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BI? FINANCIAL CHANGES. PRKHF.NCK OF MORGAN ON EX CHANG*: sKNhs i:\OII\M.K I RATKe? DOWN. AwHfn Dollar Itulctt In Financial Workl an?l I i?Hk? t'oun tries Must Pay on Hill? for Lsurgo War Or? den. New York, Aug;. 14V?The Amer? ican dollar ruled the financial world today with an Iron grip, foreign ex? change went down to new depths In a torrent of bills that poured in the exchange markets from American manufacturers seeking pay for big war contracts. Oolncldently with the startling de? cline In exchange tates came tho as? sertion from an un mpeachable source that every contract, for supplies sent abroad called for payment In Amer? ican dollars and not pounds sterling, which heretofore have been the stand? ard of finance the world over. The Immense losses, therefore, due to the decline In foreign exchange rates, will be borne, to the last penny, by for? eign buyers?a situation exactly the opposite of what had heretofore been the popular belief. The maximum depreciation today In pounds sterling was 4 3-4 per cent, below normal; In francs 19 per cent, below normal; In Italian llres 25 per eeat. In the money markets today the pound sold for only $4.04; 6.02 franca equaled a dollar, and a dollar purchased 6.48 llres. These were the quotations while "rates were at the lowest. In the last hour of business the presence In Wall street of J. P. Mor? gan for the first time since the at? tack on his life six weeks ago and en Informal conference of bankers to confer on the exchange situation sent rates upward. Sterling closed at 4.17 1-1, one-half point bisher than It opened and a point and a half under Saturday's clone, which had eetabllshed a new low record. Francs gained three poirtts over the low record. selling *t r> r? at ?h.< dojsjsi ami HNI ff> bounded a point, closing at 6.47. Bankers with International connec? tions considered 0 remedy at an In? formal conference t?te today. It wns decided to do nothing, chiefly because the remedy lay with the foreign buy? ers. They Were the sufferers aukl th?lrs. It was the consensus of opin? ion, should be the task of setting the money markets to rights. How this would be done was the object of keen consideration and some speculation. It generally was be? lieved that the present abnormal sit? uation - ould not be permitted to con? tinue long. The obvious remedy seemed to be to sell American secur? ities held abroad and when this con? tingency was studied the situation seemed to be pregnant with unique poeslbllttb ? A great many millions of American securities, payable In dollars, are held abroad, chiefly high class railroad bonds and preferred stock of a select? ed list of American Industrials. ShoulJ these securities be sold, at the pres? ent exchange rates In foreign mar? kets, they would fetch far more than the purchasers paid for them, due en? tirety to the depression of exchange. Thus a $1.000 American bond sold In Paris at par would, on account of - prevailing exchange rate, bring ap? proximately 6,000 francs. When pur? chased at par a year ago It cost the purchaser approximately 5,050 francs. The net prottt would be about 650 francs, or about 16 per cent, the per? centage of depression in francs in American exchange markets. In I*on don the profit would Ik; approximate? ly 4 3-4 per cent., and in Koine th. profit would approximate 25 per cent. Establishment here of a big for* I) credit, estimated conservative ly at 6660.000.000. was thought to be abso? lutely necessary if exchange rate? were to be restored to anything like normal. The assertion that dollars and not pounds sterling had been the financial standard on which all contracts for War SUpplle* hoi hern accept.-.1 111 this country came us a distinct sur? prise. Aside from marking the tem? porary passing of LfsnoVsn'l sooitrol of the world's treasure cheats, it re? lieved anxiety on the part of invest? ors In socalled war specialties in the stock market who were confronted with the prospect of a large shrln*> Kg.. In prospective profits due to pre? vailing low rates of exchange. Measured In dollars and cents. It wee learned that the amount of these war con' r.u????. SS which full or nearly full p.ivm. n' . would he due on or before October 1. next, approxi? mates 6too.ooo.ouo to 6500.000000 This Is In addition to the huge total of more than $ 1.00?,##e\##g owed by Europe to