Newspapers / The Raleigh Times (Raleigh, … / Oct. 24, 1907, edition 1 / Page 1
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v. ' ; r Only Afternoon Paper Between Richtnoi last Edition. anef Atlanta With Leased Wire and Full Press Dispatolsaa ALL THE MARKETS. . THE BALE VOLUME 30. RALEIGH, N. C, THURSDAY, OCTOBER 24, 1907. PRICE la. EVENING TODAY'S FINANCIAL STORY FROM NEW YORK Hundred Millions Being Pour ed Into Coffers of the Great Banks AN INEXHAUSTIBLE SUPPLY OF READY GASH Ami That is the Only Thing' That Saved Many Hanks, Trust Com panies ail' Other Financial Insti tutions From Utter Disaster Rockefeller and J. 1. Morgan ami the United .States Treasury De posit Enormous Sums Into the Vaults of the Sorely Harassed Hanks, While Thousands of De positors HUH Clamor for Their Cash -Two Hunks Suspended Pay ment Temporarily All the De tails. The Financial Situation Today in a Nutshell. Secretary Cortelyou announ ced that he would deposit up to $25,000,000 In the banks of this city and Cie Trust Com pany of America today to be helped to the extent of their 9 needs. The moving of the money from the sub-treasury 9 began at 6 a. m. under the pro- $ tcction of the reserves from the 9 Old Slip station. John D. Rockefeller made the announcement that he would assist the money mar- ket by depositing cash in Varl- ous banks, and added that he considered the -existing alarm among investors as unneces- sar.' . J. Pierpont Morgan has come to the rescue with his almost Inexhaustible millions. The Trust Company of Amer 0 ica, which opened on time, an- notinced through its president, Oakleigh Thome, that it would- be prepared to stand another $10,000,000 run, such as it had yesterday, Leading financiers express the opinion that the stock panic had seen its worst and would be stayed today. There wore conferences until 9 long after midnight between trust company officials, clear- lng house bankers, members of the Arm of J. P. Morgan & Company, and Secretary Cor- telyou. The Knickerbocker Trust Company, romalns closed and state officials have taken charge. .- Governor Hughes has ap- pointed Clark Williams super intendent of banks to succeed Luther W. Mott. Word comes from Washing ton that President Roosevelt will go to any length to help the situation and prevent a panic. The Hamilton and Empire City banks suspended payment till excitement subsides. The Twelfth Ward Bank, a Binallcr concern, suspended later In the day. v (By Leased Wire to The Times.) New York, Oct. 24. In spite of the reassuring statements from the heads of the financial community over night and the $25,000,000 treasury relief ex tended io local Institutions, the finan cial markets failed to recover their nerve this morning. This news reach ed the street before the business hours that three of the Institutions Involved In Just week's troubles of the Mercan tile Bank had closed their doors and that another concern In Pittsburg had suspended. This was 1 followed by news that the run on the Trust Com pany of America was still in progress and that similar runs had started on one or two of the up-town trust com panies. These announcements sue cessbvely made, together with the fact that call money held at the extraor dinary figure of fifty per cent, threw the stock market Into, a state of semi' panic again. Many of the leading rail way issues broke from 2 to 3 -points below the lowest record of yesterday, while the rest, of the list pretty gen erally went back either to or below their previous bottoms. These declines were accompanied by liquidation of an utterly t demoralized sort which could only be explained on the assumption that the afflicted In stitutions In the'r efforts to meet the (Continued on Page Five.) WON. Y. BANKS REFUSE TO PAY OUT DEPOSITS They Declare Themselves Solvent and Do This to Protect AH Depositors (By Leased Wire to The Times.) FlashyNew York, Oct. 24 The Empire. City Savings'' Hank o" Har lem, .taking' .advantage of the thirty days'. cIkueo in their charter, refused to pay deposits thin moning. Tho Hamilton National