OCR Interpretation

New-York tribune. [volume] (New York [N.Y.]) 1866-1924, October 26, 1907, Image 1

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83030214/1907-10-26/ed-1/seq-1/

What is OCR?

Thumbnail for

I w^aastf3 n * k * -T" , " jfcjP^^^^a • -x^f "" *^bbbK^bsb»^E^^""''^bbm^^^* ■aarsPPl^^"^^^
\ ov - LXV 11....N 0 22,259.
IfotZ Privilege* Cancelled — Forces
in Disputed Zone.
t. 25.— HSU Shin Chang:, the Viceroy
of Mai buria. started for Ifoukden to-day, after
■ consultations with the central rov
ii jimnnt resulting In no progress being made in
lotion of the Ifanchurian puzzle. The
n has been aggravated by the fact that
;.. rial railways have begun a rate war
, • Japanese railway competition for Man
in traffic, on purpose to prevent bulk
by way of Talren (Port Dalnyi. and the
I • on October 22 cancelled the mail
■ • Foreign powers on the Imperial
railvayi principally affecting Japan, which is
Interpreted as a direct retaliation for Japan's
and other aggressions and Manchurian
••ons. Therefore a new basis of all the
I -■ dm, which In 'one it was hoped the
jfu- Manchurian administration would be quaii
p"l\e. inu.«t now be sought at Pekinp.
::ii?s!oner Chen arrived at Chen-Tao yes
. takinp throe hundred Boldiera into the
disputtd zone, •which is now patrolled by Corean,
nd Chinese military and civil police.
Machine Crushjf Woman and Leaps
Bank — Occupants Pinned Down.
Bridg port. C I -•">■ — A large automo-
I atainlng four pa — ogers and the chauf
poing at a rapid rate along Barnum ;i\>
n thi= city, to-night struck and inßtaAly
Mrs Ann Leavejr.
-.•■f<-ur then 1 of the tsar and
■ • t. turning turtle
■ ning Urn occupants kx Death.
es Kittle and .'■■ i • Brennan and
Miss ] -i •■' Small were found to be badly hurt
■ re hurried to the Bridgeport Hospital.
;rth pass- Tierney. escaped
v Injury. William [<ogan, the chauffeur.
. Ul - MUS.
c us concerned are <>f Bri
Former Is Badly Slashed and
Hurled Downstairs.
After a light of half an hour with a negro
burg!*'.-. Dr. lv?nj>oM Weiss, of No. 278 West
l?3th street, slashed the negro with the razor
v.ith which the thug was attacking him. nearly
severing the burglar's right hand. The burglar
glar (• II d>>\\n two
• ■ in their struggle and the
■ ut on the bai
fences to
Dr. Weiss was awakened at midnight and
found the man rilling hi* apartment. He jumped
out of bed and gx;-M>ed the man, who immr
ciately slashed the doctor savagely.
Dr. Weiss is a brother of 'Harry Houdini,"
lhe» "handcuff king." and it is supposed that
the negro learned of Houdini's drawing his
, ir.omy from the Knickerbocker Trust Company
. ar.d ; lanneU lo get it-
Coroner Released ?>? Large Bail on
Tveo Charges.
Indictments v section with >
■tration m
i prand Jury p.cai! r AcritellL
.^.. indlcti i ! 4 misdemeanor;
.. r char?- I Acriteill went at
: we Jodge Cram In General Sessions and
■ i hail, amoontlng I tSJJOO.
In 'he felony count it Is i barged tl
• • • one X"! ■
Illegally from his
m aided <-:n<l assisted Cart
• la the alleged illegal registration. On
. ■ count it i- alleged V. at A-ri
telli mad'- : bements to Robert Blumen
Examination of Witnesses Ends— Physicians
Call Defendant Defective.
Goshen. •; y. Oct. 2o. — Examination of wit
nesses in the case of Charles H. Rogers, who is
on trial here, charged with the murder of the
two Olney brothers and Alice Ingerick, was
completed to-day.
Two physicians testified to Rogers*s irresponsi
bility. The prisoner's aged mother told of the
injuries he had received as a child, and his wife
declared that she had lived in constant fear
during the eight years of her married life.
The defence introduced a certificate, signed by
Charles W. Pilgrim, superintendent of the
Poughkeep^'e State Hospital and former pr« -i
dent of the State Lunacy Commission; Dr.
