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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Oct 25, 1907
Page
2
A dramatic afternoon on the stock exchange saw a sharp price plunge with brokers clamoring for funds as liquidity dried up. J P Morgan and allied banks led a rapid syndicate to pool millions, stabilizing prices and ensuring overnight financing while Secretary Cortelyou coordinated federal support and bank deposits.
On October 24 Hamilton Bank along with Twelfth Ward Bank and Empire City Savings Bank posted notices announcing payment suspensions to protect solvency. Officials stated all three banks remain solvent and sought the standard thirty day withdrawal period under state law. Depositors faced uncertain access as the banks sought to restore public confidence amid wider financial troubles.
New York Oct 24 The Trust Company of America received $9.0 million in pounds and began a run with branches at 7 Wall Street and Ann Street. Officers forecast full depositor payments, with about $59 million paid out that day and total deposits near $75 million at start. By night, $1 million was expected to be repaid and the bank faced many maturing obligations as days pass.
Knickerbocker Trust Company works on a plan to save its front by issuing certificates of deposit and securing deposits. Directors pledged to back about 5 million dollars to sustain guarantees, with committees examining assets and considering temporary receivers. The attorney general may appoint receivers, while trust department reopening is hoped by early next week for stock and bond transfers.
In Pittsburg Walter D Updegroff was named receiver for the Nernst Lamp Company, part of the Westinghouse group, as creditors claim $59,000 for materials. The court set bond at 2,400,000 in funded debt. French actions pause new subscriptions while Westinghouse assets face receivership in Pittsburgh and St Petersburg under mounting money-market strain.
Baltimore firm Baltimore Eerie Concrete Company sues Westinghouse Electric and Manufacturing Company in District Supreme Court over unpaid work on the Washington Term Company power house at Pittston. suit seeks principal and interest due since July for contract work on the Union Station project.
In Washington Square, George Westinghouse rejects rumors that Ruth Loot & Co has gained stock control of Westinghouse Electric and Manufacturing Co. He asserts he will maintain active management and dismisses any claim of loss of power, stating they have not done so and implying no change in leadership.
Temporary receivers were named for the Fisheries Company, a major player in the Menhaden fishing industry with offices in Philadelphia. President is Joseph Wharton. The move aims to forestall injunctions by employees that could halt vessels and property during fishing season. The company operates from Maine to North Carolina and must answer in U S Circuit Court in Trenton next Monday why it should not be declared insolvent.
President Roosevelt was briefed on financial stress in Wall Street and Pittsburgh and approved relief measures by Secretary Cortelyou. Senator Knox and Treasury Assistant Secretary Edwards reported Western banks are increasingly independent of East Coast pressures, with loans supported by local assets and elevator receipts easing money demand.
President Roosevelt after a Washington conference with Root Bacon Meyer Cortelyou asserts will mobilize national funds to support business while shielding banks from sudden strain. Comptroller Ridgely notes banks are sound and farmers soon realize crop income, with Treasury able to lend $3,772,61 to temporary national bank needs to prevent a panic.
New York October reports say the Lincoln Trust Company disbursed nearly 3 million today to depositors, matching Wednesday’s payout and bringing total to about seven million since the run began. About 200 customers remained on the street as doors closed at 3 pm. President Frank Tillord vowed the company would meet all demands tomorrow and thereafter, noting funds were raised mainly by calling in loans and that the bank would continue to meet obligations.
London traders note the Bank of England left rates unchanged amid easing inflation signals. In New York, weakness in American assets and heavy selling of Japanese securities sparked perturbation in the foreign desks. Traders say calm in London contrasts with volatile US markets and mixed Asia dealings as observers weigh future steps.
The Little Alton case against the Standard Oil Company of Indiana heads for trial January 9 before Judge Bethea in the U S District Court. The indictment, returned last year, includes 18 counts alleging acceptance of rebates from the Chicago and Alton Railway on shipments from Whiting Indiana to East St Louis and St Louis after the district division change. If found guilty on all counts, the company faces fines up to 2 080 000.
Washington Post reports a planned reorganization of Consolidated Steamship Lines uniting six firms under Morse while returning four to original owners. The merger centers on Eastern and Metropolitan lines with Morse retaining control, pending details and dates.
Long weather bulletin describes a nationwide rain area moving northward from the Southwest, with cooler temperatures east of the Rockies and variable winds along coasts. Central valleys and Eastern Skarnet expect continued precipitation and rising temperatures in the Southeast. Regional summaries include highs and lows, sunshine percentages, and city temperature readings for Thursday.
Rail executives met at Union Station to discuss whether to raise fares to fund the new terminal in Washington. J R Wood of the Pennsylvania Railroad presided as the plan was deferred amid public criticism and a chamber of commerce committee planned further talks with several railroads.
United States court hears application for receiver for Southern Steel Company filed by Sayre Manufacturing Birmingham Coal and Iron and Star Canada firm alleging insolvency and inability to pay debts The company capitalized at 70 million with furnaces in Chattanooga Gadsden Truesdale Ala and Bleeding Dawn Ga mills at Ensley Ga coal and iron mines in Alabama Tennessee Georgia stockholders named The filing cites tight money market and other factors It will be presented to Judge Hundley tomorrow with a receiver expected to be named.
Paria Oct 21 The Journal decries calls to blame President Roosevelt for financial scandals. The piece argues it is unfair to scapegoat him and notes that Breveholders and American Securities face nervous investors. It highlights two recent houses prepared to see frightened shareholders sell, with no shares bought by investors.
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