davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1907-10-24
RECALLS WARD s GRANT.
Scenes Enacted Similar to Those
When That Firm Failed.

The crowds In the street yesterday equalled those
a the time OF the Ward 4 Grant failure May
Is. Shortly after the suspension of the Marine
National Bank on the day known. and
when the financial district wondering what
firms were affected by the crisis. the news OF the
Ward & Grant failure announced Just before
the close OF the exchange.
It was then disclosed that the specuiations OF
the brokerage firm We're directly responsible for
the failure of the bank. An investigation disclosed
an overdraft OF $4,000 made by Ferdinand Ward
through the Marine Bank the First National
Bank when his account in the latter bank
ONLY 81 200. The business transactions ~ the drm
were managed by Ferdinand Ward. General Il. )
Grant and the other members Of the firm Rad inn
plicit confidence in him. and so did James ID. Fish
the president of the Marine Bank.
A final statement issued by the bank examiner
showed loans to the Ward & Grant firm of more
than 81 900 OCO of which 100000 advanced with
out any security whatever. 1t was this confidence
I'm Mr. Ward that influenced General Grant to OBJ
tain u loan of $l50.0'O from William X. Vanderbilt
believing that this amount would prevent the
threatened failure of the firm The firm was placed
in the hands of a receiver. with liabilities amount
ing to $10O00.O0O
The firm dealt in mining stocks and railroad Sc
curities While the overdrafts of Ferdinand Ward
we're the Immediate cause of the firms failure as
well as the suspension of the Marine Bank 1t was
his business transactions In the of the firm
the previous two years that mainly respon-
sible for the two failures. An investigation of the
dealings of the firm disclosed his methods of re-
hypothecating securities. The securities which he
New-York tribune., 1907-10-24
OWES CITY $3.50, 900.
KnickerbOcker Dcbt-T'rust Conn
pany of Amcrica Makes Good.

The Knickerbocker Trust Company is debtor TO
the city of New York in the sum of $4,000. The
sum 100000 until a week two ago. but the
city drew out s35O.OOO. leaving the balance as
aforesaid
one day last week the City Chamberlain tried 70
draw out the balance for use in redeeming special
revenue bonds. The trust cOmpany's officials pro-
tested vehemently, asserting that It a viola
ton Of an understanding entered into last August
when the trust company bought over the counter
10000 worth of city per cents. The city that
time turned over the bonds to the trust company
and did not draw out the money. Chamberlain
Martin decided Monday that he would draw out
the balance on Tuesday, but that the day OK
the closing of the Knickerbocker's doors.
Il think we shall get all of the money in time"
said the Chamberlain yesterday. but 1 would feel
a little better about It If the company had let US
have the money when we wanted it,
Deputy City Chamberlain John II. Campbell
in line yesterday in front of the Trust Com
pany OF America for an hour until he got
from tho cashier $2j00D standing to the credit of
the city Mr. Campbell said that undoubtedly the
company solvent. but he preferred 10 have the
city's money elsewhere for the time being.
The City Chamberlain obtained an order from the
Supreme Court yesterday authorizing him 20 with
draw from the Trust Company Of America Sl94 Ia IS
and S96. sS5 O. from the Gansevoort branch OF the
Fourteenth Street Bank. and redepOStt the
amounts I'm the Bankers Trust Company and the
Importers and Traders National Bank. respective
ly. The order filed with the latter banks yes
torday afternoon. and the actual accounts Will
probably be transferred this morning.
The first amount IS held by the City Chamberlain
by order of the court the litigation entitled
Frances Mathews and others agt Charles Wander
and others. The latter money is in tho case
Of Joseph Harvey Ladew and others aEt George
W. Munroo and others. At the office of the CITY
Chamberlain yesterday afternoon II said that
the Chamberlain was accustomed in times of strin-
gency in the money market 10 shift the sums with
which he was intrlstcd among the different banks
and that such action constituted no reflection
the institutions from which the money taken.
New-York tribune., 1907-10-24
MAYER s co. RECEIVER.
Restraining order Prevents Selling
ont of Firm.

