The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1907-10-31
FINANCIAL CONDITIONS
ARE BETTER.
CONTINUED from Page One)

in today's papers that SS,OO0,00O in
cash was on hand to meet all eventual |
tiles. At $3.50 a few depositors with
drew their accounts and an hour later /
hundreds were in line to take out their
deposits at the main Office at Thirty /.
fourth street and Fifth avenue and at
the Harlem and Bronx downtown
branches.
The $S,OOO,OOO lasted until 1850, !
when Vice President J. r. Brown an
nounced that the bank had no more
cash available, and payments were
suspended
NASHVILLE, October 22-President
Roosevelt in his address at the Audi |
forum today, said:
There has ocen trouble IN the stock
market, in the high financial world,
during the past few months. The state
ment has frequently been made that
the policies for which | stand, legis-
lative and executive, are responsible
for that trouble. Now, these policies
of mine can be summed up in one brief
sentence: They represent the effort to
punish successful dishonesty
Il doubt if these policies have had
any material effect in bringing about
the present trouble, but il they have
it will not alter in the slightest degree
my determination thai for the remain
ing sixteen months of my term these
mol nfn -1,n 1,,
swervingly
IF to arouse that type OF civic man
hood in our Nation it were necessary
to suffer any temporary commercial
depression, | should consider the cost
but small. All we have done has been
to unearth the wrong-doing II was
not the fact that it was uneaTthed that
did the damage All did was to turn
on the light. l am responsible for
turning on the light, but l am not re-
sponsible for what the light showed.
1t is impossible to cut out a cancer
without making the patient feel for
few days rather sicker than he felt be-
fore. No material well-being can save
this Nation if it loses the lift toward
higher things.
Il will prcrnit neither the dema-
gogue on one side nor the reactionary
on the other to drive me away from
the course or policy which l regard as
most vital for the well being of this
Nation. And the thing most impor-
tant to remember is that that policy
has two sides 1t would, indeed, be AN
evil for this Nation if we ever permit
ted to grow up spirit which would
discriminate against the honest man
who achieves business success. There
is nothing meaner than the hatred for
the man who prOspers constantly, sim
ply because he has prospered, and /
challenge the spirit of every good
! American when l say that the honest
1 railroad man, the honest banker and
/ the honest business man who makes
! fortune by his exceptional business
ability enables him to render excep-
! tional service to the community
IF ever there should be any TEN,
porary gusts of popular feeling THAI
/ demand what is wrong what is I'M
! righteous, then the true servant of
4 the people is the man who disregards
{ that temporary wish of the people to
! do evil. Great appause). No man
will stand more strongly than will
/ in the defense of property so long as it
| is honestly acquired and honestly used.
| (Cheers) | will stand against crimes
| of brutal violence just as stand a.
| gainst crimes of INSCRIPTIONS cunning.
There are certain gentlemen who
/ say that l have talked against men of
wealth as such. These gentlemen are
! blind if they see the facts in that
light. | will protect in every way In
my power honest property. | will pro
| tect the honest man of wealth 10 the
| extent of my ability, and in no way
| can | ultimately protect the honest
man of wealth so effectually as doing
| everything in my power to bring to
! justice his dishonest brother of wealth.
Great appause.)
Our whole movement is simply and
solely to make the decalogue and the
golden rule of some practical moment
in the business life of the community. "
\ Great applause and cheers.)
NEW YORK, October lS.-Every-
thing in Wall street went to smash
this afternoon Standard Oil stock
made a new low record of 402, drop
ping thirteen points toward the close
of the market. All of the directors of
!. the Mercantile National Bank were
: forced out by the New York Clear
ing-house, which came to the assis-
lance of bank and as a condition
demanded the resignation Of the en-
tire directory.
The break in Standard Oil was the
climax of a day Of wild excitement.
Metal stocks led in the crash, but
! nearly every Issue on the list touched
new low level. The stock of the
American Smelling and Refining Com
pany and Guggenheim Exploration suf-
fprpd stha most severe breaks The