Charles E. "Wagner, superintendent of the Bing
hamton State Hospital; Dr. Robert B. Lamb,
*uperlnten<le.nt of the Matteawan Hospital for
the Criminal Insane, and Dr. 11. C Ashley, su
perintendent of the Middletown State Hospital,
•stating that Rogers, while not insane, belonged
to a defective class.
Court adjourned until 10 o'clock Monday
morning, when the final arguments will be
made and the case given to the Jury.
Federal Judge Who Eestrained State Court
joases Scathing Criticism.
Kanea* City. Mo., Oct. 25.— United States District
Judge John C. Pollock severely criticised to-day the
methods of Judgw William M. Wallace, of the
Criminal ' Court for Jackson County, who is en
deavoring to close the Kansas City theatres on
Sunday. The tc-mx>orary order Of the federal court
i«*tralnine; th« state courts from interfering w!th
Eaaday theatre performers in Kansas City was
under consideration. Judge Pollock took the case
under advisement, and said:
"Thin is a very remarkable caee. It is charged
that a judge of on« of your courts has not conduct
•4 himself in a fair. Juut and impartial manner.
He has impanelled ni« own Jury, and has done so
with the Intention that they carry out his own
personal ideas. He ha« entered the grand Jury
room while the Jury was deliberating, thus vio
lating deliberately the precedent that soch delib
«*tsor.» should be secret and eacred."
fßjr Telegraph to The Tribunal
KWatertown, N. V., Oct. I>uey Symondß, eight
*••*» ol<j, mistook the cries of Edward Stukey and
Edward Carter, drowning duck hunters, to be Home
*»« calling dogs, and headed them not. Both men
l"*t their lives. Tji.v were hunting near Backet's
**•**•»•. whan th«lr boat ov«rturn»d. Th« fatii«r«
. W fc&U, Ai«4 la tfa« gp&El*b-Am«rican Wiur.
To-day, fair and colder.
To-morrow, fair; went winds.
Financial Troubles at Santiago —
Gold Premium 70 Per Cent.
Santiago d<- Chili. Oct. 2.l.— There is a tremen
dous financial and commercial crisis in progress
here. The gold premium has reached To per
cent, a rate hitherto unknown here.
Loss of Life in Calabria- -Funds to
Aid Sufferers.
Rome. Oct. 2'<. — The deaths caused by the
earthquakes In Calabria are now estimated at
six hundred. King Victor Emmanuel has given
I from his private purse, and this, added
to the sums sent by the government and the
Pope* brings the contributions for relief to
I!;'.d weather continues In the south and it is
ftarod that many persons will die from exposure.
The Inhabitants are afraid to return to the vll
lages. A few shocks were felt yesterday, but
no further damage has been reported.
'felt earth shocks in cavern.
Quake General in Black Hills— Greatly
Alarms Tourists in Wind Cavt.
fßy TMesraph to Tii» Tribune]
Hot Bprlngs, S. D . Oct. :;..— While going through
Wind Cave, near here, yesterday n party of trav
ellers were badly frightened w.hen an earthquake
caused sbowers of small rocks to fall ab<-mt th^m
and loud noises ;md rumblings c:ime from the
bowels of the earth The i>urtv escaped without
The shock came when the party was about a
mile inside the cave ix lasted several minutes and
was ft-li hU over the Black Mills
Mail Have Begun Scalping — Troops
Move To-day.
S1 Paul, Oct. 25.— A special fr.<m iSt-urg-is.
s :>, says thin Sergeant Baker, in charge <>f thy
distribution of rations to the I'te Indians un the
Cheyenne River reservation, has been killed by
There Is also a rumor that the Indians
a scalping.
Omaha, Oct. '2T<. — One squadron of the 2d Cav
alry, Including ten officers, two hundrvd men
and two hundred and fifty horses, from Fort
1 •• - Homes, will start on their way to the scene
of the Indian troubles in South Dakota to
ur morning:. Orders for the movement
were sent from the army headquarters of th»-
Department of the Missouri, in Omaha last
night. Th" squadron will be tinder the com
mand of Major Sibley. and will be at the scene
of the trouble at 11! o'clock on Saturday n'frht.
No official advices have been received at th<?
army headquarters in this city of a continu
ance of th*» Indian disturbances.
