Evening journal., 1907-10-24
READY FOR RUN
BEFORE SUNRISE
DepOSitOrS Gather Around
Several New York Trust
Companies
By THE JouRNALs spee!al VIC.

by IiE JOJ hNAl- y opec.dl ware.
NEW YORK. oct. 24-Their fears
unallayed by announcement Of the pre-
cautions taken bv the government and
financial interest to check the panic
which threatened yesterday, a bakers
dozen of deDositors had gathered in
front of the Trust Company of
Americas down town office at a. H.
to-day. There were forty or fifty in
the crowd by 6 o'clock and as the twi-
light turned into dawn and the dawn
into daylight the crowd steadily grew
greater
Early risers with bank books in
their hands assembled about a few
other financial institutions before day
light. but nowhere was there an in
dication of anv such volume Of with
drawals as at the Trust Company Of
America yesterday.
Heavily guarded wagons began
rumbling through the streets long be-
fore sunrise. bringing TO the be-
leaguered custodians big installment Of
funds released from the sub-treasury
strain of the banking houses.
Reassuring statements from the
country's money kings followed a con-
ference lasting until 1 this morning.
were generally accepted as assurance
that yesterday chaotic conditions were
worse than anything that need be eX-
pected for the future.
Twenty Five Millions p eased.
Secretary of the Treasury Cortelyou.
who said yesterday that he could not
say definitely how mucn he would de-
Dosit in local banks. announced after
the meeting that he had directed the
release of S25. 900, 900 from the sub
treasury to meet any further emerg-
encies that may arise. The public,
he added. should reflect upon the
strength of New YorAs banks. in
which case he was sure confidence
would be restored at once.
No less important than the Secre-
tarv's statement was John D. Rookie
feller's announcement of his faith in
! the stability of underlying conditions
and the expression of his intention TO
use resources toward restoring conf
dence.
Il think thee xisting alarm among
investors unwarranted, he said. "and
L hope the common sense of our people
will control the situation. Personally
/ have absolute faith in the future
value of our securities and the sound
ness Of underlying conditions. In
stead Of withdrawing my moneys in
the banks l am cooperating with
others to meet that which l firmly
/ believe to be only a temporary crisis.
Every one having the good of his
| country at heart should by word and
deed lend a helping hand to restore
confidence and propose TO do my part
to the full extent Of my resources.
4 ]. p. Morgan. who participated in
the conference. issued no statement,
/ but others present said that it was
largely through his efforts that such
satisfactory results were reached.
Banks in Good Condition.
From Washington came messages tn
the effect that President Roosevelt will
do all in his power to relieve the situa-
ton. and that vast government re-
sources are available for deposit in the
National banks. The treasury's cash
balance is said Il S237,772.764. and
half of this amount. financiers say, can
be temporarily deposited with banks
! without cripplin@ the national treas
ury. Secretary Cortelyou had con-
ference with Secretary of State Root
Assistant Secretary of State Bacon
and Postmaster General Never
Although Mr.. Roosevelt decided e
issue no statement, Comptroller of the
! Currency Ridgeley issued one. calline
attention to the fact that the coun-
try's national banks are in excellent
condition and that, within thirty ol
sixty days. when the farmers viii be.
gin to realize on their crops. ID,
stringency viii be IN great psrs- " nc.
completely. relieved