Following the general assignment of the firm on
Tuesday W. +. Godbeck, application was made
yesterday for receiver for Mayer & Co. brokers.
OF No. Il Wall street. and Judge Holt issued a
restraining order which, while customary in or
binary bank proceedings. Is unusual in bankruptcy
proceedings Of stock brokerage houses. This order
prevents banks and trust companies from selling
out tho firm under the Stock Exchange rule.
MAYER K Co is composed of Marcus Mayer.
George s. Leslie and Abraham Z. BayIis. The
petition for a receiver made by Theodore NJ.
KoupaI, a creditor Tor $,272: Philippine Ottman,
who alleges an Indebtedness OF $5i.5oo and Eliza
bsth O. walters, whose claim is S57.G9. Edward
q. Benedict was appointed receiver his bond being
10000
The application alleges that there outstanding
loans against the firm for $6.O0OCo1. secured by
hypothecated stocks and bonds exceeding that
sum by 20 per cent. II says that 'in view OF the
d,prcssed market conditions these securities have
greatly deprecated in value and the banks
holding them had demanded that certain of tho
condemned stocks he replaced by others Alega-
tons by the petitioners that the banks were about
to dispose of these securities, which would entail
q loss to the creditors were responsible for Judge
HoIt's restraining order. BY It's terms holders Of
Mayer & co. securities restrained from dIspos-
ing OF any of them until permitted 10y the court
Mr.. Benedict said yesterday he had not had time
make examination OF the firms affairs, but
that he expected be able to make statement
of their condition to-day He said he hoped II
would be shown that the liabilities We're less than
had been announced, bul tildl dt present ne Wa
unable make any statement to the firm
condition.
Considerable interest was manifested in Wall
Street yesterday as To what disposition would be
made of the 5000 shares of Delaware & Hudson
stock held by Mayer & Co. in the final ADJUST
mcnt Of their affairs. The general opinion was
that the most probable buyers of the stock would
be a prominent national bank in this city and
man who is already heavy individual holder of
Delaware h& Hudson.
The stock dropped to 12S yesterday. 10 points un-
dcr the low price of the day before ana the low
est II has touched in several years. closed at
1875 net loss of 6is points for the day. Deals
amounting TO 1880 shares made This was
an unusual amount, II is not active stock
New-York tribune., 1907-10-24

obtained for loans pledged again. and. some
OF the banks becoming suspicious. called many OF
these loans When the securities were again Of
fered the firm often failed to obtain loan.
Mr.. Ward testified that these transactions had
been going for the two years the firm in
existence. and that in that time ne insnlvent.
Among the firms whose securities pledged
twice the Nickel Plate Railroad. the Erie ana
the Chicago & Atlantic companies. The members
of the Grant & Ward firm were General T. 5.
Grant, his two Frederick and Ulysses. jr..
Ferdinand Ward William g. Smith, who
the only member OF the firm that held member
ship on the Stock Exchange and James d. Fish.
president Of the Marine National Bank. All of
these made assignments TO cover the losses in
volved In the failure.
New-York tribune., 1907-10-24
RUN ON HAFFEN'S BANK.
S0rings WithdrazUn- Stood Nert to
KnickerbOcker'S BrOnT Branch.

run caused solely, according to its trustees. by
it's position next to The Bronx branch of the
Knickerbocker Trust Company, began early yester-
day morning the Dollar Savings Bank of New
York at Third avenue and 14Sth street. 1t is said
rumor that ''the bank at l4Sth street and Third
avenue" had failed spread through the Little Italy
section of The Bronx Tuesday night. and long
before banking hours yesterday morning mob of
Italians Poles Scandinavians and Germans had
gathered in front of the Dollar Savings Bank
To relieve the fears of the small depositors the
hanks doors were opened fifteen minutes before the
regular time and the paying off began at
John Haffen, the president declared TO all inqur-
ers: The Dollar Savings Bank is perfectly sound
and we are prepared to meet all demands We have
ample capital. and entertain no fear AT all
President Haffen had ordered all clerks to be on
hand at o'clock, evidently to anticipate run. As
New-York tribune., 1907-10-24

