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Newspaper
Mitchell Capital
Location
Mitchell, South Dakota, United States of America
Date
Nov 01, 1907
Page
5
New York on October 21 sees financiers and businessmen declaring the worst is over as the afternoon begins, signaling cautious optimism in markets and confidence in a forthcoming upturn.
The piece notes optimism from rising imports and copper demand that could bring U S credits abroad and unlock gold. Banks plan to reopen in coming days with Hamilton and Harlem institutions cited, Twelfth Ward bank also near, while runs on Trust Company of America and Lincoln Trust persist but decline. Imperial Bank of Germany raises discount rate impacting markets, yet American securities hold firm in London.
New York reports an 18,750,000 dollar gold import from Europe and a sensational rise in American copper sales overseas, boosting foreign money into the United States to over 25,000,000. Banks in Wargo North Dakota Moorehead Minnesota San Francisco Lincoln Nebraska Des Moines Webster City Iowa adopt cashier's check ten dollar plan.
Lancaster Pennsylvania reports 300 McCallery company workers laid off after the Knickerbocker Trust company failure in New York. The McCallery firm had about $800000 deposited with the trust at the time it shut its doors, affecting the dam project over the Susquehanna river.
Chicago banks limit cash payouts to 100 dollars for non payroll needs while deposits over that amount are issued as cashier's checks. Savings bank withdrawals over 100 dollars require legal notice. Hibernian Savings faced the only noticeable rush though no disorder occurred as police aided crowd control.
Pittsburg reports prompt copying of marriage documents after English barristers seek records. Rumors tie the Earl of Yarmouth and former Miss Alice Thaw to a possible divorce since the Stanford White case and Thaw family disputes.
An American multi millionaire named Stuffens was sentenced to five days in prison in Berlin and expelled permanently from Baden after serving his term. He had bought a home near Heidelberg and stirred local townspeople with odd acts, culminating in a public dinner of street sweepings for two laborers who were fired.
The Supreme Court granted a petition by Howard T. Young Minnesota attorney general for a writ of certiorari to review contempt proceedings against Young in enforcing Minnesota’s fair and open state law. He seeks bail. he is under sentence by Judge Lochren in federal court for obstruction of Minnesota state court action. The case will raise jurisdictional issues between state and federal courts and center on railroad legislation, potentially setting new lines.
New York October a judge imposed a sentence of six months in the penitentiary on Dr. Walter J. Gillette ex vice president of the Mutual Life Insurance company convicted of perjury He denied then admitted depositing 5000 in a bank to influence insurance legislation A physician testified Gillette has heart trouble and imprisonment could cause death.
Philadelphia October 31 two weeks past the Hamburg American liners began delivering Christmas toys to merchants who await Halloween's end to place orders. No major new items yet. duplicates fill the imports. The Buster Brown dog Tige and a lifelike bear lead the animal line. Mechanical toys show miniatures of summer park amusements. airships circle swings lobiggs and serpentine railroads recur. Diabolo gains popularity as a juggling game with high demand.
Oliver Curtis Perry, the 1892 train robber, has not eaten or worn clothing for four years at the state hospital for criminal insane. Doctors say he will die rather than eat the prison fare, and he has received nourishment only by tube since 1903 even as he remains physically robust.
Secretary Taft rode to the American mines east of Baguio over a 2000 foot drop in four miles to inspect Clarke mine and mill and Laffan mill. He addressed the miners urging reforms in mining laws and plans to return to Manila on Tuesday.
Local officers report a promise by Ute chiefs to remain peaceful while one member goes to Washington to present grievances. Captain Johnson works to disarm and urge schooling, with four cavalry troops and twenty Indian police stationed near the camp. Promises broken over ration cuts leave Utes in hardship, while Cheyenne Sioux and Cherry Creek groups appear cooperative with relief efforts.
S Z Smith, deposed president of the Commercial Telegraphers union, issued a statement in New York declaring the strike at an end. He pledged reinstatement with defense rights, adherence to the March 1 1907 10 percent pay raise, and resumption of bargaining within ten days, with a Milwaukee convention in June to resolve remaining disputes. Western Union and Postal operators who struck last August have returned to work.
In New Cumberland West Virginia on October 31 Isaac McDonald Andrew Deems aged 40 marries Sal lome Catherine Johnston mother of eight. Deems already has nine children making seventeen under one roof in Hancock county court records this marriage described as the most interesting entry. The bride is 89 years old and applied after four days of seeking a wife receiving sixty three replies.
