University of South Carolina Libraries
KNICKERBOCKER TRUST WO BROKERS SUSPEND -S68.000.000 INVOLVED T 1 / New York Institution Forced to Close Its Doors Because of a Run by Scared Depositors. EIGHT MILLIONS WITHDRAWN Trust Company's Frantic Appeals For Further Help of No Avail?SixMillion-Dollar Failure of Brokerage House Increased the Day's Excitenicnt?Crash jn Stocks- the Worst Since the Northern Pacific Panic of 1901?Cortelyou Rushes to the Aid of Banks. New York City.?Wall Screet experienced the greatest sensation of a generation when the suspension of the Knickerbocker Trust Company was announced. The shock that followed the closing of the huge concern, with its 21,000 depositors, resources of 170,000,000 and deposits of about $65,000,000, rent the Street from centre to circumference. Stocks went down with a crash under tremendous liquidation. The suspension of the Knickerbocker Trust Company followed a run on the institution, which was felt at the main office, at Fifth avenue and Thirty-fourth street, and all the branch offices. It was most heavy at the down-town branch, No. 66 Broadway, which was established that the officials might keep in touch with Wall Street?the relationship which proved the undoing of the institution. Bankers were in conference throughout the day, discussing ways and means to further strengthen and safeguard the situation. The Treasury increased public deposits during the day by $6,000,000, and it was intimated that these would be still further enlarged if the situation warranted the Government aid. Secretary of the Treasury Cortelyou, after a midnight conference with J. Pierpont Morgan and other leading j financiers, issued a statement in which he repeated hi? assertion that his department is ready to use its facilities to assist legitimate business interests in every proper way. He added that the national banks of New York are in an exceptionally strong condition. Optimistic statements issued by officers of the trust company and other trust companies that $15,000,000 was to be advanced to the Knickerbocker Trust Company proved unfounded. The company had applied for a $3,000,000 loan from the Clearing House, which was rejected after an examination of the loans and securities. Heavy withdrawals of funds were pushed through the _ Clearing House by banking depositors in advance of others, and resulted in part j in causing a debit balance of $7,000,-. 000 by the National Bank of Commerce at the Clearing House. Long before the usual hour for 5 ? 4-/% A^llnnf ho. I opening a crowu uegtm w wntn. fore the doors of each of the three branches of the Knickerbocker, until several hundred persons were waiting in line for entrance. Before an hour had elapsed the lines had been utterly lost in a surging mob of men and women, each trying to get nearest the paying tellers. There was no panic but a hysterical anxiety so close to panic that the line dividing them , was hardly perceptible. At 12 o'clock, after a hurried telephone consultation, the Fifth Avenue 1 branch, which numbers a large and I wealthy clientele, made the abrupt J announcement that it would no longer ( continue payment on its certificates of deposit. The report spread through the crowd like wild fire and terrified I a number of women collected in the 1 women's writing room, who took it to mean that all their money had been lost. Protests by the score were | made, but the officers of the bank continued firm intheir refusal to waive the five days' notice clause on the certificates. By far the majority of the crowd besieging their windowo were holders of certificates. Simultaneously similar action was taken by the branches in Harlem and downtown. But the run continued, the certificate holders being forced impatiently out of the way by the other depositors with running accounts. Fast as the money was brought to the counters from the vaults, it could not come quickly enough to meet the demands of the depositors. All ttu morning messengers were kept hustling between the downtown vaults and the other three branch offices with bags of coir*until ,the whole of the 000,000 surplus was eaten up and there was still the undiminished crowd of depositors struggling to get their money. The | liilatory tactics of tellers availed notli- j ing anymore than the futile expedient ' of suspending payment on the certificates of deposit. Not because it was trying to check the run, but because j it had no cash left the company suspended. | The effect of the news on the stock market was instantaneous. Call money jumped to panic prices. Forty and finally seventy per cent, was asked and accepted for temporary accommodation. Stocks had long before begun to feel the effects of the run on the trust company and they sold off lower and lower with ineffectual attempts to