Kaiser WHhelm der Grosse Steaming
Slordij- Steering xcith Propellers.
A wireless message from Captain Poiack of
the North (iennan Lloyd Ht earner Kaiser Wll
heim d»-r Grosse wus received here yesterday
from Cape Race announcing that the big liner's
rudder had broken early yesterday morning in
latitude 46 north, longitude 4^:44 west, and that
she was rteaniinK slowly and steering with her
Th< Kaiser was east of the Grand Banks, o?T
Newfoundland, when the accident happened.
Captain Poiack sent a messagi a' once to Gus
tav H Bchwab, genera] manager for the line In
New York Mr. Schwab .said last night that
there wss no occasion for alarm ov*r the acci
"The breaking of a rudder is not an uncom
mon accident.** he said, "and the Kaiser will
make port without difficulty. She will probably
arrive a trifle late, but that is the only Incon
venience the id. nt will cause. If they have a
spare rudder all ready in Bremen when she ar
rives there it can be shipped in time to have her
leave on her next westward passage according
to schedule.™
The Kaiser Wllhelm der Grosse left New York
on Tuesday and If due in Plymouth on Monday.
Decision Will Not Depend on the
Choice of Republicans.
Kingston, N. V.. Oct. 2."t.— W. J. Bryan de
clared to-day that his decision whether to an
nounce himself as a candidate for the Demo
cratic nomination for President will not depend
on the choice of the Republicans. While pass
ing through Kingston on his way to Port Jervis,
where be is scheduled to speak to-night, Mr.
Bryan authorised the following statement:
"Mr. Bryan's decision as to being a candidate
will not depend on who the Republican candi
date. is. The question will be considered en
tirely from the standpoint of Democratic prin
ciples and Democratic advancement."
Mlddletown. N. V.. Oct. — William J. Bryan,
who lectured at Port J««rvis to-night, was in
this city a short time this afternoon. While
awaiting train connections he briefly addressed
a big crowd, which gave him a hearty greeting
at the Erie station. Mr. Bryan declared that he
was looking for a watchman to protect his plat
form, which,, he explained, the Republicans were
trying to steal. They had already stolon several
planks from It. he added.
Report That He Will Consult Tu
berculosis Specialist in London.
Madrid. Oct. 25. — The alarming reports cir
culated earlier In the month regarding the
health of King Alfonso appear to be confirmed.
It is understood that his majesty, who will
travel under the strictest incognito as Duke of
Toledo on his coming visit to London, will sub
mit to the examination of a specialist In tuber
culosis, the disease from which his father died.
The King's open air life has thus far kept the.
hereditary disposition in abeyance, and an
operation was performed on him recently in
the hope of checking the growing symptoms of
Corning. Ohio, Oct. 25.- A freight train on the
Kanawha & Michigan road ran into a cut of cars
on a siding at Langvllle to-day. The engineer and
fireman were killed. Wallace Stanley, the regular
. nKineer of the train, refused to take his run to
day, Buying he felt a premonition of danger. This
undoubtedly saved his Ut%
Directors of Consolidated Companies
Act on Reorganization.
The report from Boston last Thursday that
Charles W. Morse was planning radical changes
in the management of the constituent com
panies comprising the Consolidated Steamship
L,inos wan confirmed yesterday when the di
rectors of the different companies met in this
city and mode various changes bi their man
agement The effect < f these changes was the
practical restoration of the active management
of several of the subsidiary companies to their
former owners and tnanagera
Calvta Austin, president of the Consolidated
Pteamship Lines and the head of all the sui>-
Bidiary companies, exc< pting the New York
and Porto Rico Steamship companies of Maine
and New York, retired as president of the
Ward and Mallory lines. He was succeeded by
H. P. Booth and Henry EL Mallory. respectively,
who had formerly been nt the dead of tho.se
companies, other changes were made as fol
F. D. Moon, v succeeded N IT. Campbell as
secretary and treasun r "f th»- Ward Line, Harry
H. Raymond succeeded Theodore H. Kser as
vice-president and general manager of the Clyde
Steamship Company, and X. H. Campbell, sec
retary and treasurer of the same company, gave
way to E. A. Kelly. Harry H. Raymond was
elected vice-president and general manager of
the Mallory Steamship Company, m place of
F. C. Klnsle. Clifford I>. ftfaUory. who had
been assistant secretary In the company, was
made secretary, succeeding X. H. Campbell,
Mho had held the place Of secretary and
treasurer, and Robert Mallory was appointed
tr.-asurer. In the New York and Porto Rio
Steamship Company, of New v..rk, John E.
