant of New York
enjoys.” ’- -
Government Supervision.
No such institution as this could°suc-
ceed without the absolute confidence of
the people. That confidence is to be
obtained, it is declared by its projectors,
first, from an intimate association with‘
the national government itself, .and,
second, from an- enormous capital-—
$100,000,000—~every dollar of which can
be traced through monthly ofi'icial ‘re—
ports by every person in the United
States. _
The association with the national gov-
ernment is to be so intimate as to make
it almost a part of the government.
The government is not to be asked to
subscribe, all the capital coming from
the people, the purpose being now that
no one person can have more than $0,000
in shares. On the contrary, the com-
pany is to bind itself to be ready at all
times to advance to the government
any sum up to $25,000,000. at the current
rate of interest.
But the government is to supervise
the operations of the company. The
president of the United States is to ap-
point a supervisor in general. The sen-
rate is to have a man on guard, and so
is the house, while the treasury de-
partment is to appoint an auditor. The
auditor is to make examinations each
month and to report, the reports to be
published and to be available to any
person.
It is proposed further that the pres-.
sort of veto power over the election-lief a
president of the company and ‘ 'shall
have the power also to name two~of the
directors of the company. ' ,
Every possible safeguard, Mr. Dos
Passos says, will be put at the disposal
of the government, the object being to
eliminate every possibility of distrust.
The association with the national gov-
ernment is to be so intimate/that sub-
scriptions for the shares of the stock
in the company will be opened in the
postofiices throughout the country un—
der the rule of “first come first served.”
Lists may be placed also in the national
banks.
Mr. Dos Passos says the $100,000,000 of
stock will be subscribed twice over. The
subscriptions first in, he says, will be
accepted until the $100,000,000 is sub-
scribed. A list will be kept of the sub-
sc‘ribers who come late, and they will
have the first opportunities when it
comes to the sale of bonds.
The Syndicate’s llIethods.
Of the $100,000,000 thus raised, $25,-
000,000 is to be invested immediately in
United States securities so as to be
available should the government call
for the advance of $25,000,000 which the
company binds itself to make. A por—
tion of the remaining $75,000,000 will be
invested in securities of good standing,
such as municipal and railroad bonds,
which are readily negotiable. All of the
$75,000,000 will be so invested as to be
earning money except such p0rti0n.as
is needed for actual working capital.’
The directors chosen, the officers elect-
ed and the $100,000,000 so disposed of,
the company is ready to undertake the
work for which it was created. The
first and most important work is the
lending of money to the framers, es-
pecially of the south and west, who are
groaning under interest rates of from
6 to 15 per cent,
A vast machine is necessary to reach
the farmers. This machine, it is the
intention, shall follow the lines of the
machinery of the government of the
United States. The central office of the
loan and mortgage company will be in
Washington, though offices have been
secured in New York for the prelimi-
nary organization work. Then there
will be'a branch ofi'ice at the capital of
every state. '
Subordinate to the state branch will
be a branch office at the seat of every
county, and the county office will have
its agents in every township. The
agents of the townships are to have
their offices in the postoffices. =
The charter as it stands today is most
sweeping. It allows the company to
engage not only in the business of lend-
ing money on real estate, but to en-
gage in a general trust and banking
business. It is an ironclad condition,
embodied in the charter, that loans will
be made on property only up to 50 per
cent of its value, ascertained by actual
appraisement. The syndicate back of
the company has decided that the com-
pany will charge 4.65 per cent interest.
That is not so low as the Credit Fon-
cier of France makes its rate, but in-
terest rates are higher in this country.
In time, Mr. Dos Passos says, the com-
pany will be able to reduce the- rate
below 4.65 per cent.
ident Of the United States shall‘have a?
Fearful Boiler Explosion.
Glasgow, Ky., May 17.—A boiler at
Ward’s sawmill, near Randolph, Met-
calf county, exploded, killing Gee
Browu, Simon Kirkpatrick, J. D. Ward
and his son. Virgil Hundley was fa.-
tally hurt, and another of Ward’s sons
had both legs broken and will die. A
third son was badly scalded.
Hui-led 9. Bomb.
Huntington, W. Va., May 17. . ‘dy-
namite bomb was hurled into a three
story brick business block owned by
Colonel D. E. Abbott and occupied by
offices of various kinds shortly before
midnight last night. No one wasin-
jured. but the building was considera—
bly damaged. ' .
Yvette In Seclusion.
