davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1907-10-26
THE PAPER OF QUALITY
BANK VAULTS FULL OF MONEY
Trust Company of America Invites
DepositOrS to Call Again.
Pays Out S23. 100000 in Three Days
Meet All Corners To-day.

New York. Oct 25.-About S2,090,Oo0 was
paid out by the Trust Company OF Amer
lea to-day. The company took a third
days pounding without the officials ex-
pressing any concern over what the NOR
row might bring forth. and announced. as
they had on the previous days, that the
doors would be open for all corners again
at 10 o'clock tomorrow morning with
plenty Of money with which to pay them.
OF the 100000 withdrawn to-day, only
$1,000 was in cash, according 70 the
statement made st the close Of business
by the officers. The rest was in checks,
most OF which were drawn on the Han
over National Bank. Those who took
checks were mostly bank messengers
They got these at separate window
and had little trouble as compared with
the man who wanted cash. According 10
the officers Of the institution. about S2.-
0c0o00 was paid out on Wednesday, So
00Oo00 on Thursday, and to-day's S2,000,0J0
therefore brought the total amount OF
Withdrawals UP to about S23,00O0Oo. The
amount of deposits payable on demand
on Wednesday morning was said to be
about S25,OO0,O00
officers Of the company, from Oakleigh
Thorne down. prOfessed TO take a cheer
ful view of the situation after the COM
pany had stood up against three days OF
pretty hard hammering and still had
money 10 pay those who might show up.
One reason for this cheerfulness was the
decrease in Withdrawals to-day, being less
than one-third of the previous day
The Washington herald., 1907-10-26
MORSE LOSES STRONGHOLDS
Forced Out of Consolidated Steam
Ship and American Ice.
Bankers Grip on General Financial
Field Reduced 10 Practically
Nothing.

New York. oct Sc. w. Morse. who
was eliminated from the banking field
late last Saturday night, when the clear
ing-house committee after a five hours
examination of the books Of the National
Bank OF North America. obtained his
resignation from that bank and from all
the others with which he was connected.
has been forced out of two more of his
strongholds the Consolidated Steamship
Lines and the American Ice Company,
and now his hold on the general tinau-
cial field has been reduced practically 10
nothing. He has been completely elm
mated from the realm Of high finance.
and even his position among his asso-
cjates, the near-bankers including the
Heinzes and the ThOmases, is seriously
je0pardized.
At a meeting to-day plan for the re-
organization Of the Consolidated Steam
ship Company was drawn up whereby
Mr.. Morse will have no further control
Of its management, each subsidiary be-
ing turned over for that purpose 10 the
interests which were in control before
Ntf' "a ~ a. va MI @hAti 0Es Il NdS dkSN
learned on good authority that Mr..
Morse's hold on the American Ice Com
pany has dwindled from moath to month.
as he has been forced 10 sacrifice more
and more stock, until at the present time
he is hardly a factor in the company
at all
Though the final plan for the reorgani-
cation Of the Consolidated Steamship
Company will not be made public until
after the meeting for the election Of a
new directorate. which Is 10 take place
Monday, the outline of the same has be-
come known. 1t is understood that Mr.
Morse was forced by the stringency Of
the money market 20 so 70 the men from
whom he bought the control Of the dif-
ferent companies. which compose the
Consolidated Steamship Lines. for funds
with which TO continue the development
OF the company, and that they agreed 10
help him out on condition that he retire
from all connection with the concern, ex-
cept a nominal one. and leave the man
agement Of the subsidiaries to them, each
man taking over again the management
Of his own company
This plan was formulated at a meeting
Thursday night, and was presented to
Mr. Morse to-day. That he accepted the
offer was evidenced by statement com
ing from the Office of the Consolidated
Steamship Lines giving the names Of the
new managing officers Of the subsidiaries
To put the new men in a position where
they could control absolutely it was ar
ranged that the stock of the company
would be deposited in a trust company
and a voting trust formed.
The Washington herald., 1907-10-26
The Washington Herald