Berwlnd was succeeded by Franklin D. ftfooney
as president, and Wilson C. Peek was made
secretary and treasurer, In place of Mr. Mooney.
Mr. Mooney and Mr. Peek were also elected to
the same place In the New York and Porto
Rico Steamship Company ->f Main., succeed
ing C. H. Halght, who wus president, and Fred
H. Ij><\>. and 11. F. Bweetser, wt.o were secre
tary and treasurer, respectively. There was
no change In the management of the Eastern
and Metropolitan Steamship companies, Calvin
Austin remaining president of l">th of them.
A representative of the Consolidated Steam
ship Lines, when asked why the changes had
been made, said: "You can draw your own con
clusions. You know, there has been a lot of
talk recently In regard to certain people." He
rvfup.-.i to amplify tht* statement
There whs n report that Mr Austu, had been
succeeded as president of the Consolidated
Steamphlp Lines by Charles M EngHs, vice
president of the <"it.7-'! : s i Steamboat Company,
of Troy, but this was denied at the office? .if
th*» Consolidated Company A rumor thut
directors of th<- Consolidated Steamship Lines
and its rarioua subsidiary companies would
■ m Monday to consummate a Bi
organization plan was tared to be
without foundation, although 11 ; th.it
Urectbre of trie Consolidated st*>jiniHhl;>
Lines would probably meet at thnt ti
routine business.
Consolidated Steamship bonds were higher on
th»- curb yesterday. .«.-.< m,<>m being sold at
prices rat ging from i<n 4 to 12%, compared with
a low price of !»" s on the preceding ci.iy.
Toronto Judge Impose* $25,000
Penalty for Dynamite Explosion.
Toronto. Oci 29 Justice Rlddetl to-daj nni'd
t><- Michigan Central Railway .<"_Ti.<i«n> for the
explosion of a car of dyi mite at Bases Centre
on August '-X resulting in the killing of two
men and serious Injury to aboul forty others.
The dynamite •■ • i under tti-- name "f
Negro Bishop Was Consecrated by Him in
Grace Church Twenty Years Ago.
[fly T>l«'Kraih to Thr Trt(nin«> 1
Charleston, B. C, • let -~> — Bishop Ferguson,
the negro who w,'is> entertained at dinner by
Hlshop Potter, of New York, at Richmond re
cently, when asked about the dinner to-day,
"It in not the first time that I have dined
with Bishop Potter. We have b^en good friends
from the time that he with four other white
hlshops of the Episcopal Church laid hands on
me in the rites of consecration at Grace Church,
twenty \ears ago. I see nothing strange In the
Bishop Ferguson will preach twice on Sunday
mid will then leave Charleston for a visit to
New York.
Excavations During September Pass Million
and Half Cubic Yard Mark.
Washington, Oct. 25.— The army engineers have
made another record In excavating on the line of
tti<- I'aiuuna Canul. la September, for the first time
under United Stales control, the million and a
half limit «hj< passed, tbt grand total of all ex
cavations being 1.517.412 cubic yards, of which 1.481,
307 were taken from the canal route. ,
Aged Woman Said to Have Killed Husband,
75 Years Old, with Pitchfork.
MUford, I'enn.. Oct. -Interest in Pike County
was centred here to-day In the trial of Mrs. John
N<-iiuian, aged seventy- four years, charged with,
the murder of her husband on August 3 with a
pitchfork. The aged woman testified that .she and
her husband, who was seventy-five years old.
quarrelled frequently, and that on the day of his
death he asked her to ko into the fields to work.
When she refused, because she was suffering from
rheumatism, he beat her with a potato masher
and then chased her from the house with ■ butcher
knife. She picked up a pitchfork and held it in
front, of her as he ran toward her, and one of
the prongs of the fork penetrated his bod/, caus
ing a wound from which he died. < The Jury Is
out In the case.
The improvised roadway at Kssex and Delancey
streets collapsed last night at 7 o'clock. The pillars
which supported that roadway in the excavation
underneath save way. sending the planking of the
roadway crashing into the forty-foot holt-. Patrol
man Connors, of the traffic squad. jumped into the
excavation, expectlnK to find many workmen killed.
