Albuquerque morning journal. [volume], November 11, 1907, Page 3, Image 3

About Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926

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THE ALBUQUERQUE MORNING JOURNAL, MONDAY, NOVEMBER 11, 1907.
RAPID
Í
P
OF FINANCIAL
CLOSING OUT SALE OF RETAIL DEPARTMENT
BETTERMEN
CONDITIONS
FOREIGNERS OBLIGED TO
BUY OUR COMMODITIES
Short Crops and Low Copper
Supplies Leaves-Europe No
Other Alternative Save Send
ing Gold to United States,
I By Meernint: Journal HporUl I-.teard Wire.)
New York, Nov. 1U. The most
evftitful week In the financial hlstury
jf the present generación tame to a
rlose on Sutuiilay with i-nnelillems
much clearer than a week before, hut j
with some clouds mill hanging oven
the financial horizon. I
The previous week had lioxed with
t tie disquieting anneiunrcme-nt that the I
New York reserve had lost (20,000,000 I
In cash in spite of deposits by the gov
ernment during the week of nearly an
' iital mim, re-prcscntlris a net cash
Ion of (60,000,000. The bank' stiite--pient
of yesterday change's this situ
ation. While It shows a yominal de
crease In required reserves of 1 1 :t . 0 s ." . -700;
inore tiiim I evu-t hirils tif this de
crease is due to the re-serve require
ments caused by Inereufe In deposits
because of the taking; over of trust
companies by the bankers. .Moreover,
the uctual cash loss of (4.313.000 is
clue to the syifle-iii of HverniiiiiK ac-i-uunts
for. the entire week, including
Kcveral days before the ariival of the
new Rold. I'nle.'H demands from the
country are very heavy next week ihe
arrival of additional old will more j
than offset the loss of cash last week, i
nd make a creditable showing for re-
nerve on Saturday next. -
The week he-Run on Monday with a .
feclinjt of Kinve doul)t as to future nf j
the two trust companies which had '
been subjected to severe runs. The
liostilliility thaC they nflttht get down
and dran with them tinancia! strur-i
turen which iitlll stood erect kept Air.
JV1 , i'H.i ri , the trust companies' l epre-I
Nenta'.ive, nnl other financial leuden !
Ill almost continuous-suspense until j
last Suinluy morning' and again on ,
Wednesday until 3 o'clock In the
morning. When it wan llnally tm-i
nouneed early on Veelne.il;iy forenoon j
by President Kins, of the Lincoln i
Trust company, actfiiK as ciiairmnn of
the committer' of the trust company I
presidents, that the management of!
the Trust ' t'ompany of America and j
the Lincoln Trust company wire to
rect Ive all the assistance they required j
In return for deposition the majority i
of their stock In the banks ol the c om- j
mittce the situation cleared, (onlldeiu e
returned, and the stock market ad-I
vanced generally fiom two to three
points. j
It was felt that the danger of a Ren-I
eral t lash in New York was over ami
that the waves of the storm would;
Kiadually sulislde. The restoration of
comparativo security in New York was
oljiiiiiieil only by demands on the mar-j
kets of Kurope, which created a ten-j
lion not before experienced since the
lioer war. Indeed, the Hank of Hol
land, lit order to protect its gold re--ources,
raised Its discount on Thtus
el.iy to J per cent, a rate which had
toil before been reached s'ni e I S V 3 . ;
The Hank of France raised its rate fori
discounts to 4 per cent, the Hank of!
Itclxiiiin to 6 jar cent, and the Hank;
of Uermany, at a special meeting i
i-allecl on Friday, fixed the unusual
rate of 7 ' per c ent. It is not sur-
prising that these precaution were
taken to protect Kuropeon bank re-:
fcorve in view of the fact that nearly
$20.000,000 In gold was engaged by
American banking institutions within
less than two weeks. The first ar
rival of tiie yellow metal ut the critical
moment when the trust company situ
ation was uncertain on Tuesday. Then
mine smaller consignments on Wed
nesday anil on Friday the delivery
of (li.HRl.OOO by the Lusitania. The
demand for gold from Kurope cane
at a favorable time In some respects,
for tho outward movement of Ameri
can products, of which the leading
ones are cotton and wheat.