Bank, from which B. R. Thomas was forced to re sign as president on Monday, sus pended payments this morning, this mornin;;. At 0 o'clock the following retire was posted on tho door of tho main offico of tho Institution-fit 12." West 123th street: : "This bank in absolutely solvent. In justice to all de::osiio's it has suspended payment, -tint!) public con fidence in -banking instita :;ns is re stored. " - Tho notice . .was ;iof signed. A crowd of half a hundred had gataerosl in front of tho bank, -evidently pre pared to withdraw deposits and there was great excitement when tho notice went up. The crowd grew quickly and the police reserves wove sent for. When E. R. Thomas was forced out of tho clearing house association on Monday William It. Montgomery, tho vice-president was elected as president in his place. Since the be ginning of the money panic tho Ham ilton Bnnk has been, advertising rather extensively In daily newspa pers inviting deposits. The bank ad vertised that it had resources of $7,- 500,000 and had no down-town affilia tions. Politician at Head of Empire City '-' .. Hank. As soon as the officers and directors of the Empire City Savings Bank at No. 231 west 125th street adjoining the Hamilton Bank, learned that the lat ter had suspended, they hurriedly held a conference and decided to take advantage of the thirty day clause in their charter and suspended payments for that period. The president of the Empire City Savings Bank is Isaac A. Hopper, Tammany politician and formerly of the First Assembly, district. At a meeting of the officers of the bank today suspension was agreed upon. In the course of a short time after the closing scores of men and women, mostly working people and those on small salaries, flocked to the bank. ' Another Bank Suspends. In addition to the Hamilton and F.mnire Bunks, the suspension of the Twelfth Ward Bank was announced shortly before tho opening; of tha banking hours. The state banking department took charge at once of both the Hamilton and Twelfth Ward Banks and nil their branches. : Tho Hamilton has a paid up capi tal of $200,000, Its surplus and profits are estimated at $2:2,270; Individual deposits near'.y $7,000,- 000 and loans and discounts $4,662, 940. When its last report was made in August of the present year it owed other New York state savings banks $107,000. (By Leased "Wire to The Times.) New York, Oct. 24. At the office of the state bank examiner today it was estimated that upward of $75, 000,000' has been practically taken from the banks of Manhattan since last Monday and is now held in homes and In safe deposit vaults. This includes not only the immense drawn out by panic-stricken deposi tors, but money that would ordi narily have been deposited, but held by its owners. v (Continued on Fago Five.) ?75;000,000 WITHDRAWN FROM BANKS BIG CONCERNS FN THE HANDS OF RECEIVERS (By Leased Wire to The Times.) . Pittsburg, Fa.. Oil. 24. As a result of .the- appointment of receivers for the Westing-house Companies, the Iron City- Trust Company, considered on-? of Pittsburg's substantial trust co-.n- panies, Is now in the hands o receiv ers. ' Late vesterdnv nftvrnoo:!, act ing for the .beard. .of -directors: .Willis M.eCook, made -.application -before Judge Ewing. in the United states district court for the appointment of receivers. , It was explained that --whll the. institution lias assets of ft.Oui.'OO) and liabilities to depositors of nnlv SI.. 700,000.. it was thought best to ask ft" receivers. There is no doubt of the solvency or the Iron Cltv Trust Conevtiiv." an. Mr. . McCook. '-ill.' deposit el win hoi paid in full. STRANGE VIEW ! -,.vj OF DR. ABOUT (By Leased AViro to Tho Time3.) Richmond, Va Oct. 24. The start ling theory that sunlight is., detrimen tal -.to consumption '.and tho scientific principles upon Which the treatment of tuberculosis Is now based are founded upon a false hypothesis, was present ed by an eminent '. surgeon : of the United States to the Kiehmond Acad emy of Medicine and Surgery in a lec ture here before that body. The