The article proclaims the American farming region as a colossal economic shield against any crisis. It cites record wealth in agriculture with farmers richer and more independent than ever, driven by strong Western resources and a booming cereal and produce output.
Paris reports a science academy announcement that radium enclosed glass colors ordinary gems. Professor Bordass tested corundum with radium for a month, turning uncolored material yellow like topaz and blue, green, violet varieties into emerald, sapphire blue. A jeweler valued the altered stones at $9 a carat.
New York reports the first transfusion operation at German hospital after an advertisement. A healthy woman named Mrs. Asch donated blood to Elsie Witte, a German vaudeville performer, for fifty dollars. The case suggests many would sell blood for money or fame.
In Vialdosta Georgia a Vermont woman traveled to wed Rev J J Roberts but learned the target preacher was a Black man nicknamed Burnt Eyed Jack living near town. She confessed she met him via a matrimonial bureau and had funds sent for the trip. locals help her now.
Berlin crowd swarms for Caruso in Rigoletto as empress and Kaiser family attend. Ticket demand nears 30 000 for a 6 000 seat house with prices trebled. Hoffman shines in the principal role. In Hamburg, women mob Caruso as he departs theater, then crowd the railway platform in Berlin hoping for a touch or kiss.
Six hundred Cornell students rioted at the Lyceum theater in Ithaca on October 31, halting a musical comedy performance. They surged from boxes to the stage attempting to kidnap the chorus girls, who fled through a back door as the manager closed the curtain.
The king of Spain narrowly escaped injury or death when his train derailed en route to Cherbourg. No one was hurt in the incident reported on October 31.
Police report William J. Payne president of the Newport News and Old Point railway was robbed on the road from Washington to New York of a leather grip containing 14090 in bonds and stock certificates.
Oklahoma City banks closed by order of Territorial Governor Prantz after Kansas City and St Louis banks halted cash transfers to the southwest. New York reports easing bank tension with gold imports and improving market signals as deposits line up at Lincoln Trust and Trust Company of America.
The text references clearing house certificates and measures to curb hoarding deposits. It mentions no clear excitations or decisive actions, suggesting an incomplete record of economic policy discussion.
London reports confidence in US stability as stocks open higher by two to three points. Gold drain fears press discounts. consuls fall slightly while US bids for bar gold reach nearly $5,000,000 at $19.50, signaling strong Paris and London competition for US gold.
Chicago traders opened the day with a sharp market downturn as grain prices fell, led by a roughly four cent drop in wheat. The decline reflected deteriorating New York finances and a broad bearish mood across the Chicago grain pit.
Local authorities report a strict ten dollar limit on payments. All ranks have ceased payments except a single irregular depositor owed ten dollars. The remainder is being issued in cashier’s checks as the city adheres to the new cash handling policy.
Kansas City Met. reports no bank run as Bankers Trust, with $800000 in deposits, shuts its doors at 10:14 am. The action follows the clearing house association’s refusal to extend certificates to the bank. Leading bankers express confidence in the financial system as 30 major banks are affected.
Trading in grain was suspended this morning on the Duluth Board of Trade due to money conditions. No sales occurred as the market opened though the trading room was open. Business will not resume until conditions improve and elevators are advised not to buy grain.
Chicago banks operate on a check basis today. They refuse large currency payouts and require checks for withdrawals, citing worsened eastern financial conditions. Depositors may withdraw full balances only via checks. savings accounts must give 30 days notice for under 100 and 60 days for over 100.
Reno Nev Oct 30 Every bank in Reno opened for business today. During the last forty eight hours confidence has returned and the belief that there will be nothing which could be called a run proved correct today. A few depositors gathered in front of each institution, but all demands were promptly paid.
Omaha, Oct. 30. Banks in Omaha and South Omaha began issuing clearing house certificates for all payments over 100 dollars. There is no excitement and no sign of bank runs. The postmaster has thousands of dollars in money order funds tied up, possibly delaying postal orders.
A Maryland license enabled Curtis Irwin and Lillian Irene Galbraith to wed at one minute past midnight on the Mason Dixon line near Oxford, Pennsylvania. The ceremony took place under a monster chestnut tree with Rev. John H. Rover presiding, witnesses absent. The couple, residents of Oxford and Zion Maryland, were married just across the state boundary to evade local licensing rules.
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