The cotton movement has been a
good deal congested by the uliMiiir of
small bills It; the southern banks. Ion
everything is being done by the secre
tary of the treasury to aid the south
ern bank ill meeting the situation.1
The came Is true In regard to the
movement ul grain, which has thus tar
been easily minima ai i-iiuem
other uortlncfst points with the ald
of western banks, than has the cotton j
movement. '
New York bankers arc sending for-
ward to Ihe west and south all the;
currency they can spare, especially tj
those points where in their Judgment;
It is most needed. The premium on ,
currency, which rose as high as 3 per;
cent dining the week, though It,
closed somewhat lower has had a
c uiious piled upon exchange and the
price of I'nited State bonds. It has
disturbed tht. calculations based upon
gold parities of exchanire anil has
made it possible to pay n higher price
t.. get gold and to acquire bonds as a
basis or circulation than if no such
premium prevailed.
One of the features of the situation
thus far Is the small number of fail
ures of national banks us campa red
with the record or lks:t. At that time
7i national bank" suspended doing
business, and 3 additional in June
and August. hilé" during the first
eight months i.r I S!3 the number of
suspensions of state and private banks
whs 41.'.. In the pr. s ut crisis the
number of natiouvl bank su-pensions
reported does not exceed a dozen ami
som of these will re-open.
The week loed with a favorable
situations as Indicated bv lle reports
to IS. ;. Pun & Co. The mw week;
opens with the banking situation In j
New Yoik cleared up so f ir as any
danger of further failures ! sup-n-,
sums are comerned with" the bankinK
reserves comparatively intai t and.
with more th:m (;.". 00". unit on the-is-ean
to strengthen them during the
coming week.
Steady Imse f llte-nl olcd.
Nt w York. Nov. 10. The pn.gr. -
.f best week less a steady lnii.v
nient in financial conditions in New
Voik w hich w lis .rette-eied in str.oii
ioln quotations in the itmk mar
ket When the .it-is rived in N w
Y.ok American obligations to fo.cirn
lenders ee.-re e an einu-ei.'il ebb. t h"
l.ndo;i and laii money markets h v
ing la-en exereiMi.g s.-eie discrimin
ation aK;iln.-t Aiuerii an borrowe r for
several months pa-t. This p.i v was
prom ptel bv the lv-ereiie-etl..n e.f the
troub ei, prec'p'tat.-d on fr-i:ii more v
markets last fall by bene y American
borre.w iniis. attributed l,e loieica eiit
ie s to siMTiilat e operation in Am-r-ica
snel whi'-h forced gold h pm.-nt
to New York at the time U the so
taron national strain in I. 'nd-.n and
l'aiij. Tills jvar foreign le. ueivrs liave
Terms
fyá I'l' 'in SMeliii ees ii.ee .';'. 'cj.e.!.siieiiir.isi iee
BetteiwfetlBl '"-
hi'sitatcd to make even the usual ad
vances In anticipation of the export
of our merchandise anil the conse
quence is that there ure lew maturing
obligations; of American borrowers
now falling due to offset thr debt ac
cruing for payment of the I'oinmodit
les we are exporting. The shortage
of crops and the low level to which
copper supplies in Kurope had been
allowed lo fall leaves no alternative
to the buying of our commodities, and
the lotv level of our securities tempted
Investment purchases of these also for
foreign account. American bankers
who have purchased bills of axchiuige
against thes" exports have their
choice-of commanding payment In
gold and have exercised th" choice.
Hut with the engagcnii'tits of gold al
ready accrued, now rishig above (".0,
000. 000. and the effect of relaxation
manifi'st from ithe supplied already re
ceived, New York bankers ure begin
ning to canvass the desirability of
mote lenient exercises of their con
trol over the gold suppli'-s. The per
turbation of foreign markets Is keen
ly manifested nnd signs are s-en of a
disposition to meet American exac
tions by lice offerings of American se
lurilles to the .N'C'.v Vork market. The
re Ilex action on American affairs that
may result from pushing d-mands for
more gold Is coming into growing con
sideration, interior requirements for
currency have contlnuirl heavy, und
every resource has be-en sought to
meet them and assist Iri the move
ment of crops, and the keeping open
of th currents of commercial activ
ity, vital as llnse proccsse-s are to the
working on' of the situation and the
facilitating of liquidation.
