Newspapers / The Charlotte Observer (Charlotte, … / Oct. 31, 1907, edition 1 / Page 1
Part of The Charlotte Observer (Charlotte, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
GITBSCIIIPTIOX PRICE: $3.00 A YEAR, CHARLOTTE, N. C, THURSDAY ..MORNING, 'OCTOBER 31, 1907. PRICE FIVE CCN'L SITUATION ABOUT KORMAL calls for, MONEY. SATISFIED Vew New Features In Financial situation Owing to Greatly Im proved Condition Banks Supplying AH Demand w uurrency aiost Serious Pressure la at . New Or le'ais, But Bankers Believe They Can Handle Situation Committee " Goi to Washington to Secure Altl In Delivery of Products in Europe Small Purchases t of Securities For Investment Greatest la "Years." ' Nw"Y ork, . Oct 3. The ? financial situation to-day was so nearly nor mal that there were few new feature " of Importance. . It was - stated by bankers ; that the ' calls' for money from the neighborhood -of New York and the entire East appeared to - be practically satisfied, as Buch 'call for currency of an urgent char acter as were ' being received came from points iwest of the Mississippi. , These callsare being met as fast as conditions permit Mr. Williams the ; new, State superintendent of bank ing, gathered up most of the cash in the suspended banks to-day and de posited it with going v Institutions, thereby adding several million dol lars to the funds available In the market The debit balances against banks, at the clearing house were smaller than usual, under normal conditions, ' all such balances aggre- gating only a little more than $9,000,- 000 on clearings of 1268,000,000. One of the points at which the most serious pressure t or money is .ex pected Is at New Orleans, in order to finance the movement of the cotton crop, t The ? pressure? tHere . Is always Jbeavy at this season of the year and promises to be even more intense this year than usual, , unless special , preparations ; are made s The ; New ! Orleans bankers appear to be fully alive to this situation and wire en t deavorlng to-day to" : arrange for transfers of money from Europe In payment for, cotton through the fiscal agents of 'the United States In Europe and Its direct transmission by cable, to New Orleans. Will ASK CORTELTOyS AID. A committee - of New Orleans ' hankers Is In Washington and hopes to secure a promise from Secretary 4 Cortelyou for the deposit of sub etantlal -sums of public money In New Orleans and other Southern in stitutions. Secretary Cortelyou ap pears to recognize the fact that the benefits conferred by this policy will not be limited to' New . Orleans and the Souths but will aid in the move ment for1 the prompt delivery of American products in Europe,, and the creation of a credit balance which will cover the imports of gold. Cot ton bales are being closer scrutinized In NeW fTorit and cannot always be negotiated so promptly as In normal times, but ' where their character is , unimpeachable they are recognised as forming one of the best means of covering the gold Import move . xnent ' -. .;k'7c:k v:,.-:"i f"C One of - the Snost Interesting de velopments : of the situation 1a -the Jarge arnopct aimStfChag' ef. s apart . .. tie 1c small lots for V Investment" . ., Most of the large, private. -.- banking , houses which sell stocks and bonds , have been ;, keeping - their clerical , ' I orceg at -work overtime executing euch orders and attending to the transfer of titles to the securities oft (; the books of the corporation , by - 1 which , they are Issued. This is one ( - of the decisive marks of investment buying. ... It Is' estimated by good Judges that there are Tour hundred thousand more; names of stock- . holders on the books of the railway -and industrial corporations than was the case a, year ago. " SALES ARE XARGE. - . S A single large firm reports sales between $500,000 and $760,000 a day. ; , Another firm" states that Its wires , to i; outlying ..; places jare crowded ' with -' smalt i orders, directing the transfer of the securities to the names - .-of i . ew owners, , while still another firm ' declares that there has not been a f movement of this kind of such vol- time for 20 years.- While It requires a good many salts In small lots to , ; reduce, the mass of undigested se j. curltiea on the Stock market the effect of every such withdrawal from the quantity of speculative , stocks . Is beneficial, to the market ? This is regarded as a good augury -by the bond dealers, whose market has been very flat, or many months but who y believe that they will be able to dls- - pose of many good securities as soon : u ,w& ............. i t i , j. The absence of ahy failures, either financial, or mercantile in New York , of any ; Importance, , except 'that , of Kessler; & , Co. a private banking conaern, and the offer of call money at lower, rates than during most of the time yesterday, were the other favorable symptoms of the situation. To Increase Clrrutatioaof National ... Z . ffii, -.,:;.;,.Banl.Vv.;,;4v,:::i,; i; , Washington, Oct. 30. The Comp troller , of the Currency, under the - direction, ot the Secretary - of - the Treasury, Is making "a special effort to increase the circulation of national -' tanks where the maximum amount la not already taken and in money cen- (res 'where the increase will he most . M (beneficial. . It Is expected that quite r a large addition to the circulation will .' be the result. .:v - : - Comptroller Rldgeley has taken up this question with the national banks, with a view to giving relief as quick , ly as It can he done, npt only in- the ae? ,v ":, requiring currency ror tay rolls, and such purposes, but also, in the country districts, -where : : the banks have difficulty - In obtaining currency from their reserve agents. . , -T Washington, Sct . ,s 30. Secretary Cortelyou to-day conferred v with va- rlous represent at lvf s of the cotton. Jciiffnr. Brnfn. lnmhAi n4 a(Kam ta,,A ' i '?es, with a view of facilitating r ments that win effect a substan- easing . of the general financial , situation, is much encouraged by , the results of his efforts. , Secretary Cortelyou would not make any statement regarding his confer ence' .with these ; representatives. Among the latter were Vice Presljent ' 6ol - Wexler, of the Whitney Central , svauona Bank, of New Orleans, and tier institutions there. ...,-., rsTABLisn yt a.EAmxa norsE. rWinston-SaJem Banks Take This Stp to iirlieve the St-arclty of Currency '.'