The Irish standard., 1907-11-02
BIG BUYING OF STOCKS IN SMALL
LOTS A FAVORABLE
FEATURE.
MARKET CONTINUES
TO SHOW WEAKNESS
Run on All Nations Bank In Pitts.
burg-Report That Paris ls to
Send SIS, 100000 In Gold to United
States Is Denied.

I1nCe1LCS UOIu uSI0 duu dI moAy JUL
side points had relieved much of the
pressure on the banks. Although no
further gold engagements were re-
ported early in the day it was noted
with satisfaction that the business
day in London had passed without an
advance of the bank rate. Gold is
coming not only from Europe, but
from South America, as some Of the
recent engagements have been from
Argentina's stock of gold. It became
definitely known here that the report
of a financial crisis in Chile was in
correct.
The stock market showed consider
able weakness and irregularity, with
opening declines on some of the prom
inent stocks. A favorable feature was
the. tremendous buying of stocks in
small lots for. investment as reported
by the big brokerage houses.
Purchasers are paying cash and the
volume Of business during the past
week runs we'll into the millions.
knIckerbocker to Pay In Full.
! The Knickerbocker Trust company
which closed its doors last Tuesday,
is. able to pay its depositors every
dollar due them, according to inform
alton made public by committee Of
the directors Of that company appoint,
ed to investigate its condition. This
committee stated that only the selec-
tion Of an upright, practical banking
man as the third receiver for the COM
-pany is necessary to satisfactory
settlement of its affairs.
It was found that the company had
on hand when it suspended, cash
to the amount of $1,121,000. It had
assets, Of about $56,o00,000 and owed
dapositors .$4S,3s7,000 and the bank
through which 1t cleared about $2,400,-
900. The committee declared that the
surplus Of $5,000,00O the stock and the
additional liability of stockholders
would be sufficient to cover whatever
loss the company might suffer from
being forced to sell its securities.
Protects State Money.
/ More than s., 100000 cash was in the
possession Of the several state banks
which temporarily suspended payment
last week has been gathered up by
Clark Williams, state superintendent
Of banking, and placed in other banks
in the city. The cash will draw in
terest at the rate of az per cent.
Fifty-three examiners of the state
banking department are now engaged
in going over the accounts Of local
banks and trust companies.
To Protect Stockholders.
Upon the call Of President Harri-
man, q meeting of the board Of direc-
tors of the Union Pacific railroad COM
pany was held today.
At his suggestion the question was
considered Of SO placing the securities
of other companies held by the Union
Pacific that the beneficial interest
therein should best accrue to the
Union Pacific stockholders and their
interests be best protected. A special
committee was appointed to take the
matter up in conjunction with the
executive committee of the Union Pa.
cif1c board, such committee to report
to subsequent meeting Of the full
board of directors.
Run on Pittsburg Bank.
Pittsburg, Pa, Oct. 31.-A run was
started shortly before noon on the
All Nations bank, small concern
in the south side section of the city
.Depositors of the institution, who are
mostly foreigners, became frightened
over a report that one of the banks
officers had left the city. This was
promptly denied by the president. Ur
to noon $4,000 had been withdrawn
and about 30 foreigners were still ii
line.
Jacob Breeding, president Of the
All Nations bank, says the bank /!
solvent and there is no danger. Th'
bank has capital stock of $4,000
with deposits of $500,000, and wa,
organized 10 years ago. Another rea
son assigned for the run on the banl
is the fact that nearby saloon wen
into bankruptcy recently, and tn,
foreigners have an idea the bank ii
also in trouble.
Comptroller Plans Relief.
Washington, Oct. 31.-Comptrollel
Ridgely has taken up the question
with the national banks, with view
to giving relief as quickly as it car
be done, not only in the large cities
requiring currency for pay. rolls, ant
such purposes, but also in the coun
try districts. where the banks have
difficulty in obtaining currency from
! their reserve agents.
To Rush Work In Mlnts.
The director Of the mint has beel
Instructed to work to the utmost ca
pacity the mints at San Francisco ant
Philadelphia for the coinage Of th'
large amount of bullion on hand, ant
every other branch of the treasur.
department that can in any way al
ford relief is working over time.
Governor Acts In Washington.
Olympia, Wash. Oct. 31.-Gov