the Cnlted St.n.s at the close of the fiscal year Jim. 30. It was also learned from an authorita? tive source that the prospective prof? it* on some of thes?? contracts ha.I been greatly exaggerated, that onlv normal piofifs would SOOfiM in most cases, and that in some instances there might be no prollt at all. Tbl*. H gMM said, was due to the MORE SEA FORGES NEEDED. daniels to HJMM ixckease IN Nl'mheu. Secretary to t'rg?? on WUxon Import uiuv of Substantial Increase in Personnel of Navy. \\ i-hiriKt"n. Aug. I?.?Legislation to authorize a substantial increase in the enlisted personnel of the navy will he sugKested by Secretary Dan ielM when he goes to the White HoOOt this week to submit a special re? port on the navy's needs asked for by President Wilson. A large building programme will he recommended next winter and since Muren, 11*13, there has been a net increase of 50 in the number of naval vessels in full commission. In the same time the number of men have been increased 5,114, bringing the total virtually up to the limit n\ed by law. During the two years the number of commissioned battleships increased six, first class cruisers one, second class cruisers one, third class cruisers five, destroyers six, monitors four, submarines 20, gunboats six, destroy? ers six, monitors four, submarines 20, gunboats six, tugs two, and special types one. The number of transports was reduced by two. rigid surveillance exercised by in? spectors of Great Britain and her allies over all deliveries. Goods con? tracted for, It was said, were held to a strict standard and where they did not come up to this standard were re? jected. 1 Another optimistic feature of the foreign exchange situation was the general belief that a second large shipment of gold was on its way to New York. Approximately $20,00, 000 in gold coin reached here last week from London. Wall street heard today that the second shipment of gold was coming from South Africa or Australia. Other good shipments, too, it was believed, would follow, all of which were expected to have a cor? rective effect upon the exchango markets. Hankers were reticent in discuss? ing these report* and no otllcial con? firmation of them could he obtained1. Not tho least of the factors which entered into the creation of today's unparalleled exchange situation wal the delay in obtaining and executing cable orders. Thus, at about the same time, American securities were selling at widely divergent llgures here and abroad. A notable case was that of I'nion Pacific, which was down three points in the London market and made a net gain of three-eighths of one point higher. This situation was ascribed largely to the British cen? sor's control of the cables. Leading bankers were almost unan? imous in the belief that England had failed to awaken to the fact that she had lost control of the world's finances, temporarily at least, and that by falling to establish speedily an adequate credit here still clung to the delusion that the pound ster? ling was the standard of international finance today, as it had been for generations past. As soon as London bankers realize fully that New York is in control and establish the credit needed to piotect their money, it was thought exchange rates would return to tlgures more nearly approaching normal. to meet situation. Strong Efforts Made to Issue Short Term Bonds. I/ondon, Aug. lti.?A strong effort is being made in important financial quarters to have the government issue 1 large amount of short term high rate bonds to be put on the American inarki t as a means of' relieving the low rate of British exchan ,e. The exchange rate continued down? ward today, at one time touching the lOWQSt known recerd, 1.91 1-2. This caused unusual activity in the ex? change houses mi Corn Hill, and when an Associated Press correspondent nia.Ic inquiries of Marshall & Sons their reply was delayed owing to tho ? losing of negotiations for $150,000 exchange at 4.7 1-2, which was the low? st they ever have known. deorge (Markt , head of a lending exchange house, told the Associated Press representative that in his opin? ion an ISMHJ Of short time bills at an attractive rate fOff the New York mar? ket VM the best solution of the sit? uation and he believed It WOUld have to be adopted. "The beHt course now," he snid, "is one I understand is under con? sideration. It calls for the issue of a