e The Sunday edition of this newspaper tomorrow
u will sustain its weI-esablished reputation as q model
newspaper for every day and everybodyclean, whole
some, yet timely, accurate and giving all the good news
from everywhere.
a The special features will include an interesting and
u enightening sketch of Mrs Annie NJ Bradley now
awaiting trial for murder written by woman who knows
her intimately
q diplomatic incident in which the late Secretary Hay
Il oudid Japan's best statesmen and which may be re-
opened result of decision by the Attorney
General
\ discussion of the English ransaton of grand opera
u with plea for their Improvement in the interest OF
true art;
g The history OF the first land grant in the Valley of
u Virginia;
g Points for hunters who contemplate trip after the
u migrating birds that at this season provide fine sport
along the coast;
e. description Of figure in the labor question
i the who prevents strikes
And variety of Others equally interesting and nstruc-
tive, topics that much Of the range of human
thought we'll the and gossip of the footlghts
and the book world
Ct Society news from abroad the sporting news of
the week. and the of Our own broad land are all
fully reported in THE WASHINGTON HERALD which On
Sunday sells for three cents ONLY and recognized every
day in the week by over thirty thousand readers as
THE PAPER OF QUALITY
The Washington herald., 1907-10-26
NEWS CUT SHORT
FOR BUSY READERS.

Dr. Linus r. Squire who died in this
city LAST Monday vas buried Wednesday. the In
tgrmeut being az Oak Hill Cemetey-
Or. Henry s Curtis mas been reap
pointed supervisor q pHhlie Fairgrounds on rec6mt
ncUdation q the Washington aysToauls Ass9Ca-
tion.
A slight fire occurred in the cellar of
tle Eight Precinct station early Yesterday morning
as the result % spontaneous combustion No dam
age Uas done.
The police have been asked to locate
Geergc y. ZE1ss. twenty seven years of axe, who
has bteu missing from his bone, at f7 First street.
northeast. since October y.
Victor Anderson. of 522 Kenyon street
northwest, narrowly escaped serious injury yesterday
morning when carriage ln which le vas hiding
was struck hy a Brshtw1oi car
The funeral Of Charles J. Woodward
who died Tuesday. was held from the home Il his
daughter Mrs. Amelia Ballard. 6i2 q street south
west, yesterday afteFn0oa az O'CLOCK
BY the collapse of scaffold at the
plant Of the United states Electric Light Company
yesterday, John GTeauwel and George Ashford.
paiut,-s painfully bruised about The arms and
body
David d. Gibson, twenty-oue years of
age Of 1915 & street northwest was severely injured
about the face and shoulders yesterday afternoon
the Capital Traction Company.
Special Policeman John W Pool. who
resides a. IiI Tenth street accidentally fell and
en- ms head while passing through alley in the
rear Of the Dewey H5t., eary yesterday morning
n was taken 90 the Homeopathic Hospital.
Chief William T. Belt. OF the District
fire department has recommend for acceptance BY
the Commissioners the siNtysevenfo0t aerial truck
furnished by the Combination Ladder Company.
which has been Inspected and found satisfactory.
The superintendent of the Board OF
Charities has recommended that the resignation Of
Or. /. u. Drsuuen. resident physician at the
Washington Asylum Hospital he accepted. and that
Dr. NJ. G.. Blackstone be appointed 20 M the
vacancy.
An overloaded elevator I'm the annex to
the old building Of the Government Printing OHice
gave way yesterday under a heavy load. and pre-
cipitatCd two men and a large stamping machine.
weighing about COO pounds 10 the pit Of the ele-
Yator shaft. The men escaped injury. although the
car was almost demolished
Chief Belt, Of the local fire department,
has submitted TO the Commissioners reports on the
test of two second size steam FIRE engines fur
nished hy the Americln-Ls France Firv Engine
Company. with the statement that they are salts
factory and the recommendation that they be ac-
cepted.
The Washington herald., 1907-10-26
RELIEF MEASURES
END STOCK FURRY
Continued dom Paee one.

continued from rage Oue.
so that if the savings banks sold these
securities in the present depressed condi-
ton Of the money market, depositors
would suffer from an impairment Of the
assets Of the institutions. Obviously, it
was the part Of wisdom from the stand
point Of depositors that savings banks
defer the sale of bonds until the time of
a recovery in the bond market
Investment Buying Seen.
Another favorable development of the
day was substantial investment buying
from other places. Every Wall street
bank had a number of buying orders
from interior correspondents for the ac-
count Of investors and much business
was also done in this connection by the
commission houses Since these transac-
tions. like other exchange transac-
tions Of the day, were cash, and not mar
ginal purchases of stocks and bonds. they
meant an increase in the local supply Of
money by the forwarding Of money from
outside the city.
Many interior banks reported that some
of the shrewdest and most conservative
investors in their respective localities
were taking advantage of the unprece-
dented bargains IN the stock and bond
market. As on Thursday. also, there was
substantial buying of stocks for European
account
Apparently the only people without con
fidence in the stability of financial condi-
tions here were the very small number
with such belief in this city. Negotiations
were under way last night for the i'm
portation Of gold from abroad. The Ma
tional City Bank, it was believed and
some private banking houses were con
ducting the negotiations with bankers in
London and Paris.
The total Of transactions in the stock
market was about $4,000 shares. as COM
pared with about 1.OO0. 900 shares the pre-
vious day and 1.4000O9 shares on Wednes-
day. Much Of the decrease was. of course.
attributed 10 the practical absence Of
marginal buying. but the decrease was
also due TO the fact that the institutions
carrying stOCk-exchange collateral as Sc
Curity for loans were not liquidating as
many loans. The course of the market
was orderly and in marked contrast to
the demoraliZed and panicky conditions
prevailing at times on the previous day.
The Washington herald., 1907-10-26