-A Mosl Mso and Conservative Conrse. , - Bperlal to The Observer. . winston-saiem, Oct. SO. At ft tneet this morning "' of : the officials of s Winston-Salem's three tanking Institutions it was " de cided to establlh . clearing 'aouse, which in the opinion of a irreat many Is a wise; and . conservative course. The following circular let ter x-ptln the action of the officials ' ct tT.e '.three i,anksr"M","-,"""'' V infton-Salem, N. Oct. 30, 1907. To Ojr Patrons and Cuntomers; : T, j hand you below a copy of the DESTROYED BY LAKDSIIDE iaXDKEJDS ARE BITJED' ALIVE Russian Town In Hussar District Buried In Landslide Which I'oliows JCarthquake Unonnous Section of Mountain Oveihangins - Town Breaks Loose and Thunders Down rpon Village -Reports Flace Cas , nalUes as Ulgh as 15,000 Governor 1 and Mother Ainon? Survivors . of Awful Disas.er Town Remotely Situated and News Travels Slow Effort Bthig Made to Send Relief. ? Tashkend. Russian Turkestanf Oct 80. The- little town of -Karatagh, . in h. ' TT...eo AtatrlK fit Pdktarj. hll lug uuwai mvww - " . been overwftelmed and destroyed by a landslide that loliowea tne eannquaKe f riftnhfT s it -Accordlnif to '.': the latest reports 'of the disaster a ma jority of 'the, inhabitahts , of (Kara tagh lost taeir lives. . . , w The first reports of the, casualties tod. the death list be ing placed as'hlgh as 15,000. Kara tagh has about z.ouu owener, there Is reason to believe that about 4 CAA nrava hlirtpfl ftllvfi. Among those who; survived the disaster are the Governor Of Karaiaga nu .ma mother. ' ' ' l , - iforotaivit i. vAmnte.lv situated, ana It takes a full week for news to get out froin there, but according to one courier who has come through, ? an enormous section or ; mt s amsu mountain, ? which h practically -?; hung over the q town, broke loose - and thundered downl upon i the village. Which Is almost completely ourieu. , Efforts are. being made -to get in eommunlcatlon with the survivors and learn the actual state of affairs and to send in such relief as may be re quired. V . . - v ; cxmox VTtLh BE MOVED. y New Orteaiis Banker NegotUte Plan ; I'W Moving i;rop to r,iirv , kets Besc Itay of Hope Jn oral weeks euKsr vr-p . Currency into circuiauuu. V New Orleans, La., 'Oct BO.-JAn-nouncement that relief is in prospect for moving the cotton crop Euro pean markets was made to-night ty nt throa Vew Orleans bank ers, stpresenting the clearing-house here, wno ave ween in j -vto, vnt-v - unot -. the betrlnnlng of this week", , negoUatlng' to this end. The bankers making this announce ment would not allow their names to be used, nor wouia tney give aciu. However, they said that the commit tee's efforts had ; been , -directed to opening up foreign exenange ai eomo reserve centre. The marketing of the nttnn rmn tn 'EurODA has - always been done-largely by Southern bank ers obtaining exenange ra The, New Orleans committee , in cludes SoL Wexler," Ice president of the; Whitney Central National Bank; ixr iinrr,. u.. , nv1ilAnf ftf the Stale NaUonal ink, and Charles janvier, vice prtiuuTui vu LouislanaBank. ' ( k . The sugar crop- movement aa ai-r(ft)urNrc!WL'y''intt'netrTOte attwr-rw:' in, mis Bnciion, ui una vivy, ' cotton, .depends somewhat for profit? able movement upon tha -efforts now being made by the New Orleans clear ing house commission and ; by other hankers in the. South . ;8peaklng of the relief afforded by the sugar move ment" President J. 5v Cannon, of the Hibernial Bank & Trust Company, said to-day: , "It is the best ray of hope I have seen to several weeks. I am confi dent that the situation will clear up satisfactorily." - 1 , . . . I .11 1 . 1 1 1. A Wachovia Chain of Banks Increases ;. Capital to One Million. . Speclul to The Observer. -Winston-Salem, Oct 80. The stock holders of the Wachovia Loan & Trust Co., which operates a chain of banks in this State, held a meeting - in the nome office or the company at 10 o'clock this morning for the purpose Of authorising an increase of the stock of the ComDanv from IfiOO.000 to $f,eoo,00, which will put the company in the class with the largest and the strongest financial institutions in the South, The time and amount of each increased Issue is to be determined by the board of directors, the price also to be fixed by the board at the time each, is decided upon. . ' Gen. Julian S. Carr Says Financial Crisis Has Passed. Philadelphia, Oct 30. I have been Special, to The Observer for ten days" in close touch with the banking conditions In" New York. With the close of the market to-day I am confident that .the crisis is passed and, the situation is safe and sane. Improvement : must necessarily ' he slow- but henceforward we may ex pect betterment - - -..,.. v - JULIAN . CARR, resolution