rally when the "big interests"' of the Street atDECKEASE OF PENSION ROLL. . j The Fiscal Report Shows Less Names by 18,000. Washington, D. C.?A decrease of 18,000 in the number of pensioners on the rolls at the end of the fiscal year 1007 is the feature of the aunual report of Pension Commissioner Warner, just issued. This is the greatest decrease in the history of the pension bureau. The total number of pensioners June 30, 1907. was 967,371, and the total value of the pension roll at that date was $110,S50,880. The Field of Sports. Edward C. M. Richards was elected captain of the Yale swimming team to succeed Charles Mengel. There is talk of chartering a special steamer to take the athletes to England next year for the Olympic games. With four consecutive victories th3 Chicago Nationals wen the world's basoball championship over the Detroit Americans. General Watts won the Kentucky Futurity for three-year-old trotters, distancing the favorite, Kentucky Todd, in the final heat. templed i:o keep the* bottom from al together dropping out of the market until the principal securities wen selling anywhere from $5 to $8 below their low prices of the day before When the final announcement came that the Knickerbocker Trust Com pany had closed its doors the markei was verging on demoralization. It took just three hours to pay th< $8.000,900 out and leave the Kniclc crbocker vaults almost bare of cash The company suspended payments be cause not a single financial institu tion in the city would aid it. Tht reason for that "hands off" policj was announced by'a representative oi bankers who had been in conference with J. P. Morgan and Secretary oi the Treasury Cortelyou in the Unior Club. The banker said that the Clearing House and J. P. Morgan having found that the surplus anc (he capital of the company had beer impaired through bad management had refused to give assistance. The Clearing House is willing to go to the aid of any trust company that is ir need and i3 willing to throw out of it: directorate men who have been callec wreckers. The rapidity of developments, cnl minating in the suspension of the Knickerbocker Trust Company, over shadowed the original causes of the financial cataclysm that precipitated it. The Heinzes, the Thomases, Chas W. Morse, Charles T. Barney, were but vaguely associated in the publie mind with existing conditions. Mr. Barney was naturally the most interesting figure in the group of deposed presidents of financial institu tions. His embarrassment was di rectly attributed to his extensive real e3tate operations in connection witr Mr. Morse and other promoters extensive land and building operations. On the Stock Exchange one failure of importance, that of Marcus Mayei & Co., stock brokers, with liabilities of $6,000,000, was announced jusi before the close of business during the day. In connection with it sensational rumors were circulated, con necting the collapse with the failure of a customer intimately associated with mining ventures and sporting affairs to meet obligations incurred by the firm for his account. This could not be verified, and was generally classed with similar reports current during the day which reflected on the financial standing and credit of individuals, firms and institutions | A statement which was given out ir Washington ran as follows: j "The Secretary of the Treasury is I keeping in close touch with the business conditions throughout the country. In the matter of public deposits he will at all times consult the needs ot legitimate business interests and | will not hesitate to deal promptly and adequately with any situation thai | may arise." The Country's Banks Are in Sound Condition New York City.?Dispatches to the I Tribune from all sections of the country indicate that the financial situation is excellent, and practically nc apprehension is felt because of af fairs in tnis city, me oanns in ?jmcago and many other places were reported to be on a sound basis. It was said that there was sufficient money not only for the ordinary demands of business but for the moving of all the grain crops of the West, Stock markets were somewhat affected, however. Head of Clearing House Calls Halt on "High Finance" Gambling New York City.?The following is an extract from a remarkable interview with W. A. Nash, president ol the Clearing House: "Business ha? bean carried on wllh too little regard for the safety of the depositors and with far too great attention to th profits of the men at the head ol I these institutions. ' We need a higher degree of honesty in the offices of many of our institutions. The time has come wher the gambler and so-called 'higb financier' must go. What I say ap| plies just as much to one kind o' banking institution as another." CROWDS IN DANGER. President Overwhelmed by Remark able Demonstration. "* Chattanooga, Tenn.?Probably 20. 