assertion that consumptives should be protected from sunshine, and that a climate such as is afford ed by the cloudy, fiiRRy country along the coast of Maine is most conducive to the cure of tuberculosis, was made by Major C W. VoudruflV of the army medical corps. Dr. Woodruff Is in charge of the medical corps stationed at the Jamestown Exposition. Dr. Woodruff created something of a stir early In the morning when he declared that ether Is a solid and that contemporary science is sadly Ignor ant on this subject. Later in his discourse Dr. Woodruff made his auditors sit up and stare when he advanced his new, theories In reference to. the treatment and care of consumptives'. 1 THE LIQUOR ISSUE , IN TOLEDO, OHIO (By Leased Wire to The Times.) Toledo, O., Oct. 24 R. A. Bartlny, republican candidate for mayor, lins Issued a signed statement in which be declares that, if elected, he will close all saloons on Sunday and en forco the midnight closing ordinance. This latest stand of his has gained him the support of tho nnti-suloon league, which has boon luke-warm up to this tlmo. Ho will also slop gambling and closo the wlno-roonis, as will Stevenson, the democratic candidate. 'Mayor Whltlock l for a continued wide open town. iP 1 fZAm 1 JP w f, JPtTF r? n Ml I I i If, m r It 1 dF ' ? ! i fyJIjd' I'nol i 1! i((i o. (Ik 1 liiious v J l! AIM y&jf ii li tn Mm lit i il t if.li'-s t l r-1- . . ...3 WW -' pny, wlio Ii:;k lotii-d a v.av t'. Hash a . r:.;:'p- T llj jt'Xy iiii-ssi(j;e McftiKS the ocean, and tiie LZL! VilWki m:;'icv JmiTOiii. v l:o was the lion. lli&nT- " 'J71 1J,'J,'' ""'' "alf-fuMer S Uird llJ A OSSASlSOiMS CONSUMPTIVES Sig. G. Marconi, l ' i M-m m & mjr iu A a mm m. A m im RE AT NEW ii (Special to The Kvcning Times.) New Hern, X. '., -'Oct. iM. Fire de stroyed the gin house of the New Hern (Cotton (Ml nnd Fertilizer Mills early this.-morning, creating a loss of about $!,-,m. Tho 'origin of the fire is unknown. Hard weak saved much of the sur rounding. property.' Many ft'clKli! ears in the company yard caught fire, . but the flames were put out with much damage to property. The same plant was badly 'damaged by fire March 21. It is believed that an enemy set the building on. fire, both times. The loss Is partially covered by Insurance and construction 'of a new plant will com mence ut once. yiDENOICE MINISTER WHO PRAISED LEE (Ily Leased Wire to The Times.) Washington, 1). ('., (let. 24. Ilocauso ho spoke in praise of General .Hubert K. Lee, the J lev. John Van Schalck, Jr., pastor of the Church of Our Fa ther, has been denounced by the llurn side l'ost, O. A. lt of Washington, as unpatriotic. In consequence prominent membeis of the organization here are lined up against neh other. Corporal James anner, past grand commander of the O. A. IL and chap lain Couden of the house, '. made a forceful but vain light to secure re consideration of the resolutions of de nunciation which were adopted at a meeting held October 9. ' Part of the condemned address ful lowsi "Orent as' were bis achievements ns a general, how splendid his victories on the field of battle, the greatest thing about Lee wus his spirit. Italian In ven tor A BIO STORM (l:y Leased Wire to The Times':) .ew linn, uet. 34 A run ol large proportions started today on the Lin coln -Trust Company, al Xo. 20S 1'ilih .avenue, , notwithstanding; the assurances of tho" officers that, the in I Simmon was aaie io pay an deposi tors..': , At .daylight the worried depositors commenced to tirrive at. the bank, and by y o'clock the crowd was so grout -''that the police .'