New York, oct. 25.-The Williamsburg
Trust Company ceased operations to-day,
President Frank Jenkins. posting up a
sign on the door OF the main office on
the Brooklyn plaza
Closed temporarily for lack of cash.
The branches, one ON Fulton street op-
posite the Borough Hail, and the other at
Broadway and Myrtle avenue, were
closed at about the same time. There
was no excitement at all about the main
Office. but many persons made efforts TO
enter the Fulton street branch after it
had been closed. The Fulton Office was
much the busiest Of the three. as a gem
eral rule. Ii was reported that the cause
Of the stoppage OF business In the main
Office was brought about through the pre-
senting Of a check for I0V0 which the
trust company officials learned was to be
followed by others of like amounts. Ap-
parently this was not the case, because
Fernando S0linger, counsel for the trust
company, said that, even at the time OF
closing there was d great deal Of money
still IN the hands Of the company.
Aimed 40 Avoid a Run.
As Mr.. SoHnger explained it, the trust
company did not want TO precipitate a
run or panic by giving public notice
before closing that money was getting
low. II was decided that ii was better
to close up first
There was no run. 50 10 speak, on the
Williamsburg Trust Company or its
branches, but for the past three days
there have been steady Withdrawals OF
money. These gradually brought the
cash supply down 10 something like d
danger point Just what was drawn out.
Mr.. SolingeT was not prepared 10 say,
but he had the impression that II was
not a very great sum.
state officials Notified.
The state bank examiners Office was
notified. and the trust company folks ex-
pect that work viii begin tomorrow in
clearing up the difficulties. The Will
iamsburg Trust Company is by no means
insolygnt. Mr.. Solinger said. It was
solely the lack Of ready money and the
Of attempting 10 recall loans
from persons who had no money that
drove the company to close.
Mr. Sohnger looks for an early resUmp-
tion OF business.
The Washington herald., 1907-10-26

Il do not think the closing Of the First
National Bank of Brooklyn should be
connected with the New York situation.
which now seems more favorable" said
Mr.. Ridgely The closing appears to
be due solely TO the failure Of two small
trust companies. in order to protect itself
against the payment Of checks on those
banks"
It is understood at the Treasury that
the First National Bank Of BROOKLYN did
not even take time 10 consult the Clear
ing House Association before closing its
doors, and no steps were taken to secure
aid. It is not expected that even n pre-
liminary report Of the banks condition
Will be received from Bank Examiner
CUTS before to-day.
The Washington herald., 1907-10-26
INVOKE LEGAL REQUIREMENTS.
Savings DepOsitOrs Must Give Notice
Of Intended Withdrawal

Of Intended Withdrawal
New York. oct. 25.-The savings banks
of Manhattan. by unanimous agreement
Of their presidents. and with the approval
Of State Bank Supt. Clark Williams de-
cided this afternoon 10 require their de-
positors TO give. before withdrawing
money the usual legal notice sixty or
ninety days, according TO the contract in
dlviduaI concerns have with their de-
positors.
At conferences held Thursday night and
to-day. the heads of the savings institu-
tons came 10 the conclusion that the
best way Of protecting the interests Of
their depositors, stopping the drain Of
cash. and allaying excitement. would be
to take advantage Of the clause in the
banking laws provided for that very Dur
pose.
At a meeting this afternoon in the Dry
Dock Savings Institution. at which Bank
Supt. Williams was present the savings
bank officers went over the whole situa-
tlon, and then authorized President An
drew Mills. Of the Dry Dock, 20 issue the
following statement.
AT a meeting of the savings bank Of
ticers. held to consider the present exist
ing financial conditions. it was deemed
wise to require the usual legal notice for
the withdrawal OF deposits. This action
was taken in the conviction that 4 will
best conserve the interests of all de-
positors."
The Washington herald., 1907-10-26
GOLD POURS INTO PITTSBURG.
All Danger of Possible Banking
Crisis Is Passed.

