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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 24, 1907
Page
3
Boston officials including Jay forecast no impact from New York turmoil on Massachusetts savings banks and trust companies. Rockefeller offers funds to support the Trust Company of the Irea as New York markets tremble, while financiers express faith in underlying conditions and future values.
At Morgan's office a convergence of leaders from banking and finance occurred with J. P. Morgan E. H. Harriman Thomas F. Ryan H. S. Frick Paul Morton George F. Baker Hamilton Fish and Norman H. Ream among those present. Oakleigh Thorne of the Trust Company of America attended briefly as discussions concluded around six o'clock. The gathering signaled influential control by top financiers and renewed business confidence in the banks.
An advertising item touts Stuart's Charcoal Lozenges as a fast remedy for bad breath and gas. It claims charcoal absorbs odors and cleanses the stomach and intestines, offering free samples by mail from the Stuart Company in Marshall Michigan.
A five president committee of trust company heads was appointed to study conditions and assist applicants at future meetings. John Pierpont Morgan will cooperate, and Edward King Edwin S Marston J N Wallace J W Castles John I Waterbury lead the ultra conservative panel. Fifteen bank examiners reported favorable, and Clark Williams was named State superintendent of banks by Governor Hughes. The Trust Company of America vows to reopen normally after a historic bank run.
A. Foster Hig gins, newly elected president of the Knickerbocker Trust Company, declares he faces deliberate ruin and treachery. Following talks with Secretary Cortelyou and bankers J. Pierpont Morgan and James Stillman, prosecutors likely on at least one New York financial institution case.
The Star reports that by month end at least 2000 workers will be laid off as the Angus shops in Montreal partly close. Of 5000 employees, about half will be dismissed while others remain on half time, with no new work to be undertaken.
The London money supply remained fairly plentiful but firmer with a cautious outlook. The Bank of England sold 125000 dollars in French gold as discounts firmed amid fears of New York gold outflows. The general market barely reacted to the American situation.
The State Bank and Trust Company based in Carson City with branches in Goldfield Tonopah Manhattan and Blair closed this morning under bank examiner supervision. Trouble stemmed from inability to realize on stocks pledged as security for a 400000 loan to the Sullivan Trust Company last year.
Major Henry L. Higginson issues a statement denying the Boston Journal misquoted him regarding urging withdrawals from savings banks. He defends Massachusetts banks and Boston institutions as prudent, urges keeping money in banks, and notes capital shifts as stocks fall benefiting small investors.
The Sunday Post Magazine teases a dramatic installment of The Vanishing Fleets noting the German Kaiser is kidnapped. The piece hints at a remarkable development to appear in next Sunday's issue.
President Roosevelt returns to Washington after four weeks away amid a financial downturn and says he will take no action or issue any statement. He expresses full confidence in Treasury Secretary Cortelyou and plans to let the public judge who bears responsibility for the New York banking and trust company troubles.
John D. Rockefeller offers multilateral loans to several New York financial institutions amid an investor panic. He expresses faith in securities values and urges calm, stating he will not withdraw funds and will help meet the temporary crisis to restore confidence.
Pittsburg, Penn. Oct 23 A Westinghouse related financial shock led to receiverships for four Westinghouse entities and a temporary exchange shutdown. The Pittsburg Clearing House and Stock Exchange acted to protect values as government funds were pledged to local banks. George Westinghouse asserted solvency and pledged patience and forbearance while the market stabilizes.
Turbulent Wall Street session driven by Knickerbocker Trust and Trust Company of America crises. Westinghouse Electric and General Electric led declines in industrials as Pittsburg stocks hit hard, while government funds moved to New York banks amid renewed calls for liquidity.
Comptroller Ridgely said the general mood is absolutely sound with banks and trust companies across the country stable. He noted New York troubles stem from a few dubious firms and price gaps, with nationwide banks turning to central reserve cities for balances. He expects banks to emerge with easy conditions in 60 days as loan demand shifts to productive sectors.
Cyrus P. Brown treasurer of the Industrial Trust Company of Providence said Oct 23 that banking circles in Rhode Island were moving as usual and that he did not expect any trouble among banks or trust companies.
Boston bankers and officials say Boston’s finances are sound and unaffected by New York disturbances. They note gains at the clearing house, limited funds sent to New York, and no signs of a bank run or panic in Boston.
Cornelius O'Brien 43 of 13 West Third Street South Boston fell from his team at the corner of Norfolk Avenue and Cottage Street suffering severe bruises to head and face.
A society lady returns from Europe with a claimed secret of French beauty. The regimen uses two ounces rose water one ounce spirits of Cologne and four ounces Sartoin dissolved in hot water then massaged into the skin daily for a noted transformation.
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