000 persons were in danger of beinr crushed to death in a monster dem onstration to President 'Roosevelt upon the arrival of his special trair at the Central Station here, at G.10 p m. The wildly enthusiastic mass oJ humanity could not be controlled even by the President, who, after ft: tile attempts to speak occupying twenty minutes, desisted with an acknowledgment of what he termed "this magnificent ovation," and i plea to the cheering mass to remem ber the danger to the women anc children. The cheering was almost incessant and in the wild rush toward the Pres ident's car women were carried of1 their feet and men had to fight ic keep themselves from being trampled At 6.31 the train was signaled ahead As it rolled away the President wavec responses to-cheers that followed hirr as long as he was in sight. Rooscvrlt to Continue Policy. President Roosevelt visited Nash! ville and in a speech said that trou I 1,l?? ,V 4 1,., finnnAihl 1 rl roll I UiUO 111 tilt; IlliailC'lCll Vi Ul 1U "VUiU uui ; cause him to modify liis policies. Greatest Reception to a President. The greatest * reception ever ten: dered a Northern President in the South was accorded to President Roosevelt in Nashville. Captain Shaekford Dead. Captain William G. Shaekford, U l S. N. (retired), a bridegroom of c I week, died suddenly in South Orange, N. J. Barnum & Bailey Circus Sold. Shareholders in London ratified the proposal to sell the Barnum & Bailej show to the Ringling Brothers, oi Wisconsin, for $410,000. New York City Bndget. The tentative New York City budI get for 1908 was announced as more j than $1 15,000,000, which makes certain a large increase in the tax rate. Number of Spanish War Pensioners. The number of pensioners on ac 1 count of the war with Spain was 24. 077. Cable Flashes From Abroad. Mexico is to build two warships and two transports, one of the lattei I at New Orleans. | London, says a medical authority I spends $150,000 a year for watei put In its milk. The government of the State o: | Rio Janeiro has resolved to establish i Japanese colonies in the district oi ' Therezopolis. | Sir Wilfred Laurier, in a speech a! | the Dominion Day dinner at the Ca ! nadian Club in London, advocatec i government support of an "all red' | transportation line around the globe NO CAUSE FC A 7 t I ~ '' " Uncle Sam?"Cheer up. Wt j ? - v | COAST DEFENSES I > 1 r Better Opportunities in Civil I ' --Commissions Not Take Ignore Proffer of Secon | Washington, D. C.?The coj , the ijiost 6erloua condition of r? | Department show that with an . Artillery on October 15 was abl I trulls are needed to fill the rank An official report prepared i Increase bill showed ti>at tho a . 11,450 on October 15, 1906. C< tion of 5000 men, but not only [ these extra men, but they have 1( Every month reports are re . to accept more lucrative places Ii ! service?privates, sergeants, flrsi . ?are leaving by the hundreds. , in the Coast Artillery especially 1 Common civilian laborers i than the highest grade technici [ they are employed. Teamsters tricians get rations, quarters, fu< the allowances of soldiers excep 545 to $125 a month for eight h( Soldiers performing the sar third to one-half of the correspc military discipline, and are frequ > More remarkable is the dlffli ' in the history of the army vacai ' going begging. The artillery bl in tho Coast Artillery each year f The appointments were to Point; second, from qualified en uate of technical colleges and sc dents of 125 of the principal teel to send in the names of graduf months no names have been sub; ' of second lieutenant of Coast Ari SMALL CDHS WO? ' F.*onch Admiral Says Huge Art ! a Mistake--Light Calibra , Togo's Success oi ( Paris, France.?Admiral G ; of the Mediterranean squadron, ; England, America and other cour and the heaviest guns as most s< gues for not larger ships and big ble of great mobility and armei more rapid fire. This, he conten 1 war. The English admiralty, h( 1 prehension of the reasons of the | "Before obtaining complete : lish attributed the Russian disas which his ships were armed. It proof from official documents. I that the big artillery did not pro the Japanese used projectiles Io of explosive. They soon realizec facture of shells capable of hold . their ships carried that ammun: j they owe their victory. The pro; - digious amount of heat, which m , ume of gases which asphyxiated i the interior of the Russian ships "In the reports from which f where the ammunition hoist sud 1 Jt was found intact, but every i . without a visible wound; in othe r the electricity suddenly went out . dynamo crew was dead, suffocate 1 the ship's armor outside had int i of action and plunged the ship i - shooting was marvelous. It was 1 many