adopted bv the associated banks of Winston-Salem, which has oeen maae . necessary by . similar ac tion by the' associated banks of Bos ton, New Tork, Philadelphia, Balti more Rlchmopd,. and other cities irom which we usually get the cur rency used here, the banks In these cities having declined to ship further currency for the present The action will not disturb the busi ness usually jdoae by draft or check. nor will it impair the solvency of any pf the banks, It being only -a matter of the scarcity of currency which 'will soon adjust itself. c lWe ask your hearty", co-operation in our effort in this, way to keep the wiieei pi iraae ana xramc in motion, with, the hop and belief that condi tions wilt soon right themselves: J 1 "Whereas, In .view of the fact that the associated banks of all the prin cipal cities have agreed to pass all their business through their: respect ive, clearing. -houses," i and ? to v cash checks over their counters only for amounts of $100, or leas on any one account and for currency for leglti- iduib pay-rous. v ,, , "Resolved. That the banklnr Insti tutions of Winston-Salem follow the same system during the present strin gency, or until it Is mutually agreed to rescind this agreement" WACHOVIA NATIONAL BANK, By James ' A. Gray; President PEOPLE'S NATIONAL BANK, By J. W. Fries. President. f .WACHOVIA LOAN & TRUST CO. By F H. Fries, Presldantr Will Issue Clearing House Ccrtlflcatea, Atlanta, Ga., Oct 80. Following! tne action of other cities, the Atlanta Clearing House Association late.,, to day decided to authorise the issuance of clearing house certificates, in order to facilitate the movement of the cot ton crop and to prevent any curtail ment of general business as a, result of the present monetary stringency. . v It was lo decided to limit pay-mertu-sfair)t all aeoounts to $0 in one day, or $100 In one week, except In the case of pay rolls, which will De provided for, : STUDENTS FIGHT II OUT QUEER SCENES AT A. & M. Taking President . Winston at Ills Word Freshmen and Sophomores ..Meet on the College Campus and Knsage in a - Rough and Tumble .Flglrt The Affair Repeated and a Report of a Final Fisticuff To-Day Supreme Court Opinions Union Station - Ordered For Wadesboro and lilnoolnton Next Hearing of Hate Case at Raleigh. ' ' Observer Bureau, ; t'';,f.v The Holla-man Building, ' , , ' , . . ; Raleigh, Oct 80. ; vThere had been no hazing at the Agricultural & Mechanical .College here during the present term until Monday night when about a 'dozen sophomores eluded the seniors, who are acting as police, took a freshman to the woods and beat him, but not seriously. ' S.-----'-X v' r President 5 GeorgeTWinston at chapel yesterday morning referred to this as cowardly and denounced haz ing and hazers. He said it was far more gentlemanly to fight in daylight and in the open. The sophomores an hour later chal lenged the freshmen to meet them on the athletic field.- The challenge was instantly accepted; and fifteen on each, aide met there and fought flf-, teen minutes with fists only and man to 'man, with the cadet commandant as umpire and the-senlors keeping or der and seeing that there was abso lutely fair playi1 'The fight; occurred on soft clay soil. This afternoon the fighting was re sumed in the presence of hundreds of spectators and lasted twelve minutes with 65 on a side, umpired ; and watched as before by the command ant and the seniors. As fast, as a cadet said he had enough he was re tired, Four' went to the hospital, tout the' Injuries, were trifling and In an hour all "were out. ' . - There was entire good humor and when - the fight was over each side went to drill, singing and .cheering. President Winston says that honors were easy as between the sophomores and freshmen, and that there will be no more of the fights, which are a new feature In North Carolina schools. Some cadets said this evening there would he'a final fight to-morrow, v The senior class, met to-night and pretested against a ; continuance of the freerfor-ali fights participated in for the past two days by freshmen and sophomores by the sanction of the president and commandant of the college and characterized ,the tights as brutal,, and that in them some stu dents take unfair advantages, strik ing down exhausted men or striking from behind. - They declare that the fights Injure the college standing and reputation and should end at once. It is certain that the last of these rushes has been seen at the A, and 0J. College. ,,. SUPREME COURT OPINIONS. ' . Opinions were handed down as fol lows by Supreme Court to-day: God win vs. Bank, from Hinintt. rsvprs. -Brewir; motherland, 7 JftWnr "ajuc, aniiiuau; jjew vh. ryme, irom Brunswick,-fto error: Btate rs. Harris, from Anson, no error,' State va. Bow man, from Union, no error; Sibbett va Cotton . Mills, t rpm ' Scotland, new trial: Streatot vs., Streator, from An son, affirmed; Dunlapv Hill, from Anson, reversed f Bank va Burch, from Durham, modified, with Costs against deJendant; Manufacturing y Company vs. Bank, from Guilford, : affirmed; Buggy Company vs. Railway, from Alamance, per curiam,-affirmed; Har ty vs. Harty, - from Mecklenburg, the court being evenly divided In opinion. Walker, J. not sitting, the petition to re-hear is . dismissed; Breniier vs. Royal Arcanum, from Mecklenburg; the court -being evenly divided In opin ion. Walker, J., taking no part, judg ment . below, is affirmed; Nelson vs. Hunter, from Wake, motion denied. - -Supreme Court will call appeals from the eleventh district next Tues day as - follows;- - State ; vs. Tuttle, State