Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1908-02-08

| W&#&H# 48&%Z#z#$&E@ Is Sdlu 10 De Tue ue-
J WNMS8 sire of the bank Of
| fcials to erect a
v.,aor,in building that will
| - Ii - remind people of the
Bank of England. while being far
more magnificent and complete. 1t is
current report that James Stillman, the
present head of the institution, is plan
ming to retire from the presidency and
that he will be succeeded by Frank A.
Vanderlip, now vice president.
More Banks Close Doors.
A part of the after effect of the
financial crisis of 1907 was the closing,
temporarily at least of several large
New York banks last week. These in
situations were the Bank of North
America, the New Amsterdam bank
and the Mechanics and Traders. The
Morse Heinze-Th connection with
these banks had weakened public con-
ddence, and it was feared that runs
would be made which the institutions
could not meet. Therefore as safe
guard they were placed in the hands
Of the federal banking authorities. All
are said to be solvent, and it was eX-
pected that depositors would be paid
In full and that the banks would be
able to resume business In short
time
After Withstanding a run on the
previous day and fearing a continu-
ance, the directors Of the Oriental bank
8nnSIa1 IN nj @+c ~ 4,,u
the bank over to the state banking
officials. The reason for this action
was the disclosure at the clearing
house Of debit balance of $939,0OO
Steel Trusts Big Earnings.
Despite the unfavorable showing Of
the last quarter of the year, the records
Of the steel trust show that its profits
for 1907 were $3.50, 1884, ATT, which is
over $6,0O0OOO In excess Of the prev1-
GUS high water mark, reached in 1906
The October earnings, Immediately pre-
ceding the financial and industrial dis
turbance, were the largest in the his
tory Of the corporation. The directors
have declared dividends for the last
quarter Of the year of tx per cent on
the preferred and one-half Of I per
cent on the common stock
The first five years Of the profit shar
ing plan Of the trust have nearly
closed, and it is reported In Wall street
that those of its employees who have
continuously held the preferred stock
purchased when the plan was first an
nounced in 1908 will receive an extra
dividend of 65.4 per cent.
MeCurdy Laughs at Suits. .....
Richard A. McCurdy, former presi
dent Of the Mutual Life Insurance COM
pany, who has spent two years in Eu
rope, recently returned to his home in
Morrfstown, N. ]. When asked about
the suits for the restitution Of several
million dollars which the management
Of his old company had brought against
him he laughed and said: II have law
yers, and they will take care Of the
suits. They are not worth talking
about I am seventy-three years old.
The real question is, Which will last
the longer, the suits or myself?"
Pittsbure Exchange Opens.
The Pittsburg Stock Exchange, closed
since Oct. % last, opened for business
Jan. 81. There was tendency on the
part Of the brokers to withhold sales, |
and only 2711a shares changed hands
The reopening of the exchange has al
ready restored confidence to a notable !
degree. .-.....-...
Morse Lines Ask Receivership. ,
In order to prevent various creditors
from applying for receivership on
their own account the controlling inter
ests and the bondholders' committee of |
the Consolidated Stea mship lines, the |
Charles W. Morse $12O,OOO.OOO combine.
have applied for receiver for the Con-
solidated and the two weakest of its |
subsidiary lines. the Metropolitan and
Eastern Steamship companies. These
proceedings do not affect the Mallory.
Clyde, New York and Porto Rico and
New York and Cuba liness which are
also subsidiaries of the Consolidated.
Morgan Takes More Bonds.
The New York city officials have de-
cided to sell $5O.OOO,OO0 in bonds, hav-
ing arranged with ]. Pierpont Morgan
for the underwriting Of the issue. It
is expected that these bonds will be
nut on the market in few days.
Their proceeds will be used in carry
ing out needed public improvements.