of which, by the way, eipl the Japanese victory." Profiting by this experieni irvpnrh navv should arm the shi] f carrying the maximum quantity > the Dreadnought class, he says, . charging load would create too i j Must Stop Wasting i Washington, D. C.?After i natural resources, conducted in t' Professor J. A. Holmes, Chief of Survey, who has just returned, 1 - American people that the presen t stop at once if the country is to ( Professor Holmes made the situation is. He declares that in nearly one-half of the total coa water as a source of power is b J year to the extent of millions c : burned more lumber than has b industries. Professor Holmes f Every possible means should b waste to an absolute minimum, may suffice for the future, as for 'I "At the nresent rate of inc "the better part of the fuel supi of the present century, unless the , Would Hang Promol r Washington, D. C.?That th ? Importation of women for lmmor cally declared by Secretary Stra slave trafllc has been inaugurated "Many Innocent women and der promise of bettering their c 5 i deceived and are made to lead ! crimes known to man, and any 01 "In the past it has been ini ing women here for immoral pi been here so long that they coult remain. Under the new rule of " I years and requiring them to proi | send many of them back to their I . Pi'cachers Driven by Low j Salaries to Business ' I Chicago. ? Reports from ; f Methodist Episcopal conference | Illinois and neighboring States ? f that the question of higher salar; t the average minister of that ch I has reached a crisis. j The general opinion is thai l llgious work will suffer for lac [ preachers soon unless salaries [ raised. In many of the confere , just held there was an exodu preachers from the pulpit to ' buslneBB life. >R DISCOURAGEMENT. ill Street! Can't you see I'M prosperous?" ?Cartoon from the Atlanta Journal. ACK TEN THOUSAND MEN Life Have Drawn Thousands From Army n-?Graduates of Technical Schools d Lieutenancies--Many Vacancies. iat riof#?ne!<*a nf thp United States are facing scent years. Reports received by tlvo War authorized force of 19,321 men the Coast e to muster only 9628. Ten thousand res, and the question is where to get them, last year in connection with the Aritllery ctual strength of the Coast Artillery was sngress passed a bill authorizing the addihave the officials of the army failed to get )st 2000 of those they had. icelved of men quitting the Coast Artillery n civil life. Men of five, ten, -fifteen years' t sergeants, non-commissioned staff officers Their electrical and mechanical training St them for good Jobs in civil life, it military posts are making moro money il non-commissioned officers under whom , plumbers, firemen, engineers and elecil, medical attention, etc., practically all of t uniforms, and in addition they get from jurs' work a day. ao duties at the same posts get from onemding pay, are subject to all the rigors of ently on duty all day and all night. culty of getting officers. For the first time ides in the grade of second lieutenant are 11 of last year authorized the appointment or five years of sixty second lieutenants, be made: First, from graduates of West listed men, and third, from civil life gradhools. Invitations were sent to the presimical schools and colleges requesting them ites who desired to bo appointed. In six mitted. Eighty-five vacancies in the grade tillery exist to-day. JAPAN'S NAVAL VICTORY Illery Was Not Effective--ureaano a gn<? Guns With Deadly Explosives Won i Fleet Ships of the Line. erminet, ther newly appointed commander totally dlsagreea with the naval experts of ltrles who advocate the heaviest battleships jrviceable in ttiture naval warfare. He ar* ;ger guns, but smaller, fleeter vessels capa3 with guns of smaller calibre capable of ds, is the real lesson of the Russo-Japanese i says, built the Dreadnought on a misapJapanese successes. information," says the Admiral, "the Engler to Togo's tactics and the rJg guns with was not true. I have recently obtained tho do not question Togo's ability. I say only duce the effect expected. At the beginning aded with a comparatively small quantity 1 their mistake and commenced the manuIng an enormous amount of explosive. All ition at tho battlo of Tsushima. To that jectiles exploding on contact gave off a profited the hardest steel and prodvced a volall who breathed it. The gases penetrated and suffocated men even in the hold. I obtained this information a case is cited Idenly ceased working. Upon examination nan at the bottom of the hoist was dead, r words, asphyxiated. Upon tjje fame ship ? The fires were found uninjured, but the ;d to a man. Projectiles exploding againsi roduced gases which put two big guns out n darkness. It was not that the Japanese > good. But the efficacy of the projectiles, oded in their flight, was the real secret of le, Admiral Gcrminef contends that the ps with a good gun capable of firing shells of explosive. The S05-millimetre gun of cannot do this, as the pressure of the disniich danger of firing the explosive. f Prosperity is to Continue. in extensive investigation of the country's he West at the instance of the Government, j the Technologic Bureau of the Geological las made an official statement warning the t prodigious waste of these resources must :ontinue to prosper. investigation to determine how serious the - -?