per cent dividends and has been largely held by
investors II sold at 154 January last.
General Electric broke sharply In connection with
the crash in Westinghouse After opening at 1856
II sold of rapidly transactions of $3.50 shares
and dId not md any support until it had touched
Sa IL rallied sharply and closed at SSis net loss
for the day of 20 points. New York Air Brake was
also affected. Opening at 20. drop of 10 points
overnight il rallied Isl. and closed at 75, losing
70 points on the day.
The losses IN some of the other specialties were
also severe some of these were: American Snun.
%: American Snuff preferred, =; American Tobacco
preferred. A; American WOOllen preferred. Sls;
Central and South American Telegraph 81: Chicago
& Northwestern preferred. 5; Chicago. ST. Paul
Minneapolis & Omaha, 3; Delaware, LaCkawanna *
Western. -. Denver & Rio Ciraudc preferred, D.
Erie first preferred ). General Chemical preferred
5: CRANKY Mining. 3; Homestake Mining. 10; Inter
national Pump. s. International Pump preferred
4ls: Mackay common. g. Missouri. Kansas & Texas
preferred. s. National Lead preferred. 3; New York.
New Haven & Hartford Sls.
Al the close OF the market the rates for call
money mounted up to Is per cent. with only
$4,000 offered by the Bank of Montreal at that
rate. whereas S5,OOO0OO needed by the brokers'
Unless many of these would-be borrowers obtained
accommodation after o'clock which is more
less doubtful. they will have to depend the
tesy OF the banks to look out for them There is
usual In cases OF high money. such firms Speyer
& Co. j. & W. Selisman & Co. and Blair & Co.
lent large at per cent. did the Ma
tiOnal City Bank. which asks higher Tato
The National City Bank the lasSeS; lender OF
money. as IL was also On Tuesday, TIE Hanover
National Bank lent several millions as agent for
q banking pool
New-York tribune., 1907-10-24
DENVER BUSINESS UNAFFECTED.

Denver. oct. &c. b. Kountz. president Of
the Colorado National Bank; James d
Thatcher. president of the Denver National
Bank; r G. Moffat. cashier OF the First Ma
tional Bank and other prominent bankers
here unite in the statement that financial
disturbances in New York and PittsburG Will
not affect business in this city All the banks
of Denver are doing a bigger business than
ever. and the national banks keep their reserve
at above 30 per cent. The crops OF the state
are being moved with Colorado money and
there IS little Eastern money being lent in this
state.
New-York tribune., 1907-10-24
CLEVELAND BANKS NEVER BETTER

Cleveland. Oct. 23.-Prominent bankers of this
city say that the Cleveland banks were never
In better shape than they at the present
time. Several of the large banks have wlthin
the last two days, it is said. sent large sums OF
money to New York to be lent. There has been
no reflection here whatever of the excitement IN
New York On the Cleveland Stock Exchange
to-day quotations showed no sympathy with the
decline in New York.
New-York tribune., 1907-10-24
NEV1D1 BANKS CLOSED.
Labor Troubles and UHhdra7cdI of
Deposits Causes 4SSigned.