No one, however, was hurt. The ld"borers In that
part of the tunnel were off duty. The 14th street.
Bth street and Delancey street cars were tied up
until almost 9 o'clock.
that mad* th» highball famous.— Advt.
Looks for an Early Restoration of
Albany. Oct. 25.— This statement on the finan
cial situation was given out at the executive
chamber to-night:
' Governor Hughes has received reassuring re
ports. He said to-night that he believed that
there was a decided improvement in the situa
tion, and that he looked for an early restoration
of confidence."
The Governor received this afternoon and
evening a number of telegrams from various
persons, chiefly in New York City, suggesting
with more or less urgency the propriety of his
declaring by proclamation a legal holiday, dur
ing which the financial situation might be re
lieved. The Governor acknowledged the receipt
of all these messages, without Indicating in any
way his intention In the matter. He would not
discuss this question to-night, but there is good
reason to believe there is no immediate proba
bility of his taking this radical step. He. makes
no secret of his deep concern a»>out the financial
disturbance, and is watching it closely through
Clark Williams, the newly appointed Superin
tendent of Hanks, and other sources of Infor
Secretary Busy Distributing Govern
ment Funds.
Secretary Cortelyou arrived at the Sub-Treasury
early yesterday morning, and at 9:30 had begun to
examine the collateral submitted by banks which
wanted some of the j:;.oC>o.o"'> of government funds
which the Secretary Is distributing. Me was en
gaged m this work when he was asked it' there was
anything to say, and replied:
"There is* nothing to say on the situation now, *■%
cept to reaffirm my former expressions of belief
that matters ar« steadily Improving, i^it-r ■!■••;
opments during the day may prompt a further
"The fact that I make no statement of the situa
tion,*^ the Secretary saM a little later, "means that
I li.ink things are all right."
The Secretary told his caJlera t i : a t he was doing
.ill he could, in as large a way us he could, to re
■ altuAtion
George W. Perkins, of J. P. Morgan & Co.. called
to s«-»> Secretary Cortelyou during the morning.
Mr Perkins is keeping Mr. Cortelyou informed of
the situation. "Thing?" are unquestionably looking
better to-day," «-nl'l Mr rktns. as he mum out.
Mi Morgan came out of his office once during
the morning and entered his cab. He was asked
by reporters aboul the Situation "If people will
keep their money In the banks, everything will be
all right." he said.
Shortly after 3 o'Hock Secretary Cortelyou said
to the reporter! who called to talk with him:
•This la the third day I have been here, an.i th«
situation is good."
wsj sll he would sax. sacopt thai when li<>
wai asked if there »-i:i:d be any further statement
last nlKht he replu-d. "I don't MC .
lai now why it .•-::oiii< < . be done."
it wa from caJlera mi i
1 •• would remiiln Ij»t»* to-day.
Inquiring bankers were told that another lot of
nmall Mils wan oil the way here and would bs on
hand this morning. It was said that the. small bills
received yesterday amounted to $■-'.>•■
l'r<filijf>nt Jenkins of the First National Bank Of
Brooklyn was at the Bub- Treasury to see Mr. Cor
teiyou at noon. When he came out from th* of
flrc lie Hfild to the reporters that everything was
nil right and the altuatton unproved, and there
was not hit. to be alarmed about. An hour Inter
the Information* earns that Ma bank had closed it»
M ■ the vl»l»or» of the aftomoon wen a h.
Hepburn, president <>f the Chase National Bank,
i nd Isaac N. S^llginan
M. £. Ingalls Says Crisis in Financial Situa
tion Has Passed.
! Uv T»gmj>h to Th« Trn.r.n* 1
Cincinnati. Oct. ->.— "We are as solid as a rock
here In Cincinnati," said M. K. Ing.ills, president
of the Merchants' National Hank. to-day. Mr. In
galls, who Is also chairman of the Wg Four Rail
road directory, continued:
"We are not. and have rot bees In any danger
here. The present situation I* poing to pass over
very quickly. It cannot last long. The moment 1
heard that .1. P. Morgan and the other big men of
New York had taken boM of the Situation and
were bringing to bear their Immense ability and
their resources to straighten out the trouble I knew
that all danger had been averted The crisis has
Liabilities Exceed Assets by Nearly
London, ' Oct. -."• .— Register said at the
examination in the Bankruptcy Court to-day of
the affairs of the firm of P. Macfadyen & Co .
bankers, the London house of Arbuthnot & Co..
bankers, of Madras, that the liabilities of the
London concern reached .S.V--'U><>> and the as
sets $97,705. The liabilities of the Madras
house were $N,r>7r>.<K><>. and Its assets were esti
mated at $!Ml7o.o<X>.
