The Owosso times. (Owosso, Mich.) 1897-1926, 1908-02-07


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
orse-Heinze-Thom connection with
these banks had weakened public con-
f1dence, and 1t was feared that runs
would be made which the institutions
could not meet. Therefore as a safe
guard they were placed in the hands
Of the federal banking authorities. All
are said to be solvent, and 1t was ex-
pected that depositors would be paid
in full and that the banks would be
able to resume business in a short
time.
After withstanding a run on the
previous day and fearing a continu-
ance, the directors of the Oriental bank
decided to close it's doors and turn
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,O0
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 $1G0,0S4 Az, which is
over $6,000,000 in excess of the previ-
Gus high water mark, reached in 1906.
The October earnings, immediately pre-
ceding the financial and industrial dis
turbance, We're the largest in the his
tory of the corporation. The directors
have declared dividends for the last
quarter of the year of ~ per cent on
the preferred and one-half of l 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 1903 will receive an extra
dividend of 65.4 per cent.
Mccurdy Laughs at Suits.
Richard A. McCurdy, former presl-
dent of the Mutual Life Insurance COM
pany, who has spent two years in Eu-
rope, recently returned to his home in
Morristown, n. j. 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. / am seventy-three years old.
The real question is, Which will last
the longer, the suits or myself?'
Pittsburg 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 a receivership on
their. own account the controlling inter-
ests and the bondholders' committee of
the Consolidated Steamship lines, the
Charles w. Morse $120,O00,OO0 combine.
have applied for receiver for the Con-
soldated 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 lines. which are
also subsidiaries Of the Consolidated.
Morgan Takes More Bonds.
The New York city officials have de-
oided to sell $50,0OO,OO0 in bonds, hav.
ing arranged with ]. Pierpont Morgan
for the underwriting of the issue. 1t
is expected that these bonds will be
put on the market in few days.
Their proceeds will be used in carry
Ing out needed public improvements.