Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1907-10-30

They WERE RATHER SMALL IN.
sTlTUTioNs,> HOWEVER, AND
FINANCIAL TONE IMPROVES.
RECEIVER ASKED FOR
SOUTHERN STEEL CO.

Involuntary Petition in Bankruptcy
Charges That Great $25, ooo. ooc
Concern Acknowledges Inability to
Pay Debts.
New York, Oct 25.-With all the
great generals of finance and the sec.
rotary of the United States treasury
acting In accord to restore public con-
f1dence in the banking and trust com.
pany situation in this city, sentiment
took on much more cheerful tone in
Wall street Thursday and distinct i'm
provement was visible in all quarters
OF the financial district. The day
opened with optimistic statements
from officials of the Trust Company of
America, and up to two o'clock in the
afternoon that institution was paving
all checks presented as rapidly as pos
sible A welcome feature of that COM
pany's affairs Thursday was that large
deposits amounting to considerably
more than million dollars were made
during the morning hours
Rockefeller Deposits 100000.
John D. Rockefeller deposited $1O,-
100000 with one of the city's Oldest
trust companies to be used in extend
Ing aid to such trust companies as
might require it.
Stock Market Very Weak.
The stock market turned very weak
shortly after two o'clock, Union Pa
cific selling down to par, decline of
.8R. Reading sold down points below
Wednesday. Northern Pacific declined
8 points; ST. Paul and Southern Pa
cific, AZ. There was no news to &C.
count for the decline except the scar
city of money supplies and the ad-
vance in the money rate to 100 per
cent
It was announced on the stock ex-
change at 2:20 that a pool had been
formed which would supply the brok-
ers with all the money required to
close their operations.
There were violent feverish rallies
In the stock market following the de-
cline, Union Pacific rising in a few
minutes to 105 and Reading to IS.
Prices jumped full point in some
cases between sales. Northern Pacific
rallied AZ, Amalgamated Copper also
rose 81 from the lowest
At 1925 following the announcement
of pool organized to satisfy money
requirements on the stock exchange,
call money was lending at 10 per cent.
The Hamilton bank in West 125th
street suspended payment to deposit
ors Thursday. A notice posted on the
doors Of the bank announced that the
bank was solvent, but in justice to
depositors payment had been suspend
ed until public confidence in bank
ing institutions was restored.
Was Thomas institution.
E. r. Thomas, who was associated
with F. A. Heinze and Charles Morse
in several banks and financial ven
lures, was formerly president of the
Hamilton bank, but resigned after the
break in United Copper stock, which
marked the beginning of the recent
financial troubles in this city.
Orlando F. Thomas, brother of E. r.
Thomas, also recently resigned as a
director, and William r. Montgomery
was elected president. The bank has
capital stock of 100000 and de-
posits of about 100000. The bank
has four branches in New York city.
Twelfth Ward Bank Quits.
Following the announcement of the
suspension of the Hamilton bank
came the news that the Twelfth Ward
bank, located at 125th street and Lex
ington avenue, had suspended pay
ment. The Twelfth Ward bank is a
state institution, and state bank ex-
aminer will be placed in charge of it's
affairs. According to a recent state:
ment the institution owed depositors
about 100000.
The run on the Dollar Savings bank,
IN the Bronx, which began Tuesday,
continued Thursday. Nearly 300 de-
positors, waiting for an opportunity
to withdraw their savings, were lined
up outside the building when daylight
came. Many of them, a majority of
whom were women, had stood all
night in the line. A large percentage
Of the Dollar banks depositors are
foreigners.
Empire City Suspends.
The Empire City Savings bank. To-
Gated at 231 West 125th street, posted
notice Thursday morning announc.
ing its suspension for thirty days un-
der the banking laws. The officials of
the bank declare that the institution
Is entirely solvent, but that they had
decided to avail themselves of the
thirty days notice of withdrawal un-
der the state law because they feared
a run, owing to the suspension of pay
ment by the Hamilton bank in the
same neighborhood. The Empire City
Savings bank, according to recent
statement, owed it's depositors about
50, 900, 900.
Ask Receiver for Southern Steel.
Birmingham, Ala, Oct. 25.-An in
voluntary petition in bankruptcy was
filed in the federal court Thursday af.