The Birmingham age-herald., 1907-10-25
Over s1OO,OOO,OOO Poured Into the Nav of Public
 Credit By Bankers
MORGAN'S FINANCIAL POOL
 COMES ID THE RESCUE
Prompt Action During Days Session of the Stock Market Stops the Slump and Conditions Are
 Now Considered Safe.

New York, october 24.--As a result of the days developments in the finan cal world there is every indication that tho crisis in the banking and trust company situation had been safely passed. The Trust Company of Ameri ca, all through the days banking hours paid out money to depositors as rapidly as possible and closed today with all demands having been met. A very favorable feature of the situation re- specting this company was that it was able to make it's payments with very little assistance, and another was that the company received over it's counters in the money hours in ordinary de- posits more than $1,0OO,000 The crowd assembled at the company's banking office throughout the day was smaller than it was yesterday and the sums withdrawn were not so large as those taken out on Wednesday,. At the close of the days business, Oakleigh Thorne, president of the company said that there was abundant cash in the vaults to meet the situation and that he had
  the institution for the future. It was the general impression in financial cir cles that this company having with stood a two days run with so little trouble was undoubtedly in good con- dition to continue it's business and that the company and it's affairs were not considered as factor any longer in the general situation. As the Trust Company of America had been the cen ter 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 that a period of fair weather was now well in sight.
 Three Great Episodes.
 The day was marked by three note- worthy episode, first and earliest in the day, came the announcement of trouble in three minor state banks in Harlem--the Hamilton bank, the Twelfth bank and the Empire City Savings bank Those banks trans acted only d neighborhood business, and their suspension of payment was absolutely without significance as bear ing on the general situation. The Elm pire Savings was controlled by a Tam many Hall politician and it's business operations were confined to a small area. Although these banks were obliged to close because of lack of ready cash, State Bank Examiner Jud- son stated that all three were solvent and that tn cir depositors would lose nothing. The second episode was a run inaugurated against the Lincoln Trust company. The run against this company was steady througho out the day. but the sums withdrawn were not large. It is an uptown institution With great many women depositors and carried mainly personal household ac- counts. The run, however. was With out importance to the city's banking interests as whole.
 At the close of the day the companys s officials announced that they were full ly able to meet all obligations.
 Millions Poured Out.
 By far the most notable. even drama tic, episode of the day was the emptyinS of millions of money into the stock ex- change through pool headed by J. P. Morgan and other financiers in order to avert selling out of stocks held by brokers which was threatened because of their inability to obtain renewals of loans on which these stocks had been carried. Certain large interests of great financial resources had been charging recently what was in effect, if not illegally, usurous rates of interest on call loans. One insti- tuition that had been engaged in this prac- tice was itself a member of the clearing house. and was severely criticised by other bankers for it's action, on the ground that this added an unnecessary complication and strain to the money situation. As d result of the criticism this Institution withdrew it's support and declined to offer money on call on the stock exchange. The effect of this was to run the rate for money to 100 per cent, and when that figure was quoted an extremely sharp decline resulted in the stock market Union Pacific, a 10 per cent stock, ran down to par. Notwith- standing the high rate for call money that might have been obtained, the Ma tional City bank, John D. Rockefeller, personally and other prominent moneyed Interests sent funds to the stock ex- change to be lent at the normal rate of per cent. These sums. however, were not sufficient to meet the demand and for a time there was great confusion and hurried selling of stocks on the ex- change.
 Pool of Bankers.
 At the time that excitement was at It's height the announcement was made that a pool had been formed, with J. Pierpont Morgan at its head, to come to the rescue of the brokers. for it was necessary to pTOVlue luHuS at once Tn order that they might carry the stocks they were holding for their customers The Morgan pool brought a sum of money amounting to about $25000.000 into the local corner of the exchange, where l was quickly distributed In. such lots as would be most effective in rendering SUD- port.
 The effort of the relief measure was instantaneous and the rate on call money fo Stocks advanced more rapidly than they had declined and it was only a few minutes until Union Pacific, the market leader. was selling at 105. Other stocks were similarly affected and the rally ras complete. Seldom if ever, had the veterans of finance seen great situation saved so quickly and so effectively by such Napoleonc strike.
 When the stock exchange closed every rne was getting all the money he wanted. The close was marked by memorable
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