Sir George Arbuthnot. head of the firm of Ar
buthnot * Co.. of Madras, was arrested in thai
city on May 2 in connection with the failure of
its London house, P. Macfadyen & Co., In Octo
ber. 1906. which caused the head of the latter firm.
P. Macfadyen, to commit suicide. Sir George on
S»ptrmber 6 was convicted of breach of trust and
sentenced to eighteen months' rigorous imprison
Union in Sessions at Milwaukee Find Rail
road Operators Oppose Amalgamation.
I Ilv T«"l»"irr«ph to The Trlbun*. 1
Milwaukee, oct Bit— TlM Commercial Telegra
phers' Triton, in sssstoa here, to-dny. found that
the railway ulgaalSStlsn would not favor amal
gamatfcm, and this failure to :iid is aoM to mean
practically th^ failure of the etrike.
The convention voted to continue the strike, how
ever, ami adjourned sine die to night, after electing
W. \V. Heattle. of Washington, president. H. J.
Horn, Cincinnati, tlrhi rice-prsoiosnt, and A. H
Bwtng, St. I^ouia, thtrd vice-president OrviUe A.
GUn retains hl» office as second vHs prsoldont.
Krnnk T. Likes, of Ohiltago. and «' M. P. Smiih. ol
Salt Lake, Were added to the executl.e boa'd
Mlddlesboro., Ky.. Oct. 25.— flefore leaving his
rial train here to-day Vice-President Fairbanks
made clear hi« position with reference to articled
in certain St. Louis and New York newspapers that
he was not a candidate, actively or receptively, for
the Presidency. He said that while In St. Louis
he refused positively to discuss politics, and that
any statement alleged to have come from him In
reference to national politics or the Presidency
was entirely unfounded.
"Its purity has made It famou»."-Advt.
Big Trust Companies Continue to Pay in Full Im
portation of Gold Probable.
Receivers Named for Knickerbocker Trust— lssuing of Clearing House Certifi
cates May Be Considered To-day — Two Small Financial Institutions in Man
hattan and Six in Brooklyn Suspend Payment for Want of Currency
The stock market responded tc the removal of confidence by a sharp rally in prices,
many issues closing with net advances.
The Trust Companj' of America and the Lincoln Trust Company continued to meet all
demands of depositors, and it was believed t hat tiie worst of the runs on those institutions
was over.
Leading financiers, co-operatinj;. considered principally two plans of relief, either the
immediate importation of large sums of frnld or. that failing, tho issuing of Clearing House
loan coriiticatt-.
Representatives ol the savings banks of Manhattan and Brooklyn decided to require
t liit t ;ill depositors }rive the le<ral not ire upon withdrawing their deposits.
Ernst Thnlmann, Otto T. Bannard and Henry C. Ide were appointed temporary re
ceivers of the Knirkt'i hncker Trust Company and it> branches on the application of Attorney
General Jackson.
Kitziit banks nwpandwl payment for lack el currency — t he International Trust Com
pany and the United States Kxchanire Hank, in Manhattan, and the First National Bank,
WilKamsbarg Trust Comptmj, .Jenkins Tris? rompeny, Boiouph Bank. Brooklyn Bank and
the <iuaniiH!i Savings, of Brooklyn.
