Richmond Palladium (Daily), Volume 32, Number 256, 23 October 1907 — Page 1

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HMOOT PAIXAMUM 10 PAGES TODAY 10 PAGES TODAY AND SUN-TELEGRAM.

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VOL. XXXII. ISO. 256.

MONEY PANIC OTHER CITIES

Sensational Runs Are Begun on Other New York Financial Institutions.

IS SLUMP OF ELEVEN POINTS 11 MARKET In Pittsburg the Stock Exchange Was Closed on Request of the Clearing HouseSecurity Investment Company In-volved-The Local Conditions.

' FINANCIAL DEVELOPMENTS. Knickerbocker Trust Company, New York, in hands state banking department. Sensational runs on Trust Company of North America, Colonial Trust Company, Star Savings Eank and Dollar Savings Bank. Slump on New York stock market ranged eleven points throughout. Pittsburg stock exchange closed on request of clearing house. London and Paris affected. Mayer & Co., members of the fNew York Stock Exchange, make an assignment, with liabilities of $6,0C0,0OO. Secretary of the Treasury George B. Cortelyou arrived in Gotham, Tuesday night, and issued statement declaring that all other New York banks are in a safe condition. Before leaving Washington, Secretary Cortelyou directs that millions be placed with New York banks as soon as the necessary collateral is furnished. Fourth vice president of the Knickerbocker Trust Company -says that one man is responsible for the recent flurries in Gotham and intimate? that the man he means Is Roosevelt. President Roosevelt, in speech at Nashville, unconsciously replies to the charges of the Knickerbocker official and says that there will be no change In his policy. New York. Oct. 23. The money panl'c extended all over New York today and extended to other cities. The Knickerbocker Trust company Is in the hands of the state banking department and lines of depositors at all branches of the institution were disappointed. Sensational runs were begun on the Trust company of North America, the Colonial Trust company the Star Savings bank and the Dollar Savings bank. The slump in the stock market ranged eleven points throughout. In Pittsburg the .stock exchange was closed on request of the clearing house. London and Paris are affected by the panic. IN COMPETENT HANDS. Ridgely Says Panic is Confined to New York. Washington, Oct. 23. At eleven o'clock Comptroller Ridgely said the New York situation is in competent hands and the panic confined to that city. SECURITY COMPANY IN. Temporary Receiver Will be Necessary for Various Concerns. Pittsburg, Oct. 23. R. C. Hall, president of the Pittsburg Stock Exchange in a formal statement says the Security Investment - company finds itself involved. This will necessitate a temporary receiver for the Westinghouse Electric and Manufacturing company, the Westinghouse Machine company and tho Nerust Lamp company. He says the companies are solvent. The Union Switch and Signal company and the Westinghouse Air Brake company are not affected. LOCAL CONDITIONS GOOD. Richmond Bankers Say There is Cause For Alarm. no President A. D. Gayle. First National Bank: "I do not think the run on the Knickerbocker bank will in any way effect Richmond. Tho local market is good; in fact it is in the best condition known in its history. The deposits reach a higher figure than ever before -and there is plenty of money. The flurry in New York is a rich man's panic and will extend no farther than New York, according to my opinion. The conditions there will be Improved, as the present agitation will entirely clear the financial field of gambling bank speculators. It is a good thing that they are getting out. People of Richmond are rather conservative about making loans, due to the i present flurry perhaps, but there is no actual money tightness here." Samuel Gaar, ;3econd National Bank: "New York conditions do not In any way alfect Richmond, as peop?e of Richmond hold no New York stocks. The flurry there would naturally make people here a little bit 'conservative about negotiating loans, but a person holding good collateral securities has no trouble In securing any amount of money he may desire. There Is no great demand for money In Richmond

IS EXTENDED;