vs. Jones, Martin vs.'' Knlxht. continued: Witty vs. Barham, Parger va Railroad,' continued; Aden - vs. Daub, Phillips va Iron Works, Lemly vs. Ems, Tlse vs. Whlteker. : Rew Dr. J.1 C Massee, pastor of the Baptist Tabernacle, is attending a great Bible conference at Hopklns- vilie; Ky,v; .V!":"'V-'-.;:-:," f A dozen convicts -were taken from the penitentiary this morning to pick cotton at tne great state farm near Weldoh. : . The crop is not a' full one this season and ! expected to be somewhere about a thousand bales. ' Btate ueoiogiat y ratt . is chosen ; a director of the Southern Immigration Association. ' At the First Presbyterian 1 church this evening Mr. Edward Roe Stamps. a son of the 'late E. R. Stamps,, Esq. of this city was united Jn marriage to Miss Eliza Richards Brown, daugh ter of Mr. Louis T. Brown, manager Of the Kennon Hotel, at GolJsboro. ' Enough mdney . has vbeen pledged to make it certain that work will be gin next year on the T; W. C A . Building at the A. A M. College, here. ' - ... A VERT BOD THIEF. Late last night A white man," aged 18, who claims to 'bo from Baltimore, and says his name : IsfMenry Sellers. was brought here fronT Apex on the charge of robbing the ticket office of the Seaboard Air Line, at BonsoL not far 'from Apex. Sellers was Sere yesterday "and beat his way to Apex on a train as far as New Hill, where he was put off. He walked to Bonsol, found the ticket agent out for a mo ment entered the office and got $300 of money, which was in ft box on the fieski ; : The agent returning, saw the man jump out of the window and shot him in the hip, 'caught .him and found the box and money in his pos session. -The wound Is a bad one and- an 'operation was performed on the thief to-day in tb Rex : Hospi tal. i : .' v fi- C V : r S ...';" 5 :. ;.: -, ! ' , -State , Librarian Bherrlll says the number of , books in the library .has now reached the figure of 40,000, not Including 10,000 books : which are in the basement of the building and in the Capitol Building. ' He ' says that the use of the library by the public Is increasing all the while and that many men are making it a point to study there, there being a great many pupils- of the Raleigh public and pri vate school and college who come there, si Men come from the Univer sity, Wake Forest Trinity, Elon And other colleges to study. Adjutant General Robertson says that the War Department has decid ed that as "yet this State has not con formed to any of the regulations of the Dick hill.' except as to the regi mental organization. It Is found that no State has as yet fully compiled and that even the District of Colum bia has not so far done so. Some Ptates have complied as to certain organization."1"" -'-"'-.-.. 'O ' , NO opinion yet, The Ear-rene'Co'-rt CI ret ti-r'y file any opinion In the .case whkh Is iir frnm YVakA rnnntw In Which JUuZd iiong nnea the goutaern itauway au, 000. , I UNION STATIONS ORDERED. . The corporation commission made orders to-day requiring the Atlantic Coast Line and Seaboard Air Line Railways to construct a union pas senger station" at Wadesboro, many petitions having been filed for such a convenience there., Another order re quires the Seaboard Air Llne and the Carolina & Northwestern Railways, to build a union passenger station at Llncolnton. . The commission made an order as to the condemnation of lands at : Thomasvllle for the right-of-way of; the belt line railway", which Is to be constructed ther. . , To-day Attorneys Robert W, , Win ston and Fred A, Woodard, employed in the Southern , Railway rate case by the corporation commission, - re turned from Washington, , with them being Clerk Brown, of the commis sion. , The next hearing of this not able, case will be - at Raleigh at ft time to be named by Standing Mas ter Montgomery. At tnis nearing ine State will put on Its witnesses. Sev eral of - these- have been "summoned, as already etated,5 including --Vice President ' Andrews, George W. Cra ter, book-keeper Hall, of The Evening Times, and James ' B. Martin, long connected with the Seaboard Air Line Railway and now the president of the Martin Knitting Mills here, i? i i v The nws was good to-day from Secretary- of - Agriculture Bruner and Superintendent Brooks, of the Sol dlera' Home. ; The former is able to sit up a little' and food 1 now given him. For weeks he lived on pep tlnolds. . , , , ! ' NEW ENTERPRISES. A charter la granted the Chemi cal lime Company, of , Newborn, to make lime, ' cement, fertilizers ' of various kinds, to operate oil mills, etc., the amount of capital stock being $150,000, and the stockholders F.A M. Slmmons,c C. D. Bradham, I I. Moore, of Newbern, and J. D. Farrior, of - Wilson. T -''-s: :; The Wilson Publishing Company, of that town..; Is granted a charter, the amount of capital stock being $25,000. and J. O. Foy the principal stockholder. 1-7 '--'', - Another charter is to the Wlndley Cross-Tie . Company, of Wilmington, capital 'stock $10,000, to ' buy and' ship ties In the United States and abroad.' Julius Hahn being the chief stockholder, and another being R. T, Wlndley. , ) .. , : ,' The Swannanoa Country Club Is authorized to issue $35,000 of stock and to change Its name to the Ashe vllle Country Club, Incorporated. The Fairmont Cotton Storage Com pany,' at the place of that name in Robeson county,-gets a charter, the amount of capital stock being $25, 000, and Dr. O. W. Brown being th chief stockholder. . GLENN TO ATTEND CONFERENCE " Governor Glenn goes to Atlanta to morrow In order to attend the con ference on the rail wav rate Question. at which the 'Governors of Georgia, .AaiA,lnow ma Jaokagtnlth and k Comer,- r will t wrr tttmpjtsm A grat aeaji. ot puouc attention' in tne soutn ; Is eentred on this r question,' which has -taken the front' rank this year among matter - of public moment though there are many people who rank the question of freight rates as far more Important than that of passenger fareaf" :v-fi ,: , In the Superior Court ; to-dav the case of i Dr...