The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-25
Napoleonic Stroke by Co
terie Of Financiers Elic-
it's Cheer For Him.
POUR OUT MONEY
TO SAVE BROKERS
More Than Hundred Millions
Thrown Into Market by Nor
gan, Rockefeller, the Govern
ment and Other Agencies, =.
and Money Rate
Goes Down.

NEW YORK, October 2t.-As re-
suit of to-day's developments In the
financial world. there Is every indication
that the crisis in che banking and trust
company situation has been safely
paSsed Tho Trust Company OF Amer
|ica, all through the days banking
hours, paid out money to deposltors as
rapidly as possible. and closed the DAY
with all demands having been met \
very favorable feature OF the SITUATION
respecting this company was that IT
was able to make It's payments with
very little assistance. and another was
that the company received over its
counter in the morning hours in ordl-
nary deposits more than $1,00O,OO0. IT
was the general impression In finan-
cial circles that this company. having
withstood two-days' run with SO
little trouble, was undoubtedly In GOOD
condition to continue its business; and,
In fact. that company and its affairs
were not considered as factor any
longer In the general situation.
AS the Trust Company of America
had been the centre OF the recent finan-
cial Storm 1t was accepted that the
ability 1t had thus shown to weather
the storm was clear indication that
the financial sky had cleared and that a
period OF fair weather was now we'll
In sight.
Days Noteworthy Episodes.
The day was marged by three note
worthy episodes. First and earliest IN
the day came the announcement OF
trouble in three minor State banks in
Harlem-the Hamilton Bank. the
Twelfth Ward Bank and the Empire
City Savings Bank. These banks trans
acted only neighborhood business
~ M
absolutely without Significance as bear.
ing on the general situation. State
Bank Examiner Judson. however. de.
| clared this afternoon that all three
wera solvent and that their deposi
| tors would lose thing
The second episode was a run inau
gurated against the Lincoln Trust Com
pany. The run against this company
was steady throughout the day. but
| the sums withdrawn were not large
| AT the close OF the day the company:
| officials announced that they were fully
able to meet all obligations.
| BY far the most notable. even dra-
matte, episode OF the day was the
| emptying OF millions of money into
the Stock Exchange through poo
| headed by J.,P. Morgan and Other
J ananciers. in order to avert ruth.
less selling out OF stocks held b,
brokers. which was threatened be.
| cause Of their inability to obtain re.
newaIs OF loans on which these stocks
| had been carried. a remarkable con,
dition brought about this extreme
strngency in money, which had grad
ually forced the interest rate up tt
| an almost Unprecedented figure.
Denounced the Usurers.
Certain large interests Of grea
financial resources had been charg
Ing recently what was, in effect, /
not In law, usurious rates of inter
| est on all call loans. The institution
that had been engaged in this prac
| tice was itself member OF thu
gearing house. and was severel!
criticised by other bankers for IT
action on the ground that this addet
an unnecessary complication AM
strain to the money situation. AS {
result Of the criticism this institution
/ withdrew its support and declined t
offer money en- call on the Stock Ex
change.
The effect OF this was to run tn
rate for money to-day up to LOO pc
Icent., and when that figure was quote
{, an extremely sharp decline resulte
lin the stock market. Union Pacific.
10 per cent stock, selling downtto pal
Notwithstanding the high rate 70
call money that might have been oh
2 z