foreign loan, principally in New York, at such a rate as to be at Iructod 10 American kinks and In vsstora Probably I por cent, two ? it bills, free from income tax. would appeal Strongly to 'd^ Ameri? can investing concerns. It WOllld be tbe first time on rec? ord thai Drool Britain hod placed > loin in a foreign country, and this may ral t ths question of dignity, but Germany, Japan and other countries havi placed such loans in New York CHARTER FOR NEW RAILROAD. APPLICATION OF THE CHARLEK TON MOfJTHKHM RAILWAY TO HE made sect. 17. C orporators Will Request Power to Condemn I>ands for Rights of Way on 85 Miles to Savannah. News and Courier. Application on behalf of the Char? leston Southern Railway for a charter with the power to condemn lands for rights of way will be made to the Secretary of State at Columbia on September 17, at 1 o'clock in the af? ternoon, from Charleston to Savan? nah. The new road as surveyed will be 85 miles long. Following is a notice of the applii cation: "To whom it may concern: Take notice that the undersigned have been duly commissioned by the Secretary of State of South Carolina as the board of corporators of Charleston Southern Railway, pursuant to their declaration and petition duly filed with him, and that, as such, they will on the 17th day of September, 1915, at 1 o'clock P. |f*i apply to said Sec? retary of State of South Carolina, in his office in the capitol In Columbia. South Carolina, to condemn lands for rights of way, as provided in Article 3, of Chapter XLV1I, of Volume 1, of the Code of Laws of South Carolina, 1912. "Said Charleston Southern Railway, proposed to be chartered for the pur? pose of building, owning and operat? ing a line of railway in the counties of Charleston, Colleton, Jasper and Heaufort, beginning at a point of connection with the line of railway of Carolina, Atlantic and Western Railway in the city of Charleston, In the county of Charleston, and extend? ing thence through the township of Fr?ser and Lowndes In the county of Colleton, thenoe through the town? ships of Sheldon and Reaufort in the county of Reaufort, thence through the township of Coosawhatchie in the county of Jasper, thence through the townships of Rluffton and Yemassee In the county of Reaufort, to a point on the north bank of the Savannah rivt \ In the said township Yemassee, In the said county of Reaufort, all in the State of South Carolina; ihence across the Savannah river to a point of connection with the line of railway of Seaboard Air Line Railway, on Hutchinson Island, in the county of Chatham, In the State of Georgia; and the charter power to condemn lands is sought. ^ "Any parties desiring to oppose the application may appear and oppose the same at the time and place afore? said. "George E. Dargan, "Rright Williamson, "James D. Evans, 'Rourd of corporators of Charleston Southern Railway. "Dated August 10, 1915. ARMY WORM IN GREENVILLE. Exi>erts Rushed to County to Combat Situutton. Greenville, Aug. 10.?The army worm has invaded Greenville county In droves, and farmers report crops damaged from every part of the county. Clemson College experts were rushed here to combat the sit? uation. Much anxiety has been iaroused over the invasion. EFFORT TO REDUCE COTTON. Acreage Should be Devoted to Divcrsl llcd Crops say Merchants. Iffmephte, Aug. 17.?The first big effort to reduce the cotton acreage began today at a meeting of the Southern States Cotton Merchants' As? sociation. Eight thousand delegates are in attendance. They urge diversi? fication along scientific lines. FIRE AT EST ELL. Town on Scul>ourd Almost Destroyed Today. Columbia, Aug. 17.?The greater part of the business section of Estlll. S. C, was destroyed by lire this morning, the losses amounting to ap? proximately $50,000, only partially < <>\ ered by insurance. and the time has come when we should do the same as the surest means of relieving the abnormal sit? uation growing out of the adverse balance of exchange against us." The house of Morgan, Grenfoll & c<?. referred Inquiries to Marshall & Sons and Mr. Clarke, but they also stated that a means of relieving the exchange situation was understood t<? be under consideration, either through a loan or by the placing of a big credit in New York as advocated by 13, F. Davles, chairman of the com? mittee of foreign bankers on exchange problems. The Hank <>f England announced thai 