The Houston Post. (Houston, Tex.), Vol. TWENTY-THIRD YEAR, No. 5, Ed. 1 Friday, November 1, 1907 Page: 1 of 16
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Traveling Men, Attention
Wh«n you are through reading tj*i» P»P*r
«n the train, throw it out to the first g»n(l
of atction men you p^««. •" they ccn read it
•nd enjoy it. They will appreciate it.
s
SIXTEEN PAGES TODAY
THE HOUSTON POST.
TWENTY-THIRD TEAK. ^ ^fOUSTON. TEXAS. FRIDAY. NOVEMBER 1. 1907. .
PRICE 5 CENTS?
Post Want Ads Pay
TRY ONE
More Circulation Than All Other
South Texas Papers Combined.
MOVEMENT OF CROPS
IS TO BE FACILITATED
Exportation of Farm Products Necessary to In-
crease American Credit Abroad.
MORE MONEY MAKING
Circulation Augmented by Gold
Importations.
A\ANY M LL10NS ENGAGED
Credit Will Thus L'e Increased by
Ncarlv a hundred A\i I.ois.
iOUlH MAY Gel SOME DETOSIIS
Secretary Ccrtilyoti Now Disposed to
Look With Alorc Favor on the De-
mands From This Scction—Cur-
rency Reform Suggested.
(Associated press Report.)
Ni.\V YORK. October 31.—Indications that
11.* avnilable aupply of cash would bo tr.a-
ti-rlaUy IncrenieJ within a short time, both
fcv Imports of xnld and the increase of tha
1«.xn!t noU' clrculnti".:, ami that the inove-
ner.i v' the cottrn and gruln crnps would be
f. < iiitatvd In every •xuy possible with the
I- suit of lr.rrca»i*irT our crcd'ts abroad. were
the ralli-m feature of today's financial sit-
uation. It seemed to be recognized every-
whtrc tfcet the n».ut stage of the crisis was
rvtr i : 1 tli.it uil that remained was to ob-
tr.lti »»-ffirl«nt cur-en.y resume ctirrenc ■
1 iymcnts ui>; n a broad scale and thus to
i"-iiore conditions prevailing before the
crisis.
Tiie enga:n trt' irt t of gold made in New
^ork. Chicago and elsewhere br >ught u;j
tho totri in pert movement within the past
W»f-k to $26,750,000. As the movement of goid
%vi!i afford a b'tds of er' lit to four timed
the amount, or about t'>6,000,003. it will Itself
«fu;;d relirf. The action of the Rank
of England In it»»?;'npr It ; dlneo.int rate from
<V» to :,\i vi-r < exit vva.i It; accordance with
mtwtatl.x.i In conservative circles. The
» fret that tho jncr.iase vviis not made to 6 per
i t i'l arid tTiil thr Ensl'sfl rat«-'rc^.. ins 1 per
cent Mow the German rate in accepted as an
indlcati in tha*. the tritvtatlon at London is
not Considered acute.
CANICS RESPOND PP.OMFTLY.
The prompt response of the National hanks
throughout the country to the suggestion of
Comptroller Rld,:ely, that they should em-
ploy their United States bonds as largely as
jKWslble to secure circulation and substitute
other bonds for thoso pledged a gainst de-
P"slts of public money promises a consider-
able In- rcoicj in th" available stock of cur-
rency. The estimates of r.n increase In th3
bank note circulation of ;?0.0f>n,000 la consid-
ered well w.thlr. 'he probabilities. It will re- j
quirt tl:n». however. !n "O'nt eases for the !
b.inks to obtain proper bonds to substitute j
for their United States bonds.
Mr. Vanderllp, vice president of the Na- '
tional City bank, m.ide the fruitful sugges-
tion toduy that the f.HVlngs banks would at j
oncc Improve th<- general situation if they 1
would sell their holdings of United States '
bonds to tho National banks. Even in cases
where they do not (are to sell, it is believed
they Will lend the bonds to the National !
tanks, us has often be n done in the past.
SOUTH MAY GET ASSISTANCE.
Interest continues to center in the move- |
ment of cotton from New Orleans and other
Southern points, which Is to essential to pro-
vide bills ngalnst the Imports of gold. Sec-
retary Cortelyou, according to Washington
dispatches, todoy waa disposed to increase
deposits of public funds of the Southern
batiks. To supply the banks with the stock
of currency so much needed to handle the
cotton crop will enable them to await with
it ss embarrassment than otherwise the ar- i
rival of their cotton bills In Europe and the
bringing back of the gold.