-Jones," of - High Point, : against the provldenjt Savings Life Insurance Company,; of New Tork. which had been on trial for three days, went to the jury. Both sides made a strong fight In. this case, which Involve at least two im portant points,, one of them new. JUDGE COUNCIL HA A HELAPSE. He May Not Be Able fo Hold Any Courts This . Tear A i Methodist j. Church Organized at Bchool House ' Near High Point Heir to the Sum or fl.08, ,. , Special to The Ohsarver. f1' Greensboro, Oct 80 A letter re ceived here to-dav bv Solicitor A. L. Brooks from Mrs. V Council, wife of juage w. B,f Council, of Hickory, brings the sad news '-that Judge Coun cil Is extremely ill, having suffered a relapse, the third attack of pneu moniae. Bis physicians advise that in alt probability iie" will be unable to hold any more courts this fall He Is scheduled to preside over the courts or this district for the six. months end ing December 81st but became so ill while holding the September criminal term of Guilford Superior Court that it was adjourned, before the docket was, cleared and Judge Council went home and has been very ill ever since. Solicitor Brooks , has already taken the: matter up with Governor Glenn,' hoping - to ; secure another Judge , to preside over the' December criminal trm of Guilford and Durham courts and as many others as possible. Rev. J. A... Bowles. uantor of the West Greensboro circuit of Methodist churches, . held a,' revival last week at Welsch's school house, near High Point" and last Sunday organized a church there with; thirteen members oy vows and several others by letter. A lot has been bought and a build ing committee annotated to proceed Immediately ; with the erection of a nice cnuroh.,. -4 Mr., J. Ed Albright is In receipt of a letter containing a check for $4.08 marked "In full settlement ,of the estate-or the name is. not re called. - Mr. Albright was one of over two hundred , heirs to the estate, the long division causing the amount to be so small. Only. Small Crowd Heard Mr. Fox at Durham. Special to Thet Observer. v ' ' Durham, Oct 80. The number who heard Mr. John A. Fox, special ; director of the Rivers and Harbors congress, last night was not as large as should have been. Mr. Fox is an' interesting speaker and he r is thoroughly j familiar with very de tail of his subject that has brought him into this state. . The meeting ap pointed delegates to go to Wilming ton to attend . thes meeting of - the waterwaye congress November 6th, at which : time the Btats 'Will ; appoint delegates to a national congress. MlsHlng Girl Voluntarily Returns,' . London, Oct 80. Barbara Lapon khln,. daughter of ex-Governor , La ponkhln, of Reval, Russia, who "mys teriously disappeared after leaving the Aldwych Theatre here October 34th, returned to-day to hec1 friends volun tarily and as mysteriously as she dis appeared. Her. father, who reached London thlg morning f ram St Peters burg, went at once ta the hou'ie, vhre his !iugmer halbeen Btsjinir, and the whule family immediately vfnt away without leaving any ad di'es. ' "..'".,' ;' ',"'. '":,' LACK Of KEADY M0UEY CAUSE OF THE WIIOLE TROUBLE. Present Financial Situation Not Brought About by Lack of Assct.4, But For Want of Currency, and unsound Financial Methods Are Re- ; spouslblo If Banks Had Power to Issue Asset Currency Panic Would : Have Been Averted Clearing House Certificates Another Form of the Same Plan, But or Doubtful Legal ; ity The Trouble WeU in Hand and Serious Apprehension Allayed. Correspondent of The Observer. New York. Oct. 88. Any letter written from New Tork on the finan cial situation la necessarily old by the time he letter reaches Charlotte. In panics news becomes eld sometimes by the minute, -never? less than by the hour, i ; Thla relates to ,. transpiring events. The -underlyng principles in volved sometimes go over from one panic to another without observa tion. - - , In connection with the present trou ble it is clear that there Is no lack of assets. The one obstacle to Immediate recovery Is lack of . ready mony currency. This deficiency Is precipi tated toy Unsound financial i methods, unsound banking. - After precipitation it Is emphasized by the withdrawal of money from the banks by timid peo pse and locking it up and also by refus al of checks, and demanding actual money where in normal times a check would be good enough. It Is clear that if the national banks were authorised to iaeue a temporary emergency money on assets.