31 Oct 1907
Page 1
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Newspaper
Albuquerque Morning Journal
Location
Albuquerque, New Mexico, United States of America
Date
Oct 31, 1907
Page
1
Debits of banks show smaller than normal balances as cash demand eases in New York. Eastern financiers have effectively filled the money gap, ending the acute famine.
New Orleans bankers rush to arrange currency supplies from Europe as cotton movement pressures rise. State banking head Williams deposits cash from suspended banks, easing debit balances. New Orleans seeks public money deposits and European transfers to finance cotton shipments and gold movement amid tight markets and heavy demand.
The article reports expected Bank of England rate rise to be announced after the regular board meeting, with gold demand not causing unusual anxiety in the U K The Paris bank shows willingness to lend on sterling bills under Governor Pallain, signaling strength In the United States the Trust Company of America reports deposits up by nearly 160000 with only 438 withdrawals that day
Cheyenne Wyoming October 30 The three national banks of Cheyenne adopted the certificate plan today with the approval of local business men. The condition of Cheyenne banks is declared excellent.
In Atlanta on October 30 a clearing house association meeting decided local banks will use clearing house certificates to protect their cash positions and liquidity. The move aims to stabilize interbank settlements and reduce risk during uncertain markets.
New York Oct 30 Inability to sell foreign drafts and illness of one partner led to the assignment of Kessler & Co international bankers. The firm has accepted drafts totaling 500000 to 1000000 dollars. Assignee is William E Williams. Members Alfred Kessler Ralph E French and William K Gillett. French returning from Europe and Gillett confined by illness. The firm holds mining interests near Cripple Creek Colorado and other assets.
One Portland Trust Company pails to open as banks in the city plan to clear through the Clearing House system. The Tithe Guarantee Trust Company refused to open and will remain closed until Monday under governor’s holiday. The Tithe Guarantee is not a Clearing House member though it was offered full privileges.
Spokane, Wash. Oct 20 Gov Mead declares a two day holiday to ease bank stress but Spokane bankers will stay open for business.
Ogden Utah banks rescinded an early morning action and decided to issue clearing house certificates due to unusual cash demands from Idaho banks denied remittances by the Lake bank.
In Latah Idaho Oct 36 the district court concentrates on juror U G Willis editor of the Coeur d Alene Journal as the defense seeks to strike him from the pool. Clarence Darrow arrived and now leads the juror examinations while sixty three jurors remain to be questioned.
A sensational information filed before Judge John H. McFie in Santa Fe accuses Ricardo Alarid of attempting to influence the September grand jury. The hearing set for tomorrow morning will determine if he is guilty of contempt. Indicted Las Vegas coal fraud case figure Charles B. Spiess arrived in Santa Fe as legal traffic swelled.
San Francisco bank suspends operations citing protection of depositors as clearing house certificates are issued to meet payrolls. Officials insist the action is precautionary, not due to embarrassment, with limited coin withdrawals and ample funds to handle normal demands. The California Safe Deposit and Trust company denies speculation links to Western Pacific.
Governor Gillett declares a new legal holiday to suspend banking operations until distress signals pass. Banks in San Francisco prepare for possible closures as eastern centers withhold large balance shipments, though local banks remain sound and capable of withstanding pressure.
The California Base Deposit and Trust Company, a strong local financial institution, closed this afternoon. Its president is D. P. Walker and manager is J. D. Brown. The bank is understood to be the financial agent on the coast.
A notice post drew a crowd in front of a bank on the corner of California and Montgomery as heavy deposit withdrawals forced its closing. Bankers expect only a temporary embarrassment and say California Safe Deposit and Trust remains solvent while Clearing House banks use certificates and pay out minimal cash to cover payrolls.
Gov Gillett at Eureka sends word that tomorrow will be a legal holiday with further proclamations daily until financial confidence is restored. Proclamation to be issued in the morning before banking hours.
Seattle bankers ignore the governor's legal holiday declaration as needless and hasty. They say they are able to meet all demands and are in better condition than ever to handle business.
In Butte Montana on October 30 the Miners and Smeltermen union received notice that old wage scales will be restored on November 1 by Amalgamated Copper and other state mines, cutting daily pay from $4 to $3.50. Union leaders say they will honor the contract, which raises wages only while copper sells at at least 15 cents per pound.
Four unknown men were found dead by a railroad brakeman near Mari copa, believed to have died from wood alcohol stolen from a box car. One suspect, found near the scene, was arrested after refusing to name the dead men. A union card from Globe, Arizona bears the name Fitzpatrick among the victims.
A merchant with talent for dreamink proposes a chain advertising plan to spread bargains through word of mouth. He envisions a circulating message where four half dozen prices are quoted to one person, who tells three friends, and so on, ensuring a steady stream of customers. He warns the chain would distort memory and fall short of the original but argues the newspaper story would preserve the merchant's narrative intact for hours.