1,800,000 pounds ($9,000,000) in foreign coin hud been allowed to go out today, which is taken as an In? dication that the government now la Willing to allow g?'bl to go out as a. means of meetli.i uccrulng balances. MOB WORKED FAST AI PRISON OFFICIALS AMD GUARDS HELD BLAMELESS BY COMMISSION. Chairautii of Prison Hoard Says Mob Was Well Organized and Effective Resistance Could not Have Been Offered?I Yank Silent as He Was Thrust into Wailing Car. Milledgeville, Ga., Aug. 17.?Prison officials here are held to be without lilame for the situation arising from the taking of Leo M. Frank from the principal State penal Instltuntion by la mob numbering about 25 men in a statement given out tonight by R. E. Davidson, chairman of the State prison commission. Mr. ?Davidson, with the other two members of the body, Commissioners Rainey and Pat? terson, was here to inspect the peni? tentiary when Frank was taken away. The prison commission has full power, not excepting that vested in the governor, to conduct or order any investigation it may deem tit. Mr. Davidson said that as the mob worked so quickly and was so well or? ganized and immediately upon its ar? rival at the prison so completely con? trolled the situation that "no responsi? bility rested on either the commission or anybody at the farm." I Some comment was heard here to? day as to why the mob had to deal with only live men?the warden, the superintendent, two guards and a "trusty" in charge at a gate. That Warden J. T. Smith and Su? perintendent J. M. Burke were power? less with facilities they had at hand when the mob arrived is not question? ed here. Burke says the mob com\ pleted its work in live minutes; Smith says five or six minutes. First all wires were cut at the prison. Then Warden Smith was made prisoner of a part of the mob, while another squad handcuffed Burke and led him to the gate they wished to enter. A command to the "trusty" to open the gate was demurred to, hut a threat to kill him if it was not opened immediately gave the mob access to the inside. As the gate was opened a guard came up and was overpowered. Another guard was met, but soon was at the mercy of the mob. Frank was seized by live men, according to most re? ports, hurried outside and thrust into the tonneau of an automobile along with a long rope that was dangled in front of his eyes. He did not utter a word. An oc? casional groan escaped his lips. What he said, if anything, during the five or six-hour trip from Milledgeville to the outskirts of Marietta probably never will be generally known. BLOT ON GEROGIA SHIELD. Daniels Bitterly Denounces Lynching of Prisoner as Worst of Shames. Washington, Aug. 17.?Secretary Daniels tonight issued a formal state? ment denouncing the lynching of Leo M. Frank as the worst blot on the name of Georgia, declaring it wonld be more sincerely condemned In the South than in any other part of the republic. The statement follows: "I nm shocked beyond expression at the lawlessness of the Georgia mob. It is the worst blot upon the name of the State. Every good citizen must deplore it. It will be denounced more sincerely in the South than in any other part of the republic. The great bulk of Southern people know that such instances, perpetrated by the few and indorsed by a small majority, works injury to their section. "There is never any excuse any? where for lynch law. In this case there were thousands of the best men in Georgia who believed he was guilty. If guilty, he ought to have paid the penalty of the crime, the worst that man can commit. The gov? ernor, after long deliberation, de? cided to commute the sentence to life Imprisonment. Those who thought the governor should have let the sen? tence stand can not even advance the poor plea that Frank had escaped punishment. The governor's action changed the sentence from death to Imprisonment for life, The punish? ment of life imprisonment is the most serious sentence that can be imposed short of execution. If guilty, Frank would be daily punished for his crime, for life imprisonment is a living death. "No man Is sale When a mob takes the law |n its own hands. I have no doubt the governor of Georgia will employ every possible agency to dis? cover the mob-murderers and bring them to trial and punishment. The honor and fair name of Georgia de inand this. The case become one of nationwide Interest, and the eyes of all