The success to be obtained In this
now cotnmund.c the almost undivided
attention of th- world. The contrac
tion of credit must work more hard
ships, but the hope is maintained that
tithe may be limited and conditions
placed early on the road to better
ment, licieiised number and liabil-itii-s
of failures, fall In price's of eom
nioditlcs and reduction of force- of
labor there have already meen. The
record or failures Hi use tar and the
fall in prices of commodities Unit ex
planation in over extension In new i'ii-terpri.-es
i'nd a price- Irillatlon, duo In
some cases lo withholding of stocks,
which most now come to market at a
diMid vantage.
ami i:i w ni:.Mtvii nut
(.1 :iCM AN t.OI.I I At "I MI
Hcrlm. Nov. 10 The advuice In the
lii Icblianks rate oT discount has not
et i hecked the' American de niand lor
gold, while ealile transfers to New
York are si lling at lower prices than
TIIK
Hose
ut ;;iK- the
n-r julr
EVERY ITEM ON THIS PAGE IS A THOUGHTFULLY
SELECTED BARGAIN.
EACH YEAR The Economist plans to make the first
November week a record-breakinc; six-days' selling,
an dto accomplish this the public s necessarily of
fered such extraordinary price concessions as will
make prompt purchasing an undoubted advantage.
All this has been vigorously and intelligently attended
to. Only a small portion of the helps to economy can
be told of here, but the tempting values are correctly
quoted and will serve to illustrate a big store full of
others equally good. Ready Monday Morning and
All Week.
TAKEN THE SAME AS CASH. Cheques on Banks
and Trust Companies stamped "Payable only through
the Clearing House or in the Bank's Clearing House
Due Bill will be received in payment for purchases or
settlement of accounts the same as gold.
Sheets and
i -f. r. loa
I--' liel .
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I XU K. Bl- ef '
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CJj'ril fei.
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25 to SO Per Gent Reduction on
WHITNEY COMPANY RETAIL DEPARTMENT
115 SOUTH FIRST
Cash
sineiii nam
iM-gUMM11l. 1 mil
inter iTfnMs
before. Kxchango on 1, union rose
vesterdav lo JO.eio, the highest price
iu a generation. This is elite to Ameri
can transactions in linuncial and com
mercial hills, the proceeds of which
are being transferred to lsmdon for
gold purihase-s. H Is understood that
gold continues to be taken from the
Itelchbank in considerable amounts
for American account. Dr. Koch,
president of the Iteiclibank, informed
the central committee of the bank on
Friday that the withdrawals for the
first seven days of November
amounted to mote than 31.00U.0O0
ma rks.
Although tierman
Investors have
not yet begun to buy
in any considerable
. i ..1 eii.it Un,,' ii
American shares
eiuantities. It Is
do so as soon
I. Iu w-.-.n time the A otellcil 11 situa
tion Is fully restored to normal condi
tions. Financiers are beginning lo take a
more cheerful view of the American
outlook: they believe that the money
pinch soon will be over and that
frightened depositors will then hurry
their money back Into the banks. The
Frankfurter Zeltung suggests that the
povernin-nt could speedily remove the
stringency by Issuing low-priied high
Interest bonds, Ihus attracting tin'
money now locked tip, which could be
loaned to the banks. This paper ex
pressed the belief that the elasticity
of American economic life will en
able a sudden recovery at a moment
when the situation seems darkest.
NOItTllUrsTl lvA PKOSI'I ItlTY
ON Si ItSTWTI AI. HMS
Spokane, Wash., Nov. 10. After a
leieel 1 1) IT O f 1 tí 1 bankes of the Inland
i empire.' held in th-i banquet hall of
Davenport's restaurant for the pur
pose of iiisclissiiiK cue ge.o iai uo.io
eial situation and its special relations
to tin movement of the vast wheat
crop of this section, the following
statement was given out by 10. T. fil
man, vice president of the I'.xchange
National Hank. and D. V. Twoliy.
president of .the old Natl mal Hank,
both of title eit.V.
"We find that the situation among
the county bajikers Is very satisfac
tory, all of them having lai ! amounts
of loans secured by merchandise,
w heat and lumber hi transit. As soon
as the curre ncy situation is suf licieiitly
relieved the worst of the eliliiculties
will be eive-r.