Paris, May 17.——Yvette Guilbert-has
been hiding from newspapeqmen and
others for several days. It is now
known, however, that she. is married
to Dr. Schiller, though the whole matter
has been kept a secret. It is announc-
ed that she will not leave the stage.
Hon. E. A. Mosely Elected.
Boston, May 17.———Hon.v Edward A.
Mosely of- Washington has been chosen
president general of the American-
Irish Historical society. The election
was to fill the vacandy caused by the
death of Admiral Meade.
Sunday Cars In Toronto.
Toronto, May 17.—This city voted by'
500 majority to allow streetcars to run'
on Sunday.
' Assistant
THE EVENING GAZETTE., .
FLIGHT OF AN HBIR.
Thong}: Nominally Worth $4,000,000, not!
I Died In Poverty.
Jersey City, May 15.——Lawyer Robert
Carey’s Office in the Davidson building
has been besieged in the past few days
by citizens of Rahway and Plainfield,
N. J., who, during ,the year 1893, loaned
money and sold property to one 'John
Huff, who awoke one morning to find
himself sole heir to a fortune of $4,000,-
000 left him by a Californian.
Huff’s townsmen, when they learned
of his windfall, tumbled over one an—
other in their efforts to get into his
good graces. Unhappily for those per-
sons who allowed Huff to become their
debtor, all he ever received of the $4,-
000,000 estate up to the time of his death
two years ago was a diamond collar
button, a gold watch and some cloth-
ing, the personal property of his sup-
posed benefactor. His townsmen re-
cently learned that Huff i-placed his
case in the hands of LaWyer Carey be-
fore his death, and they are now be-
Sleging the attorney in their endeavors
to get back the money advanced to
Huff six years ago.
The story is that Charles B. Easthoff,
who bequeathed the estate to Huff, in
1876 came on from San Francisco in
company with his father to see the
Centennial exposition. The father was
taken ill at Flainfield, where he was
‘attended by Dr. Gerard. Charles East-
hoff, who was then a lad of 12 years,
formed a strong attachment for Huff.
who was at thtt time e'fhployed by Dr.
Gerard. They soon became fast friends,
and later when old Mr. Easthoff had
recovered and was about? to leave for
the west he gave $500 to Huff.
A few years later both Mr. and Mrs.
Easthoff died. Charles, the son, was
the only heir. -In his will his father
gave all his property to the son, with
the condition atached thereto that none
of the money should be given to his
only living relative, an uncle, James
Easthoff. Young Easthoff occasionally
visited Huff. «
After his death lawyers wrote Huff
apprising him of his good fortune, at
the same time advising him to keep
quiet and not disclose to any one his
‘windfall. This Huff did until 1893, when
the news leaked out. The uncle then
came on and protested the will on the
grounds of “lack of capacity” and “un-
due influence.”
The case is still in litigation.
Huff, expecting that there would be
no trouble in getting his money, bought
a. house from J. T. Vail, a Plainfield
real estate dealer, for $13,000, agreeing
to pay for it when he got his money.
He also boarded until the time of his
death with Mrs. Neigh. or on Watchung
avenue, Plainfield, she agreeing to wait
for payment until Huff received his
millions. ' ' .
Huff, according to Mrs. Neighbor, re-
ceived only enough money up to the
time of his death to pay his expenses to
and from Philadelphia during the trial
)f the contest. At one time, she asserts.
the executors drew up a check for $25,-
000 to Huff, but through the interfer-
ence of the. uncle some technicality
was raised which prevented Huff from
cashing it.
While waiting for his fortune Huff
died.
After the Coal Railroads Now.
Albany, May 15.—At the request of
Attorney General Davies,
Justice Chester of the supreme court
of this state has issued summonses to
the presidents of the Delaware, Lack-
awanna and Western; New York, On-
tario and Western; Delaware and€=Hud~
son, New Jersey Central, Reading and
Lehigh Valley railroads, directing them
to appear in Albany on May, 20 to an-
swer questions as to charges of viola-
tion of chapter 383 of the laws of 1897
against monopolies and combinations
in restraint of trade.
Earthquakes In South Australia.
Melbourne, May 15.—No fewer than
90 earthquake shocks have been felt in
south Australia during the last three
days. The disturbances were particu-
larly severe at Kingston, where build-
ings were damaged and the inhabitants
are living in tents for safety.
Mallory Elected Senator.
Tallahassee, Fla., May 15.— tephen
R. Mallory was .elected United States
senator today on the twenty-fifth bal—
lot.