The committee of New Orleans bankers
which is in Washington has suggested that
the Nov/ York banks can ease the situation
by giving the Southern banks Credit for
checks In foreign banks forwarded as soon
as they receive telegraphic advices of the
amounts. This will enable the Southern
banks to check against such balances In pay-
ment of collections and In making re-
mittances to Interior banks throughout the
country.
PI/AN FOR CURRENCY REFORM,
It is noted with interest by leading bankers
here that the present scarcity of currency
and the recourse which has been had to the
National bank circulation is arousing unusual
Interest In the plan for currency reform
which has been Indorsed by the American
Bankers' association. This plan was adopted
in DiC?rnber of last year, after consultation
with representatives of the New York cham-
ber of commerce, and which was presented
to congress at that time. The "plan did net
ret.si*e tlii le'inlte approval of the American
llankers' association, however, until the
meeting 111 Atlantis City lust September, but
at that time it was adopted unanimously.
The committee which framed the measure
was continued with authority to take further
action. It has not held a meeting since the
conVention at Atlantic City, but some of the
Western members are strongly deslrlous that
such ft meeting be called at an early date In
order to bring the subject properly before
congress while public opinion Is aroused on
the subject.
IS IMPRISONED FOR A TRIFLE.
State Department Will Investigate the
Case of Hunter in Honduras.
I Auociated Press Kdvort. >
WASHINGTON, October A-The state de-
partment has been advlfed by the American
consul general at Teguclgulpa of the arrest
nnd Imprisonment at San Pedro, Honduras,
Tf an American citizen, Dr. O. R. Huntor,
tin charges of a trivial nature connected with
the transfer of a piece of property.
The cons* I general has been Instructed to
report all t ie facts to the state department,
and upon tills presentation Instructions wul
, be glv'n to the American minister to Hon-
< dura* to Intervene in the cam.
THIS SUICIDE IS MURDER.
Man Shoots Dead Wife to Lend
Color to His Story.
(Aisociatcd Press Report.")
NEW YORK. October 31.—After be-
ing convicted of -oansbiiighter in tho
first degree in aiding and abetting hi.i
wife to commit suicide. James War-
dell, 24 years old, confessed today In
the court of general 3es?ions th^t ho
deliberately killed his wife. After he
had killed h.r he said he fired o.
bullet Into her dead body to :<ivo tho
Impress'on that che hnd ended her
own lifo v/lth n icvolver.
When Wnrdell was tried last week
he said that hl3 wife had commit-*
ted rulc'de. When he was taken be-
fore the court today for sentence,
Wardel', through I1I3 attorney, made
a complete c >"fecslon. His m!nd had
been completely upset by his wife's
misdoings, he si-id. and when she sug-
gested that they die together, ha
readily agreed, lie placed the gas
tube to his wife's mouth and turned
on the E?s, p.nd when rhe was dead
his courage failed and he dared not
end his own life. Then he thought to
shield h'.msolf by firing a shot into
h< r brain to make it appear that
she hod committed suicide. When the
attorney hod finished his story, War-
del broke in with:
"Yes, that's all true. That's the
way It was. Try me for murder, i
want to die. I want to get out it all
nnd away from it all."
Sentence was deferred pending a tV>-
clrlon as to whether an examination
into Waidill's sanity shall be mods.
ElTHtR NONE OR ALL
TAFT CAN NOT SELECT CAPITALS
TO BE VISITED.
Secretary Recurs to His Original Itin-
erary in Order to Prevent Diplo-
matic Misconception.
(Alforijti'j Press Rrf-ort "\
WASHINGTON, October 31.—Secretary
Taft's decision to recur to his original itin-
erary and sail from Manila for Vladivostok
on his homeward Journey next- Monday in-
stead of the week following as he suggest-
ed to the president was. after all, based on
international and not domestic considera-
tions.