the civilized world, standing aghast at the crime of the mob, will look to Georgia to punish the crimi? nals, who under the cover of night have committed n crime that cries aloud for severest punishment." Will Make Inquiry. Fitzgerald. Ga., Aug. 17.?Gov Nat R, Harris, who came here parly to? day to attend the annual reunion of .Confederate veterans, nnnouncetl thai ?he will return tonight tu Atlanta for BODY TAKEN 10 BROOKLYN. POLICE GUARD CORPSE OF LEO M. FRANK ON WAY TO STA? TION. Mrs. Leo Trank in Funeral Party Showing Few Signs of Ordeal?Of? ficers Refuse to Allow People to Talk to Members of Party. Atlanta. Ca., Aug. 17.?The body of IjCo M. Frank, under B heavy police guard, was placed aboi I a Southern railway train which departed at 12.01 o'clock this morning. The funeral party, including Mrs. Frank and sev? eral Atlanta friends of the family, who will accompany the body to Brooklyn, also was guarded carefully by the police until the train left the terminal station. Mrs Frank appeared at the train unassisted and showed no serious ef1 fects of her ordeal last night and to? day. She chatted with members of the party before boarding the train. Several policemen surrounded Mrs. Frank and her friends and refused to allow any one to come close enough to converse with them. The body was taken from the un? dertaking establishment, where it had lain since late this afternoon, sur? rounded by 30 policemen. They guard? ed the wagon bearing it until it was placed on the train and then watched the car until the train departed. LARGE CROWD VIEWS RODT. Atlanta, Ga., Aug. 17.?Leo M. Frank's body was brought to Atlanta this afternoon and secreted in a barn until a crowd searching for it threat? ened serious trouble. It then was taken from the barn to a undertak? ing establishment, where tonight a steady stream of persons passed to view it. The temper of the people seemed not to be to wreak their hate upon the lifeless form, but they seem? ed determined personally to assure themselves that it really was the body of Frank. Forty policemen were on guard at the undertakers' and a crowd that blocked trallic for more tfian a block stood for hours in front of the place The body was shown just as it had been cut down from the tree at Marietta this morning. The body will leave here at mid? night on a Southern railway train for the home of Frank's parents in Rrook lyn. according to a statement of Her? bert J. Haas, one of Frank's attorneys. It will be accompanied by Mrs. Frank, Mrs. Frank's brother, A. E. Marcus; David I. Marx, H. A. Alexander and Mr. Haas. Shortly after 7 o'clock tonight the undertaking establishment was closed and a cordon of police stationed about it. No one was allowed to ap? proach within 50 feet of the building. When the place was closed the crowd was dispersed and within a short time only a few scattered gath? erings were to be seen. Many, how? ever, walked past the establishment, but were not allowed to halt. Men and boys did a thriving busi? ness selling postcard photographs of Frank's body as It swung from the tree to which it was found hanging near Marietta. Mr. Haas stated tonight that Mrs. Frank is not in a serious condition. She left MUledgeville for Atlanta this afternoon, accompanied by her uncle, in an automobile. Telephone linemen sent to repair lines cut by the mob at MUledgeville reported tonight that the work must have been done by some one thor? oughly familiar with wires. After the wires were cut the ends were picked up and the wire rolled up as a lineman would do it. This indi? cated, telephone men said, that there was no effort seriously to damage the line permanently, as the wire easily would be joined after the roll was found. Railroad wires in the direction of Macon and Atlanta from Milledgeville were cut. If it served to help the mob it is not known how, but it was over this line that news of tho ab? duction was sent out of Milledgeville. At 10 o'clock tonight the doors of the undertaking establishment again were opened to the public and L'OO or ,300 persons, who had remained in the vicinity viewed the body, which had been prepared for burial. Friends and relatives had planned to hold a private funeral at 11 o'clock tonight. Mrs. Frank, who had arrived from Milledgeville and was taken to the home Of Herbert Haas, objected, however, and the plan was aban? doned. LYNCHING OR HANGING. San Francisco, Aug. 17.?In an ad? dress today to the San Francisco cen? tre of the California Civic league, .John M. Blaton, former governor of the purpose of aiding the prison com? mission hi an investigation of the lynching of U M. Frank. The people are entitled to all the facts In the ease.'