_?? ?ftio iirospnt lime tUG mining upciatiuiio \jl ?.uv v*** ? 1 supply Is being left under ground; that eing wasted day after day and year after >f horso power, and that forest fires have :en used In the building of homes or in the aj's that the waste of coal is appalling, e adopted, he declares, for reducing this in order that the country's fuel resources the present needs of the nation. :rease in consumption," says Mr. Holmes, )ly of the country will be gone by the end } proper steps are taken." ;ers of White-Slave Traffic. e laws should be altered so as to make the al purposes a capital offense was emphatius. A national crusade against the white 1 by the Federal Government. girls are brought to the United Stales unonditions," said Mr. Straus, "but they are lives of shame. This is oue of the worst ne guilty of it should be hanged. possible to break up the practice of bringirposes, owing to the claim that they had 1 not be deported and they were allowed to *? 41""' nnt iipftn here three assuming wicjr iiu,v _ 3uce proof, the department will be able to honnjs." Liquo* Dealers Will Post Life. Photographs of Habitual Drinkers, ten Chicago.?The Ilyde Park Liquor s in Dealers' Association, as a matter ot ihow j self-protection, has started a crusade [ / for ' against those who drink too much. I ureli Notices have been sent out by the secretary of the association requestt re- ing each bartender to ask for the k of photograph of every drunkard from j are his wife or family. The secretary of mces the association is to have copies s of made and sent to every member of snter the association. The pictures are | then to be pasted on the mirror, WEST!N8HflUSE_ SUSPENDS Three Great Electric Concerns Put in the Hands of Receivers. Temporary Closing of Pittsburg Stock Exchange Precedes Action by Federal Court?Work to Go On. Pittsburg.?The financial disturbinon in Mow Vni-lr roflor fpH in Pittsburg by the appointment of receivers for three of the big companies of the Westinghouse interests. These are the Westinghouse Electric and Manufacturing Company, the Westinghouse Machinc Company and the Securities Investment Company, involving perhaps $100,000,000. It ia understood a receiver will be a3ked for the Nernsfc Lamp Company, another Westinghouse concern. Otherwise the financial situation in Pittsburg is declared to bo absolutely sound. At the request of the Pittsburg Clearing House committee business was suspended on the Pittsburg Stock Exchange, bccause of a fear that wild and premature rumors regarding the Westinghouse trouble might extend to the other local corporations and banks. For fear that exaggeration of the Westinghouse difficulty might work further injury. Pittsburg banks thought it wise to prepare for any future emergencies. Through Senator P. C. Knox, himself a Pittsburg banker, they obtained assurance from Secretary Cortelyou, by means of long distance telephone communication with New York, of a substantial deposit at once of United States funds in Government depositories. Jndge Nathaniel Ewing. in the United StateS Circuit Court, appointed T. Hart Given, president of the Farm ers' Deposit Bank; H. S. A. Stewart, real estate man and financier, and E. M. Herr, vice-president of the company, as receivers of the Westinghouse Electric and Manufacturing Company. William McConway, president of the McConway & Torley Company; W. H. Donner, president of the Union Improvement Company, and E. E. Keller, vice-president of the machine company, were made receivers for the Westinghouse Machine Company. The Fidelity Title and Trust Company, of Pittsburg, was appointed receiver for the Securities Investment Company. The allegations in the bills were that owing to the stringency in the money market it was found impossible at the present time to obtain the money with which to carry on the business of the industrial companies. The bill set forth that each of the industrial companies has large orders, and that it is to the best interest to all concerned that the contracts now on hand be carried 'out. The court made an order that the industrial companies be operated under the receivers, and that they be authorized to purchase such material as may be necessary to carry on their