Two Children Asphyxiated.
Atlantic City, May 15.—Gussie Stalger,
aged 15 years, and Ray Lafferty, aged
10 years, were asphyxiated at the home
of the former’s parents, on South States
avenue.
Bathing the
baby is one of the
joys of young
motherhood. The
baby’s bath is
t h e pleasantest
f e a t u r e of the
d a y . This, of
c o u r s e , o n l y
when the baby
and the mother
are how healthy.
Not much pleas-
Out of bathing a
eevish, sickly,
retful baby. If
the mother‘ isn't
healthy, she can-
not get much
A pleasure out of
m/___anything.
, 3" Healthy mothers,
--.. ~A—v. who are careful
: ‘ ~ always have
healthy babies. Weak women sometimes
have healthy babies, but the chances are
against it. Every woman can have
healthy, happy children if she will take
proper care of herself. Dr. Pierce’s Fa-
vorite Prescription is what she needs. It
cures the weaknesses and diseases pecul-
iar to women.
of them—women capable of maternity.
Its use obviates the dreaded, and gener-
ally useless, physicians’ “examinations "
and stereotyped “local treatments." It is
the only medicine for women sold by
drugfists, devised by a regularly edu-
cate , experienced, and skillful specialist
in these diseases, and its sale exceeds the
combined Sales of all other medicines ad-
vertised for this class of maladies. Taken
during the period of pregnancy, it pre-
anes. the whole womanly organism for
Its time of trialand danger. It practi-
cally does away with the danger and with
nearly all of the pain. -
WOmen who care to know alI'About the " Fa-
vorite Prescription " and all aoout their own
hysical bein , and the best way to take care of
Ft, should sen 21 one-cent stamps to pay for the
mailing on?! of a free copy of Dr. Pierce’s eat
1,008 page i lustrated Common Sense Medica ~Ad-
viser. World's Dispensary Medical Association.
No. 663 plain Strut, Buffalo, N. Y.
ure can be gotten -
It makes perfect women-
- 0
THE MUTUAL ~ [.1111 INSURANCE flu.
RICHARD) ZN 1227;133:133: Element. ‘ ,.
Statement for the ,Year Ending December 3Isl, l89 ._
According to the Standard of the Insurance Department of the State Of New York.
INCOME,
Received for Premiums '. -' - - -
From all Other Sources " '
5
l0,|09,28| 0"
—_
_-_
~ . - 6 49,102,695 31
DISBURSEMENTS, ‘ ~
To Policy-holders for claims by Dealh - - - ° —
To Policy-holders for Endowments, Dividends, etc. - - , -
For all Olher’ Accounts - - - '-
ASSETS.
niled Slates Bonds and other Securities - - g -
Firsllien Loans on Bond and Mortgage - - -
Loans on Slacks and Bonds I. -
Real Estate _
(lash in Banks and Trust Gompanies - - p - - I.
Accrued Inleresl, Ilel Deferred Premiums, elc- - '
s I2,595,I I5 69
12,642,456 II
Io,16I,005 64
833—2713313111
s I I (”25,082 I4
1|,543,929 64
II,09I,525 00
22,161,666 65
l2,680.390 on
6,535,55506
_ ~ $234,144,I46 42
Reserve for Policies and other Liabilities - - -
Surplus - _- - - - . . . -
Insuran‘ce and Annuities in force - - . '-
_._____—__———
S 2_9,_133,SI4 1_o
S 9I6.698.3'36 45
I have carefully examined the foregoing Statement and find the same to be correct
liabilities calculated by the Insurance Department CHARLES A. PRELLER, Auditor.
From the Surplus a. dividend will be apportioned as usual
Report Of the Examining Committee. '
Office of the Mutual Life. Insurance Company of New YOrk
'1 0 THE HONORABLE, THE BOARD OF TRUSTEES OF .