Raymond Hitchcock, a Gotham actor, faces six indictments for criminal assault and abduction after grand jury testimony by three young girls. An alert ordered officers to watch all trains and steamers for his arrest as Hitchcock, previously released on bond, remains at large amid Broadway casting changes.
A Morning Journal report from Denver dated October 10 notes a large force coin ing $48,000,000 in gold bars stored at the mint as bullion pours in from Colorado and western mines. October output is expected to top $8,000,000, chiefly in twenty dollar gold pieces, with coin shipped to money centers as fast as it is produced.
The telegraphers strike, ongoing since August, affecting Western Union and Postal offices in Norfolk and nearby areas including Portsmouth and the Jamestown exposition grounds, was declared off today.
Interest in the citys focal financial situation revived as foreign depositors at the All Nations bank began a run over a misapprehension. The small yet solvent bank paid all depositors. Rumors that an officer left town sparked the panic, later denied. A nearby saloon bankruptcy fed the idea the bank was in trouble.
A special from Clovis New Mexico reports United States Commissioner Curran is accepting homestead applications on 216000 acres of land formerly owned by the Santa Fe Railway. The tract begins four miles north of Clovis and locals say the area is among the finest in New Mexico, rapidly being homesteaded.
Morning Journal reports Karatagh in Hussar district Bokhara was buried by a landslide following the October 21 earthquake. About 1,500 believed dead, 2,500 residents displaced, governor and mother survived. News from a courier describes a massive mountain section breaking loose and crushing the village.
A northwest storm struck Galveston on October 30 with strong winds up to 72 mph and heavy rain. One woman died in a collapsing house, twenty frame houses were blown down, about twenty people injured, and significant property damage occurred to businesses and the Mal lory line wharf shed. Some cars blew into the gulf, but there was no traffic disruption.
A premature dynamite explosion at Venice Pa on the Wabash railroad cut killed four workers and seriously injured two others. The blast occurred at about one o clock this afternoon, about sixteen miles from Pittsburg. Investigations into the accident are expected to determine cause.
Guthrie Oklahoma October 30 Following a session of the Oklahoma and Indian Territory bankers convention a telegram was sent to Secretary of the Treasury Cortelyou replying to his criticism of the legal holiday proclamation by Acting Governor Charlies Filson authorizing banks to close six days The message says the proclamation was in public necessity and prevented a serious condition Advices from the two territories indicate public confidence in bank stability The Oklahoma and Indian Territory Bankers Association will convene Thursday night with over five hundred banks represented Steps toward reopening will be considered likely opening all institutions Monday perhaps Saturday
Chicago traffic officials from major western railroads meeting to decide on homeseekers excursions kept the service but approved a small fare increase after January 1. The Chicago to Texas rate rising from 25 to 30 dollars with a maximum 5 dollar per round trip advance was agreed.
Mexican Central railroad Tampico division workers walk out in protest after an American conductor and two dispatchers are jailed for a clash with Mexicans at Cardenas. Special agents have been sent from Mexico City to resolve the dispute and secure the prisoners’ release.
Tashkend reports the town of Kuratamh in Boke destroyed by a quake. The entire population fled to the mountains and hundreds may be buried in the ruins. Authorities fear widespread loss of life and are coordinating relief efforts.
In Vladivostok a torpedo boat destroyer mutiny led by agitators including Jews sparked battle with loyal ships and forts. The vessel was beached after heavy fighting, causing casualties among officers and townspeople as the city declared a siege.
In Vladivostok two abortive mutinies, one in the army and one in the navy, spotlight ongoing unrest in Russia. Revolutionary propaganda persists among soldiers and sailors as officers tighten discipline, provoking discontent especially among technical contingents where opposition runs strongest.
New York police conclude Herman B. Potter of Doylestown, Pa. killed himself in his Waldorf Astoria room after finding poison, with hotel staff statements and a note to his wife supporting suicide. Bruises are described as slight and old.
Chicago October 30 Judge Grossecup of the United States circuit court was served with a manslaughter warrant as a director of the Electric railway over the Mattoon accident where several were killed Bail of 5000 was furnished
Mexico City dispatches report 4763 Chinese arrived at Salina Cruz since January. About two thirds aim for the United States, many claim previous residence there and hope to return.
Dayton Ohio October 30 Application for a receiver for the Friend Paper and Tablet company of West Carrollton was filed by president J K Friend who says the firm owes about 1 000 000 and seeks asset sale to pay debts The plant was among the nation s larger paper and tablet works employing 1500 men The assets are said to exceed liabilities by two or three times Art dealer commits suicide in Boston Will iam Everett president of Williams and Everett Co pictorial and fine arts dealers died by inhaling gas at his home in what is described as a suicide.
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