ARE INVOLVE ! at present. No local banks have any j connection whatsoever with New York banking institutions." Ceorge Cates, President Union National Bank: "I would not think the flurry in New York would affect the Richmond financial condition. There is no money tightness in Richmond now." v IE. G. Hibberd, Richmond Trust Co.: "The New York situation has no effeet on the Richmond financial world. ; The money market is very sound in this city. People are just a little con- ; servative in placing loans, but there is no tightness." Is Purely Local. That the financial flurry in New York City, is entirely confined to that city, and will not spread over the country or reach Richmond, is the opinion of all Richmond business men who have been consulted upon the subject. Instead of a spirit of pessimi ism reigning in this city, as has char acterized the opinions of bankers in I New York, local heads of financial in stitutions and those who study the situation, are optimistic for the future. Local conditions were never pro nounced better. With plenty of money, the banks freely loan money on good securities while private money lenders also feel safe where good securities are given. The black, financial thunder cloud hovering about the Wall street bank- ' ers, will vanish as a mist before a brilliant summer sun, within a few days, it is asserted locally, but not until the speculators in Wall street have been cleared from the legitimate . bankers' ranks'. That their flight, which is directly responsible for the present flurry, is the best thing that could have happened for the banking business, the country over, is conceded among local financiers. With local conditions in this high degree of excellence, the Wall street i squabble is being given but little con sideration here. There is no need of fear in Richmond. METHODS NOT GOOD. Nash Says Too Little Attention to Depositors' Interests. New York, Oct. 23 Wm. A. Nash, president of the New York clearing house and Corn Exchange bank said today that business has been carried on with to little regard for safety of depositors and with too great attention to profits of the men at the head of those institutions. Failure of the Knickerbocker is said to be due to refusal of J. Pierpont Morgan to keep his promise to advance five millions. It is claimed he is retaliating against Harriman and the Standard oil crowd. COMPLAIN ABOUT RATES Indiana Railroad Commission Hears Complaints. Forty-three business men of Greencastle have filed a petition with the Indiana Railroad Commission protesting against alleged excessive class freight rates on the Big Four between Indianapolis and Greencastle, as compared with class rates between Indianapolis and other towns on the Big Four and other roads. It is also brought to the attention of the commission that the Vandalia has failed to comply with a recent order of the commission ordering reduced freight rates. The petitioners demand that the commission at once take action to compel the roads to reduce their rates. WILL BEGIN AT MIDNIGHT. J. S. Brumley. who secured the con tract for carrying the mails between the federal building and the varioi various R ill Uedepots by a recent contract, w gin his duties at midnight. FILES SUIT ON ACCOUNT. The undertaking firm of Doan & Klute has filed suit on account against George Muhl. THE WEATHER PROPHET. INDIANA Fair Wednesday and Thursday, diminishing northwest winds. OHIO Fair Wednesday; Thursday partly cloudy; fresh to northwest winds.

RICHMOND, IND., WEDNESDAY EVENING,

Prominent Figures in the Recent Wall Street Scandal vmmW' ' m- Afe

PLANETARY VISITOR AT LOSS Could He Tell What the Churcn Is For If He Came to This World? MR. SHANNON DOUBTS IT. CLUBS, LODGES, THEATRES, BALLS AND THE LIKE ATTENDED AT THE TIME FOR THE CHURCH SERVICES. Mr. Shannon's theme tonight at the United Brethren church will be "Young Life: Its Possibilities and Perils." On Friday night the subject will be "The Man Who Died at the Halfway Place." Tuesday night his text was "Awake, Thou That Sleepest. and Rise from the Dead, and Christ Shall Give Thee Light." He called attention to the fact that many people are asleep as to their own best interests and are fouud giving great attention to questions of but littie importance. He said that tltese words, this clarion call, is to people who had been quickened and seated by the Holy Spirit and had then become sleepy. Among the calls used to awaken his congregation Mr. Shannon said that the church needs to get its eyes open as to what It is in the world for, and that if a church is not engaged in the work of soul winning it is out of business. He appealed to those present, asking how many of them had tried to lead a scul to Christ in the past six months. He said that the only proof that people have faith is found in the fact that things are coming to pass. It is of no use to say we have faith and then acknowledge defeat, for faith is the victory. He called to the parents to awake, because their own children are slipping

MIGHT

ROOSEVELT ANSWERS ACCUSER

Will Be No Change In Ills Policies Despite Present Troubles.