business. It is explained that the Securities Investment Company was purely a Westinghouse concern, being practically owned by George Westinghouse, and that the company has been advancing money to the two industrial companies until its resources had become exhausted. The receivers were ordered to give bond in the sum of $100,000 for each company, and the American Surety Company went on the bond. The receivership will permit the' operation of the immense plants, where IS,COO men and women are employed in full. The concerns employ about 30,000 when working to full capacity. The primary cause of" the receivership was the aggressive policy Of Mr. Westinghouse to provide manufacturing capacity to meet the wonderful buying demand of this and other countries. The business of the electric and machine companies has grown enormously ?u the last ten years, and not in ouv one year in that time have the companies failed to build largo plants'to take care of increased orders. Buildings have just been completed in East Pittsburg which cost $1,000,000. All this addition to capacity hza been continued j without close attention to the financial situation. The quick assets of the Westinghouse Electric and Manufacturing Company are given out by banking interests at $29,000,000, and 'accounts and bills payable as $13,000,000. The Securities Investment Company has $3,000,000 capital and surplus in excess Qf $5,000,000. It la owned by Mr. westinguouse personally. The Nernst Lamp Company has $1,000,000 capital, and its stock is owned entirely by the Westinghouse Machine Company. The Westinghouse Machine Company has $6,000,- 1 000 capital and $7,500,000 surplus. The Westinghouse Electric and Manufacturing Company has $3,998,700 first preierred and $20,996,350 second preferred stock. The statement of the Westinghouse Electric Company for the six months ending September 30 showed a surI plus equal to seven per cent., or at the rate of fifteen per cent, a year. TRUST COMPANY FAILS. Receivers Appointed in Pittsburg For tho Iron City. Pittsburg. ? The United Stated Court appointed H. S. A. Stewart and William L. Abbott as receivers for the Iron City Trust Company, of this city. The papers filed in court show that the company has assets exceeding $4,000,000, and liabilities of depositors of about $1,700,000. NEVADA BANKS CLOSED. Unable to Realize on Mining Stocks Taken ns Collateral. Reno. Nev.?The State Bank and Trust Company, of which ' T. B. Richey i3 president and which has headquarters at Carson and branches at Goldfield. Tonopah. Manhattan and Hlair, suspended payment. This was due to the inability to realize on stocks accepted last year as collateral for a loan of $100,000. The Nye and Onnsby County Rank. Ot W UllU v itinrv uvjuwu also suspended. Women in (he Day's News. Johns Hopkins University will henceforth admit women as students. The will of Cassie Chad wick bcI queathed a million dollars she did uot possess. One of the best markswom?n in Delaware is Mrs. Lea, wife of the Governor of that State. The son of a Burlington (N. J.) widow answered his mother's advertisement for a husband. Miss Jane Addams, speaking before the Illinois clubwomen, asked them to declare their independence of fashion German emu win Victor in Internationa! Race For the Bennett Cup. Nine Contestants in the Rare of Near Iy 800 Miles?Unofficial Count Gives Trophy to Poninicrti. St. Louis.?The second international balloon cup competition, which started from St. Louis, ^nded with the German balloon Pommern winning the first prize for the longest flight. The finish of the race was so close, however, that the French contestant L'Isle de France, which descended at Hubertsvillc. N. J., a few miles from the Atlantic coast, may possibly be declared winner after official measurements are completed The Pommern landed half a mile from Asbury Park, N. J., apparently a few miles further from St. Louis than Hubertsville., Another German balloon, the Dusseldorf, stands third in the race. American entries finished fourth, fifth and eighth, while a third German team finished ciith and anothei French team seventh. The one English balloon entered?the Lotus?fell far short of the others. The Pommern was piloted by Oscar Erbsloeh, aided by H. H. Clayton, while Alfred Leblanc and Edward W. Mix sailed L'Isle de France. The unofficial estimated air line flight of the Pommern is 880 miles and that of L'Isle de France 875 miles. The Dusseldorf, third, landed near Dover, Del. It Is estimated to have covered 790 miles. The official measurements will be computed by the Geological Survey of the United States Government at Washington. Only the proximity of the Atlantic Ocean stopped the flight of the Pommern. The balloon could have re I mained in the air many nours longer, I and probably would have