Soon after It had become officially known
that he Intended to return to America V.v
way of Siberia and Europe, the foreign of-
fices of various countries which he would
probably traverse on his way to the At-
lantic seaboard began to interest ttiem-
selves in his Itinerary. Diplomatic repre-
sentatives of some European governments
have already been making inquiries at
Washington as to the Itinerary, preliminary
to extending to him formal Invitations to
the various capitals. It has been found
tjuite Impossible for an official of his high
rank to visit one European country as the
guest of a sovereign without visiting the
capitals of other countries through which he
must pass on his homeward journey. It is
believed here that a decision of the admin-
istration that accompanied invitations from
the capitals that it would he Inexpedient
has led to the change In Secretary Taft's
plcns which will enable him to consistently
decline all of them except the German ern-
T eror.
The interest in the itinerary by the foreign
countries was not confined to Europe, but
extended to Asia, and finding that the
emperor of Japan was about to entertain
Mr. Taft, the Chinese empire caused Inquiries
to be made to learn whether the secretary
could not be induced to \islt the Celestial
capital. Although obliged by the route taken
by the steamer upon which he traveled to
visit Shanghai and thus land upon Chinese
soli, the secretary declined the imperial in-
vitation on the ground that its acceptance
would prevent him from redeeming his prom-
ise to be present In person at the Initial ses»
slon of the Philippine assembly. But it was
otherwise with the European governments.
Upon learning Informally that Emperdr
Wdlliam would be pleased to meet him in
Berlin, Secretary Taft submitted to Presi-
dent Boosevelt a plea for an extension of
time allowed for his trip by almost a week
in order to arrive at Berlin when the Ger-
man emperor returned there from his visit
to England. The application for an exten-
sion was received in Washington while the
president was in the Louisiana canebrakes.
When the ^nswer was returned and what
the nature of it was can not be positively
stated.
WITHDREW PLEAS OF NOT GUILTY
Northwestern Lumbermen Enter a Gen-
eral Demurrer at St. Paul.
'Associated Presi Report. >
ST. PAUL, Minn., October 31.—Attorney
Louis K. Hull today appeared before Judge
William Lecherin of the United States court
and In behalf of the eighty-nine lumbermen
Indicted for the so-called black book con-
spiracy, withdrew separately the pleas of
not guilty entered by each of the group on
October 10 and filed a Joint demurrer on the
part of all the defendants to the indictment.
The demurrer states that the facts charged
by the grand Jury do not constitute an of-
fense against the United States or any law
of the United States. If this demurrer is
sustained by Judge Lecherin. this will end
tiie lumber cases In the Federal court. The
argument, It is expected, will be made late
In December.
Width of Canal Locks Fixed.
t Associated Press Report.)
WASHINGTON, October 31.—One hundred
and ten feet Is the width which the navy de-
partment has finally fixed upon as desirable
for the locks for the Panama canal. This is
an Increase of ten feet In width over the
plans on which the commission is now work-
ing.
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—Washington Star.
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CHALLENGE FOR DUEL
LOUISIANA GUBERNATORIAL CAN-
DIDATE IGNORES IT.
Donelson Caffery Thereupon Brands J.
Y. Sanders in Strongest Terms of
Denunciation.
THE NEWS SUMMARY
(Houston P^sl Special.)
NEW ORLEANS, October 31.—As a climax
to the series of political sensations of the
r ast twenty-four hours. Mr. Dontdson Cp.f-
ftry, son of the late United States Senator
■lonelson Cafery, Sr., of Franklin, St. Mary I
nsrish, sent his friends today to wait upon |
Lieutenant Governor J. Y. Sanders, a candi- j
date for governor, and demanded a written
1 etraction of certain statements made by
Sanders in his speech at Jeanerette, La. As
1 result, Caffery challenged Sanders to fight
1 duel.
Friends of Sanders declined to consider or
cc<?pt thi3 challenge on the grounds that it
would disqualify Sanders from holding or
running for office.
Caffery and Sanders have been politically j
opposed to each other for some time. Early 1
in the current State campaign Caffery be-
came an ardent supporter of Theodore S.
Wilkinson for governor, and made his offi-
cial entry in the campaign one week ago at
Donaldsonville, where he took the stump in
the Wilkinson campaign and delivered his
first speech. Charges against the public rec-
ord of Sanders in this speech caused Sanders
to reply to it in his Jeanerette speech Tues-
day. It was to these references that Mr.
Caffery took exceptions, resulting in his de^-
mand for retraction.