* said the gov? ernor, "and I propose that they shall have them. ' He said a thorough Inquiry would be made. WANT TO DROP FRANK GASE. SO ARRESTS MADE AND PUBLIC SENTIMENT AGAINST CON? VICTION OF LYNC1I ERS. Mary Phagan's Mother Wants Matter to End?Bodf Will Reach New York Tonight?All Quiet in Atlanta and Marietta. Atlanta, Aug. 18.?' It's all over now and I'm perfectly satisfied with the manner in wh;ch it ended," today stated Mrs. J. W. Coleman, the moth? er of little Mary Phagan. "Frank was sent to prison by one man, hut his taking away was the wish of many. I hope 1 never hear his name again, and that there be no more of this ter? rible affair." Atlanta and Marietta were quiet today. No arrests have been made and if there should be, a conviction would be practically impossible in view of the overwhelming public sen? timent against Frank. Citizens are disposed to drop the matter and let the case be forgotten as quickly as possible. Frank's body, accompanied by his wife, his brother-in-law and Rabbi Marx will reach New York to? night. _ i FRANK DID NOT CONFESS. Lust Request Was That He Be Allow? ed to Write to ills Wife. Marietta. Aug. 18.?It became known by underground methods to? day that Frank did not confess. His last request was to be allowed to write to his wife. Whether his request was I refused or not is not known. CVSTER S LAST SURVIVOR. Frank II. Earle Buried at Greenville, Miss., Sunday. Greenville, Miss., Aug. 16.?Frank H. Earle, 74, said to have been the only survivor of Gen. Custer's com? mand when the 7th cavalry was mas? sacred by Indians at the battle of the Little Big Horn, was buried here yes? terday. He died at Arkansas City, Ark., Friday. YOUNG AVIATOR KILLED. j Loses Life In Practice Flight With Naval Militia. Erie, Pa., Aug., 17.?Donald Greg? ory, aged 24, of Ann Arbor, Mich., an aviator on board the United States naval militia ship Essex of Toledo, was killed today when he fell 300 feet during a flight. TO RELIEVE COTTON SITUATION. President Has Plan Outlined to Aid South. Washington, Aug. 18.?It was learned today that President Wrilson really returned from Cornish to plan relief for the cotton situation. A tentative program provides the lend? ing of money on tifty per cent crop and arrangement with the allies to expedite shipments. Torrcn Falls to Carranza. El Paso, Aug. 18.?Carranza agents today reported the capture of Torreon. Georgia, who commuted the death sentence fo Leo M. Frank to life im? prisonment, declared he would prefer to have Frank lynched by a mob than to have him hanged by judicial mistake, because "one reached the I soul of civilization; the other merely reached the body." Mr. Slaton's address, devoted almost entirely to discussion of the Frank case and the lynching of Frank, was delivered in the presence og a major? ity of members of the California su? preme court and other prominent per? sons, members of the league. In his address Mr. Slaton said: "This has been such a lesson to Georgia that I hope it never will occur again in our civilization. "There are conditions about tho Frank case whicb^constitute a tribute to the State of Georgia. No wonder it is difficult to open the ears of Geor? gians to reason. They finget tho iden? tity of the offender in the magnitude of the offense. "Thej-e were many good people?as good as I?who disagreed wih me be? cause, they said, I set aside tho ver? dict of a jury and interfered with tho functions duly exercised in the courts of law. But when these people hnd out the truth of the Frink case their general condemnation of me will turn to general approval and they will know that I saved the State from ;i stain which never could have been eradicated." Mr. and Mrs. Slaton in about a week will go to San Diego to visit tho Panama-California exposition and af? terwards will return to their home in Georgia. "Of course, I'm not afraid to re? turn to Georgia/' he said. "This act of lynching Leo Prank is not that ol the good people of my State. It's the act of a few criminals. ttni going to spend the rest of my life in Geor? gia. I'll be back home by the middle of September."