"We find that the only way to ac
cumulate credit balances in the prin
cipal e xchange centers Is by the con
version of (omniodlliis into cash. Tei
ae'coniidish this, on a large scale, will
! reeiulre se veral w eeks and perhaps
I months on account of the present
limited faiilities for transportation.
KHINOMIsT
Special
100 Awrn m'T'n Hfiii-k
II 1. ut Hp"'1i1 1 ti Tlirt-f
fi -s. liKlit, nif.luim Bii'1
ln y v .-th(. fu-ihiiK rantariy
iKilr; M)f iiil oiilv. !
"r 1
Pillow Cases
il i-r
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-
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SI.eeel
'l ,.in.i. ei. .1. 'ÍT.:-'t tie e a ..... ta
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il in. a-í . f ' l n nicnl l-ie.ic 1 l-" I'tan (.rfa-
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m im un is nisi hi j i Ji'.ue munsm , ' umm iwnUXI
'1i liMin "-"' iH'-""T"'i'"'fii'l IliiAtisiiii'iti la 'I
The situation ull over easu-rn Wash
ington and northriii Main, is improv
ing aitd it Is only a question of time
before there will be u gradual liquida
tion of the obligations due the banks
when they will be enabled to again re
sume business under normal condi
tions. Th.. fiiiintrv banks sce nt well sup-
! piled with cash resources and the only
illlllctilty they have had was in e-on-j
verting grain bills into e'l'edlts with
'the coast citb'S. From teporls made
I to the meeting this ililiicuity w ill be
soon removed, and they will be utile
lo secute such credit."
The convent inn was attended bv
blinkers Iroui Washington, Idaho and
Oregon. i
STOCK WUERINGCHEME
SQUELCHED IN NEW YORK
Albany. Nov. I o
slate public set Ice
see-ond district mad
-The New Yoik
ominission In the
public tonight a
decision which t
forth its altitud
toward oiiipetitlon In puuiic service
facilities within a city and toward
The Safe and
. If
11
i mm m
The ultseilute wliolesomeness of niat fleers Is prti
eUtcrmincel by the Hlatj Method, months before It
conies to you. Ture, sparkling water hops
barley malt brewed anil matured iu the good
BlaU way. The ideal home beverage.
VAL DLATZ DREWINC CO., MILWAUKEE
2 A
L Wl CNEfl
mm
MIUWAUKÜ:
K: H
nÍ4L. Jsm th
Mem. Ne-hletNt t'ei., U liolinaie" IH nlcrs Alhueiucriiie, X. M. Te l. Auto. 177-
THE BCONOMl
ALBUQUERQUE'S EXCUJSIVÜ DRY GOODS HOUSE.
I)I!Y f.OODS, MII.I.IM i;Y AM WOMI.VS 1:
1'Imim: oi:ni:its ni i i n it.h.miti.y.
v.''lfeAV
Ail I s.-
t i mw I'
I li 111 II"
I TIIK KIHIMIX SMTHIN
I lrl I l.-er
e.ur .... -,l -tele-r el-,.r'.,,-nt In .I-.. -.; ' '"" .t'.'t
T IV s.. I'. .... ' " '""""' ". II- lb' ' """
l"lr! I" r
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"II. II,'. ' t '. .... HI'! .......ei.- . 1
Hm,.r i;., e.r.,1 e . . ..ein i.:..:!v Ir.i.i
true w-eh r yei't
A Sale of Kimonos & Dressing Sacks
s.M, . ...i ..- ..- I -
K s... .". I ,".'.. - ' (' " '"'-" '"",. , ,
J.r. tn- l . s . '1 I ' '
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i- i. r. ..-i. I . .. i t ul'.-.,
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simtnii
iie - i
what It regards a attempts to evade
the prohibition by the new put)
utilities law of Inflation or "wai.