Caffery came to the city with friends, and
is stopping at the St. Charles hotel. Tonight
lie issued the following statement of the
case:
"I brand Mr. Sanders as a deliberate liar
for his denial of the truth, and as a con-
se-^nceless coward for insulting me and then
shielding himself from the consequences by
hiding behind the ro'oes of the office he Is
holding and the shadow of the one he is
seeking.
<Signed.) "Donelson Caffery."
Roosevelt Favors New Project.
(Associated Press Report.)
MACON, Gsl, October 31.—Postmaster
Harry Edwards has just received a letter
from President Roosevelt in which he in-
dorsed the proposed canal to connect tho
Atlantic ocean with tho Mississippi river
through the South Atlantic cotton belt, and
I romkdr.g his active assistance in its de-
velopment.
All Bailey People There.
(Houston Pest Special.)
LOCKHART, Texas, October 31.—The peo-
ple here wish to thank The Post for the able
manner In which the Bailey-Crawford in-
cident was handled. We are all Bailey people
lure. Of course some few are r.ot his friends
and applaud every time one of Hearst's hired
men tears off a lot of thunder.
THE WEATHER.
Forecast for Houston and vicinity Friday—-
Partly cloudy; occasional showers.
Temperature and precipitation rccord at Houston
for twenty-four hours ending 7 p. m. Wednesday—
Maximum temperature 76; minimum 59.
Total precipitation .00.
Unsettled, cloudy .veathcr prevailed yesterday
mornmg 1.1 all portions of the country excepting in
thr soutbc ■: Pacific coast region and over the
New Entrls i States, due to tly interaction of a
strong area ■' high pressure over the Northeast
and a haro: f ' depression v.hksh covf.rs the
Rocky mount , 1 slope. Light to moderate rain has
fallen at numerous places in the Missouri. Missis
sippi and Ohio valleys, in the plateau region and in
Western Texas. The temperature has fallen in
northeastern districts and risen in the upper val-
leys. In Texas it ranged at time of report from 5G
degrees at Fort Worth and Palestine to 70 at Cor
pus Christi. Partly cloudy weather is indicated
for this locality Friday, with occasional showers.
The wind will be fresh easterly, to southerly.
iAssociated Pi ess Report.)
WASHINGTON, October 31.—East Texas and
Louisiana—Fair in south, showers in north por-
tion Friday. Saturday showers; fresh east to south
winds.
Arkansas, Oklahoma r^nd Indian Territory—Kain
Friday. Saturday fair and colder.
Domestic.
THREE TXDIAXS were killed in Southern Utah
in battle with a force ot United States troops.
THOMAS R. MARKS was appointed receiver for
the Bankers Trust company at Kansas City, Mo.
A SOUTHEASTERN' waterways convention was
calle^ to assemble at Birmingham, Ala., on No-
vember Vj.
J. B. RUTHERFORD mortally wounded his wife
and killed Eugene II. Pcet and himself at Mem-
phis, Tenn.
THE •WIDTH of the Panama canal locks waa
fixed at 110 feet Dy the navy department at
Washington.
TIIE OKLAHOMA and Indian Territory Bankers
association decided that the hanks in those Ter-
ritories should reopen Monday.
DR. \\ ALTER R. GILLETTE, convicted in New
York on a perjury charge, was allowed bail in
the sum of $15,000 pending an appeal.
THE STATE department- at Washington an-
nounced that it would investigate the, imprison-
ment of Dr. O. B. Huntej in Honduras.
CRAZED MAN'S CRIME
INSTANTLY KILLS FRIEND AND
MORTALLY WOUNDS WIFE.
Tnrns Revolver Upon Himself and Ends
Triple Tragedy—Also Fired at An-
other Man, but Misses Mark.
Railroads.
THE SOUTHERN PACIFIC will stop trains this
side of New Orleans.
THE ROCK ISLAND laid off 2500 men from its
construction and track forces.
THE CENTRAL extends time for sale and limit
of cheap excursions on account of the Carnival.
PACIFIC COAST lumbermen got an injunction
restraining the Northern Pacific from advancing
freight rates.
THE K.aTY intends to not let stringency in money
market or drastic laws interfere wdth improve-
ments in Houston.
(Associated Press Report.)
