31 Oct 1907
Page 1
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Newspaper
The Dakota Huronite
Location
Huron, South Dakota, United States of America
Date
Oct 31, 1907
Page
1
The New York financial scene shows scare subsiding amid a global gold scramble. German and likely Bank of England rate moves target gold holdings, with New York poised to supply funds from crop credits and commodity sales. Banking activity shifts as deposits transfer to larger banks to withstand pressure.
New York stock action opens irregular with Canadian Pacific sliding up to 9 points amid forced liquidation after a 5 percent break. Amalgamated Copper and Anaconda rise as copper stocks resist, while Pennsylvania New York Central and others fall, market later stabilizing after 11 o'clock.
Berlin reports the Imperial Bank of Germany raised the exchange rate from 5 to 6 percent signaling a shift in market conditions. The move comes as authorities seek to stabilize financial flows and defend currency values amid evolving economic pressures.
Testimony in North Carolina rate cases is taken before a master in Washington to determine if state established rates are confiscatory. The Minnesota case differs as Judge Lochren declared rates confiscatory under the commodity rate law, with the Minnesota proceedings seen as a precursor to a Supreme Court review.
Duluth reports no interruption as Northern Pacific Great Northern and Duluth board of trade reach an understanding to move cars rapidly. Grain firms export cash into clearing house checks while country elevators stop buying for now, focusing on storage. Trading rooms stay open but no trades until financial clouds pass to prevent congestion before navigation closes.
E. H. Harriman spoke of a trying period as the stucco front of charac ter flaked away and false structures crumbled. He said the storm may pass and recovery is a matter of time, with stout forefathers guiding the nation.
New Orleans reports end of trading as exchanges shut for the day amid market activity. Traders monitor prices and volumes while awaiting further developments.
There are signs of a general break in the ranks of telegraph operators on strike as many seek reinstatement. A company has received thirty applications in the last twenty four hours, though the reason for the break is not yet clear.
Financial measures ease turmoil in New York. Gold engagements total 17.5 million with strong foreign demand for American securities. Transfers show heavy investment buying and few margin trades. Clearinghouse certificates issued. banks extend premiums of life insurers by 30 days. Southwest cash demand due to cotton season strains remains.
Chicago banks largely operate on a checking basis with checks accepted in lieu of currency. Depositors can draw full balances but must accept bank checks. savings withdrawals over 100 dollars require 60 days notice, under 100 dollars 30 days. The move follows Eastern bank actions to preserve cash resources amid tightening conditions. Within an hour, about 400 people queued at Illinois Trust and Savings Bank withdrawal windows.
By order of Governor Frank Frantz dated October 29 in City, Oklahoma, all banks in Oklahoma and Indian Territory are instructed to halt cash forwarding. The measure follows refusals by Kansas City and St Louis banks to forward cash to Southwest banks, triggering widespread action with no reported unrest.
The act would enable national incorporation of associations across states, not compulsory but allows new charters and lets existing firms pursue charters under the plan. Old corporation charters fall under the secretary of commerce and labor, who may inspect books and records. It would forbid stock issues exceeding asset valuation set by the secretary.
In St. Petersburg on October 29 General Maximoffsky, head of the prison department under the interior ministry, was shot dead. A unidentified young woman waited in the reception area, then fired seven shots at him in his private office, killing him and prompting suspect terrorist involvement.
Chicago reports Western Union resumes service with 29 operators back at work in the city and 26 returning in St. Louis over the past two days, restoring key branches after the strike.
The Olympia of the Gilchrist fleet is ashore on Grecian shoal in Lake Erie. Upbound and heavily laden with coal, the steamer rests in a badly exposed position but is not in immediate danger. Local authorities monitor the scene from Buffalo.
At a village church festival in Czarnova Budapest October a factional clash erupted between congregants and gendarmes. A free fight broke out leaving eleven dead and numerous wounded among the peasants and security forces.
The fishing tug Marguerita of Grindstone City burned at its dock near Port Austin Michigan. Owner Nathan Wood was injured by the blaze while sleeping on board as his family quarantined with scarlet fever. The vessel valued at $4000.
Marshalltown Iowa October 29 Dr J A Williams of Belle Plaine and his stenographer Mrs Burgess were fatally injured in a runaway accident Dr Williams daughter Mary aged two years was killed on the same incident authorities reported the tragedy adding details are awaited.
The Missouri Kansas and Texas southbound passenger train No 207 collided head on with a freight engine near Dallas Texas. Fireman F C French of Denison died instantly and more than forty others were injured with some fatalities reported. Both locomotives were wrecked.
Jamee Reddick chairman of the Republican county central committee and public administrator was instantly killed when the car he rode in overturned near Libertyville. Mrs. Reddick and Mr. and Mrs. Charlies Taylor were involved in the crash reported from Chicago dated October 29.
The pending suit questions whether state rail rate laws or federal orders prevail, as the Minnesota case expands court review and admission to bail. It could determine state versus federal jurisdiction in railroad regulation and draw in Interstate Commerce Commission views, testing federal authority.
Senator Bourne of Oregon publishes in Boston a $1000 cash prize to argue that the people, not Roosevelt, decide his successor and that Roosevelt should be elected to a second term. He asserts Roosevelt cannot decline a second term or control renomination without conflicting with Republican wishes. The aim is to spur nationwide discussion on Roosevelt's renomination and the electorate's stance.
Mrs. Mary Scott Hartje denies all allegations in the Hartje divorce case and opposes reopening the case for new testimony. She asks the court to strike her answer as irrelevant and cites alleged incriminating love letters by others. Affidavits claim Madine was offered large sums to cooperate.
Madame Rago Sinntikova who killed General Maximoffsky, director of the interior department, was taken to the fortress of St. Peter and St. Paul and condemned by court martial to be hanged.
Seven Coles county officials and employees of the Mattoon City Railway company face criminal negligence charges after the Charleston and Mattoon interurban wreck near Charleston last August that killed eighteen. Judge Peter Grosscup of Chicago is among the indicted, with other directors and officers named. Bonds set at $5,000 each with security furnished.
Two rough looking men, believed to be bandits from the Great Northern Oriental limited robbery near Rondo Siding, are arrested in a Spokane dining car with $14,000 in bank notes on their persons. Currency wrappers bear the Commercial stamp. $500 spent at Bonners Ferry dance halls and saloons. detectives surrounded them at gunpoint.
Millinocket Maine October 24 a crane of flat cars carrying forty or fifty Italian laborers for Great Northern Paper Company tipped into a lake at East Millinocket when the track sank officials admit the accident but deny a large loss of life a messenger claims most workers were drilled though several escaped to safety with the lake five miles long and a mile wide and the track along its shore.
University of California in Berkeley announces a team including assistants is calculating the orbit of a newly sighted heavenly body amid ongoing astronomical work. The report notes the object’s significance and the academic interest in its trajectory.
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