The Lee County journal. (Leesburg, Ga.) 1904-19??, 1907-11-01
Napoleon Of Finance Gets Friends
Together and Quells Tempest.
MILLIONS FURNISHED
Mighty Stream Of Coin Of the Realm Pour
cd Into Golfers of Banks Routa I'm
pending Panic and Ruin.

dication that the crisis in the banking
and trust company situation has been
safely passed The Trust Company
Of America all through the days bank
Ing hours, paid out money to depositors
as rapidly as possible and closed with
all demands having been met.
A very favorable feature Of the situa-
ton respecting this company was mat
1t was able to make its payments with
very little assistance and another was
that company received over It's coun-
ters in the morning hours in ordinary
deposits more than $1,000,0O0
Mr. Oakleigh Thorne, president Of
the company, said that there was abun.
dant cash in the vaults TO meet the
situation and that he had no apprehen.
SONS whatever regarding the institu-
tion for the future.
AS the Trust Company of America
had been the center of interest in
the financial storm, it was accepted
that the ability it had thus shown to
weather the storm was clear indication
that the financial sky had cleared and
tina a period of fair weather was now
we'll in sight
The day was marked 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 a neighborhood business
and their suspension of payment was
absolutely without significance as bear
ing on the general situation. Stare
Rank Examiner Judson stated that all
three were solvent and that their de-
depositors would lose nothing. The sec
ond episode was ran naugurated
against the Lincoln Trust company
The run against this company was
steady throughout the day, but the
sums withdrawn were not large 1t
il an uptown institution with great
many women depositors and carried,
mainly, personal household accounts.
The run, however, was without i'm
portance to the citys banking interests
as a whole.
At the close OF the day the com
panys 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 emp
tying Of millions of money into the
stock exchange through pool headed
by ]. P. Morgan and other dnanciers,
in order to avert ruthless selling OF
stocks held by brokers,
AZ the time that excitement was at
ita height the announcement was made
that pool had been formed, with }.
ierpont Morgan, at it's head, to come
TO the rescue Of the brokers, for il was
necessary to provide funds at once in
order that they might carry the stock
they were holding for their customers.
The effect Of the relief measure was
instantaneous and the rate ON call
money declined from 100 per cent TO
10 per cent. Stock advanced more rap
idly than they declined. Seldom, Il
ever. had the veterans Of finance seen
great situation saved 50 quickly and
80 effectively by such NapoleoniC
stroke
when the stock exchange closes,
evory one was getting all the money
he wanted. The close was marked by
\ memorable scene, in which the brok-
ers gathered around the principal ira
ding posts and gave cheers for J. +.
Morgan and the members Of the pool
which had saved the day.
The aggregate amount Of money
Which had been contributed in TO
weather the storm and restore conf
deRce assumed truly colossal proper
lions. Roughly estimated $25,OoO,00O
which Secretary Cortelyou deposited
I'm the New York banks, S25,0O0,000
which the Morgan pool brought to the
door. SlO,00O,0OO which John D. Rookie
teller deposited with the Union Trust
company as a means OF stemming the
tide Of the Trust Bank of America, and
fnaliy another s5o,0000o0 which, it
Is understood Mr.. Rockefeller stood
ready to advance. to meet any further
stress Of conditions-in al considers.
bly, in excess Of s1O00O0,o0O.