MEMPHIS. Tcnrir, October 31.—As a termi-
nation of the domestic troubles in the house-
hold of J. B. Rutherford, a former saloon
keeper of Tipton county. Tennessee, two
persons are dead and a third is dying, the
result of wounds inflictod by Rutherford
after a quarrel with his wife.
Rutherford, who came to this city about
five years ago from Covington, Tenn., and
his wife had parted and divorce proceedings
instituted by Mrs. Rutherford were in prog-
ress. Late this evening the husband, who,
it is alleged, had been drinking, went to
the boarding house where his wife had
i apartments and endeavored to have her with-
draw the divorce proceedings and to effect a
reconciliation.
Failing in his efforts, it is stated, he was
about to attack the woman when Eugene H.
Peet, friend of the couple and at one time
a county official of Tipton county, rushed
into the room. Directing his already drawn
revolver toward Peet, the apparently half
crazed man fired, the bullet going true to
its mark and resulted in I'eet's almost in-
stant death. The second bullet was fired at
the retreating form of a companion of Peet's
but was without result. Turning to his wife,
Rutherford again fired, mortally wounding
her. and then placing the weapon to his own
head fired for the fourth time, ending an-
other life and the tragedy. Mrs. Rutherford
was immediately removed to a hospital, but,
although at a lata hour tonight she is still
alive, practically no hope is entertained for
her recovery.
are attending the West Texas conference at
Yoakum. '
THE SEARCH and seizure law is to be tested by
habeas corpus proceedings in the supreme court
today.
THE WEST TEXAS Bank and Trust company at
San Antonio suspended because of the prevailing
shortage of cash.
Texas.
THE WORK of clearing the debris at Galveston
has commenced.
AN OYSTER BOAT of Galveston capsized and a
boy was drowned.
IT IS EXPECTED that work will soon commence
on the landing station at Galveston.
MISSISSIPPI and Louisiana planters visited Col-
lege Station investigating the boll weevil.
BISHOP SETH WARD and Rev. George Stuart
Houston.
THE PLANS for the illumination next week are
very eltboi ate.
TIIE COUNTY JUDGE and commissioners have
been semmoned befoie the grand jury.
W. JACK BRYAN stated that $100,000 had been
expended for sidewalks in the past four or five
months.
F. S. GLOVF.R insisted on a trial of his case,
and the court decided it should be called this
morning.
J, M. MENNEN, who was brought to St. Joseph
infirmary by a negro and a boy and a wrong
name given him, ttied yesterday.
ED M'NAIR, condemned at Beaumont to life im-
prisonment for wife murder, committed suicide
in the Harris county jail yesterday morning.
II) jU . •'
All Changes of Copy for next Sunday's Tost
must be in today in order to insure insertion.
Prospective visitors all over Texas will read
the ads in Sunday S Tost. A liberal use oi space
will prove most profitable.
PHONE 186 FOR THE AD MAN
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Lj
BANKS FALL IN LINE
TO INCREASE MONEY
Financial Institutions Ask for Additional Circula-
tion in Amounts Up to Two Millions.
Mrs. Harriet TayloA Upton of Ohio,
and Mrs. Kitty Reed Ballantyile,
o
o
a
o
ASK THE PRESIDENT'S AID.
Women Suffragist Look for an
Ally in Roostfvelt.
(Houston Post Special
WASHINGTON, October 31.—A com-
mittee of women suffragists, consist-
ing of Mrs. Henry Dixon Bruns and
Miss Kate Gordon of New Orleans,
ayloj
y Ri
daughter of the late Speaker Reed,
has called on the president by ap-
pointment and discussed suffrage mat-
ters. Some months ago these ladies
asked for an interview with the presi-
dent to discuss ways and means of
attaining their great ambition, but he
was too busy at that time to receive
them. He appointed today for the
interview, and sent an invitation for
them to attend.
The suffragists are terribly in
earnest In their efforts to secure equal
rights at the polls, and they were very
much pleased with the good counsel
given them by the president. Thoy
have long counted on his sympathy
and support for he, while governor of
New York, included in his message
a recommendation for their right to
vote. They would like that he go a
step further and incorporate such a
recommendation in a message to con-
gress, for they feel that at this time
It would carry great weight with the
public at large.
AVhether tiie president will accede to
such a request is not known, but the
suffragists have no reason to feel thai
he will not do all that he can to ad-
vance their cause, whenever the op-
portunity offers.