- and un der a high tax force retirement when the emergency was over,, then the banks could at least put out enough emergency money to take the place of that locked : up during the panlo would be very much less and recovery would toe very much quicker. People . would also be much more willing then to accept checks because the knowledge that cash money could not run out at the banks would make checks perfectly satisfactory, partly because of fact and partly on the Erlnclple of , the man . who ..wanted is money If the bank couldn't pay it and didn't want it If it could. There apparently no shortage of sound assets. Even In the banks which precipitated the trouble by bad management' ajid wild-cat methods there seems to be In most cases assets to cover liabilities and It. some cases of "suspended banks the , only trouble is shortage of actual currency. Jf these latter could have Issued asset currency they would not have had to suspend. The clearing house certificates are nothing but asset currency and they are of doubtful legality. It doesn't seem right for New Tork and a few other big financial centres to assume thla privilege of issuing an asset cur rency and the other banks not have such privilege tout In an emergency like the one now on nobody -wants to object , The panto shows plainly that we need a flexible feature in our banking 8i'tem an emergency currency at faeast.ftgamst jpanlcav A?M-$3i-&i i une neara ot jealousies as a n meter ing Influence against recovery. Of course every falling men feel that he could have gotten through If he had been properly helped. On the other hand, there may toe some of the big bankers who would as soon as not see some others out of the financial mar kets. - . Take it all In all the panic seems to have been handled (well and the force of It wfll be minimised by careful handling and ' honest co-operation of the great bulk of financial institutions here. The matter seems reaiiy to oe in hand and serious apprehension is practically allayed unless something fresh breaks out It 1b verily-believed, however. '' that all weaknesses have been fully examined Into and that after severe tests and that the co operative strength of the finances of the metropolis Is behind the situa tion. ''- ;,'"( ' - .The crops of the West and South, It la expected, will hold tnose sections Independent In money matters. Cot ton and corn are the two big crops. These are now giving up big values out of the noil to the country and hap. plly neither section needs help from Nw York as ef old. This not only puts no burden on the Northeast money markers, but as cotton goes abroad the return values will help these Eastern financial markets. ,..-r D. A. T. STORM AT GALVESTON. Heavy Wind and Rain Storm Strikes City Destroying Twenty Houses! r on Dead and Twenty injurco. , Galveston, Tex., Oct 80. A north west storm of shert duration wlti heavy rain, passed over this city early te-day. The wind attained a velocity of 73 miles an hour for two minutes. About 80 frame houses were blown down, one woman being killed In & failing structure. It u estimated zo persons were Injured in the western part of the city, where the wind was severest : Several business houses were unroofed and the stocks of goods were slightly damaged by. water. The Mallory line wharf shed was damaged to the extent of several thousand dol lars. A'- few cars In the ratlroad yard were blown from the track. The gulf remained normal. There was no interruption to traffic. - ; . EXTENDS QUARANTINE, Burgeon . ..General . Extends , Quaran tine Regulations Owing to Report of Increase in Yellow Fever Cases In Cuba. - i , : Washington, Oct, ' . 80. Surgeon General Wyman, of the Publfo Health and Marine Hospital Service, has is sued an order extending the quaran tine-regulations against uuoan pons for one month, from November 1st Reports to the Public Health, and Marine Hospital Service are to the effect that yellow . fever is slightly on the Increase In Cuba and several new case are reported -4aliy'.v"-Tbe:.'au thorttles here say that owing to the warm weather prevailing in the South AtUntio 'States, particularly in Flor ida, there Is danger of the disease be ing introduced Into the United States. Superintendent Boswell Tenders Res j r Ignatlon. Birmingham,- Ala..' Oct $0. R. E. Boswell, superintendent of the Alabama- Great Southern Railroad, has tendered his resignation effective No vember 1st. and from that date will be connected with the Seaboard -Air Line, t It Is understood Mr, Boswell will become superintendent of transporta tion of the SeaDoara. Secretary t)u Bolne Dead. " Ew-anne.'TeTinv, Oct 80,Tfobert M, D;lBolBe. secretary of the University of the South, died last nig.it ; TO ELIMINATE CUBBOCY TWIN OTY ADOPTS A NEW PLAN Farmers, Merchants and Warehouse men Get Together and Decide. Upon a hjstem of Issuing Certificates of Dcpwlt by Banks to Tide Over Pres ent Financial Stringency Certifl i eates to Bo Accepted the Same as Cash and to Draw Interest When ; Not Used The Plan Meets With the Hearty Approval of All Concerned. Special to The Observer. S Winston-Salem, OctySO. A a re sult of the stringency' in the money market and the inability of the banks to secure currency in large amounts from New York, Philadelphia, Baltl- 'more and Richmond, and as a means to preyent any great Inconvenience to the : tobacco growers of this aection. and to maintain the good prices that have been paid . for the e weed, the bankers, tobacco warehousemen : and merchants of Winston-Salem to-day got .together on an - admirab'e and feasible Dlan to eliminate tne use or large amounts of currency, f This will be accomplished bv the Issuance of certificates of deposit by the respective pankft -,,- ,:, v;.--..