.reserves, were called out. . Inside the bank the officials had piled huge bundles of currency on the desks and tables in the. paying tell ors caves, bill this did not turn tin anxion.i depositors away, and the rasa of depositors to draw Out con;h:ve;l. EPRECIATION OF SECURITIES IS ENORMOUS 'I!y Leased Wire to ThO Times.) M'ashi'iifrton,, Oct. 2 1. The depre dation in t!io vaitte of -railroad stock and indubtrlai seeuriies during the past year lias aggregated between ?;;,ooo, Oho.ooo and ?:;, ooo.ooo.oO'i. Losses have" not been-confined to any one class of - securities. High grade railroad shares, tho kind that the Vanderliills nnd the Morgans havo held iii their strong boxes for very niany vears, suffered Just as much and even more than some of the Industrials. . Some of the most remarkable do clincs during the year were asi fol lows: ' llailroml stocks (decline per share from high point of lOOli); Atchison, $:!2.D0; llrooklyn Rapid Transit, Jl.I.nO; f'nnn.-rtan Pacific. $4R.fi0: (Continued on Pago Five.) F ARTHOU AKES IN ITALY WORK DEATH & HAVOC FRENCH AIRSHIP MAY BE WINNER Germm and French BallooDs'THDUSANDS ROAM in lose Contest mm decision i -Mi t':c I- r.iv.re C i ( III I s i':ii,.imi'i,!i hiiJ the Isle le Vaili' Nearly M .Miles in ii ivkai . Aerial ( .out est ol Distance- I raveled .More II i,i K n t tl I) .iM 1. !i Jli t t . M .( In i'lrsl 3)1 till'- (l:v -Leased-Wire to The. Times.) v- York. let; 24. It will require e iVcK-i,! nr tlr: -war department. I i IV Will! t:nv. 1 i t: cvpccleii to lie given out tu be cieeek' whether the ijcrman i ' i - i ' . '. ii 1 1 ii' rn or tile l'1-encii nui- l.i-ii! Me Vu France was wiuiH-r of the K)e:ii Citcriiatiorn! .halmon race whici 1 vesierdav. The total instance traveled Uu' Ic:elers Is m tne.neign- o hoiid nf NMi miles, which is ..more than liounle the distance bv which th lace Avas won on .its finsi- .trial- hi3i year. . n officer of the Aero Club gave it is his' personal opinion that the Pom- mem would win bv a matter of a few mile.. Here is a list-. of the starters. where and . when they finished: No. 1. Oscar ' Krbsloch -and Henry H. clavton. Oorman. the I'ommern, r.iadley Park, half a mile south of As- burv Park, at 9 o'clock yesterday morning, covered approvimately Sbl) i links. .-- No. 2. H. IS. .. Horsey, and A. F. Mhevholt. American. Lnlted States. landed ..near Hamilton.-. Out., at 6 o cl iek Tuesday night; covered ap proximately tv0 miles. No. 3. A. Leblane and FJ. AY. Mix, French. Isle De France, landed near lleriiertsville. Ocean county, N. J., at 1 o'clock Wednesday afternoon; cov ered approvimately SS' miles, No. 4. Hugo Abcrcron and Hans Heideniann, German, Tusseldorff, landed at Little Creek. three miles from Dover, Del., early Wednesday morning; covering approximately 77G miles. No, ,1. G. Brewer and C. Brabazon, Kngllsh,. Lotus II. landed near Sabina, ,, at 5 o'clock TuesHay afternoon.' No. 1. ,( 'handler and McCoy, Amer ican, "America," landed at Tatuxent, Md., Wednesday; covered approxi mately 71", miles. . .' No. 7. ltene Gasnler. and Leve'e, French, Anjou, landed near Armen ius. Louisa 'county, Va at 8 o'clock Wednesday morning; covered approx imately 700 miles. . No. s. Paul Meckel and c. Denig, German, Tschudi. landed near Manas Vu.. at 7 o'clock Wednesday niornin;;; covered , . approximately 6S0 miles. . - No. !i. .''Alan Hawley and A. , Post, Amerieaa. St.' Louis, landed one mile south of Westminster.' Carroll county, Mil... at G: to o'clock Wednesday morn- ' lng:. coyi red aiipioxlinately 62 miles. St. Louis, V.o.. f t. 21. With the eoaiph liu'i of tht' .dlrisibl e balloon race end the awarding of the prizes to th" w.'iuiers yesterday afternoon, St. LoiiK' Meat balloon tournament. Con cede 1 to be the great est. in the his-ti-iry of , aeioiieutiis. came to an end amid the plaudits of over 40.00A people. Lincoln Hencby, of Omaha, won over his ...old trainer. Captain Thomas S. Haldw.I'n of - Sa" Francisco, yesterday afternoon, by a. margin of two minutes and twenty-live seconds, In. a. two mile race around the James L. Blair mon ument and Lack to the balloon grounds. He beat Jack Pallas of Omaha, by a margin of one minute and thirty seconds. After the clone of the event the con test committee, composed of Albert B. Lumber, G. Herbert Walker. S. H. Vnlenthuv of New York, former Gov ernor 1). It. Francis and President L. l.i. Tiezier, met: at the Aero Club headiniaitei'S and awarded the three cash prizes. . ::' llemliy was awarded first prize. tl,i,.itii Dallas the second., 750, and Ciiptaln nuldwln third. S-'M. The . en) (lub's Vigures. . New Ye,;!, Oct. 21. A partial pronouncement, which is official, of the Si. Louis balloon race was made by the officials of the Aero Club of America this morning. Figures are complete on only four balloons. They follow: 'jt Pomiuern, Germany. ST 6 miles. L'lslo de France, Franco, 870 miles. -, America, United States, 735 miles. -': United States, United States, G254 miles. These figures wore furnished the Aero Club by the war department at Washington, Many Towns in Ruin and Great Loss of Life Is Reported STREETS HOMELESS -.