Cornell President Blasts US Banking System at Bankers' Convention
New Orleans, Nov 22. Jacob Gould Schurman of Cornell urged banking reform over tariff or trust changes, calling the present system the worst in the civilized world. He warned panics are a national disgrace and that the public must be aroused to overhaul decentralization and lack of coordination in banking.
MENTIONED IN THIS ARTICLE
New Orleans
United States
Jacob Gould Schurman
Cornell University
Schurmann
Reform of Banking and Currency to End Panics
President Schurman warned that routine banking and currency flaws breed evils affecting all. He blamed lack of cooperation and local control for panics like 1907, contrasting the United States with France, Germany and England where central national banks prevent crises.
MENTIONED IN THIS ARTICLE
Schurman
United States
France
Germany
England
Sound banking system urged to prevent panics and collapse
New Orleans November 22 George M Reynolds of Continental and Commercial Bank Chicago urged adoption of National Reserve Association plan to stabilize credit and reserve assets He argued the plan would give small and large banks equal privileges protect workers and farmers provide liquid credit and currency backing amid nonpartisan reform rhetoric.
MENTIONED IN THIS ARTICLE
New Orleans
George M. Reynolds
Continental and Commercial Bank of Chicago
American Bankers’ Association
National Reserve Association
Reynolds
Paraguay Revolution Report Sparks Alarm
Buenos Ayres reports that a revolution appears to have started in Paraguay on November 22, with details scarce and officials not yet confirming the uprising.
MENTIONED IN THIS ARTICLE
Buenos Ayres
Paraguay
Monroe and Ouachita Parish Benefit Campaign Ad
Campaign promotes benefits for Monroe and Ouachita Parish. Advertisers urge support and outline local impact for residents and businesses.
MENTIONED IN THIS ARTICLE
Monroe and
Ouachita Parish
Done Out Of His Property An Alias For Uncle John D
A historical snippet describes a man losing property to an alias of Uncle John D. The brief note highlights a dispute over ownership and a claim of coercive trimming by a relative figure.
MENTIONED IN THIS ARTICLE
John D
Officials Tour Farm Lands With Rock Island A L & G Ad Campaign
Commissioner Cottrell and H S Gardner of St. Louis spend the day with Arkansas Louisiana and Gulf Railway officials to inspect farm lands around Monroe Ruston and Alexandria. The visit precedes a broad publicity drive advertising homeseekers and farm opportunities along the Rock Island lines in Louisiana and Arkansas.
MENTIONED IN THIS ARTICLE
H. M. Cottrell
Rock Island Lines
H. 8. Gardner
Gardner Advertising Company of
St. Louis
Parker
Arkansas, Louisiana and Gulf Railway
Cottrell
Mr. Gardner
Ruston
Aexandria
Rock Island
Gardner Advertising Company
Louisiana
Arkansas
Gardner
Monroe
Messrs. Cottrell and Gardner
T. J. Shelton
W. J. Hillyer
News-Star
Morehouse Parish
Rockefellers Loans Ruin Duluth Rail Barons
Alfred Merritt of Duluth testifies before the Senate steel trust committee that loans from John D Rockefeller in 1892 and 1893 led to the loss of his Missabe iron mines and the Duluth Missabe and Northern Railway. He says 24 hours to raise 420000 amid the panic forced sale. Rockefeller offered a chance to repurchase within a year, which Merritt did not take.
MENTIONED IN THIS ARTICLE
Washington
Alfred Merritt
Duluth
Merritt
Leonidas Merritt
Lake Superior
Duluth, Missabe & Northern Railroad
F. D. Gates
Gates
Rockefeller
D. A. Reid
United States Steel Corporation
Merritts
Panics Caused by Law Hinder Banks in Emergencies
James B. Forgan, Chicago banker, tells the American Bankers' Convention that national banks hoard cash reserves due to law, limiting use in emergencies. He cites a hospital emergency beds analogy and argues the rule worsens financial panics by restricting liquidity when needed.
MENTIONED IN THIS ARTICLE
New Orleans
James B. Forgan
Chicago
American Bankers’ Convention
Frisco Deal May Cost Wabash and Iron Mountain Traffic
New York reports chairman B F Yoakum on a Westbound inspection as details of the Louisville and Nashville purchase of the New Orleans Mobile and Chicago line emerge. Analysts say Wabash losses stem from revised traffic, while Gould lines and Iron Mountain share in anticipated costs and the Frisco's bond obligations without guarantees.
MENTIONED IN THIS ARTICLE
New York
B. F. Yoakum
Frisco Lines
Louisville and Nashville Railroad
New Orleans, Mobile and Chicago Railroad
Financial America
Wabash Securities
Frisco
Wabash
Iron Mountain
Missouri Pacific
Memphis
Baton Rouge
Texas and Pacific
Gould Lines
Goulds
Louisville and Nashville
Mobile
Louisville
Nashville
Rockefeller to testify on Merritt ore deal losses
John D Rockefeller will be summoned by the House Steel Trust Investigating Committee to explain the Merritt family ore land and railroad property losses. Leonids Merritt testified that Rev S D Gates arranged a meeting to discuss consolidation and that Gates claimed Rockefeller was “hard up,” a claim Merritt now doubts.
MENTIONED IN THIS ARTICLE
Washington
John D
Rockefeller
House Steel Trust
Merritt
Minnesota
Leonids Merritt
Alfred Merritt
Bankers’ Emergency Rooms Kept Locked Amid Cash Reserve Talk
Mr Forgan criticizes banking laws that lock emergency reserve rooms while banks declare financial emergencies. He warns that reserves are kept under strict limits and weak patients are effectively turned away as panels persist until cash reserves are centralized for emergency use.
MENTIONED IN THIS ARTICLE
Forgan
Rebels Routed in San Nicholas Clash Near Mexico City
A clash Monday at San Nicholas left several Rebels dead and about forty wounded in a fight between Government troops and Reyes supporters. Three hundred Rebels were routed by an equal force of Federals in the engagement near Mexico City.
MENTIONED IN THIS ARTICLE
Mexico City
Mex
Navy
San Nicholas
Reyes
Yale Second Team Edges Harvard Second String
Up to the present time the Yale second team has made a much better showing than Harvard's second string men.
MENTIONED IN THIS ARTICLE
Yale
Harvard
Plan to advance growers 25 per bale on cotton profits
New York bankers announced a fund of 50 million dollars to lend farmers 25 dollars per bale on their cotton crop of 1911 without interest, charging only 1 dollar per bale for grading and handling. Farmers could sell on a date they choose before 1913 and share in price rises up to three quarters of the gain.
MENTIONED IN THIS ARTICLE
New York
O'Neal
Alabama
Bailey
Texas
South
Clarence Ousley
Colquitt
C. S. Wilson
Southern Cotton Congress
Governors’ Conference
Also Mentioned on This Page
Cornell
Wall Street
Weather Report
Business
UN Gnidit
G. M. Reynolds
UGE Solang 10
H. S. Gardner
John Dr. Rockefeller
Ellen N Deal
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