THE ACCUSATION. After the doors of the Knickerbocker Trust Company closed Tuesday William Turnbull, fourth vicepresident, in an interview with New York newspaper men, laid the recent financial troubles at tlie door of President Roosevelt. He did not name the president, but the inference could not be misunderstood. When asked if he meant Roosevelt in the startling charges he made the trust company official refused to deny that he was the man suggested. He said: "All the disturbance in the money market has been caused by one man. who in the last six months, in public and private speeches, has been gradually undermining the credit system of the country. Monday night the Knickerbocker Trust Company had assets way in excess of its liabilities, and in one night the confidence of its patrons and Its credit was destroyed. This was brought about by one man, and that," a man who knew nothing whatever of the credit system." One of the reporters asked Mr. Turnbull whether he was referring to President Roosevelt. "You know perfectly well who I mean," replied Mr. Turnbull. "There is no need for me to specify."

W "I"! TL 1 . H Some of the financiers who figured in tiit; recent Wail street scandal. On the left is William 15. Richley, comptroller of currency, who succeeds F. Augustus Heinze as president of the Mercantile National bank, so that its intricate tangle of affairs may be straightened out if possible. On the right is a photograph of the institution. The lower photograph is that of Charles W. Morse, whose alleged treachery in a copper pool was blamed for Heinze's downfall. Cm the right is Daniel Guggeheim who only laughed when the stocks of his firm dropped 50 points in the street one day last week. away from home from the church and from heaven while the parents are giving their attention "to other things than the eternal interests of their families. He allowed that if the men who are church members found their business failing and themselves defeated in business as the churchmen of Richmond are free to acknowledge defeat in the church, there would be some close investigation and some extreme measures j adopted. But who is concerned? Who j is awake as to the lack of interest in I and profit from the churches? He asked what a visitor from some ! other planet would think churc hes are j for in this country if he should come ' in the season of shows, fairs, festivals and the like, and how much interest he could reasonably believe we have in the worship of God when at the times appointed for worship we are found at clubs, lodges, theaters, balls and the like. We are not only to get awake but to get up. Some people are awake to the extent that they see something of the conations but are doing nothing will not get up. Such people need not pray for light. They need none to sleep by. If they will get up. light will come as rapidly, as they will walk in it. THE REPLY. In his speech at Nashville, Tuesday President Roosevelt unconsciously replied to the charges made by the New York Trust Company official. In referring to the financial crisis he said: "There has been trouble in the stock market, in the high financial world, during the last few months. The statement has frequently been made that the policies for which I stand, legislative eand executive, are responsible for that trouble. Now, gentlemen, those policies of mine can be summed in one brief sentence. They represent the effort to punish successful dishonesty. I doubt if those policies have had any material effect In bringing about the present trouble, hut if they have it will not alter in the slightest degree my determination that for the remaining sixteen months of my term these policies shall be persevered unswervingly. "No man will stand more strongly than I will in the defense of property, so long as it is honestly acquired, and honestly used. I will stand against the poor man if he does wrong just as I will stand against e rich man if he does wrong. I will stand against crimes of brutal violence, just as I stand against crimes of unscrupulous cunning. A crime Is a crime, and it makes no difference whether the wrong is perpetrated by plutocracy or by a mob: by a capitalist or by a wage-worker."

OCTOBER 2$ 1907.