Pittsburg, Pa, Oct. 25.-NIore gold sent
by United States Treasury officials ar
rived in Pittsbuig to-day for the protec-
tion Of the banking situation. The bullion
arrived over the Pennsylvania RAILROAD
from Chicago and Cincinnati, and was
hurried in trucks to the Mellon National
Bank and other United States deposi-
tories. The government now has 5000 600
on deposit in the local banks. and bankers
here were unanimous to-day in stating
that all danger of any possible crisis had
passed.
Conservative banking officials went even
further and declared that the situation
was greatly improved, and that depositors
had no reason whatsoever to feel alarmed
over the prospects for the future.
The Washington herald., 1907-10-26
Rams the MIIIionnires.

That Theodore Roosevelt. President Of
the United States. is inspired in his at
tacks on the bad" corporations was
the tenor Of the address at the Homeward
Bound Mission, 1I9 PENNSYLVANIA avenue.
last night. given by Capt. Theodore
Valiant. He took occasion TO rap roundly
the miilionaires who are so busy making
money they have no time to give to
spiritual affairs.
The Washington herald., 1907-10-26
COLLINS FUNERAL TODAY.
Father of Former Marshal to BE
Buried Here.

James /. Collins, father of Charles p
Collins, former marshal of Glen Echo
died last Thursday at the home of his
son, Edward 5. Collins. in Philadelphia
after an illness of several months.
In addition to his two sons, Mr.. Collins
is survived by a daughter, Mrs Charles
H. F. Reinzel The funeral will be held
to-day at , o'clock, from ST. Pauls
Church, Twenty-third street and Wash
ington circle, this city
The Washington herald., 1907-10-26
TOURISTS HIT BY FAILURE.
Letters of Credit Of Doubtful Value
TO Americans Abroad.

New York, oct deputy Superin-
tendent Skinner. to whom the matter Of
finding some scheme to relieve the neces-
sites Of travellers who are in Europe
with Knickerbocker Trust Company let
ters Of credit, has been referred, said to-
day that he had been too busy to give the
matter much consideration. 1t was his
off-hand opinion that the bearers of let
ters Of credit were In the same boat with
the other KnickeTbocker creditors. and
would have to await their turn It is
said that there are now abroad $50 Der
sons whose only means Of paying their
bills are letters Of credit Of the Knicker-
booker Trust Company. The amount coy
cred by the letters is said to be about
$50 O00
Many requests for assistance have al
ready been cabled TO the office of the su-
perintendent Of banks.
The Washington herald., 1907-10-26
GERMAN BALLOON WINS RACE.
Signal Service Verifes Figures of
Geological Survey.

William Welch, chief craftsman of
the Signal Service, announced YESTERDAY
that the figures made public regarding the
results of the balloon race. computed by
the United States Geological Survey.
were correct.
The figures made the German balloon
Pommern winner by six miles. After a
careful study of the charts in the HYDRO
graphic Office Of the survey. Mr.. Welch
accepted the computation of the experts
OF that bureau, and notified the Aero Club
OF America at ST. Louis. which had asked
him to determine the distances of his
findings.
The Washington herald., 1907-10-26
No Connection vim Unconditional

No Connection with International.
The International Trust Company. Of
2o Broadway. New York, whose failure
is reported, has no connection whstever
with the International Banking Corpora
ton, whose main Office I'm New York is
at - Wall street. and which has a branch
in this city. The International Banking
Corporation has for years been a gov
eminent depository for the Philippine
lnsular Bureau, and financial agent in
China for the government The Inter
national Trust Company whose failure is
reported. is "a new concern. having been
organized In New York this year.
The Washington herald., 1907-10-26
CRISIS HAS PASSED
Financial Situation in New
York Now Healthy.
TALK IN a CONFIDENT TONE
Treasury OhlciaIs Here Emphatic In
Their Expressions of Confidence,
Although Doors Of the First Ma
tiOnaI Bank of Brooklyn Are
CIoSed-Mr. Ridgely's Statement.