- ; The banks of this section, as many individuals and firms, have abundant credit in New York and other toankr ing centres, but cannot at the pres ent get large amounts of currency Because of this condition the tobacco warehousemen of Danville, Reldsvllle, South Boston and the coUon : buyers in the Southern cities have been com pelled to pay for. tne products witn checks, which in many place the ' banks have been unable to casn at present The bankers and warehouse men of Wlnston-aIem, recognising i no lact inai u migm 'uw inniusnuw to continue Indefinitely paying for to bacco with curreny, held a meeting this morning, to see what could be done in the face of these conditions. To make these certificates the easier to handle and to eliminate any objec tionable feature to the farmer or to bacco salesman, the banks agreed to issue to each seller certificates In two or three -denominations, this to en able the farmer to buy goods with his smaller certificates and retain the balance in one certificate. V The Retail Merchants' Association held a meeting in Us hall to-night at 8 o'clock for the purpose of dis cussing the action of the bankers and warehousemen. Mr, H. F. Shaff ner, for the bankers, explained the situation and the action of the bank ers telling in detail how the certifi cates could be used in trade. The matter was fully discussed by the merchants and met with their hearty approval. The following resolution offered by .Mr, J. M. Rogers was unan imously adopted: "Resolved, That we, the merchants of Winston-Salem, hereby pledge our selves to take at face value the certi ficates issued by our banks In ex-, change for goods, or in settlement of any account' previously made.'v There was a decided and distinct .sentrment; among- -xte.ioswita against any shaving or discounting of the certificates. ''The certificates are as good as gold, remarked one merchant "and no one should take advantage of the holder of any certifi cate by discounting them." The ac tions of the bankers, warehousemen and merchants have the generat ap proval of the, business men of the city and the few farmers who could be seen heartily endorsed the arrange ment. As one tobacco grower said, "What we want Is good prices for the weed. The certificates are as good as cash and I would not give a snap of my finger for the difference. An other farmer' said: "If I can buy goods and pay debts with my certifi cates and draw Interest on the bal ance, it suits me all right to receive them instead of cash." One gentleman made the point that in one way the certificates were pre( ferable to cash, because a farmer. toeV sides drawing interest on his money, could have his certificate replaced if it were burned or stop payment on it If It were stolen, nlnce a record of every one Is kept at the banks. It is the opinion of the warehousemen and other business men that the plan de Vlsed completely eliminates the pos sibility of any, marked decline in the S rices of tobacco or any depression In uufnesa. Farmers, who are now the money-receiving class, receive certifi cates which are good at all the stores of the city and country, or are good for. alt accounts, debts and which bear interest if they do not use them In trading. ALLEGES CRUEL TREATMENT. Report Says Dr. Hunter, an American Imprisoned st San Pedr, la Reoclv. Ing Cruel and Unjustifiable Treat mcnt Appeal to Consul Greeley. Mobile, Ala., Oct 84.-rRellable ad Vices received here from San Pedro, Sula, Honduras, give information of alleged cruel and unjustifiable treat ment and Imprisonment of Dr. Hun ter, an American cltlsen In Can Pedro, Being unable to effect the release of Dr. Hunter, Consular Agent -Mitchell appealed to Acting American Con sul Greeley at Port Cortes. (.The latr ter communicated with the comman der of the United States gunboat Pa ducah. The following flay an officer from the Paducah arrived at Ban Pedro and began an Investigation, The Americana f olt dissatisfied be cause the matter of an Investigation was not left to the people most Inter ested, i They said that the investlga-' tlon was not thorough as the officer from the Paducah had no Instructions to .get Dr. Hunter out of jail, but was sent simply to Investigate. ; Dr. Hunter made an application for ball, but it to raid that lh signing his name he had written too close to the margin of the paper, , For this he was fined 8 8. :. The case was appealed. AN ANTl-TUBEnCULOUS LEAGUE. State prganljation Orcx-tcA at Colum t v plalo Wage i Campaign Against the Grcftt White Plague. , Observer Bureau. ' . ; :t;:Ml$ Main Street, -v :4 B Columbia, 8. . A State antl-tuborculous league wsi orgarilzed at a meeting here this af ternoon of prominent physicians and others In response to a call from, Dr. Bethune Patterson, of Barnwell, ract ing for the International Association. Dr. Patterson was elected president; Dr. Purcher, of Charleston, vice presi dent and Dr. Williams, of this city, secretary. Drs, Mayer, of Newberry; Croft o'.AIken, and Williams were chosen a committee to draft a bill to go before the next Legislature for the suppression of the disease. Chairman Patterson was directed to appoint a subpresldent , in each county to or ganise county leagues. ; v : Another meetlnsf otthe f"tat oryan- 'ratios rt11 1 held In December when M't'srleton to Atlanta is. la lv.: a constitution and by-laws will., be! this po'lev of the eomnnny to adorted. , - , . . .. j ,:i0to tv.o"t.