Newspapers / The Raleigh Times (Raleigh, … / Oct. 28, 1907, edition 1 / Page 1
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Otzjy Afternoon Paper Datvsccn Richmond and Atlanta Vith Leased Wire and Full Prooo OlspatcZco LAST EDITION. all the LLannrr. THE RALEIGH EVENI TIME VOLUME SO. RALEIGH, N. C, MONDAY, OCTOBER 28, 1907. FRIGS a NQ WAITED OVER NIGHT FOR BANKf t6 OPEN Many Depositors Are Still Weasy About Their Baok Accounts. CERTIFIED CHECKS INSTEAD. OR THE CASH The Financial Situation in New York : Is Post Rpsiflninst a Normal As pect, However, and Although Con fidence is Not Fully -Restored Yet, the Public is Calmer and Hopeful. Clearing House Certificates and Certified Checks Being I'sed As Currency and the Importation of Gold From Loriuon Depended On (Largely to Restore Normal Condi tions Developments of Today in New York Financial District. ' (By Leased Wire to The Times.) New York, 28. With the opening of banking hours today it became appar ent that the public has grown consid erably calmer over Sunday and the financial situation Is fast resuming a normal aspect. . There are still many depositors un easy about their money in the trust companies. This was attested by the fact that a long line of men and wo men spent all of yesterday and all of last night In front of the Lincoln Trust Company at Fifth Avenue and 24th street, waiting for the paying teller to open his window today. This line, however, was less in ex tent than It has been for several days and the run on that institution is practically at an end. So far as the Trust Company of America and Its chief branch, the Colonial, are con cerned, tha obvious determination of J. P. Morgan and other financiers to put unlimited millions in cosh to main tain its solvency, has completely re stored the, confidence of Its depositors, Certified. 'Check and. Clearing House Certificates. The local savings bank situation has entirely cleared. There will be con slderable latitude exercised by the banks in the application of the thirty, sixty and ninety day rule. Any de posltor may draw 6ut money for press ing need and the rule will be applied only to prevent runs on the. banks. The savings banks have also -decided upon a plan to issue certified checks in the place of cash. The issuing of clearing house certifi cates, which began today, has relieved the tension so far as the national banks are concerned. The liberality of the secretary of the treasury in ad vancing United States" treasury funds as loans and deposits and the activity of the Morgan syndicate with its un limited millions, practically has put an end to all further talk of panic for the present. Reassuring messages from city pul pits yesterday did much toward re storing public confidence. Bankers who are mostly directly concerned see a vast Improvement In the attitude of men and women who became frightened because of the sus pension of ft trust 'company and pre dicated runs on institutions which were in the best possible condition, The committee representing ' the clearing house and the men who have been making examinations for bank ers, private individuals and for the state superintendent of banks, have nearly all completed their work, -and it is asserted on good authority that there is little possibility of any other institutions than those that have al ready closed their doors being af fected. In addition' to this it Is-pretty well assured that nearly all the hanks and trust comrjanles that were iforced to take the action of refusing to pay do posltors wilt: open In a few days ready to meet every, claim that is presentea, Ths action of the clearing house committee in determining to Issue cer tificates .which may be used as cash in the transactions between banks has also tended to restore confidence. Importation f Gold From England The rate of exchange with London is now favorable to the Importation of gold and the National City Bank, the Bank of sComrnerce and several other, of . the New York national bsnka.have. made arrangements to im nort gold. In tfiis way without the Intervention of the United States treasury nearly I12.0W.D00' will arrive here from Lon don Within the next ten days, the first - Installment of nearly 15.000.000 being rill Thursday. It Is estimated that from 125,000,000 to 5O.OOO,d0O in gold will come from abroad If it is needed ' Much of the money that was drawn by worried depositors, financiers be lieve, will find its way back into cir culation within a few days. The smaller banks that closed for lack of funds, according to a state ment made by Attorney General Jack sn. are all in sound condition and are expected to open, within a few days, (Continued on Second Page.) THE FINANCIAL PROPHET GIVES iiitediao of $100,090,000 Advises Depositors to Keep Their Money in the Banks (By Leased Wire to '1 he Times.) New York, Oct. 28.