Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1908-02-07


America, the New Amsterdam bank
and the Mechanics and Traders. The
Morse-Heinze-Thomas 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 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 short
time.
After withstanding a run on the
previous day and fearing a continu-
ance, the directors of the Oriental bank
decided to close Its 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 $685., 900.
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, 1854, AIT. which is
over 100000 in excess Of the preyi-
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 ~ per cent on
the preferred and one-half Of 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. ]. 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. %. 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 notable
degree.
Morse Lines Ask ReeeivershiP.
In order to prevent various creditors
from applying for recelyership on
| their own account the controlling inter
ests and the bondholders' committee Of
the Consolidated Steamship lines, the
Charles w. Morse $120, 100000 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 lines, which are
also subsidiaries Of the Consolidated.
Morgan Takes More Bonds.
The New York city officials have de
cfded to sell 100000 in bonds, hav
ing arranged with ]. Pierpont Morgan
for the underwriting of the issue. Il
is expected that these bonds will bs
put on the market in a few days
Their proceeds will be used in carry
ing out needed public improvements.