24 Oct 1907
Page 1
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Newspaper
Pendleton Eagle Valley News
Location
Pendleton, Oregon, United States of America
Date
Oct 24, 1907
Page
1
Panic struck the New York stock exchange after noon as frenzy and uncertainty swept traders. Stocks collapsed with huge blocks sold rapidly, Union Pacific and Reading tumbling before buyers steadied the floor and a brighter tone emerged at close.
New York on October 24 reports two more bank failures, the Twelfth Ward and Hamilton banks, both smaller institutions. The state banking department assumes control as the Mercantile National formerly cleared for Hamilton. Hamilton bank held deposits of 7 million, with six Harlem and Williamsburg branches. Twelfth Ward posted 3 million in deposits.
New York October 24. Empire City Savings bank becomes the first institution to apply the new state rule requiring depositors to give sixteen days notice before withdrawing. Deposits total 3 660 000 dollars. Hamilton Bank Solvent Says Bankers but Doors Closed to Protect Depositors. The Twelfth Ward bank suspends payments with a notice reading This bank absolutely solvent until public confidence returns.
Pittsburg stock exchange will stay closed today and likely until the New York financial story and Workinghouse affairs are resolved. The delay reflects unsettled questions and broad market caution.
New York on October 24 H M Herr Charles Burlingham and T H Gisten were appointed receivers of the Westinghouse Interests today and will oversee the assets and operations pending further action by the court.
New York October 24 Harlem and other districts face a bank run as deposits flood banks including American Trust. Morgan urged action over talk stating the first two hours tell the tale and he hopes for swift limits on the crisis. Governor Sparkes declares a bank holiday in Reno with statewide blackouts to prevent runs. If the situation does not improve on Monday holidays will continue.
The loaning section of the exchange was volatile as heavy loans at high rates were demanded. The National Coppers bank loaned $500,000 at 50 percent amid excitement, with First National also active.
A terriffic thunder storm in Santa Paula California destroyed crops and washed away sections of Southern Pacific tracks causing damage that will run into thousands. The rain amounted to a cloudburst.
San Francisco reports abundant capital with no failures. Chicago notes no failures since clearing house inspection after a bank collapse. Los Angeles banks solid though strict lending reduces loans. Salt Lake says reserves are large and business volume up while mining stocks fall slightly. Helena reports peak finances with bumper crops and record prices. Seattle deposits rise from 60 to 72 million since January. Tacoma deposits soar with strong crops and high prices. Spokane says business up 20 to 26 percent with no money tightening. Denver bank clearings increase. miners not hit by copper slump.
Dr J Whitcomb Brougher of Portland drew a good crowd last evening at the teachers institute session with a two hour lecture styled as sensational and humorous. He urged self made character and criticized ghosts and corpses while praising discipline and personal effort. A double quartet preceded the talk and Miss Georgina Daniel delivered a notable elocution reading.
Salem October 24 The Oregon Federation of Women's clubs elected officers including Mrs. Sarah Evans of Portland re elected president Mrs Bamard of Salem first vice Mrs J L Hayes of Portland recording secretary and corresponding editor Mrs Francis Cox of Troutdale treasurer Mary E B Stafford of Eugene auditor
Harry M. Logan a railway engineer from Pocatello Idaho visiting Portland with family was shot twice on the Fourth Street bridge after he refused to surrender. The lone highwayman emerged from a girded shadow at about 1 a m ordering him to hold up his hands. Logan fought back and was fatally wounded, dying hours later. The attacker escaped.
Milwaukee Oct 24 The national convention of commercial telegraphers faces districting to aid strike fund gathering and selecting a new president A W Copps of San Francisco is likely to succeed Small Copps led San Francisco finance and served as deputy national president under Small He is seen as an able energetic leader A proposal urged Gompers to donate part of the $2,000,000 treasury fund discussed last night
Perth report states Southern Pacific today refused to pay state taxes arguing that the state equalization board is illegal and unconstitutional. The action challenges state tax authority and the board’s legality, reflecting a landmark fiscal dispute.
Bly Passenger List from Alaska Reports 800 aboard the steamer President on the Nome run, arriving in Seattle at 7 am for the season’s final voyage. It marks one of the largest far north passenger lists since the gold rush era.
Tokyo officials announced plans to hold a world’s fair in 1912 inviting all nations to present exhibits. The statement came from Bureau Kaneko. The event would showcase international exhibits in Japan's capital.
Council refereed finance matter on selling city bonds and securing balance with bank deposits. Bank bid plan proposed, with city bonds as security. East Court street protest from property owners referred to street committee. Treasurer Hamilton report received. $10,000 of outstanding scrip ordered taken up. Bush street improvement and Alta street macadamization recommended. Time clock request by Winston Bros. left with street committee.
An attempted hold up in Reynolds Indiana on Monday night failed when robbers burned two bridges but mistook a local passenger train for the Panhandle Pay train. The pay train containing about $30,000 in cash escaped.
Salt Lake City Oct 24 Senator Borah declares Idaho is so thoroughly for Roosevelt that it hasn’t even considered a second candidate. He notes the state’s strong support and predicts Roosevelt’s strong showing there.
A comparative city financial statement compiled by J R Dickson shows expenses and receipts for 1905 1906 and 1907. Totals rise from 32799? to 30947 to 93877 with bonded debt 190000 200000 160000 and notes outstanding 48000. notes allocations include sprinkling streets and betterments levee and paving. no sinking fund set aside this year.
Senator Borah, in Salt Lake City on the way to Boise, says many Idaho Republicans favor Roosevelt over Taft for the presidential nomination. He notes growing support for Hughes in California and mentions his return from the coast to handle Pettibone trial work.
San Francisco Oct 24 ex-Supervisor Jennings Phillips testified at the Ford trial that he received 2000 for his vote in favor of the overhead trolley franchise and that he complained it was not enough He admitted carrying a message from Burns to ex-Supervisor Coffey about Coffey's testimony and said he had always voted as Ruef directed despite his own views The exchange between Rogers and Heney highlighted claims of unfair tactics and testimony handling.
Executive Committee from the Regents of Oregon Agricultural College to visit Hermiston to discuss establishing an irrigation experiment station. Senator J. Smith has worked to secure a government station for the irrigated west. Land for 40 acres offered by the government. Meeting set for 7:30 pm with the Commercial association to review the plan and a lecture by President Kerr joining the session.
Berlin Oct 24 More evidence was taken in the Harden Von Moltke libel suit as Harden demanded the Kaisers story and Von Moltke. Harden's attorneys offered more evidence today alleging immorality of the round table.
In New York on October 24, it is believed Secretary Cortelyou’s move to place lands in banks, plus heavy Morgan buying and the Pittsburg exchange closure, have averted a tremendous panic. The worst is over, observers say.
Tacoma theater managers mount a vigorous fight against efforts to close theaters on Sundays, aiming to keep venues open and serve patrons despite proposed restrictions.
W E Newell and L R Landers headlined the afternoon program at the Methodist church second day of the county Institute. Newell urged practical horticulture in public schools linking it to farming via planting trees and strawberries at home while Landers offered school management tips including eyesight, temperature, recitations, and eight months of schooling. President Kerr of Oregon Agricultural College is billed to speak on Education for the Industries tonight.
In Santa Cruz on Oct 24 Rev Lyle De Jarnett and his followers were barred from the Christian church after a church dispute. He later forced entry breaking doors to hold a prayer meeting inside the church.
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