- William H. S. Wood, president of the Bowery Savings Bank, who predicted the panic of last week more than three months ago, declared today 'that 'the worst is over. Tell the people that the banks are the places for their money. 1 ell the people who have money In the banks to leave it thero. It is safe three if they can be mndo to reason." Mr. Wood, as president of the Bowery Savings Bank, Is the custo dian of $100,000,000, tho savings of more than 200,000 persons, mosuy the poorer of the Eastslde. The only good that has come of all this." Mr. Wood continued, is it has proved tnat the savings banks of New York are solid.. "It is a pity to so these fright ened persons drawing out their money and losing interest on their deposits. Let me say again that the savings banks aro good and solid. Who do you blame for the veeent panic?" Mr. Wood was asked. 'Some persons put the responsi billty on President Roosevelt." Please don't ask me that," was his answer. I can only say thai I wish he had taken a cold that would have check ed his recent utterances. Some few from the : wild and wooly west may want to see him in the white house aealn for another term, j but the really big men of the east don't. President Roosevelt lives over there," pointing in the direction of Long Island, "and I think it would be a good place for him to retire to permanently next year. Mr. Wood concluded his Interview by warning against race track gamb ling, -x William A. Nash, president of the Corn Exchange Bank, who, as acting chairman of the clearing house com mittee, was closely in touch with the situation, said: We should recover rapidly from the nresent trouble and things In banking matters will go on a strong' er basis than ever before. I feet op timistic and happy in view of the present aspects of this crisis which I have felt for a long time was bound to come. "We are paassing from an era of bad banking to one of good hik ing. If this new era will result in the affiliation of the trust companies with the clearing house on a basis of cash reserve of fifteen per cent or more and the clearing house Itself shall organize a system of inspection and examination of its members, such enterprises as we have will be very largely guarded against nnd the banking situation will be ns strong as it is possible to make it.' Andrew Mills, president of the Dry Dock Savings Bank, and the dean of the savings bank officials in New York, said today: "There can be.no doubt in the mind of any sane person that the financial hysteria through which w have Just passed will be of lasting benefit, not only to New York City but to the country at. large as well "What was the cause of tho panic? Well, that is one of those thiugs that is difficult to determine. For one thing they seem to come obout periodically. The president? Well In that connection let me tell you little story. "You know Mike Donovan. He was a great friend of the president, Mike was In Washington some time ago. When he came back one of his friends asked him if he Had his usual bout with the chief executive, "'Sure I did roplled Dcnovan, " 'And does the president use much science in boxing?' asked the friend. " 'No, he has none,' was Donovan answer, "but he has a divvil vt hunch.' - ; "That la what I think has boen the matter with the president's :it- i tack on the : corporations of " the .country,' Mr, Mills concluded. GOOD ADVICE LEGAL BATTLE OVER SEIZURE Govm't Libels American Ci- gar ettes .Today VERY IMPORTANT CASE The Case Will Undoubtedly be Taken to the Supreme Court of the United States and a Giant Legal Battle is on Over, the Constitutionality of See. O of the Sherman Law Pi-om-incnt Government Official Talks About It. (By Leased VV'Ire to The Times.) Norfolk, Va., Oct. 28 The gov ernment today will libel the 8,000,- 000 cigarettes, valued at $7,000 seized here a week ago while in transit from tho factories of : the American TobaccoCompany, at Dur ham, N. C, and Petersburg, Va., to the Anglo-American Tobacco Com pany, or Great Britain. The cig arettes were seized on the ground that they are trust goods and subject to seizure as such, while in foreign or Interstate commence, under a pro vision of the