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
third day of December, I896, to examine the Annual Statement of the Company, and to
verify the same, .espectfully ‘
That pursuant to the power and authority thereby conferred, the Committee have at various dates between the date of the
said refer’ence and the date of this Report attende d at the cflice of the Company, and have been “wanted on by the Treasurer,
the Comptroller, the Auditor-and and the Cashier, together With the the respective aSSIStams 0" ‘Such oflicers, and have care-
fully gone over all the items contained in the said Statement, and have found the same to be correct. They have examined
and counted every certificate of stock, bond and other obligation held by the Company, and compared the prlce at which the
same are carried in said Statement Wlth the market quotations and find the same not exceeding such quotations—1n fact, in
many cases below them. They have examined and counted the bonds and moxtgages on real property held by the Company,
and find the same to be as stated. They have also verlfied the valuations of the Company’s holdm gs of real estate and have
verified the deposits of money in the Various banks and trust companies, and have counted the‘cash on hand held by the
Cashier. , a . . . . ,
Committee certif that all the books papers. documents and evxdences of title of every description necessary In
'suchiiixgligation have been 312er submitted to the Committee by the said Officers and their aSSIStants, and that the same are
' d order and well kept. . , ,. _
accuzflg’tlgegggmmittee further certify that the Investments of the Company are of a high order, and that the system and
ding its transactions and caring for the assets are entitled to commendation
methods adopted by the Company in recor I
' ' 5 '11 b ltted ROBERT OLYPHANT J."HOBART HERRICK
All of Wthh is re pectfu y su m JAMES N. JARVIE , CHARLES D. DICKEY' JR!
an YORK . JANUARY 25, 1397. JAMES C. HOLDEN CHARLES R. HENDERSON
The company ‘has iSSued an order whereby women can be insured Without the extra
charge heretofore required. More definite information on the SlleCCt will-be furnished by
the local agent, Mr. A H. Camp, .
Board of Trustees
‘ GEORGE G. HAVEN
ADRIAN ISELIN JR.
GEORGE S. BOWDOIN
'IHEo. A. HAVEMEYER
WILLIAM C. WHITNEY
WILLIAM BOOKEFELLER
JAMES N. JARVIE ‘
CHAS D. DICKEY JR. .
ELBRIDGE T. GERRY
HENRY H. ROGERS
JNo. W AUCHINCLoss
THEODORE MORFORD
WILLIAM BABCOCK
STUYVESANT FISH
AUGUSTUS D. J UILLIARD
CHARLES E. MILLER
WALTER R GILLETTE
H. WALTER WEBB
FREDERIC CROMWELL
J ULIEN T. DAVIES
ROBERT SEWELL -
S, V. It. CRUGER
CHARLES R. HENDERSON
RUFUS W. PECKHAM
J. HOBART HERRICK
WM P DIXON
ROBERT A. GRANNISS
SAMUEL D. BABCOCK
RICHARD A. MOCUR‘DY
JAMES C. HOLDEN
HERMANN C. VON POST
LEWIS MAY
OLIVER HARRIMAN
ROBERT OLYPHAN'I
GEORGE F. BAKER
DUDLEY OLCOTT
‘ , ROBERT A GRANNISS Vice-Président.
. WALTER R. GILLETTE, 1%.:sz MgiglglgAN J c . d. S — t
‘ , , - _ 'd t. H4 , , , R, orrespon mg ecre ary
$153,{ffifififgflvfifitfif n , ALBERT KLAMROTH, Assistant Secretary.
' ' , ’ FREDERIC CROMWELL.];}1‘§e%sIIfieg-SON MA . i ”‘3
I - t t T jurer JAM . 5818 an reasurer.
wfigfiggNgA’N llgés'ilsc3.]:ifhier1.‘%ua EDWARD P. HOLDEN, Assistant Cashler.
. ’ ‘ EMORY MCCLINTOCK, Actuary. .
JOHN TATLOCK’ JR ’ Asiisiirifificitamwy ' RICHARDS o l: 11
. S , PRELLER, Auditor. _. ’ . .. , omp .ro er.
EHLHJIH‘JEOED GRETSINGER, Assistant Auditor. HENRY S. DRO WN, ASS1stant Comptroller.
J. ‘ JOHN C. ELLIOT. Superintendent of Domestic Agencies. ‘ ‘ .
‘ EDWARD LYMAN SHORT. General Solicitor.
MEDICAL DIRECTORS: ' ,
GRANVILLE M.;WHITE,' M I ,
ELIAS J. MARSH, M.,D'
GUSTAVUS s. WINSTON, M. D. ,
General Agent for;
JOHNW. NICHOLS II" "all” Slate olconnoe‘icuI‘
s _. ' R T Ae- H~;9AMPV.V’V'V'V?: ..
.
_ /"~4'.,__.—-M ‘ .
The undersigned, a Committee apppointed by your honorable body on the twenty. I
1‘
I
I
l
g
(u.
LAG? '
Norwalk Chronicler