>i«i9oeiioieo990)it9»;>tieo9
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A PLAN TURNED DOWN
SECRETARY OF TREASURY VETOES
SOUTHERN PROPOSITION.
New Orleans Cctton Exporters Do Not
Give Up, but Telegraph Cortelyou
a Detailed Explanation.
ARE USING THE WIRES
Mails Too Slow in Emergency
Like the Present.
SOME HAVE REACHED LIMIT
Increase in Notes Will Run to More
Than Thirty Million Dollars.
TWO WAYS TO RELIEVE SITUATION
Restoration of Confidence IVIust "First
Be Accomplished and Rapid Export
of Crops Should Follow, Ac-
cording to Sol Wexler.
(Associated Press Report.)
NEW ORLEANS, October 31.—Sales of
cotton improved here today. In addition to
the work of Southern bankers in Washing-
ton to get export cotton moving a local ex-
orter today inquired whether he could ob-
tain currency direct from the New Orleans
subtreasury by offering to have a European (
buyer deposit cash with a United States
fiscal i;gent abroad, this cash to be drawn
again at New Orleans. The amount to be
transferred in this manner was $100,000. In
reply to this telegram of inquiry the Unite!
States treasury department wired that the
transfer could not be made.
Believing there was a misunderstanding
about the matter. New Orleans exporters to-
night caused a detailed telegraphic explana-
tion of the transfer proposition to be sent
to Secretary Cortelyou.
One of the reasons for requesting such
transfer of cash was indicated in today's
cotton sales. In New Orleans, where cash
and credit circulate freely, 41.-.0 bales sold on
the spot, but only a small business was done
with rural districts, where the bulk of the
cotton lies. The smallness of this rural busi-
ness was attributed to planters' desire for
cash for their cotton.
URGENT NEED OF CURRENCY FSIT
Pittsburg Bankers Are Forced to Much
Activity to Meet Demands.
(Associated Press Report.)
PITTSBURG, Pa., October 31.—The scarcitv
of currency in this city is the only fe-tturo
of the local financial situation commanding
attention. "While no serious Inconvenience
has cs yet been caused to the general pub'ic
it is causing considerable anxiety to bank-
ers. It is hoped that the plan of Comp-
troller of tho Currency Ridgeiy to increase
the bank r.ote circulation will relieve mat-
ttrs, but Pittsburg bankers are not over-
enthusiastic today. The pay roll of tho
Pittsburg district is very large and the
scarcity of money has been responsible for
much activity among bankers to meet this
item.
It is said here tonight that local per.sor.s
hold about $.">,000,000 worth of Pennsylvania
railway obligations. Short term notes
amounting to $50,000,000, it is said, fall due
tomorrow and will be taken up by Kuhn,
Loeb & Co. of New York. It is said tha
j-ayment of these obligations will bring con-
siderable relief to the money stringency
The stock excj»nge>emaliifd closed today.
It was said, however, that conditions did
not warrant the suspension of the exchange,
but it was deemed prudent not to resume at
this time. It is believed the exchange will
reopen next Monday.
The run started yesterday on a small South
Side bank continued today. All depositors,
a majority of whom are foreigners, wera
given their money on dtmand. The matter
caused no interest in financial circles.
Territory Banks to Reopen.
(Associated Press Report.)
GLTTHRIE, O. T,, October 31.—At a meet-
ing of the Oklahoma and Indian Territory
Bankers' association here tonight, it was
definitely decided that all banks should re-
open not later than Monday with payments
of currency only In limited amounts on the
plan now in use in St. Louis and Kansas
City and the issuance of certificates of de-
posit in small denominations tc servo as
currenpy, payable half in three months and
half in six months.
Receiver for Failed Trust Company.
(Associated Press Report.)
KANSAS CITY, October 31.—Thomas R.
Marks was today appointed receiver for the
Bankers' Trust company, which closed its
doors October 28. The indebtedness of the
company outside of the half million capital
Stock is *908,668.
(Associated Press Report.)
WASHINGTON, October 31.—Treasury offi-
cials are agreeably surprised at the num-
ber of banks throughout the country which
have already indicated their purpose to com-
ply with the suggestion of Comptroller of
the Currency Ridgley that additional cir-
culation be taken out.