Sherman anti-trust law. A prominent government official who knows as much about the seiz ure and objects of the government as any other man, said: 'The seizure of the cigarettes is tho most important move the gov ernment has ever made for the sup pression of trusts and tjielr opera tion in restraint of trade. "A giant legal battle may bo ex pected to follow, and it is about as certain as anything indefinite can be that the United States supreme court Anally will be called upon to decide the issue raised. The government will use all diligence to get the case as soon as possible." Until now the cigarettes have been in the personal custody of a customs official. RATE HEARING IN WASHINGTON (By Leased Wire to The Times.) Washington, Oct. 28. Standing Master Montgomery reconvened in the offices of the Southern Railway here today the hearing in the North Carolina rate case under the order of Justice Prltchard of October 10 The Southern Railway was repre sented by; Mr. Thorn, while former Congressman Woodard appeared for the state of North Carolina. As soon as the hearing was de clared open, Mr. Woodard called tor the indexes of the Southern's vouch ers for the past two fiscal years. He then engaged In an examination of these indexes, in which he was assist ed by the state'? expert accountant, Mr. Woodard explained that In this examination, which will be con tinued this afternoon and for several days, he is looking for anything that may be useful to the state In the now famous case. I M, MORGAN DIED TODAY IN PAYETTEVILLE , (Special to The Evening Times.) Fayettevllle, Oct. 28 W. M. Mor gan, one of Fayettevllle's most prom inent cltlsenB, died this morning at Highsmlth Hospital, of facial erysip elas. Mr, Morgan was the prime promoter of the great Buckhorn power. Ho is survived by his wife, who was Miss Faucette, daughter of the late Rev. T. U. Faucette, of Mil ton, N. C and three children. RESUMED TODAY A BILLION TIED ill But it Is All Available for Business STUPENDOUS SAVINGS The Doositors in the New York Sav ings Ranks Cannot Withdraw Their Moner Until Alter 30 to 90 Days But Their Money Can Be Used By the Rankers t ;i Tide Over J the Present stringency Other Financial News and Gossip. (By Leased Wire to The Times.) New York. Oct. 28. A billion of deposits tied up but available for business. The stupendous sum of $1,154,- 040,636 is for the time being with held from depositors by (ho enforce ment of tho 30, CO and 90 day notice rule 'by the savings banks, the sus pension of eleven banks and trust companies and the failure of one trust company. This sum represents the depositors in those institutions as given in their official reports as follows: Deposits. Knickerbocker Trust Company $67,160,700 First National Bank, Brooklyn ........ 4,285,774 4,344,882 Jenkins Trust Com pany, Brooklyn. . . . Williamsburg Trust. Company, Brooklyn 8,360,1 Borough Bank, Brook lyn . . . 4,040,438 2.4G9.828 f J00,000 630,300 6,971,814 3,007,350 1,052,663,000 Brooklyn Bank, Brook lyn Terminal Bank, Brook lyn . . ...t United States Ex change Bank ... . . Hamilton Bank . ... . Twelfth Ward Bank.. Fifty-one Savings Banks in Greater New York , . . ; Total deposits tied up ...', . ...... ,', 11,154,040,636 In addition to the banks named aboVe the Guardian Savings Bank and the Empire Savings Bank tem porarily suspended. Their deposits are included in the total of 51 sav ings banks. London View of American Situation (By Cable to The Times.) London, Oct. 28. The most trust worthy financial circles in London, Berlin and Paris take a cheerful view of the situation hi America. It is generally believed that the worst period has passed. The causes of the crisis are gen erally attributed to lack of a sound monetary system and to reckless speculation by a certain class of financiers, whose elimination will result in better conditions. Many conservative brokers abroad are advising the purchase of Ameri can securities and bankers are giv ing assurances of their belief in sound underlying conditions America. in Confidence nt Sun Francisco. (By Leased Wire to The Times.) San Francisco, Cal., Oct. 28. Tho opening of a new week finds abso lute confidence among the bankers of this city that there will be no local financial embarrassment for the reason that the bunks are not bor rowers. Local financiers feel that the crisis in New York has passed. Frank A. Leach, director of the United States mint at Oakland, said last night: "I have no fear of financial dis turbance. The trouble is that over capitalization have caused some dis trust among the people. But there Is plenty of cash in the country. The western banks are In good shape and the situation on the coast is favor able.. DENNIS HOOAN H IS NO MORE. (By Leased Wire to The Times.) Chicago, Oct. 28 Dennle J. Ho gan, secretary of the democratic cen tral committee and member of the state board of arbitration, died sud denly last night at his borne In Gen eva Hills of bronchitis. For many years Mr. Hogan had been an Important figure In the poli tics of Illinois. HI BANKS Type of Magic, j lira n,; fat . 