The news-democrat. (Providence, R.I.) 1906-1909, 1907-10-24

New York. oct 24--John ID. Rockefeller
announces that he is taking an active m
terest I'm the present financial situation
and has arranged to loan very large
sums to several New York financial insti-
tutions.
II think" said Mr.. Rockefeller last
evening. that tho existing alarm among
Investors is not warranted and I hope
the good common sense OF our American
people will control tho situation.
personally / have absolute faith IN the
future of the values OF our securities and
the soundness of underlying conditions.
Instead OF Withdrawing any OF my
money from the banks. | am cooperating
with the others in helping TO meet that
which firmly believe TO be only tempo
rary crisis Everyone having the good
of his country at heart. should by word
and deed lend hand now TO re-estab-
llsh confidence and | propose 10 do my
part TO the fun extent Of my resources
The fact that Mr. Rockefeller should
have broken his rule OF silence on finan-
cal matters was regarded by fnanciers
as an indication Of tho gravity OF the sit
uation which the banks. IL is believed,
have survived.
Secretary Cortelyou at late hour last
night. having satisfied himself as To the
condition of the New York banks. au-
thorized an announcement that he had
directed that government deposits he
placed In the banks OF the city 10 the
extent OF s25000.0oO today.
RENEWED CONFIDENCE.
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
threatened solvent houses and demoraliZ-
ed the Stock Exchange for the past few
DAYS
r,...tau..t o..,.tni,.t r,horro ~ tho Trust
Company OF America announced just be-
fore midnight that his company would
open for business at the usual hour today
with ample funds To meet all claims.
Frank vanderlip, vice president OF the
National City bank. made the following
official statement:
'Thc situation has been met. The trust
companies will come TO the aid of the
Trust Company of America. The exam
nation by the committee appointed 10
look into the trust companies have found
that the Trust Company OF America mas
sufficient assets 10 warrant protective ac-
lion by the committee and such action
has been agreed upon"
As midnight approached J. II. Morgan
and James Stillman made hurried cail
upon Secretary Cortelyou at the Manhat-
tan hotel As the visit OF Mr.. Morgan
and Mr. Stillman 20 the secretary at so
late an hour was unexpected. much inter
est was aroused In the possible develop
ments arising therefrom.
CORTELYOU SAYS.
Secretary Cortelyou's official statement
Is as follows:
II have said To a number OF gentlemen
who called on me today that any state
ment 10 the public regarding conditions
here should be made with the utmost
frankness. that depositors and others In
terested I'm banks might realize that en-
tire reliance might he placed upon H.
Those FAMILIAR with the facts have
known that the situation was made Sc
rious largely because OF the circulation
OF unfounded rumors and the unreason-
ing anxiety OF many who thought only
for tho moment
ITO PASS safely through such day
as this, one OF most unnecessary excite
nlent as IL has been, is the best evidence
of he strength and support on the part
OF those who have undertaken the diff
cult task of re-establishing public con-
fidence. Wherever there Is weakness. and
81 has been I'm but comparatively few
Instances. strong and able men arc rem
dering aid. and i'm behalf OF tho treas
ury department I may say that | be-
iieve IL my duty TO do what ! can do
and I shall do I'm the largest way possi-
bic whatever may be necessary to AFFORD
relief yf the press OF the city will con-
tinue It's cooperation. and " tho public
on its part will reflect upon the real
strength OF our banking institutions,
there will he fast return OF the confi-
douce which this condition warrants.
"As evidence OF the treasury's position
have directed deposits i'm this city TO
the extent OF S25.0000o0."
KNICKERBoCKER TO RESUME
Joseph & Auerbach. council for the
Enickerbockcr Trust company. an
nounced that negotiations were under way
looking to an early resumption of busi-
ness by tho Knickerbocker.
Attorney General Jackson also spoke I'm
an optimistic vein.
~ have not taken steps looking to the
appointment OF a receiver he said. for
7 have considerable hope that such action
will not be necessary. The situation is
looking decidedly brighter"