Another d;iy uf cea-«»l»-»H effort and constant
conferences among the leading financiers ->f th*
city, ro-operatteg with the Secretary of the
Treasury, who remained at th»- Suh-Trt-asury
•111 1 jr i n fcr the day. ended with the financial «lt'iatlo n
apparently well hi hand and with extenstv- plans
under discussion or In process ->f sjwcutlosi for
ending the strain and allaying the popular un
i me of tiies.- plans • ontemplates the immediate
Importation of a great sum in gold, and the
■ «ther. which may b>- carried out if the negotia
tions for obtaining th»- gold shall not be brought
— f-,il close, is for the IssuinK of Clear
ing House loan t .--rsiticiitt-s. which would le:ive
available f"r use hy th* hanks in accommodation
to ti:» ir rustomers large sums beyond the totals
now so available
Several Institutions closed their doors yester
day, not because of Insolvency, but on account
of their Inability to obtain the amounts of cash
quired by them without the sacrifice at the
current exceedingly low levels of securities owned
by them. Most of these institutions wore In
Brooklyn, and none of them has had important
business relations with the target banks in this
city Representatives of most c* the largest
savings hunks of th.> city agreed at a meeting
yesterday to require from thirty to sixty days'
notice from depositors desiring to withdraw
their accounts, thus availing themselves in part
of the privilege allowed them by the state law of
requiring ninety days' notice. The savings banks
if they continued to make payments would
be obliged to withdraw funds from the national
banks, thereby causing an additional strain on
the general banking situation. There was not
the slightest hint that any of the savings insti
tutions was In anything but the soundest con
dition, and it was pointed out that the savings
banks of this state are s=o restricted by law in
Investing their money that there can he no
question that all of the unties in their pos
session are of Rood value.
The Trust Company of Amertcs for the third
da> !n succession paid all claims of deposit
• ted, and at the close nt business was -till
abundantly able lo tope with a cotrtlnuaarc •:
the run The Lincoln Trust Company weathered
successfully the second day of its run. and. lik-
Urn Trust Company of America. «
shape at the close The withdrawals from h<>th
institutions, ji w.i u announced, was le.is than on
the preceding day
At 1:30 o'clock 1 1 1 i.- morning forty four de
positors or their representatives were in line .tt
;h>- Trust Company of America, in Wall street.
Two women were In the line, and remained in
their plai <-s until a kindly poUeessaa found a
warm spot for tti»-:;i ;it midnight in a vestibule
near *>>. As eacn depositor came into th-- line
he received s number, which be fixed in his hat.
In the early morning the line broke up. and
many of the men v.»-nt Into the hallway of the
building and «»t.- !*!fir lunch or stretched on the
cold tiled Boor to rest At th»' Lincoln Trust
Company, at the sanx hour, a crowd stood or
sat On box**, and campstools. waiting for the
opening of hanking hours.
• >n the application of Attorney General Jackson,
mad" hsfom s Supreme Court Justice in Rich
mond County, three lecsivrs were appointed tor
the Knickerbocker Trust Company— Krsjst Thai
mann. bead of the banking house of Lndenburg,
Thalmann &• Co.; Otto T Banaard presMsttt of
the New York Trust Company, and H»nr\ C
Ide, formerly Governor Genera] of the Philippine
Islands. The Attorney General i.. a statement
>ift«r the appointment sf the letslvws, which
had been m; d> without consultation with the
trust company'a directors, totimated that the
management of the company was not dsspeaod
to .onilut t Its affairs for the benefit of the srhSJH
body of th«- dei>ositois.
On the Stock Exchange the call loans of
Thursday, taken by borrowers of the $23,000,000
furnished by J. P. Morgan & Co. at a critical
moment, were renewed at 20 per cent, and an
additional $15,000,000 Of pool money was lent
by the Morgan hous<-, all of these loans carrying
over until Monday In th.» late trading a rapid
and general rally in stocks occurred, and at the
close many of the active Issues were from 1 to
I points higher than at Thursday close.
Probably the most important development of
yesterday was the sharp decline in foreign ex
change rates, with the announcement that nego
tiations were in progress having for their object
the Importation of gold from London and Paris
to the amount of perhaps $30,000,000. The for
eign exchange market for the last two days has
been "Jutted with bills for which there has been
virtually no market, and the demand rate, which
on Wednesday stood at 4.84, declined to about
Whether or not the metal could be s-cured in
large amount, without obstacles being inter
posed by the Europt-an banks, was not fully
known yesterday afternoon. If a supply of
gold as large :;s deemed sufficient cannot he
promptly procured recourse may be hand to the
old plan of issuing ♦ 'tearing House loan certifi
cates as a means of enabling the banks to en
large their powers of aiding the situation, it
was reported last night.
The National City Bank, it was said last night,
would probably secure in the open market in
London a large importation of gold from South
Africa, due to arrive in the English capital on
Monday. It is- the impression here that the Bank ;
of England has agreed not to bid for the gold.
