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relations of the United States. CURTIS,

Charles-Born in North Topeka, Kas..
Jan. 25, 1860; educated
in common schools; ad-
mitted to the bar in 1881;
elected county attorney
of Shawnee county in
1884 and re-elected in
1886; republican in poli-
tics; elected to the 53d,
54th, 55th, 56th. 57th,
58th, 59th and 60th con-
gresses; elected United
States senator in Janu-
ary, 1907, to succeed
Alfred W. Benson, who
succeeded J. R. Burton;

Senator Curtis' residence is in Topeka, Kas.
DAVIS,

Jefferson-Born in Little River county,
Arkansas, June 27. 1862;
educated at Russellville,
Ark., and at Vanderbilt
university law depart-
ment; admitted to the
bar, 1884; prosecuting
attorney, 5th judicial
district, 1892; attorney-
general of Arkansas, in
1898; governor from 1898
to 1907; democrat in pol
itics; elected United
States senator in 1907 to
succeed James H. Berry;
term expires in 1913;

residence in Little Rock, Ark.

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DIXON, Joseph M.-Born at Snow Camp, N. C., July 31, 1867; graduated from Guilford college,

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May 24, 1852; educated at Georgetown (D. C.) college; editor Freeman's Journal; professor of English literature in University of Notre Dame and later of same branch in the Catholic university at Washington, D. C.; author of numerous essays, lectures, poems and stories: made minister plenipotentiary of the United States to Denmark in 1907 to suc

ceed Thomas J. O'Brien, transferred to Japan.

ELKINS, Stephen Benton-Born at Perry, O., Sept. & 26. 1841: educated in University of Missouri and admitted to bar in 1863; member of New Mexico territorial legislature, 1864-1865; delegate to congress, 1873-1877; moved to West Virginia: secretary of war, 18911893; United States senator since 1895; re-elected in 1907; republican in politics: chairman of committee on interstate commerce: author of the

well-known Elkins rebate law.

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Sept. 2, 1831; graduated at Bowdoin college, 1850; studied and practiced law: member of state legislature, 1861, 1862 and 1867; state attorney-general, 1867-1870; republican in politics; elected to the 42d, 43d. 44th, 45th, 46th and 47th congresses: elected United States senator in 1881 and reelected in 1883, 1888, 1895, 1901 and 1907; was chosen and served as pre

siding officer of the senate, 1896 and 1901.

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GAMBLE, Robert Jackson-Born Feb. 7, 1851, near JUDSON, Harry Pratt-Born at Jamestown, N. Y.,

Akron, N. Y.; graduated from Lawrence university, Wisconsin, in 1874; admitted to the bar and removed to Yankton, S. D., in 1875, where he still resides; elected to state senate in 1885; member of the 54th and 55th congresses; elected as a republican to the United States senate in 1901 to succeed R. F. Pettigrew and reelected in January, 1907,

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Dec. 20, 1849; educated at Williams college; teacher in Troy, N. Y., 1870-1885; professor 01 history in University of Minnesota, 1885-1892; professor of political science and dean of faculties of arts, literaturé and science in University of Chicago, 1892-1907; elected president of same institution, Feb. 20, 1907, to succeed William R. Harper, the first

president, who died in 1906.

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Jan. 23, 1870; graduated from Harvard in 1891: studied law; member of New York state assembly, 1899-1900; made auditor of the island of Porto Rico in 1903 and secretary of same in 1904, serving until he was appointed governor, March 5, 1907, to succeed Beekman Winthrop, appointed an assistant secretary of the treasury department; his official

residence is in San Juan, Porto Rico.

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May 12, 1859; educated in common schools; removed to Grand Rapids in 1872; admited to the bar in 1883; republican in politics; proprietor Grand Rapids Herald; elected to the 54th, 55th, 56th, 57th, 58th, 59th and 60th congresses; elected United States senator in January, 1907, to succeed Russell A. Alger, who died in Washington, D. C.; term ends 1913;

A. M. from Dartmouth college. STEPHENSON,

Isaac-Born

in Fredericton, N. B., June 18, 1829; went to Bangor, Me., in 1840 and to Wisconsin in 1841; worked on a farm and then sailed a schooner between Milwaukee and Escanaba; invested his savings in timber lands and acquired a large fortune; member of congress, 1883-1889; republican;

elected United States senator in May, 1907, to succeed John C. Spooner, resigned, for