--,n In t'.ia srn . EXCITING flAYAL EATILi: MANY KILLED AND WOUND I I. Excited Crew of Torpedo Boat JI. i y Meam out into rtarbor With K: I , Plug Flying end Open lire on T' .mi and Fortr Guuboat and Three De stroyers Answer lire and Wiih Help of Garrison Soon Have Tor ( pedo Boat Riddled and Helpless 5 Beached to Prevent Sinking Guna Do Considerable Damage and "sev eral Officers and. Men Are Killed or Wounded. - . . : Vladivostok," Oct 80. An exciting Uttle naval battle took place In this harbor to-day between the mutinous crew ot a Russian torpedo boat de stroyer and their loyal comrades. The mutineers finally were subdued, but not before a number of men had been ' killed or wounded. The mutinous boat is the Skory and she gave fight to the gunboat Mandschur, - the de stroyers Garaovos, Smely and Serdits.' and the garrison of one of the harbor forts,, manned by the Twelfth Regi ment v of artillery.. The Skory soon was overwhelmed and she had to be beached to save her from sinking. This was not accomplished, however, before her guns had done consider- able; damage and several officers and men of the other ships had been killed or wounded. ? v . t The crew of the Skory were Incited by agitators, Including some - Jews, who had managed to get on board and take charge of the destroyer.'' She steamed out into the harbor with ' the fed flag flying and atonce opened fire on the'town and forts A gun boat and three destroyers went out to engage her, and wltti the aid of the forts soon had the Skorv rlddl and helpless, 6he then turned and ran through the surf and was beach ed.' Those members of the crew who : had not been killed or , woundat . the gun fire were arrested by soldiers as they made their way to . land. Among the men killed are Captain Kurosch, commander of the torpedo boat Ravy. and Lieutenant ma'nder of the Skory; Lieutenant Va sllleff. commanding the fierdtts. was wounoeo. .eeverai people In Vladi vostok were killed bv sheila rnnn. h Skory. The town has been declared In m siatv ui megs, .-.... .. SITUATION IS SERIOUS. ' Tobacco Growers' of Kentucky VMtut by "Peaceful Armies" dt Invasion Decide fo Raise No Crop Next Year ' ; Warehouses Guarded by vArmd Men and Considerable Uneaslnesa : Is Felt v. . ..v..;y!.v-;- Louisville, Ky., Oct 80. With "peaceful armies" of Invasion In the dark tobacco regions and the Burley growers having reached a decision not to raise any crop next year, the to bacco situation in Kentucky to-night appears to be serious. From ' the western end of the State and especial ly in the Green river and the Hen derson stemming territories, reports of. rather an unsettling nature were received .to-day. : . 1 :: :t Bodies of growers, members of tha , American;; Society, 0f.J5QtUtyw, are. rid. lngrtHroughi McLean county, advtelnff buyere to quit the tobacco fields un til, the 1906 crop Is sold and urging growers to pool their crops with the society. The same thing has' already been done in Da vies county, of which Owensboro is the county seat, in Hen derson county, of which Henderson Is the chief city, and in several . other neighborhoods. In many Instances the buyers have agreed to quit and most of the growers have expressed their determination to pool their crops; but, especially in Henderson county, there had been considerable opposition to the plan. of the grow ers. In fact the buyers of Henderson have refused to accedo to the request of the growers and a meeting is In progress there to consider what is to be done. ! The growers are determined to car ry their point and the . buyers an nounce that they are determined not to take any action that may be derrlt mental to . their Interests. . Every warehouse ef any consequence In Henderson and Owensboro Is guard ed by armed men and there to con siderable ..uneasiness, ,- .:, ' ; The National Association er ; To hiuscn Growers met in Shelbyville to- f day and ratified the action ef the executive committee or tne uney i bacco Growers' Assocktlon, , which decided in, meeting ftt Winchester not to raise any tobacco ext year. - ; EFFORT TO POOL TOBACCO. ' 'Night Riders" Urge That Steps B Taken and That Bnyers Withdraw : From Held. " 3-:-- -p r ' Henderson, ky. Oct. 80. A meeting of fifty tobacco growers of McLean and several adjoining counties was held at Livermore last night and to day. pursuant to an agreement they started out In squads all through th country to persuade the growers to pool their tobacco and ur the buyers to withdraw from the TleMa. Al though the growers are thoroughly In . earnest about their business they have not so far attempted any? violence. -One planter, 8. C. TIchenor; of Mo Lean county, however, declares that: he has been visited by "night rid ers" three times and has", been noti fied that he must pool his tobacco or suffer the consequences. BROTHERS IN BLOODY FIGHT, One Gets a Flneer Broken and the Other Has at Hole Cut In Ills Cra ' . nlum Negro Assaults fMcer Special to Th Observer. ;r;:,v- -ftt' Durham, Oct 80. In police court this morning Fred and Frank Howard brothers, were . tried o the charge ot engaging In a bloody fight In the scrap Frank Howard had a fin ger broken and Fred got ft hole cut In his head. ' . , i Another cas before the mayor was against a negro charged with assault ing Policeman Chandler with ft bot tle, v; This occurred In the colored dance" hall last night at 11 o'clock. The officer was up there-to see ttnt order was preserved and when the lights were flashed to show that the power company would soon cut ' off that circuit a negvo threw a bottle at the officer. The lights came on just as the. bottle was thrown and the of ficer saw his man. . He was arrested and tried this morning, :;') : Promoted to Assistant General rns- :)-i-..A -vi'v nger Agent, "-v.".'. Washington; Oct 80. R. W. Hunt, division passenger agent at ChartiM ton, S. C, hkn been promoted to a po sition of assistant general pnssfft;; r agent of the Southern RaUvay. at Atlanta. Ga.. the change taking e.T.--. : November 1st. : Mr. Hunt as..b'Hn, in the srv!.'- of the Southern Railway Coi - about 13 years,. and his cha;v;.
The Charlotte Observer (Charlotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Oct. 31, 1907, edition 1
1
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75