L IN THE BASEMENT OF It Is Alleged That That Portion of the Building, Used Because of Lack of Room, Is in Unsanitary Condition. PROTEST IS ENTERED BY VARIOUS TEACHERS. Instructors Also Have a Complaint to Make Because They Have Been Docked For Unavoidable Absences. Members of the Richmond high school faculty have entered protests with Superintendent T. A. Mott ovev the alleged unsanitary condition of tho basement at the high school, and because teachers, when Incapicitated for duty, are "docked" for the time they are off duty. It is understood that Superintendent Mott has turned a deaf ear to these protests and as a result there is general dissatisfaction amonq the members of the high school faculty. It is charged that the basement of the high school building is so damp that it is unhealthful. Owing to the crowded condition of this school the basement is now in general use. There are four recitation rooms in the basement, and during school hours there are always a large number of children in these classrooms. In the mathematics room tho walls are so damp that there are actually toadstools growing in the crevices. In another recitation room the walls glisten with dampness and the stone is beginning to crumble away. In this room a covering of cheesecloth has i been placed around the room, but this j cheesecloth is torn in several places an.i j through the rents one can see the con'dition the walls are in. Over the ce ment flooring a temporary wood floor has been placed because of the damp condition the cement is always in. It is reported that several students have become ill as a result of the allprevading dampness in the basement. j One of the instructors was also taken j ill from the same cause. This injstiuctor was off duty for three day.?, ! and on return to duty learned that she I had been docked for the time she was confined to her home. Not Only One Docked. This instructor is not the only one who has been docked for being off duty. Nearly all of them have fallen victims to the strict rule. That was the reason why a vigorous protest was made to Superintendent Mott. Not long ago one of the instructors, during a school period when she had no clas3 to instruct or a study room to look after, went to the funeral of a relative. For this she was docked 48 cents. Another instructor went to attend a Y. M. C. A. meeting during school hours and he was docked for the time he was off. Another instructor contracted mumps from a student. She was docked for all the time it was necessafy for her to be off duty. Other cases could be mentioned. It is contended - by the , teachers that until steps, and prompt steps, are taken by the school board to erect a new building or enlarge the .present one to relieve the congested conditions at the high school and Garfield school, the over-crowded high school building should at least be made fit for the students to stay In. STATEMENT BY MOTT. Denies That Building is UnsanitarySays Board is Lenient. Superintendent A. Mott states that

TOADSTOD

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GERMAN BALLOON MAY HAVE ESTABLISHED A NEW RECORD The Pommern Landed at Asbury Park, New Jersey, Very Near the Ocean. IT COVERED A DISTANCE DF 1048 MILES The St. Louis Landed at West Minster, Aid., And Did Not Travel Ouite as Far as the PommernOne In Canada.

New York, Oct. 23. The German balloon, Pommern. landed at 1 o'clock within a few yards of the ocean at Asbury Park, N. J. It is believed it establishes a new record for long flight. The distance is more than one thousand miles. The French balloon, Aujou, landed at Ivover, Del., at 0 o'clock. Both the German balloonists said they had a fine trip and travelled l.thlS miles in forty hours. THE ST. LOUIS LANDS. It Did Not Travel As Far as Pommern. the New York, Oct. 23. The American balloon from St. Louis, with Allen B. Hawley and Augustus Post, landed at l:4 a. m. at West Minister, Md. Proximity to the ocean and Chesapeake bay caused them to land. The St. Louis did not travel quite as far as the Pommern. LANDED IN CANADA. The United States Covered a Distance Of 620 Miles. Caledonia, Ont., Oct. 23. After a sensational trip over the state of Illinois, crossing Lake Michigan and Lake St. Clair to the middle of Lake Erie, and then on a sudden and whimsical change in the air currents whirled north into Canada, the American balloon, "The United States." piloted by Major Hersey of the United States Weather Bureau, landed last night about twelve miles south of Hamilton," Ont., at 0:15 o'clock. HERSEY TRIP DISAPPOINTS. Fails to Lower Long Distance Record Of the World. St. Louis, Mo., Oct. 23. News of the landing of the United States last night near Hamilton, Canada, was just a bit disappointing to the followers of the race here who were confidently predicting that Major Hersey v;ould break the world's record of 1,200 miles. Although he did not break the record ti.ere are several experts here who still believe that this record may go by the board. They are also of the opinion that the record for the duration. 41 hours and 5 minutes, may be exceeded. Both the distance and the endurance records are held by Count Henry de la Vaulx of France. "POMMERN" SEEN HERE. Pretty Certain it was the One That Passed to the North. It is now pretty certain that the German balloon "Pommern" that landed at Asbury Park. New Jersey, a flight of 1.04S miles in forty hours, is the so far as the sanitary condition of the high school basement is concerned it it not an unfit place to be used for class rooms. He states that the new heating plant at the school constantly supplies the basement as well as other parts of the building with fresh air and that, if there is any complaint to be found at all, there Is not enough moisture in the basement of the high school. Mr. Mott admits that it is not desirable to place students or teachers in the basement but his reasons for making this statement are because the basement always has to be lighted by electricity; because it is unattractive and because it adds another flight of stairs for the pupils to climb. "The school board realizes that an addition to the high sc jool f should be built and this improvement will be made as soon as the required $50,000 can be raised. To do this an increase in the school tax would have to be made. Already the school board has increased the school tax for next year four cents," stated Mr. Mott. Speaking on the subject of docking teachers when they are incapacitated for duty, Mr. Mott states that the Richmond school board Is more lenient in this respect than any other school board In the state, except Ft. Wayne. Mr. Mott stated that when the expenditure of public money is at a stake, rules have to be made governing the expenditure of this money. He stated that the rule of the local school board is that when a teacher is absent from duty for a period of more than one day the teacher receives only twenty per cent, of his or her salary. The remainder is used to pay the substitute Instructor. If a teacher Is incapacitated for duty for one day or a part of a day the teacher is not "docked." This same rule has been adopted by the Ft. Wayne school board. Elsewhere in the state teachers are docked for all the time they are off duty.