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WALCOTT, Charles Doolittle-Born at New York

Mills, N. Y., March 31, 1850; educated in public schools; turned attention to geology: assistant in New York survey, 1876; assistant in United States geological survey. 1879, and director of same from 1894 to 1907; secretary Carnegie institution since 1902; elected secretary of Smithsonian institution In January, 1907; author of

many scientific books

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WARREN, Francis E.-Born in Hinsdale, Mass.,

June 20, 1844; educated in common schools; served in civil war; removed to Wyoming in 1868; engaged in live-stock, realestate and lighting busi ness; republican in politics; member of the territorial council; governor of Wyoming in 1885 and 1889; elected United States senator in 1890, 1895, 1901 and 1907. his present term expiring in 1913; chairman of

committee on military affairs. WILLIAMS, John Sharp-Born July 30, 1854, at Memphis, Tenn.; educated in universities of Virginia and Heidelberg admitted to bar in 1877 and practiced in Yazoo City, Miss.; also engaged in cotton planting; was elected as a democrat to 53d, 54th, 55th, 56th, 57th, 58th. 59th and 60th congresses; chosen at state primary in 1907 to succeed H. De Soto Money as United States sen. ator in 1911 after spir

ited contest; residence, Yazoo, Miss. RICHARDSON,

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Harry A.-Born in Dover, Del., Jan. 1, 1853; received a common-school education and entered business, becoming the head of Richardson & Robbins, packers, at Dover; interested in banking and in the Diamond State Telephone company, of which he was organizer: republican nominee for governor in 1890, but not active, in politics; elected United States senator in 1907 to succeed James

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F. Allee; term expires in 1913.

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ROBERTS, William H.-Born at Holyhead, Wales,

Jan. 31, 1844; educated in College of City of New York and Princeton Theological seminary: was treasury statistician at Washington, 1863-1865; assistant librarian of congress, 1866-1871; professor of theology at Lane seminary, 1886-1893: stated clerk of presbyterian church since 1884; elected moderator general assembly, 1907; office in Witherspoon building, Philadelphia, and home in Wayne, Pa.

FINANCIAL DISTURBANCE OF 1907.

In the third week of October, 1907, a financial disturbance of serious proportions developed in New York city when the firm of Otto Heinze & Co., which had attempted to engineer a corner in the copper market, was suspended from the stock exchange and the clearing house began an investigation of the affairs of the Mercantile National bank, the National Bank of North America and various other banks and trust companies. The public at once took alarm and runs on several institutions began, resulting in some of them closing their doors, either temporarily or permanently. The trouble was worst in New York city, but it also extended to the other financial centers of the country, Pittsburg in particular suffering seriously from the failure of several of the Westinghouse enterprises. There were a number of bank failures in Montana, Texas, Rhode Island and elsewhere. Measures were taken to relieve the situation by the use of clearing-house certificates and notes, the importation of gold from abroad, the deposit of money in the banks by the government, the issue of Panama canal bonds and of government debt certificates. Savings banks re quired notice of withdrawals, thus preventing runs which might have had disastrous consequences. By the middle of November, while the money market was still stringent, confidence had been largely restored and business was resumed under more normal conditions. The effect of the scare was reflected in the reduction of imports, diminution of receipts at the postoffices, discharge of employes by industrial concerns, lowering of prices in the case of some commodities, the countermanding of orders relating to projected enterprises and the increase of commercial failures.

Among the various causes assigned for the financial crisis were these: Overextension of credit on inadequate securities to enterprises of a more or less doubtful character, some of the New York banks and trust companies being especially reckless in this respect; the lack of a sufficient currency supply for the requirements of business at all times and particularly during the crop-moving season; the disclosures of reprehensible financiering methods in connection with street railways and insurance companies as well as with railroad properties in general; the fall in the value of stocks and bonds owing to the prosecution of illegal trusts by the government and adverse legislation in many of the states, as, for example, the enacting of 2-cent fare laws and laws for the control and regulation of public utilities; and, finally, general extravagance in expenditures. Many, for political or other reasons, blamed the president of the United States for having inspired distrust by his attacks upon certain unprincipled corporations. His reply to this was that he did not believe the government's efforts would have anything but a beneficial effect upon the permanent prosperity of the country; and as a matter of fact even as regarded any temporary effect, the trouble was due fundamentally not to the fact that the national authorities had discovered and corrected certain abuses, but to the fact that those abuses were there to be discovered.

