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Newspaper
The Dakota Huronite
Location
Huron, South Dakota, United States of America
Date
Oct 31, 1907
Page
7
Chicago banks issued clearinghouse certificates and prepared full legal notices on withdrawal of time deposits. This precaution weakened markets across grains with December wheat sliding from 97% to 96 cents, slower demand, and large selling volume. Corn and oats followed the same trend as cash liquidity tightened.
Reports indicate the country elevators are advised not to buy grain and activity will not resume until conditions improve. The advisory signals a cautious stance for farmers and merchants amid ongoing market stress.
Trading ended with a largely inactive market as banks shift to direct dealings with stock exchange borrowers. Rises were limited to a few names such as St Louis Southwestern and Illinois Central, while most issues drifted and loans were tightened amid readjustments following the bank pool dissolution.
Boston officials say clearinghouse loan certificates will bear 7.8 percent interest to retire the certificates promptly. A new rate of 6 percent is noted, with the move described as a precaution against bank withdrawals by hoarders amid high currency rates.
The coroner ruled Fred Boron’s death a self inflicted act after discovery of a $25 000 deficit at Dollar Savings Bank where he served as cashier and treasurer The revolver lay beside him and executives say he borrowed money to cover shortages while hiding the accounts from the board.
Bankers from savings banks trust companies and savings departments of banks will require the sixty and ninety day notice to which they are entitled in an October Minneapolis report.
The exchange remains shut with no other notable changes in the local financial scene. The status reflects ongoing restrictions affecting market activity and investor access.
Bath Missouri on October 29 saw the Bath Trust company close after deposits fled. State Bank Examiner Skelton took charge. President W B Maussendon cited currency shortage. Bank capital is 100000 dollars and deposits 500000 dollars.
All national banks in Omaha have ceased paying currency in amounts over 100 dollars and on small accounts only 20 percent of the amount on deposit will be paid. For amounts above 20 percent of deposits clearinghouse certificates are issued.
Washington Pa Oct 29 Efforts to reopen the Farmers and Drovers National Bank of Waynesville Pa which failed last December have ended An announcement by Receiver John H Strawn states the bank will not reopen The action follows an order from Comptroller of the Currency W D Ridgely
In St Louis on Oct 29 footpads held up Justus Geiger a local reporter and forced his mouth while another robber pried seven gold teeth from his jaw. The attackers escaped with a small amount of pocket money.
Justice Dowling sentenced Dr. Walter E. Gillette former Mutual Insurance president to six months in prison for perjury. Gillette was convicted and denied appeal. case followed in New York.
Kansas City on October 29 reports the Bankers Trust Company with deposits around 200 000 closed briefly at 10 15 a m. Cashier J C Hughes said the move was temporary and linked to the Clearing House association requiring certi f icates.
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