Reno New Oct 23.-The State Bank and Trust
Company, with headquarters at Carson and
branches at GoIdheld. TOnopah Manhattan and
Blair closed It's doors this morning The state
bank examiner is In charge. The difficulty
due TO inability to realize stocks placed as
security for a 100000 loan made the Sullivan
Trust Company last year. T. r. Hickey. president
OF the bank is one of the wealthiest men in the
state and the banks assets ara thought to exceed
liabilities. No is entertained that depositors
will lose a cent. Labor troubles and Withdrawals
OF deposits are given reasons for the suspension
Following the announcement that the State Bank
and Trust Company had temporarily suspended the
Neye & Orns Bank Frank Golden president, Of
Carson. Tonopah. Godhed, Manhattan and Reno.
put out sign stating that the bank would be
closed for three days in order 10 have SUFFICIENT
coin shipped in 10 prepare. for any rush The notice
says the resources ample TO pay all depositors
in full
Houston. Tex. oct 2S-The Texas Farmers
advances Will be made cotton, and the effort
hold the crop of the for 10 cents is believed
10 be n failure More than $4,000, 600 is tied up
loans the crop.
Kansas city. Oct 23.-Work was stopped yes
tcrdav on the New Orleans extension OF the Kan
city Southern Railroad. Work also is 10 be
checked on improvements which have been under
way for two years and are nearly finished The
reason assigned for the order is the condition Of
the money market.
Montreal oct. S3.-'The star announces that
by the end OF the month least thousand
men will be of work through the partly clos
ing down OF the Angus shops the manufac turing
department Of the Canadian Pacific Railway in
this city. II is the first move in carrying out
order of Sir Thomas ShauShHessy cut down
expenses. OF the five thousand employed il
is said half will CO. and others will be kept
for while half time No work will he
undertaken
New-York tribune., 1907-10-24
FIRHER TONE ABROAD.
General British Mnket Little 1f-
fected by 1mericaR Prices.

London oct 23-The supplies money in the
market to-day were fairly plentiful and slightly
harder Discounts were frmer on the harden
ing Of Continental exchanges and the fears Of a
demand for gold from New York. The Bank oil
England sold S125OO0 in French gold.
on the stock Exchange Americans continued
70 rrovide most Of the interest, but the excite
lnent caused by the affairs of the Knickerbocker
Trust and other American companies suDSded
considerably. The action of Secretary CorteI-
YOU in going to New York with the object of
providing relief for the situation favoraby af-
fected prices which rose half point TO a point
over parity in the forenoon, while the smallness
Of the account open here and the belief that
there wifi be no trouble at the settlement as
sisted in the better tendencN-
Later Union Pacific and Canadian Pacific lost
q point. and then the receipt Of the weak New
York opening quotations. accompanied by sell
ing orders and various rumors caused prices 10
decin. from TO points lower than they were
q, midday After violent fluctuations they fin
ished with a better tone from half point to d
point above the lowest quotations of the day.
The rencrai market was little affected by the
American situation Prices ruled steady IN
vestment business assisting gilt edged securities
until the afternoon, when dearer discount rates
and dcarer money fears caused CohsoIs 10 de-
cline "a Foreigners and Kaftirs were dun
Berlin Oct 23-The Borse here little
affected by the disquiet in New York. and the
dispatches from London gave further reassur-
ances Americans declined at the opening but
the market generally steadfastly resisted the
efforts break down prices, and there is no
likelihood Of unpleasant consequences here
Bank shares fell half point, but recovered part
of that loss later.
Paris Oct 23-After better opening on the
Rourse to-day the tone became undecided. while
awaiting the result of the financial Developments
in New York.
New-York tribune., 1907-10-24
re

TINHOROUGHLY RE SUILT TYPEWRITERS. with one
years guarantee all makes; sale Sl5 up rented ~
up: supplies, repairs THE TYPEWRITER EXCHANGE
BARCLAY 5 Teep 1i3l-COrtland
New-York tribune., 1907-10-24

MAINE REPORTS NO DISTURBANCE.
Portland. Me, oct. 23-Harry Butler. presi-
dent Of the Portland Trust Company. said to-
day: THE opinion IS found TO be unanimous
that all banks and banking institutions IN Port
land are absolutely unaffected by the conditions
in New York city"
New-York tribune., 1907-10-24
NORMAL IN THE NORTHWEST

