29 Oct 1907
Page 1
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Newspaper
Albuquerque Morning Journal
Location
Albuquerque, New Mexico, United States of America
Date
Oct 29, 1907
Page
1
Wall Street sentiment improves as eighteen million dollars in gold is engaged for import to New York, signaling renewed confidence. Investors react to the moving flow of funds and the prospect of stabilizing markets amidst ongoing economic concerns.
New York reports a rapid copper export rise and $14 million of gold imports boosting foreign money inflows. Banks resume normal operations with deposits exceeding withdrawals by $296 000 and trust companies easing runs as investors seek U S securities and rail assets amid brighter financial conditions.
Kansas City reports indicate only minor impact from the Bankers' Trust company failure with deposits around $800000. No other banks were affected and currency payments were briefly constrained but caused little disruption. Cashier J C Hughes declined further comment.
Pueblo banks cap withdrawals at 100 from each account after Clearing House association declined to extend privileges. Bankers Trust Company moves toward liquidation after weeks of planning. opening cash on hand was only 8000. Posted conditions show loans and discounts at 658701, stocks and bonds 598581, deposits 798245. Local businessmen call the measure prudent though business remains steady.
Goldfield Oct. 18 State Bank Examiner Miller inspected the local branch of the State Bank and Trust company. While not issuing an official statement he expressed belief the bank will resume business shortly.
At a San Francisco Clearing House meeting the plan to issue clearing house certificates was adopted to prevent hoarding and protect credit amid rising eastern demand. New York banks announced added gold imports totaling 18,750,000 dollars as part of the citywide effort.
Portland bankers urge Governor Chamberlain to declare a five day holiday to prevent financial complications in the city. The request stems from worries over cash flow and potential disturbances during a period of uncertainty. The appeal was made from Portland, Oregon, on October 28.
Acting Governor Filson issued a six day bank closure across the territory after banks in St Louis and Kansas City refused to forward cash to southwest institutions. The move aims to protect banks from a potential run, with all territorial banks reported to be in excellent condition.
Oklahoma acting governor Fusen issued a six day bank holiday and ordered bank closings to prevent runs. Governor Frantz, visiting from outside the territory, says the move follows bankers advice and can be revoked. he notes it should not disrupt railroads or cotton, and discusses the situation with Secretary Cortelyou.
Reports from across Oklahoma and Indian Territory show banks largely closed under Acting Governor Filson's six holiday order. City bankers say most firms would open if not for the proclamation and the need to protect themselves while others are closed. Filson states the bank examiner reports stability and that several holidays may be dropped.
Paris reports Professor F. Bordat of the Sorbonne announced before the Academy of Science a method to change the color of precious stones by exposing them to radium.
Nate Hoff, Nevada state auditor and supreme representative of the Knights of Pythias, died last night from injuries sustained in a runaway accident. Hoff was a prominent Nevada figure and the news comes from Reno, Nevada, in October.
Chicago bankers welcomed Clearing House limits that capped deposits payouts at 100 dollars unless needed for rent policies or essential travel. Hibernian Savings faced a minor crowd and police presence but no disorder. City finances stretched thin as City Treasurer Traeger ran low on funds and payrolls were temporarily halted pending bank arrangements.
A White House conference with the President Secretary Cortelyou and Representative Tawney discussed an improved financial outlook. Cortelyou said the government has 213,615,242 on deposit in national banks and could use bonds for Panama canal construction if more funds are needed. The President approved adopting that plan if necessary.
John Barrett, news editor of the Examiner, died of apoplexy this afternoon while walking on Vanness Avenue in San Francisco.
Morning Journal reports a hazing incident at Rolla Missouri’s State School of Mines where about twenty sophomores rousted half clothed sophomores, tied to trees, and forced a daylight shiver ordeal. The sophomores then captured seventy five freshmen, burned their arms with ropes and chains, and paraded them with the school band in town over a cap color dispute.
In Bradford a jury awarded 14000 dollars to Charles Stoner after a hazing incident at a Bradford school last spring. Five Bradford youths William Real Rar Lappin Arley Harwood Karl Howe and Francis Jon were accused of tying Stoner to a tombstone in a cemetery causing a leg fracture and hospital confinement.
Speaker Joseph G. Cannon's presidential nomination campaign began with fourteen Republican congressmen at the Auditorium. He indicated indifference to the move, saying, Well, boys will be boys Do as you please. Five absent Illinois congressmen joined the effort, with Congressman McKinley named chair of the campaign committee.