-' The Val!s of a Great Cathedral Fall and the Ten Thousand Inhabitants of Centre Are in Sore Distress Province of Calabria in Southern Italy and Eastern Coast of the Is land of Sicily Shaken By Violent Shocks of the Karth Other Por tions of Country Severely Stricken. Loss ol J'roocHv is Knormous A i"h'.' of 1 error in the Streets. (By Cable to The Times.) lionie. Oct. 24. The province of Ca labria in southern Italv and the cast eili coii't of the Island of Sicily have .c.u shaken bv violent earthquakes. ! Manv low. is are in ruins and great n.ss of hie is reported. Communica tion 1.". Interrupted and it Is Impossible in learn -th! number of dead. After n night of terror In the streets -ft!K:d- li'.e ruins of their homes the pop- ulatioiv of the cities is fleeing to the open country. Torrentiils rains followed the earth quake. Foodless. shelterless, half-clad and beaten bv raging storms, the re fugees cannot escape dreadful hard ships. The government is rushing aid lie the stricken sections. . The property loss is said to have been enormous. Mt. Aetna, which is situated about niiuwav between Messina and Canla, . near the eastern Sicilian coast, has been exceptionally active recently. The worst damage thus far report-", ed Avas at Branca Leone, on the east ern coast of lower Italy. The town was wholly destroyed. Nine persons are known to have been buried under collapsed buildings. The S0O inhabitants are camping on the hillside. At Sinoull in the prov ince of Calabria a number of persons are said to ha-e been crushed under falling walls, Two walls of the cathedral fell at Oerace. The population numbers about 10,000 "and much distress prevails. Another town in Italy in which heavy damage occurred is Catanzaro, with a population of about 30,000. The cathedral Is said tg have been badly damaged and to be in danger of fall ing. The ruins of an old Norman cas tle, long a point of interest to Amer iaan tourists, Avere badly shattered. Large velvet and silk manufactories situated here were much damaged. In Siellly heavy shocks AA-ere felt at Messina, one of the most Important seaports of the island, with a popu lation of nearly 100,000. EARTHQUAKE STRUCK TWICE IN SAME PLACE (By Cable to The Times.) Paris, Oct. 24. According to a dispatch received here the earth quake reported in Italy appears to be much worse than at first reported. Maliy villages which were destroyed in the 'earthquake of 1905 have been destroyed a second time and a num ber of persons burled in the ruins. Tho .-shock was felt throughout tho province of Calabria. The most vio lent earthquake lasted for four bcc onds. STEAMER SINKS A BARGE; CAPT. LOST (By Leased Wire to The Times.) Montreal, Oct. 24 The steamboat Xorwalli, Captain Goodrow, ran down the Montreal Transportation Company's barge Jaques in Lake St. Louis, striking her amidship and sinking the barge. Nothing has boon seen of the captain of the barge and his wife. Two seamen saved them selves by Jumping. NOT A VESUJGE LEFT OF SUICIDE (By Leased WIra tohe TlmoB.) Charleston, W. Vl Oct. 24 -After writing to his witWrm tired of you," Leo Antone sn down on four teen sticks of dytiatnlto 'nbftr here and fired a fuso attached to ono of them. Fellow-workmon tried to get hlra away, but failed." He was blown to Jntor.is, not a pieco being found. ) ' '',t..:;; '
The Raleigh Times (Raleigh, N.C.)
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Oct. 24, 1907, edition 1
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