While announcement reached the
Treasury Department yesterday Of the
failure of two small trust companies
in Brooklyn, which forced the closing
OF the doors Of the First National Bank
OF Brooklyn, which cleared for them,
officials here are emphatic in their ex-
pressions that the financial situation
in New York has improved. Word was
received from Secretary Cortelyou
who is still i'm New York watching the
situation closely. that the outlook is
encouraging. and Mr.. Ridgely, Comp
troller OF the Currency, as well as As
sistant Secretary Edwards talked yes
terday ia a confident tone that the
crisis is now passed.
The suspension Of the Brooklyn bank
is the first instance of the closing OF
a national bank since the financial
troubles began in New York The
first intimatiou of difficulty with the
banks affairs came to Comptroller
Ridgely late yesterday afternoon in
brief telegram. saying that want of
cash neccssitated temporary suspen-
sion of the bank. Mr. RIdgely directed
that National Bank Examiner George
T. Cults take temporary charge of the
Institution.
MIR. RidGeIy's Statement.
Mr.. Rjdgely gave out the following for
NAL statement last night, announcing the
closing of the bank and giving its con-
dition as shown by the latest report to
his office;
The First National Bank Of Brooklyn.
\. Y, closed its doors this afternoon,
and National Bank Examiner George T.
Cults has taken charge by order Of the
Comptroller of the Currency The First
National Bank cleared for the Williams
burg Trust Company and the Jenkins
Trust Company. of Brooklyn. both of
which failed to-day The national hank
was closed TO protect its depositors
against the checks Of the trust companies
which might be presented through the
clearing house.
The resources and liabilities OF the
bank on August - the date Of the last
report made 20 the Comptroller of the
Currency, were as follows.
The Washington herald., 1907-10-26
PLIES cURFD IN q no nAys

PAzO OINTMENT is guaranteed 10 c1Ire any case
q Itching, Blnd. Bleeding or ProtrudinR piles In
70 Il days or money refunded SC
The Washington herald., 1907-10-26
SHOPGIRLSTO SUFFER
Bank Failure May Rob Them
Of Wages To-day.
NO CASH TO MEET PAY CHECKS

Suspension of international Trust
Company Likely TO Work First
Real HardShip-SevernI Thousand
Brooklyn Factory Hands May Have
to Wait for Their Money.
The Washington herald., 1907-10-26
CLOSE EDOORS QUIETLY
Williamsburg Trust Com
pany ForestallS a Run.
READY MONEY GETTING LOW

Bank officials Decide to Cease OPer-
atiOnS Until Collateral Can Be Con-
verted Into Cash-Resumption o.
Business Expected as soon as Out
standing Loans Can BE Recalled.
The Washington herald., 1907-10-26

New York, Oct 25.-The suspension
Of the International Trust Company to-
day may cause several thousand shop
girls and factory hands Of Brooklyn to
miss their regular weekly payday to-
morrow.
There is no money in the Brooklyn
branch OF the concern 20 meet their pay
checks, and as a consequence the wage
earners. it is expected. will suffer un-
less something is done tomorrow
morning 10 supply the funds.
The International Trust Company il
new concern recently financed by
William Cow, Of the advertising firm
Of Ward & Cow. and several officers
and directors Of the Brooklyn Bank
and was launched on October y with
capital stock OF $500. 600 and sur
plus OF a like sum. The bank was
taken over to-day by Clark Williams,
State bank superintendent With the
suspension Of payment by the Inter
national Trust Company similar action
was taken by the Brooklyn bank at
Clinton and Fulton streets and its
branch at 601 Fulton street, and by the
borough bank az 20 Court street and
its branch in Bay Ridge. Both OF these
banks had been very recently alb
sorbed by the International Trust
Company and at a midnight meeting
OF the directors Of the trust concern
on Thursday it was decided that the
lack Of ready cash 10 meet der ands by
dePositors would force a temporary
suspension. 1t was less than two
weeks ago that the Brooklyn bank
was taken over into the International
Trust Ear4YaY,,s
The Washington herald., 1907-10-26
Claimed to De solvent.

Officers Of the trust company and OF
the two subsidiary banks announced that
all three Of the institutions were solvent
and that no receivership would be asked
for any constituent part OF the trust
company. Because the international
Trust Company was new concern, and
consequently had no clearing house. in
ability TO meet large Withdrawals that
were sure 20 fan to-day and tomorrow
forced the suspension OF payment. they
said
The failure Of these Brooklyn banks to
meet weekend payments on the wage ac-
counts of many Brooklyn manufactures
and department stores will probably
bring about the first direct pinch of hard
ship on the l8boring people that has been
felt during the last trOublous week. Both
the Brooklyn bank and the Borough bank
carried money for these firms payrolls.
amounting 10 between $4,000 and $4,000
a week
The Washington herald., 1907-10-26

Capital and Profits over. 5000
Deposits More Than....,...S6l0 10000