Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1907-11-06

N, HONObULu, T. H., WEDNESDAl, I
disturbance in Rhode Island is prac-
{ .cally over. No failure was recorded
at any point throughout the country.
| II should be borne in mind in this
connection that there are over 1880
banks in the United States. and that
| the number of institutions which
nave recently failed is Of insignifi-
cant proportions as compared with
this total. 1t was pointed out today
that the failure of minor bank Isl
Immediately known from end to end
of the country, whereas the public
oyerlooks the fact that some 12,500l
| anks are open for business as usual
and that not one Of the really impor-
tant banking institutions anywhere
has shown the slightest sign of un-
soundness.
Knickerbocker Depositors
Action was taken tonight by sever
al large deposltors in the Knicker-
booker Trust Company to ascertain
WHelneI any lHlub IlSbai mus poSh
done in connection with the vast
loans made by the company and
which, 1t is admitted. were largely
Irresponsible for the suspension of the
corporation. In the event of any IL
legality being discovered II is the in
tention OF the depositors to bring civ
lily and criminally to book those re-
sponsible for II. Many of the depos-
!lors declare that the directors OF the
company have permitted a large por-
tion of the company's funds to be
loaned on collateral of doubtful val
ne to concerns in which the directors
have large financial interests.
Charles w. Morse, in order to OBJ
tain ready money, has been forced to
mortgage his palatial mansion in
Fifth avenue, which he bought from
the Whitneys. lie raised S350,OOO
on Il to take up notes, II Is alleged,
about to mature in the National
Bank of North America, from which
he was recently ousted as president.
Cortelyou's New Measure
WASHINGTON, ID. c., Oct. %
Still another measure was taken by
Secretary Cortelyou today with the
view of easing the financial situation.
;'rhe feeling in the Treasury Depart
ment Is that the worst Is over, but
nothing should be left undone to calm
things down and lessen the stringen-
cy.
The one expedicnt Is to permit an
exchange of bonds among the nation
al banks, whereby those that have
Put up government bonds as security
for deposits will turn these over to
ether banks for acceptable non-Fed-
. cral bonds, which can be used to Sc
cure the deposits already out The
government bonds thus released can
be used to help. out circulation.
Probably $4.0OO,OO0 to $1,000, 200
will be added ito the circulation in
this way. 1t will go largely into the
central West.t.xn thus lessen the
strain on New. York as well as Chi
cago and other centers. At the same
time IL VIII tDe no uTdlH OH lnc
Treasury, whose working balance is
> already low.
, No Fright in Chicago
CHICAGO, ILL.,, Oct. 30. -- Out OF
7 10000 savings depositors in Chi
oago, only 1900 made application for
with drawal of their accounts OF
: gave notice of n desire to withdraw
. The clearing house issued to its
members $4,000 900 in certificates.
j, Solid in Oklahoma
GUTHRIE, OKLA, Oct. 29.-Report'
c received here from all parts of In
dian Territory and Oklahoma today
indicate that all banking and finan
: cial institutions are preparing to re
sumo business. In the smaller cities
- where there have been no clearing
3 houses, they have been formed. Mer
u chants have agreed to accept clear
l. ing-house certificates in payment TO
merchandise and debts, and bank
G are standing together to protect eacl