added several hundred miles to it3 record but for the expanse of water ahead. While losing the distance record and the cup, the French team sailing L'Isle de France gained the world's record for duration of flight, remaining in the air forty-four hours minus one minute. The previous record was forty-one hours five minutes, held by Count de la Vaulx, of France. The previous record of the international race, set by the balloon United States in the flight from Paris last year, was 402 miles. This was more than doubled by the Pommern and L'Isle de France. In fact, only one of the nine contestant in this year's race failed to exceed the 1906 record. Germany having gained possession of the silver trophy presented by Jame3 Gordon Bennett, the race next year will be in the home of the German Aero Club. Final possession of the trophy rests with the club which wins it three times. JOHN D. ROCKEFELLER TO HELP By Putting Cash in Banks and Trust Companies. New York City.?John D. Rockefeller made the announcement that he would assist the money market by depositing cash in various banks and by making loans to trust companies which could produce good collateral. Mr. Rockefeller issued this statement: "I think that'the existing alarm among investors is not warranted and I hope the good common sense of our American people will control the situation. "Personally I have absolute faith in the future of the values of our securities and the soundness of underlying conditions. "Instead of withdrawing any of my moneys from the banks I am co-operating with others in helping to meet that which I firmly believe to be only a temporary crisis. Every one having the good of his country at heart should by word and deed lend a hand now to re-establish confidence, and I propose to do my part to the full extent of my resources." NEW BANK SUPERINTENDENT. Clark AVilliams, New York Banker, .Appointed by Governor Hnghes. New Yory City.?Clark Williams, I vice-president of the Columbia Trust Company, was appointed Superintendent of Banks by Governor Hughes. The selection of Mr. Williams was made upon the recommendation of a number of prominent 1 financiers who had conferred with the Governor. Mr. Williams, who is now in Albany, will qualify for the plac? and return to thi3 city immediately. His resignation as vice-pdesident of the Columbia Trust Company, which was formed two years ago, will be tendered, and he will then take up his new duties. Mr. Williams was born in Canandaigua, N. Y., thirty-seven years ago. NO MOKE LOANS ON COTTON'. Texas Banks Refuse to Make Furl tier Advances on Warehouse Holdings. Austin, Texas. ? The financial stringency has caused the Texas banks to withdraw their support from the Farmers' Union cotton warehouse movement, and it is announced by R. A. Calvin, manager of that department of the union, that no further loans will be made on cotton stored and held to boost the pricc. This action on the part of the banks will probably ciuse several hundred thousand bales of cotton to be put upon the market in the next ten days. Mr. Calvin estimated that more than 200.000 bales are stored in the warehouses. Big Apple Crop in Arkansas. Thn nnnlo rrnn nf I^orth Arkllll ;?i will this season bring the farmers of this section more money than ever be- < fore, both because of the increased acreage and the handsome prolic that will be realized from it. Even new apples are selling in the orchards at $70 to $700 an acre, and $2,00i),- 1 000 is considered a conservative esti- 1 mate of the value of the apple and J peach crop in Washington County i alone. About Noted People. George Bernard Sbaw is to write a musical comedy. Jerome K. Jerome, the English author, is visiting in this country. President Mellon, of the New Haven, says that his road maintains no lobby. LT)au C!I f r\f Wpc;f* ' OPIHUUr 1MJUI.1U lip; www, Virginia, recently saved Uie lives of two women. The Japanese Crown Prince left Seoul for Japan. His visit has made an excellent impression on tho Koreans. f?-? * American's View of o King. W. D. Howells, wbo saw King Edward TII f. f><<ncaster, on St. Leger Day, roc.a. Harper's this impression: "ProbaMy no man in his king< dom understands better than Edward VII that he is largely a form, and that the more a form he is the mori comfortable he i3 to the English ideal of a monarch. But no Englishman j apparently knaws better than he when to leave off being a form and become a man. and he has endeared himself to his people from time to time by such inspiration." Few Runaways in New York. Although New York is a "hitching postless" city, there are fewer ** runaway horses in its streets than iu the average city of one-tenth of its population. Where California Leads. California has the world-wide reputation of fathering the most daring engineering