Although the suggestion was made only
yesterday evening, a large number of tele-
grams were received at the department as
early as 0 o'clock this morning, asking for
additional circulation varying in amounts
from a few thousand dollars to ?2,000,000. G.
E. Roberts, former director of the mint and
now president of the Commercial National
bank of Chicago, is here and has engaged
$2,000,000 additional circulation for bis bank.
Sol Wexler, vice president of the Whitney
Central National bank of New Orleans, is
also here and is making arrangements to
materially increase his holdings.
Other prominent bankers, through Wash-
ington representatives, are arranging to de-
posit the necessary securities preparatory to
calling out National bank notes.
CURRENCY IN TREASURY VAULT.
The comY>trolier now has In his vaults Na-
tional bank currency to the amount of $1G7,-
000.000 and, while a considerable proportion
of this amount belongs to banks that have
already reached their limit under the law, a
very large sum is available for banks that
carry only a comparatively small amount
when compared with their capital. One largo
New York bank could, under the law. It is
said, take out $10,00!},000 additional circula-
tion, and in all probability will soon ask for
a material increase.
Mr. Ridgely today expressed the opinion
that within the next ten days the outstand-
ing circulation of National banks will have
been increast-d by from $25,000,000 to $30,000,009
and possibly a much larger amount.
There are indications that many banks
that have no 1'nited States bonds on hand
te deposit ns security for circulation are
1. i rowing them from other banks that have
a surplus on hand or have already reached
their limit. In many Instances these re-
quests for accommodations of this charac-
ter are being promptly compiled with, and
there seems to be a general inclination t
.among banks to assist one another In tho
effort to materially increase the amount of
National bunk circulation.
TWO WAYS OPEN FOR RELIEF.
Sol Wexler, vice president of the Whitney
Central National bank of New Orleans, who,
with other prominent New Orleans bankers
have had a number of conferences with
Secretary Cortelyou In an effort to devise a
plan by which cotton exporters could get
prcn-.pt cash returns from cotton shii>a\ents,
today said:
"The present situation can be relieved in
but two ways: First, by the restoration of
confidence end the return of money which
has been withdrawn from banks in the East
during the present panic.
"Second, by the rapid export of our cotton,
wheat, provisions and other products to
create a balance of trade in our favor and
make importation of gold In large quantities
possible.
"The prompt nnd wise action of Secretary
Cortelyou, aided by Mr. Morgan and oth —
prominent New York bankers, has gone very
fnr toward rcs*or!rg confidence, and money
is being deposited in the strong institutions
of the country.
"The second situation is more difficult of
solution owing to necessary delay in trans-
mitting bi'ls of exchange to Europe and the
time required for the purchase and shipment
of the gold to this country.
SOUTH DOING ITS PART.
"Southern banks are doing their part by
laigely increasing the circulation, with the
assistance of the comptroller and the secre-
tary of the treasury, which will enable them
to forward their foreign exchange bills to
New York without requiring currency for tho
entire amount. New York can In tyrn, as
soon as these bills reach the other side, Im-
port gold and then transmit currency In
quantities throughout the agricultural sec-
tions of the country.
"Some effort is being made by large cotton
houses to have their foreign correspondents
neposit funds In foreign banks subject to
cable transfer against advice of documents
deposited in Southern banks with cotton bills
of lading at the exchange to come forward
Immediately, but. In my opinion, this trans-
action will not lie made on an extensive
scale. However willing the secretary of the
treasury may be to assist the export of agri-
cultural products .and the Import of gold, I
do not believe there is anything he can do
that is practical and within the law until
such time as treasury balances have been in-
creased to such an extent to enable him to
make large deposits of government funds at
export points, such as New Orleans, Galves-
ton nnd Charleston, so as to enable banks
In these centers to await the arrival of their
bills in Europe and the bringing back of gold
against them.
NEW YORK CAN ASSIST.
"New York can assist the Southern banks
by crediting their accounts upon receipt of
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The Houston Post. (Houston, Tex.), Vol. TWENTY-THIRD YEAR, No. 5, Ed. 1 Friday, November 1, 1907, newspaper, November 1, 1907; Houston, Texas. (https://texashistory.unt.edu/ark:/67531/metapth443332/m1/1/: accessed April 23, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Abilene Library Consortium.