NORMAL IN HE NUKIIiWESI
St. Paul Oct. 23.-Bankers in the Northwest
have fear that the present financial troubles
of New York and Pittsburg viii come West
Kennel F. Clark, president OF the Merchants
National Bank, said:
Everything is normal in the Northwest The
banks are in good shape and while we are sorry
for friends in the East, we do not fear their,
troubles"
E. II. Burleigh. president Of the First National
Bank. said;
"Of course the financial troubles in the East
have their disturbing influence. but for actual
cash in fine shape everywhere here in
the West"
Milwaukee, oct. 23.-That the banks in Mil
New-York tribune., 1907-10-24

waukee entirely sound is the general opinion
of the leading bankers here Trust company in
stitutions are merely of a fiduciary character,
and are not affected by the money situation.
Fred Vogel, jr. president of the First National
Bank, said:
The Milwaukee banks carry very large re
serve at the present time and are in a position
to meet almost any emergency which may con-
Germ them. l look for big improvement in all
banks in the course of thirty days, when all
crops will have moved, and Milwaukes will then
be in a position to lend money to New York
banks, if they need it. The West is really not
at all affected by the New York situation"
NO APPREHENSION IN INDIANAPOLIS.
Indianapolis, Oct 23-V. T. Malott. president
Of the Indiana National Bank. expressed the
feeling in local financial circles to-day when he
said:
There has been a general stringency in the
money market and rates of interest have conse-
quently advanced but there has been no appre-
hcnsion felt as to any serious trouble to the
general and legitimate business Of the country
THE financial condition in our locality is
healthy Banks are able to supply the legiti-
mate wants of their customers and have not
taken advantage OF the high rates for money
that have prevailed in the large money centres
except in the way of purchasing paper sold
through brokerage firms in those cities
KANSAS CITY CONDITIONS UNCHANGED.
Kansas City. Mo, Oct. 23-E. F. Swinney.
president of the First National Bank, said this
afternoon:
kansas City is in way interested in New
York. There is alarm here over the New
York situation
James F Downing president of the New Eng
land National Bank, said: There IS not cloud
the local financial horizon. There is heavy
demand for money to move crops; that is all
William A Rule, cashier OF the National Bank
of Commerce, said: Conditions in Kansas City
have been just the same for tho last sixty days
We are having a good demand-strictly legit-
mate demand; no alarm; we see no reason for It
here"
New-York tribune., 1907-10-24
NO TROUBLE II RHODE ISLAND.

Providence. oct. 23.-Cyrus p. Brown. treas
urer of the Industrial Trust Company OF ProVi-
dence. said tonight that everything was NOV
ing as usual in Rhode Island banking circles
He said that he did not expect any trouble
among Rhode Island banks or trust companies
New-York tribune., 1907-10-24

whose combined capital is S15,O50.O0O while
'ielr combined surplus and undivided profit ac-
count exceed, $14,0OO0OO
SAN FRANCISCO UNDIsTURBED.
San Francisco. Oct. 23-The financial
troubles in Wall Street have caused no dis
lurpahces in local banking circles Irving b,
"iouitoh cashier of the Bank of California.
stated that there absolutely no fear feit
by his bank. He said his bank was taking no
new business, and that the bankers of this city
were standing pat" pending the outcome in
the Eastern states
Wellington Gregg, of the Crocker National
Bank, said: 1.-THE New York furry will in no.
wise impair our financial soundness, though of
course feel the effect of the stringenCy
throughout the country"
j. Dalzell Brown, of the California Safe De-
poslt Company, said: Conditions are sound
out here, and the wise conservatism OF local
bankers has made their integrity unquestoned.'
j. X Lynch vice-president of the First Ma
uonal Bank, stated that the banking situation
in this city is entirely satisfactory l. w He'll
man. jr-. OF the Wells Fargo Nevada National
Bank and Union Trust Bank Company, said:
The New York slump and suspensions will
AFFECT local banking institutions"
LARGE RESERVES IN SALT LAKE CITY
Salt Lake City, Oct 23-Local banks to-day
reiterated what they said yesterday as the
financial situation-namely that all the banks
were on solid basis and that they should not
have the slightest apprehension. Charles S.
Burton, president Of the Clearing House Asso-
citation. said that each bank in the city for the
last six months had been carrying from 20 to
so per cent larger reserves than rhey had ever
before carried.
New-York tribune., 1907-10-24
OREGON HAS MONEY TO LEND.