SINGLE COPY, 2 CENTS.

balloon that was In apparent dlstrena just north of Richmond Tuesday. The "Pommern" was the only balloon entered In the race that was of a yellow color and that was the color of the balloon that was seen to be In trouble north of town. This balloon while passing north over Richmond was seen to suddenly sink earthwards at a rapid date of speed and was checked in its descent by throwing out ballast an operation that was readily seen by several onlookers through field glasses. After It regained Its position at a higher level in the air It made off rapidly in a north easterly direction. This same balloon was seen near Whitewater and at that time tt was again very near the earth. The balloon that passed directly oter Richmond about one o'clock In the afternoon was undoubtedly the French balloon "Anjou." As it passed over the city several people on top of the tower at the rear of Mrs. J. M. Gaar's residence on North Eighth sL, waved to it and In answer the occupants of the car could be plainly seen by the aid of field glasses waving back with the flag of France. In all. six balloons passed over or near Richmond Tuesday. The first one was sighted at nine o'clock In the morning and was followed an hour later by another balloon. Both these balloons passed to the south of Richmond. At noon another balloon appeared in the west and passed directly over Richmond. This was the French balloon "Anjou." At the same time the French balloon waa- passing over Richmond another balloon was sighted many miles north of Richmond traveling towards the east. It was too far away to be identified. And at this same time the German balloon "Pommern" made Its appearance with a man working in the net work around the balloon and as has been described before, made a sudden descent, then slowly recovered its former position and made off to the northeast. Shortly after this another balloon was seen passing far to the south of Richmond. It seems a remarkable coincidence that six out of the nine balloon started in the international race should have passed over or within sight of Richmond, considering the great distance traveled and the chance during that tlnie of varying winds changing the course of the balloons sufficiently to deflect them from passing along a fairly straight line over Wayne county on their trip eastward. THREE AT HAGERSTOWN. Second Message Thrown 'Out but Orrty One Found. Hagerstown, Ind., Oct. 23. Three of the nine balloons in the international race passed through this vicinity. One represented Germany and five packages were thrown from it but only one was found and that was a map of Wisconsin, which lodged in Jacob Walter's barn yard, two miles east of town. PLACED AT 830 MILES. St. Louis, Oct. 23. The Aero club unofficially figures the distance of the Pommern at 880 miles. TRAVELED 775 MILES. Dover. Del., Oct. 23. The Balloon Dusseldorf, a German entry, landed near here this morning. It traveled 775 miles. PHYSICIANSJl THURSDAY Union District Medical Society . Will Meet. The Union District Medical society will convene at the Westcott hotel Thursday morning at ten o'clock. About eighty physicians from different points of Indiana and Ohio are expected. The sessions will be very interesting. W. B. WILSM CANDIDATE He Would Like to Succeed President Mitchell. Indianapolis, Oct. 23 W. B. Wilson, secretary of the United Mine Workers of America, believe that It will be an honor to succeed President John Mitchell as the head of the miners' organization, and yesterday Mr. Wilson made the official announcement at UU candidacy for the presidency