The National City Bank will, it is understood,
make the importation solely upon its own re
sources. The importation will be arranged on
a purely exchange basis, and no government
facilities will be extended.
The Clearing House committee, it was said, Eg
would at it.- meeting this morning issue a call- .
for ,i meeting at 11 o'clock of the entire mem-: ■
bershlp of the Clearing House Association, and
would at that meeting present a recommendation .
that certificates be issued.
This relief measure has always in the past
proved effective, but perhaps, owing to the fact
that the trust companies are not now affiliated
with the Clearing House, the sentiment Is not.
as in previous similar situations, unanimous In
support of the advisability of issuance of Clear- ■
ing House loan certificates.
Clearing House loan certificates, which were
first issued in November. IS6O, are temporary ■
loans made by the Clearing House Association
to its members for the purple of settling-
Clearing House balances. The certificates are
negotiable, as a rule, only among the Clearing
House banks, and do not appear In general cir
culation. Their value .-.insists in the fact that
they take the place of money in settlements at
the Clearing House, and the volume of currency
is expanded by this means to the full amount of
the certificates issued.
The hanks to which they are Issue 1 pay inter
est on them at rates varying from 8 to > per
cent a year. Large balances against any -bank
in the Clearing House Association can be set
tled by th»lr use. and the bank allowed to re
tain Its . ash to meet other demands. The
Clearing House banks are protected against any
loss from the use of these certificates by th»»
fact that they are issued only on the deposit
with th- Clearing House committee of acceptable
The first issue of these certificates, tn 1880,
aggregated 57.375.n00. The last certificates of
this Issue were cancelled in March, 1861. and in
the following September a new lot was put out.
The total issue on this occasion amounted to
$l'2.sS3,""it> and the Ipst certificates were called
in April. ISC:.'. Other issues occurred in 1563.
!M4. 1873. 1534. 1890 and 1593. The total Win
ber for th< -c years was 5132.8H.000.
It is believed by bankers favoring th ■ p!an
that an issue of 180.0t0.0M would he the outside
Tlmlt of what would be required on the present
The general feeling of apprehension in the call
money market which existed on Thursday was
not nearly so marked yesterday. Brokers real
ized that owin^c to th- concerted action of the
large lenders and the necessary delay In m iking
up the pool, offerings of money could not bo
sent into the Stock Exchange to be loaned at
the money post very early in the forenoon.
There was no calling yesterday of the pool
loans made on Thursday afternoon, aggregating
.<"_'.">.» >.***>. and the borrowing brokers obtained
renewals, carrying over until Monday, at :>> per
There was no money lent at the money post in
the Stock Exchange until 12 o'clock. The First
National Bank sent In the first block of $2,000.
000. which was lent at 50 per cent. Between 1
and 3 o'clock other amounts were lent on tho
board by various other institutions and banking
houses. notably $1,500,000 from the Chase Na
tional Bank, which sum was also lent at GO per
cent by Mr Morris, of Morris. Smith & Daven
port: and $400,000 from the Liberty National
Bank, which whs nt at the same figure. Kuhn.
Loeb & Co. lent in 150.000 amounts about $300,
000. and other scattering amounts, none of largo
size, came In during the same period.
About 2:30 o'clock the pool organized by J.
P. Morgan & Co. again sent in through Hals ted
.1- Hodges. Van Emburgh & Atterbury and
Mann. Bill & Ware a block of money for lend
ing on call, which went at the uniform rate of
SO per cent, and apparently totalled about $15,
000.000. A good deal of money was wanted
after the close by various houses, bat many
loans were arranged privately by money brokers
from the pool, owing to the confusion which ex
isted at the post in the last fifteen minutes of
It is understood that J. P. Morgan at Co. have
given emphatic notice to the brokers whoso
urgent needs for money were met out of the
$25,000,000 sent into the Stock Exchange on
Thursday and the $10,000,000 to $15,000,000 fur
nished yesterday, that these funds shall not ba -
used by the brokers or their customers for oper
ations on the bear side or for trading on mar
gin, the purpose of the Morgan house and the
seven banks associated with it in this money :
pool being specifically to afford relief to the
brokerage houses on their present market com
There has been apparent in the stock market

xml | txt