Marshalltown Iowa October 28 the grand jury indicted the Chicago and Great Western railway on two counts for selling liquor on trains Delegates to Peters Conference in New Orleans October 28 E C Filles minister of foreign affairs of Honduras and Policarpo Bonilla former president arrived en route to Washington to attend the Central American peace conference
The treasury department announced the purchase of 200000 ounces of silver at 60 941 cents per fine ounce. Delivery is planned with 100000 ounces to New Orleans and 109000 ounces to San Francisco.
East Las Vegas reports over 80 000 of 100 000 needed to start the Las Vegas Mora Taos electric railroad survey. An engineering corps will lay out the route, creating the territory’s first long distance electric line and boosting Mora and Taos counties. Local leader W A Buddeecke and St Louis financiers back the project.
A young unidentified woman shot General Maximoffsky seven times, six hits, in St. Petersburg. She declared allegiance to the Social Revolutionists amid a crackdown on political criminals, and was captured with thirteen pounds of high explosive. Also an attempt was made on Viborg prison vice governor Mahakamud Bekoff, shots deflected by a steel shield.
In Vallejo California on October 28 hand riveters on the transport Sheridan at Mare Island navy yard struck after Naval Constructor Holden A Evans refused their demand for piece work rates of 12, 15 and 25 dollars per hundred rivets. Navy department is being telegraphed and workers from the east are expected to arrive. Officials say the work will be delayed over three weeks.
C R Howes, who says he lives in Portland, was arrested on forgery charges in Los Angeles. He allegedly led a widespread scheme across Salt Lake Denver Ogden Butte Kansas City Omaha St Louis and Portland. Bail set at 1500 per case. hearing scheduled for next Thursday. He allegedly forged checks for a large sum and confessed to the police.
Western Union officials said twenty one strikers returned to work tonight, totaling eighty who have resumed since the strike began. All branch offices were opened this morning.
Orders posted at the Dupont powder works south of Tacoma indicate a suspension of the large plant project with about one hundred men laid off. No reason given for the action.
In San Francisco on October 28 the prosecution moved quickly in the Ford bribery case. George Willcutt, secretary and comptroller of United Railroads, testified that the company’s books contained the $200,000 allegedly used to bribe supervisors by Ford and Ruef. He was ordered to produce the journal and ledger the next day.
Berlin reports a military dirigible balloon completing an endurance test by staying aloft about eight hours over a limited area. The machine was maneuvered throughout the day and landed in fog after a satisfactory voyage. The Parseval balloon joined the test, staying aloft six and a half hours.
B N Greene and John F Gaynor, convicted of defrauding the government in Savannah harbor improvements, are denied a rehearing by the U S Court of Appeals. They face four years in prison and fines near two million dollars each, with no certiorari from the Supreme Court likely. They remain jailed in Macon, Ga.
Lancaster P October 28 The failure of the Knickerbocker Trust company of New York causes the McCall's Ferry company to lay off 300 men working on the dam over the Susquehanna river. The trust company reportedly held about 500000 belonging to the McCall's Ferry company and the firm is under contract to supply Baltimore with electric power in 1905.
Hugh Duesenbergs fined $100 after pleading guilty to assault for throwing a bottle at umpire William Evans during an American League game last August in St. Louis.
A dispatch from New York on October 2 disputes a report that life insurance firms would extend grace periods for premium payments. In Birmingham Alabama Jefferson County’s dry era continues after a close vote and a large turnout of women and children at the polls.
The heads of four Albuquerque banks announced forming a Clearing House association to stabilize currency flow. They will honor payments via clearing house certificates until normal circulation returns, aligning with national trends after receiving notices from New York Chicago Kansas City and Denver banks. The move aims to prevent cash shortages, with no disruption to local business.
The statement describes banks in Albuquerque joining a Clearing House association following actions in New York Chicago St Louis Denver and other major cities. They pledge no outward funds beyond limited amounts until conditions improve and will honor balances via the clearing house stamped Payable only through Albuquerque clearing house. Signatories include First National Bank Frank McKee cashier Bank of Commerce W S Strickler vice president and cashier State National Bank BR H Collier cashier Montezuma Trust Company W H Gillenwater president.
East Las Vegas New Mexico October 28 four Las Vegas banks organized a Clearing House association to handle the citys financial affairs during the eastern financial conditions. Payments have been suspended except in small amounts and will be paid in clearing house certificates to protect the currency supply until normal conditions return. All banks remain solvent and overall business conditions are favorable.
Omaha readies report that packing houses cut prices on all meats by ten percent with further reductions possible. Edna Cudahy of Cudahy Packing company predicts more declines in commodities amid the financial flurry and cautions conditions may ease.
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