'j! . j WjjM " ,;fj -jii:' JHt Thomas A. Kriisoi; the elect riv ''l!!?'?! wizard, ami tho tyne of n.innajc, '.i- Vf 'H, II crete house, which he mi id .will bel'. II built- in one by his process ill u cost All s f -V 71 of 81,000 each. '"if '?." '' II If ,i"SJ 'CtVk If : THE BISHOP I . ' II wnV; If Ui- LUNUUiTu v j rilMPIIMFIS lie Declares Church uf try land Can Ta'AC Lessons . From the American Brethren (Special to The Eveningrimes.) London, Oct. 2S. The Bishop of London, preaching at Paddington, said: "There are several lessons I brought back from America. There Is far greater generosity, love and trust between bodies of Christians and between schools of thought in the same church there than there is here. It was like another atmos phere to pass from tho wrangles of Great Britain into an atmosphere where they are unknown. I found that the bitterness which disgraces Hie church at homo is un- known in the United States although there are conscientious differences there. . "If we want to keep and uphold the love and affection of our spir itual children let us pray for union and peace in our disturbed church j today. We only need more uisc-ip- lino of temper to have tho same nai - mony in the old country today, it was a great, lesson to do- present iu tue general conierence oi i.w churches of .the united Mates anu u see the chamber of deputies clot-toJ. "It was highly instructive 10 ' the millionaire from WaJl Street flit ting side by side with the woiiilnt; men representing New" York. It va.t true democracy. There was a feel ing of freedom, a sense that every individual member of tho church' hud to work for the church. "There nro no parlor cars in lhat church," declared Bishop I.igra.n with increasing enthusiasm, "it i;s a living organism which has to bit worked and a splendidly inspired feeling it gives to con)e In contact with it, nnd the English church has got to get back that feeling. It is not a question of establishment or " disestablishment, We have to real- . -. . , , , , ize mm everyuuuy uus a vuito iu iv and there are no sleeping partners; and then' at the services we had out there! Talk of lively services! Talk of a mechanical ritual! , Why I have heard the rafters shake with praise, and there was no sneaking home af terward, dispirited and discouraged." A IUXK CASH IKK COMMITS Bl'ICIDK. (By Leased Wire to The Times.) ' Akron, O., Oct. 28. Fred A. Boron, cashier for the Dollar Sav ings Bank, was found dead with a bullet hole in his hoad yestdrday. It is supposed he committed suicide for which no reason is known. Concrete House. ,' ' l THOMAS A. KIHSOX. SHIPPING GOLD FROM LONDON TO NEW YORK (By Cable to The Times.) Lon Jon, Oct.' 2S. The arrange ments have already been made in this city for "shipping' gold to New York and the .expectation '-that- fur ther large amounts will be sent to that cinter from here have caused a less optimistic., feeling regarding the local monetary situation. As a re sult consols for both money and the account declined 3-16 as compared with. Saturday's last' price to 82 9-16 and S2 5-8 '.respectively.-. The Ameri can department, on the other- hand j n., advanced sharply, influenced )M)!h by . the gold 'engagement, and by the liiniinor in Which Secretary of the Treasury t'ortelyou and New York's .lending liniiiiciwi s have met and over roine .the .monetary crisis at Amerl- , en's t'(ii!::)i( vcial center. ' . N;-w. York.'.Ocl. L'S. Tho' -West- , jngon!!,, ,o.npiiiiic: iiave within the 1;!.t finv (.1VS BlM.,11.,.j Hevoral for ,,,,, (.ontracts 'riggivgaUiis J2.000,- 0;(0 Jn value. : -They-aro lor traction .lmvol. ..,ld iiKi,liui? equlpmont at 1 Manc-h.:t:ii-r nntl London and nt Du . raK(fc mA' Moaolova In Mexico, and ui Hio do Janeiro, Brazil. SOLDIERS CALLED OUT TO SUBDUE STRIKERS (By Leased Wire' to The Times.) ',' Yor.ks-rs, X. Y Oct. 28 Fearing more trouble will bo caused today by symiHitliize"s ol the men who are striking aB(ii;..t the Union Railway t ........ f1,A Tw, Aflh rnlmnnf tioa , ' - . t fiuil.ltiuuvu HMO . intllD and beside stuikcd guns are Waiting the call to tho scenes of disorder. 0 NEW AUDITORIUM (Special Cable to The Times.) Fayettevllle, Oct. 28 The con tract was given this morning to W, Leo Harvey, of Greensboro, for the construction of a thirty-five thousand dollar auditorium und market com blued. PAYS RESPECTS in TO PRUHI Bishop Hall at Christ Cborch Yesterday , DOESNT BELIVE IN IT In Course of Able .Sermon In This City, Bishop Hall Says Prohibi tion Laws Drive Barrooms Under Ground Tells of Failure (in New Kngland Digest of Sermon. The Right Rev. A. C. A. Hall, D.D., Bishop of Vermont, preached two sermons in Raleigh yesterday, preaching at 11 o'clock in Christ's Church and in the evening at the Church of the Good Shepherd. Those who heard Bishop Hall were fortu nate, and those who did not missed a rare treat. Massive i.i appearance, he spoke to a crowded church for almost an hour yesterday morning without manuscript or notes. ' His text was from Matthew 18:33: Another parable spake he unto them; The Kingdom of heaven Is like unlo leaven, which a woman took, and hid in three measures of meal, till the whole was leavened." Bishop Hall said that Christ meant by the kingdom of heaven the Chris- Ian Church taking the church to be the representative of the kingdom of heaven upon earth. Just as thB mustard seed graduallygrows into a tree and as the leaven working quietly and secrettly, permeates and pervades and transforms all ot the meal, just so will the Church of God, in a quiet but sure way, permeate and transform the whole world.; . He drew four comparisons at rather showed four aspects in which the leaven which the woman pltt'ce4 in the meal (the leaven ot the ma terial world) worked like the church-. (the spiritual leaven). First they both work from the cen ter to the circumference. The wo man hid the leaven in the meat. Just so the church works from within. It takes hold of the heart first. Hers the difference between Judaism and Christianity was shown. The on says, "Thou shalt not," the other gets a hold on the heart and edu cates the man up to the idea of self control and self-restraint. TU8 Christian method is moral suasion rather than prohibition. Here Bishop Hall expressed him self as not having faith in the prohi bition movement which is gaining so much ground in the South. Com lug from New England, he said that he had seen It tried there sometime honestly, sometimes fanatically and sometimes for political schemes, but that his experience taught him that it wouldn't work in small locali ties the sale of liquor might be pro hibited but not so in large places, Prohibition laws rather have the ef fect of drawing saloons under ground where they cannot be regulated. Tho Christian method is not to say. 'Thou shalt not have a glass," but to work quietly from within, as does the leaven, and educate the man up to the idea of self-restraint. Ths church, he said, should educate the people to the evils of drink, rather than go about the matter as fanatics. In the second place, as in the ease of the leaven of the material world, the church tends to permeate and pervade the whole. It transforms that in which it is placed not inak-. Ing a new product, but changing the nature of the old. Saul became Paul, not James; Simon becaa; Peter, not John. The church trans forms men, but it does not rob them, of their individuality. Variety is. the life Of the church. Thirdly, the work of both the ma terial and the spiritual leaven Is Blow because it Is thorough. We sometimes look for Immediate suits when we should not if we con-' side'red the fact that all work to be thorough must be slow We some, times think we see Immediate re sults, but If we analysis them in the majority of cases we shall find' thatt we have only a thin veueer. Some; people are Inclined to lauxa at the. Hague Conference because it has not stopped wars. - We must not look Ior: results too soon. You cannot abol ish wars by an edict It would be just as reasonable to do away with,, our police forces before the people had reached the point where, they, would not commit crime as to expect' such results. If the leaven works from center' to circumference, if It permeates and, transforms the whole, If It works I (Continued on Second. PtgtX BITIQ
The Raleigh Times (Raleigh, N.C.)
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Oct. 28, 1907, edition 1
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