lug" of se ciiiit li s in the merger
of public set v ice- nil porations. The
derision is In the matter of the loo
posed purchase by a new corporation,
the l.ockporl Light. Ileal and Power
com p.'tny, cf the I.ockport lias and
I'.lectric company anil the- Kcoitoiuy
Light. Fuel and l'oweu' company, of
Dockporl. The eleelslon, while ad
mitting that the proposed purchase
does technically constitute a tneiger
within the meaning of the law. forbids
the company to l-sue securities for a
I capitalisation above (eOO.oiio, equiva
lent to the total Issue of the two old
e iinipanlcs. Ihe mw- company de
sired to issue stock nod bonds to a to
tal of (l.ioo.ooo. The deciiloii says
that the case In question Is ne.t a mer
ger, hut a pure base bv a newly formed
corporation of tile property and fran
chises' of the two existing companies'
and in this respect It is within the
law. It Is decided, however, that the
raising of rates over those- at present
existing is illegal, and such action Is
prohilqti d. i
Try Morning Journal naut ail.
Helpful Beverage
COOT) beer helps the stomach to perform ltd
unices. It aids the diy,cstioti. The perec-titane of
alcohol in jgotxl beer is very small. VOOlt beer
Wiener quenches the thirst nnd refreshes instant
ly ami naturally. Athletes elriuk Wiener beer when
in training. They know that it i k0,m1 t,,r tlictn.
1 ñ f f WIENE
Iklrá 11 lh BEER
1
S-eme Good OiaDlaU,
:.iY-T-Ku j hmi:nth i:u.rsi i,rY.
MMI, OKI'I IIS 1 11. I. I ll 1'lfOMITI.V.
Millinery
Specials
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(Mir lirmilBr I'rlrr-.
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rjf Hlll 'it I "' 1 ' I'1 ""
r muí htiM.fti
ut ii 1 . muí rn 'I tun tiii. In
1 1 1 n. ni
.'lll.lX llt.ll.il'H Hlrtl
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tl.hm steal p
STOVES AND RANGES, ENAMEL AND TIN
WARE. PLATED WARE, HOUSE FURNISHING
GOODS. CUTLERY OF ALL KINDS. BUILDERS
AND SHELF HARDWARE. MECHANICS TOOLS,
ETC., ETC. , .
j Terms Cash
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V,,",
1
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'j Washington
KneleévriaK-l 4rvre'rvtl
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17- i eii'iuiev ej , viijjeji
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I INK f'l.UTIII.Mi AMI
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enatured Alcohol 2
W1LLIAA1S DRUG COMPANY,
117 WKST 'rTltii AVI . M l' -
1
TIIK M'llMIMIKT
ST
Lace Special
1A0 jiifrcn Fuitrlr T'rrh'-n
I.fp, ftut up l yanta to th
tliM'; SM'ial nl', pr lcn
r 12 tunu it
MUNSING
UNDERWEAR
H") IT' p (irv f-Nf Mutii-intf liH"n
HuU I" 11 . rrlfill.ir 7.'".' m1u. tt t-l..
nut
.n l.-n Kr.-nt Whn W.l I'm-n
Huí' Muii-im I'taifl !' k. r au'ar 91 alu.
! t!"P uut
y .uiiK uM Mmsfi' r-y r hit Mun
iM)f I'Tii-.n Suit, i.m-ii fr. -ul i r tie'ii f-.1 1 . M V..-'!,
mih i.ttr.l ! k Hliny liiiiiU"ii. $110 iir
nu mi f.-r - .... I' 5
I OR OMI
tntl In.-.n Hull. r-tiir In titw .ni v r 4
flirt '' . Hill. Wet llrlll ll(fl t 'If f't
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Domestic Department Specials
w. rr , -k.. eu'..i urn I ' l riHlue-t.ons In trf et.peert-
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All t.r II I-e I :wc Hriwn Miwlln redu
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Overcoats
v -cor
M' put thm prn
Owe Nrt Allowing th
Mcr oftVrrd the truiln,
Ihm't Tn think of ttnt
la tha hlh prlrvU Tutlor lC
mm Overcoat.
ery few mti do, and
There's No
Reason
Whatever for
Doing So!
W offer rn til inmi IiIkIi
ftrwila uf fiibrtra ta i htvbit
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ff ur lists te Mo vets.
Orcresuits ut (10 to (3S.
Wsnhlngtnii and Alfred
UeaJsBiln Bulls, (l tm
Mea's Iluta and Bhe.
ei
in ItVISHIVC.S, 4
The New Fuel
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