projects in the world iu the way of electrical generation and transmission. ^ FIVE MONTHS IN HOSPITAL. > Discharged Because Doctors Could Not Cure. Levi P. Brockway, S. Second Ave., Ancka, Minn., says: "After lying for five months in a hospital I was disK-. v. charged as incura- * Sble, and given only six months to live. My heart was affected, I had smothering spells and sometimes fell unconscious. I got so I couldn't use my, arms, my eyesight was impaired and the kidney secretions were badly dls-. ordered. I was completely worn out and discouraged when I began using: Doan's Kidney Pills, but they went right to the-cause of the trouble and did their work well. I have beea feeling well ever since." Sold by all dealers. 50 cents a box.' Foster-Milburn Co., Buffalo, N. Y. Pleasures of Deserted London. To the few of us who elect to remain in town during the dead season, life still offers some attractions. Entire freedom from social engagements comes as a boon and a blessing, a welcome relaxation. A man can go where he likes and dress as he pleases. If he chooses to walk down Piccadilly in a golfing suit there is no one to say him nay.?London Tatler. How's This? We offer One Hundred Dollara Reward for any case of Catarrh that cannot be cured by Hall's Catarrh Cure. F. J. Cheney & Co., Toledo, 0. We, the undersigned, have known F. J. Cheney for the last 15 years, and believe him perfectly honorable in all business transactions and financially able to. cany out any obligations made by his firm. Waldino, Kinnan & Marvin, Wholesale Druggists, Toledo, 0. " Hall's Catarrh Cure is taken internally, actingdirectly upon the blood and mucuoussurfaces of the system. Testimonials sent tree. Price, 75c. per bottle. Sold by all Druggists. Take Hall's Family Pills for constipation. Concrcto Tank For Oil. One of the mining companies in . Nevada develops power for operating its drills and hoisting machinery by * ^ using petroleum as fuel. It wanted to have a sufficiently large tank to hold from three thousand to five thousand barrels of oil, but decided that one of steel would be pretty expensive. Its engineers advised having one of concrete, a basin for itJ being excavated in the earth. The walls are very sloping. The length of the finished reservoir is eightyfour and one-half feet,' Its breadth" thirtv-flve. and its denth eight. Ex-i cept. at the edge, where a thickness fi of twelve inches was adopted, th^ walls are nowhere more than four, I inches thick. The mixture employed H in the concrete contains equal parQ Jfl of cement, sand and broken stone. As the tank has been in use only; I a short time, it does not seem pos- S sible to say how perfect it will prove. B The capacity is put at 4700 barrels, W and dirt Is excluded by means of a I wooden cover.?New York Tribune. ? The Wild Turtle. 9 Lawyers in Indiana are irretriev-j J ably divided over the question, "JJ fl the green turtle a wild or domesti- 9 cated animal?" Some say it is one 9 and some say it is not, the question coming up because a turtle of that H kind escaped out of a pond belong-. H ing to one man and was kept by B another who found him. The origi- H nal owner wanted the turtle back' H and said it was just as much a dpJ gfl mestic animal as a cat or a dog. So a law suit came up and that's how the lawyers got into the affair Bui 3 they are all mistaken. The gre n fl turtle is not an animal at aK. ft i3 li jB peach, as anybody who has f>aten H ... i-ll OViflorlz-vlnllio f!nU Bfl 00.6 Will it11 yuu. ? r uuuutujum ? >?< __ OLD SOAKERS 9 Get Saturated With Caffeine. 3| When a person has used coffee for BH a number of years and gradually de- SB cllned in health, It is time lie coffee flj should be left off in order to see whether or not that has been the D cause of the trouble. 9 A lady in Huntsviile, Ala., says she used coffee for about 40 years, and H for the past 20 years has had severe M stomach trouble. "I.have been treated by many physicians but all in vain. Everything failed to give relief. Was prostrated for some time, B9 and came near dying. When I re- 13 covered sufficiently to partake of food BH and drink I tried coffee agaiu and it soured on my stomach. BE "I finally concluded that coffee was the cause of my troubles and stopped using it. I tried tea in its place and then milk but neither agreed with me; then I commenced using Postum, had it properly made and it was very pleasing to the taste. Bra "I have now used it four months, 1 HV? ic* oa imnnAVfldf QH il 11(1 ILIJ LIU CL l L11 10 OU gicatlj luipivrvu ppw lhat 1 can eat almost anything 1 want and can sleep well, whereas, before, I suffered for years with insomnia. flB "1 have found the cause of my troubles and a way to get rid of them. You can depend npon it 1 appreciate flH Postum." "There's a Reason." Rea<J, ggg _