The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-25
CONFIDENCE
AGAIN SWAPS
DEPOSITORS
Continues from First raee.)

q lily 0Oh6iAN AAA0 ttCto 80
margins for their customers.
Last night passed without any of the
series of conferences of bankers with
each other, and with Secretary Cor
telyou, which were held until late
hours on Tuesday and Wednesday
nights, except for an informal meet
ing at Mr.. Morgan's house.
Secretary Cortelyou attended the
dinne of the Graduate Club, of which
he is vice-president, and made an
address in which, after discussing at
some length the objects of the club
and its affairs, he made a brief refer
ence to financial matters, saying:
I'VE are having a trying experience,
but with all its embarrassment 1 find
my faith in the general stability of
business strengthened by the examples
of high courage and splendid devotion
to the public welfare shown by many
men of influence in the commercial and
Industrial life of his city. Weak
places have been fortified, but what is
better, those of evil influence have
been scourged from their positions and
the determination to carry this work
forward will have a -far-reaching effect
in restoring public confidence"
Announcement was made this morn
AA6 LAAeA IhS III 01f1VS
Bank, a small institution located in
the Harlem district of the city, would
not open for business. The bank has
only a little more than $500, 600 on de-
post, did an inconspicuous business,
and the announcement that it would
not open was entirely without effect.
The Borough Bank of Brooklyn, a
State institution with a capital stock
of 5000, 900 and deposits of about $3,000,-
600, also did not open for business to-
day. It's business was not very large,
and no prominent ~financiers were con-
nected with it. One of it's principal
connections was the Knickerbocker
Trust Company, which suspended pay
ment on Tuesday.
The Trust Company of America
opened for business as usual this morn
ing. The line of depositors waiting to
withdraw money was much smaller
than at the same hour yesterday morn
ing.
Some Of those in line at the Trust
Company of America had been there
all night, though. At the lei of the
line was. a woman who declined to
leave her place. ever when the men
next in line promised to restore it to
her this morning. She suffered con
siderably from the night air, and sew
eral of the men, touched by her plight,
went to a neal by restaurant at 3
o'clock in the morning and got some
bread and coffee for her.
Cash amounting to 81, 300, 900 was sent
to the Trust Company of America this
morning through the sub-treasury, and
before noon it was apparent that the
run had spent it's force.
The Secretary of the Treasury is con-
tinuing to give financial assistance in
a large way. The department is doing
everything possible to allay a%pprehen-
sion. Another large supply of small
bills is being rushed to New York from
Washington.
A statement issued by the sub-treas-
ury today shows that the local banks
gained $22, 705, 900 from the su~b-treasury
during the week. This represents in
large part the deposits of government
funds made with the New York banks.
The fall in prices after the opening
of the Stock Exchange did not extend
far below last nights level before a
steadying tendency developed. The first
prices recorded here, while well above
the New York closing of last night,
did not approach the nigh prices estab-
lished in the London market before
operations began here for stocks with
an international market. For instance,
st. Paul, which had risen So in Lon
don over the New York closing. opened
here unchanged and then declined
nearly 2 points. American Smelling
started 2s higher here, Union Pacific 2,
and Canadian Pacific, Baltimore and
Ohio, Norfolk and Western and Della
ware and Hudson ~ to Ia. This
showing was converted into losses run
ming from a fraction to a point in some
cases, within a few minutes
Secretary Cortelyou was al the sub
treasury today. The Secretary said:
There is nothing to say on the situa-
ton now, except to reaffirm my former
Expressions of belief that matters are
steadily improving. Later develop
ments during the day may prompt a
further statement"
1t is understood that the necessities
of the Stock Exchange situation are pe-
ing met today as they were yesterday
]. p. Morgan & Co. were advised early
as 70 the Stock Exchange position by
President Thomas, Of the Exchange.
Loans made on the Stock Exchange to-
dav will carry over to next Monday.
II is understood that negotiations
were begun today by international
bankers looking to the importation of
gold from London and Paris. 1t is ex-
pected that from $4,000, 900 to $%15.00O,-
600 will be engaged at those centres
for import if possible.
1t developed this morning that a con-
siderable number of those in line at
he Trust Company of America and at
the Lincoln Trust Company were not
depositors, but were persons who had
taken places in line in the hope OF
selling favorable positions to depositors
who would be willing to pay for a for
ward place. Whenever possible these
persons were removed by h police.
The International Trust Company
one of the small n inconspicuous
trust companies, closed its doors at
i1O:4 30. This trust company had a nusi-
ness connection with the Borough bank
of Brooklyn, which suspended
today.
The Brooklyn Bank, with a place %
business at Fulton and Clinton streels'
Brooklyn. did not open for business TO-
day. This bank has a capital stock o.
ssOO. 900 and owes It's depositors 0
81, 500, 900. x wi,
Ills NJ