RESUME OF EVENTS.

Following is a brief resume in chronological form of the chief events of the period when the financial disturbance was most acute:

Oct. 17-Firm of Otto Heinze & Co., copper corner agents, suspended from New York stock exchange; F. Augustus Heinze resigned from Mercantile bank of New York; State Savings bank of Butte, Mont.. Haller, Soehle & Co., bankers of Hamburg, Germany, and House bank of Houston, Tex., failed.

Oct. 18-Entire board of directors of Mercantile National bank of New York forced to resign by the clearing house.

Oct. 19-Banks in New York Clearing House association advanced $1,800,000 to the Mercantile National bank; National Bank of North America and Amsterdam National bank of New York under investigation; Charles W. Morse, associated with the Heinzes, resigned from all the financial

institutions with which he was connected; stock markets were panicky.

Oct. 21-Charles T. Barney, president of the Knickerbocker Trust company, New York, resigned; bank's clearings refused; meeting of prominent bankers held to consider situation.

Oct. 22-Knickerbocker Trust company suspended payment, though declared solvent by its officials; Mayer & Co.. stock brokers, failed with liabilities of $6,000,000; call money went to 70 per cent; stock market demoralized; President Roosevelt in speech at Nashville denied responsibility for financial troubles; Secretary Cortelyou ordered deposit of $6,000,000 in New York banks. Oct. 23-The Westinghouse Electric and Manufacturing company of Pittsburg and three allied concerns placed in receiver's hands; Pittsburg stock exchange closed; heavy run begun on the Trust Company of America in New York and on the Lincoln Trust company of same city; Secretary Cortelyou decided to deposit $25,000,000 in New York banks at once; committee of five appointed by bankers to consider calls for assistance; call loan made at rate of 125 per cent. Oct. 24-Syndicate of Wall street banks, headed by J. P. Morgan & Co., placed $25,000,000 in the stock exchange for loans on collateral; action taken after all-night conference in J. P. Morgan's art gallery; governor of Nevada proclaims a holiday to save several banks and trust companies.

Oct. 25-First National bank of Brooklyn, the Williamsburg Trust company, the Jenkins Trast company and several minor concerns suspended; issuance of clearing-house certificates demanded by brokers in New York; receiver for Union Trust company of Providence, R. I.. appointed. Oct. 26-New York clearing house decided to issue certificates; announcement made that the same plan would be followed in other cities. Oct. 28-Clearing-house certificates issued in Chicago and depositors in savings banks required to give notice of withdrawals; banks in Oklahoma City, Okla., remained closed as a precaution. Oct. 29-Secretary Cortelyou announced that the government would accept as security banking paper approved by the savings banks laws of Connecticut and New Jersey.

Oct. 30-Importation of gold begun by Chicago banks.

Nov. 1-Secretary Cortelyou ordered $3,000,000 to be deposited in Chicago banks.

Nov. 2-Weekly clearing-house returns showed decrease in business of the country.

Nov. 7-Total of foreign gold imported or engaged brought up to more than $40,000,000.

Nov. 14-Charles T. Barney, ex-president of Knickerbocker Trust, died from bullet wound. Nov. 15-Clearing-house checks of small denominations placed in circulation in Chicago; also used in other cities.

Nov. 17-President Roosevelt ordered Secretary Cortelyou to issue $50,000,000 worth of Panam canal bonds at 2 per cent and $100,000,000 in government debt certificates at 3 per cent.

FORMER ECONOMIC CRISES.

Financial disturbances similar in some respects to the monetary stringency of 1907 occurred in the United States in 1814, 1818, 1837, 1857, 1873 and 1893. The crisis of 1837 was caused by excessive land speculations and the operations of so-called "wild-cat" banks; that of 1857 was also due to land speculations, resulting in bank failures and commercial depression; that of 1873, caused by overspeculation and the suspension of specie payments, was precipitated by the failure of Jay Cooke & Co.; and that of 1893 was attributed to fear of prospective tariff changes and the silver legislation in congress.

RECORD OF LEADING STOCKS IN 1907. Jan. 1 to Nov. 30. [From Dun's Review.] Stocks. High.

Adams Express. Allis-Chalmers

Preferred

Low.

315 June 18 150

Aug. 14

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