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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 25, 1907
Page
3
Theodore Roosevelt Jr, son of the president, resigns as assistant manager of Harvard varsity crew, reportedly to avoid deposition. The resignation, sent to the athletic committee, has sparked campus whispers as the news circulates.
The Harvard varsity crew manager’s second assistant position is vacant after Theodore Jr resigns. He avoids comment and is reportedly hard to locate since the resignation announcement. Students say his place on the second team relied on press attention, and a severe injury during the Harvard-Boston College game may end his season.
The Boston Daily Tribune ceases publication with this morning's issue. Editor's note credits its 297 day run, refunds unexpired subscriptions, and states owner C F King exits to expand his financial business. Each employee receives two weeks advance salary as notice of release.
Boston financiers stated no weak spots in the Hub banking circle and that the crisis appeared over in New York. Southern Steel Company, capitalized at 25 million dollars, declared bankruptcy. President Roosevelt signaled the crisis was past. Panic in the Stock Exchange eased with Morgan pool support of 25 million dollars.
The market collapsed as funds dried up and sell orders surged. Quotation declines accelerated with stop losses triggered and panic spreading among brokers. Major rails and unions including Union Pacific St Paul Northern Pacific Southern Pacific Amalgamated tumbled, Union Pacific down 8 points to par and others steeply lower.
The bank and finance leaders mobilized a vast pool totaling about 100 million dollars including 25 million deposited by Cortelyou, 25 million from the Morgan pool, 10 million from John D. Rockefeller, and 50 million more pledged by Rockefeller. This Napoleonic move steadied the exchange, reduced call money, and sparked a rapid stock rally led by Union Pacific as brokers cheered the rescue effort.
National City Bank and Rockefeller funds aimed at the stock market failed to meet demand as a 250 million dollar reserve held in the clearinghouse showed relief. Trust Company of America reassured depositors all day while state banks in outlying districts faced minor runs but remained solvent. The Lincoln Trust Company saw a steady if limited withdrawal, with officials confident in meeting obligations. In sea news Manuel Nunez survived a dory capsize near the Sylvia after a brutal undertow, rescued by Captain Silva who guided the vessel home.
On a morning voyage the Sylvia crew of fourteen and the captain faced a growing storm. Fourteen trawlers were overwhelmed as the seas rose, five men survived by reaching the Sylvia, two clung to a dory but drifted away. One man waved for help and was rescued as Mosquito’s ship diverted to save the stranded pair. The names Frank Valente and Manuel Carrier appear among the casualties.
The seventh annual concert and ball of Pierce Court No. 190 Foresters of America was held at Town Hall Arlington on October 23. Boston artists performed while M J Galvin and D M Hooley led the event for the Arlington police department.
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