Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1907-11-06
GOLD | ! engagements [ | ! J !. En- /.
total $;2 ! | s.

PUBLIC CONFIDENCE IS GRAD.
UALLY BEING RESTORED IN
MANY EASTERN CITIES.
START RUNS ON TWO
BRIDGEPORT BANKS
Bankers to Adopt Comptroller RIDGE
1y's Plan to Increase Currency
Circulation by Accepting substi-
tute for Government Bonds.
New York, Nov 1.-The restoration
OF public confidence is indicated by the
diminished interest taken in the finan-
clal situation, which continues to re-
adjust itself to a normal basis. The
gold shipments were increased Thurs
day by $1,500,000, bringing the total
up to $23,750,000. The Bank of Eng
lands increase of the bank rate to
five and one-half per cent. was fully
expected, and was even better than ex-
pected, as the advance was to six per
cent. last year when the Bank of Eng
land protected its gold stock against
withdrawals from the United States.
The stock market fluctuations did
not differ materially from those of or
binary times. The market in general
was very strong. Several of the bank
Ing institutions which have expe-
rienced recent difficulty held meetings
during the day to readjust their af-
fairs and resume business, and the
few runs which have been going on
dWindled to practical close.
To Adopt Ridgely's Plan.
Relief to the monetary situation,
which will result in complete relaxa-
ton Of the financial stringency, is FORE
casted by New York bankers, who are
preparing to avail themselves of Comp
troller Ridgelys plan for increase of
currency circulation by accepting other
collateral for government deposits as
substitute for government bonds,
which may then be used to increase
national bank circulation. Bankers
believe that currency circulation in
New York alone can be increased near
ly $100,0 100000 if sufficient government
bonds are available for the purpose in
the market. Many local banks are be.
low their authorized limit of currency
circulation. Several savings banks
have been asked to sell their holdings
of government bonds, when they de-
sire cash, that they may be used by
the nationa! banks for increasing their
circulation.
Third knickerbocker Receiver.
Justice Lester w. Clark Of the su
preme court, Richmond county, an.
pointed George L. Rives, former cor
poration council, as the third receiver
for the Knickerbocker Trust company,
in place Of President Otto T. Barnard,
who declined to serve. Mr.. Rives, with
the other two receivers, Ernest Thai.
mann and Gen. Henry G. Ide, will take
over the conduct of the company from
the state banking department.
Waves 100000 Bond Payment.
New York, Nov. 1.-Notices were
sent out by the Denver & Northwest
ern Railway company Thursday to the
effect that because of the present
finacial conditions in New York the
company has been unable to obtain
the funds necessary for the payment
of the $6,000,000 first gold mortgage
per cent. bonds, which, according to
notice published by the company
on Aug. 1, were called for retirement
Nov. l.
Roads Decline to Haul Grain.
New York, Nov. 1.-Following the
recent protests of western grain ship
pers that it is impossible for them to
get the trunk line railroads to move
consignments of grain from Buffalo
and New York, and that in refusing
to enter the contract for these export
shipments the railroads were greatly
hindering the grain export trade, it
is learned that the New York Central.
the LackaWanna, and the Erie have
temporarily discontinued the making
OF contracts on grain shipments. The
officers OF the roads say that the cut
ting of contracts on future shipments
was due to the purely physical condi-
ton of car shortage.
MINIS Will Coin $4,000, 900.
Washington, Nov. 1:-Secretary Cor
telyou has ordered mint officials at
Philadelphia and San Francisco to
commence the coinage of 100000, 900
worth of gold, each mint to coin $15,.
OOO,OOO by Dec. 1, to relieve the cur
rency stringency. Orders were sent
also to the Denver mint to proceed as
rapidly as possible with the coinage
of $40,000,000 in gold bars stored
there. This gold will be shipped to-
money centers as quickly as it is
coined.
Ptttsburg Run Continues.
Plttsburg, Nov. 1.-The run on the
All Nations bank, which started Wed
nesday, continued Thursday. The de-
positors are all foreigners and became
frightened by several rumors that.
were both comical and untrue. Presi.
dent BREEDING of the bank said that
all the currency necessary to meet
the demands Of the depositors was in
possession Of the bank.
The directors of the Pittsbure stock
exchange voted to keep the exchange
closed Thursday. A resumption of
transactions is not expected this
week.
Start Run on Two Banks. -. ,
Bridgeport, Conn.,, Nov. 1.-Many
persons OF foreign birth who live and
w0rlx in thic oitxv ora 1o., .,