The Abbeville press and banner. (Abbeville, S.C.) 1869-1924, November 13, 1907, Image 2
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EIGHT MILLIONS WITHDRAWN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
_