The daily banner. (Cambridge, Md.) 1897-2008, 1907-10-24
MORE HOPEFUL TONE.
Renewed Confidence in New
York Banks.
RUN ON TRUST COMPANY
Trust Company of America With
stands AlI-Day Run and Pays Out
Miytions-Banks In Other Cities Not
Affected.

stands AlI-Day Run and Pays Out
MiIiions-Banks In Other Cities Not
Affected.
New York, Oct. a4.-There was a
sharp turn of sentiment in financial
quarters. renewed confidence in local
banking institutions taking the place
of the panicky feeling that has threat
sned solvent houses and demoralized
the stock exchange for the past few
DAYS. Financiers, whose deliberate
opinions are most highly esteemed oy
the public, expressed the conviction
that the worst was over and that cut
Of the present chaos a condition more
stable than has for some time existed
was rapidly shaping itself.
Several factors contributed to tits
change of feeling. First and foremost
was the determination by men OF great
influence in the financial world and
whose probity is unquestioned. to re-
store confidence. insure safety and pre-
vent panic. Conspicuous among these
we're j. Pierpont Morgan and James
Stillman president of the National
CITY bank. There were condolences at
the offices of J. P Morgan & company,
and while guarded statements OF these
gatherings were given out during bust
ness hours, the fact that such men
were comforting, linked with their
known personal standing and financial
resources, did much to allay fear for
the future.
Next in point of influence was the
presence at the subtreasury OF Secre-
tary Cortelyou, who not only lent the
moral influence of a representative OF
the government, but during the course
Of the day caused to be deposited with
New York banks $25.000.000.
John D. Rockefeller has taken an ac-
tive interest in the present financial
situation. and he has arranged TO loan
very large sums to number or Ne"
York financial institutions.
IT think said Mr. Rockefeller, that
the existing alarm among investors IS
not warranted, and I hope the good
common sense of our American people
will control the situation. Personally.
I have absolute faith in the future
OF the values of our securities and the
soundness of underlying conditions.
"Instead of withdrawing any of my
moneys from the banks. | am cooper
ating with others in helping to meet
onlythat which | firmly believe to be
only temporary crisis. very one hav-
ing the good of his country at heart,
should by word and deed lend a hand
now to re-establish confidence, and |
propose to Go my part to the full ex-
tent of my resources"
Another potent factor in bringing
about better feeling and the I'M
doubted return of saner sentiment and
improved confidence, was the ability OF
the Trust Company Of America TO
Withstand an all-day- ln.-as- it Sic
cessfuIfy did In the face of enormous
Withdrawals. the officials of the bank
proclaimed their readiness to settle
with all depositors on demand. Even
for a few minutes after the regular
hour of closing the company continued
to pay out money at its main office in
Wall street and the Broadway branch,
and certify all checks presented So
marked was the strength of the bank
that many who withdrew deposits early
In the day again deposited them before
the doors were closed The total re-
sources of the company. as last report
ed, were in excess of $70.000,0 900. Sew
eral millions were withdrawn, but
funds to satisfy every claim were said
to be at hand.
This was the only run of import
ance, and this fact was an encourag-
ing feature.
The failure of the Knickerbccker
Trust Company to reopen did not ex-
ercise such an adverse influence on the
general situation as might have been
expected and the early action of Act
ing Superintendent of Banks Skinner
in taking possession of the institution
on the advice of Attorney General Jack
son, gave rise to a feeling of relief. as
1t was felt that the state officials would
make the most out of the situation. 1t
rs said to be question whether the in
stitution will ever reopen. at least
under the present management.
Another favorable development was
q sort of tacit understanding bet"e N
the banks and the members Of thn
stock exchange to aid each other; the
banks by loaning money at something
like normal rates. and the traders by
preventing the bottom dropping out CT
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