Portland. Ore. Oct. 23.-Banks in Portland are
! not affected by the financial disturbances in New
| York Expressions of opinion by them uni
formiy identical with that of A. Mills. president
| of the First National Bank of Portland. who
said:
We living in of unprecedented
prosperity that Eastern conditions cannot
! change. Banks are In fine condition. ard we are
! lending money TO the East instead o: borrow
ing. as were years ago There is absolutely
no cause whatever for any one in the West
feel perturbed because Of the conditions in New
York"
ABSOLUTE CONFIDENCE IN Los ANGELES
Los Angeles, Oct. 23-Bankers and fnanciers
| here unanimous in expressing absolute con-
fdence in the local financial situation. The
banks have a large surplus. and are safeguard
Ing their credit. W. II. Holiday. vice-president
OF the Clearing House Association, said:
''All banks of the association have more than
ample funds. We feel absolutely non-concerned.
Mercantile business is good. and the banks have
plenty of money
John NJ Elliott, president of the First Ma
tonal Bank, said the banking system of Los
Angeles was never on a frmer basis.
ST. LOUIS SITUATION SATISFACTORY
st Louis. Oct 23.-The leading bankers of St.
Louis unanimous to-day in stating that
there is nothing abnormal in the local banking
situation and that the demand for money Is
little stronger than it IS ordinarily in the fall
of the year. Secretary J. NJ. Woods Of the
Commonwealth Trust Company said all the
banks Strengthening their reserves as a pre-
cautionary measure. but all agree that local
conditions are satisfactory and that the New
York furry will have little effect local bank
ing conditions.
New-York tribune., 1907-10-24
NO UNEAsINEss IN CHICAGO
NO EFFECT IN CINCINNATI.

Cincinnati, Oct. 23.-The New York financial
situation is regarded as local TO that city by
Cincinnati bankers President Hinsch of the
Fifth National said that the New York situa-
ton VIII have no effect in Cincinnati whatever"
Similar expressions We're heard from other bank
ers. There are deposits Of more than $1OO,OOO.-
0o0 in the fifteen national banks in this CITY
New-York tribune., 1907-10-24

whose combined capital is S15,O50OOO while
ieii combined surplus and undivided profit
count exceed S14O0OOOO
New-York tribune., 1907-10-24

Paris. Oct. 23.-After better opening on the
Rourse to-day the tone became undecided. while
awaiting the result of the financial developments
in Now York.
Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1907-12-11
fe Markets
LIVE crock

Il st. Paul. Mimi, Dec, 10 Cattle
Receipts, 900; active and steady:
quot atoms unchanged
Hogs Receipts 200; slow; % o.
335c lower; range, So q 4.15; bulk.
$4.O5 40
Sheep Receipts, 900; steady and
unchanged
chicago, H., Dec. 10. Cattle Re-
ceipts. estimated, about Is, 600; mar
ket steady to strong; steers, s4 @6.50
cows. S2.75@4 80; heifers, $50 @4;5
bulls. $3.50 q 81; calves, s. q 7.25;
stockers and feeders. 50 40 @4.25.
Hogs Receipts, estimated, about
2s.0G0:: market $50 25c lower; choice
heavy shipping s4s4o q 4-5o;; light
butchers, S. 4oD 40; light mixed,
s.: g q 30; choice light, s4.35 o.. 40;
packing, $40 49,; pigs, So. 25 "a. %;
bulk of sales, 81 .25@
sheep-Receipts estimated, about
II ,000;; market steady: sheep, $3.50
I @5.75; lambs, $40 @6.15; yearlingss.
| s4.25@4.9o.