Daily press. [volume] (Newport News, Va.) 1896-current, 1907-10-27
When Tie Banking Institutions Clos
ed Yesterday Noon FIRancsrs
Were Much Encouraged.
MORGAN GIVES LITTLE ADVICE
Says Worst Possible Thing the People
Can Do is to Withdraw Their De-
posts and Place Them in Safety
vauts-one Bank to Import s5,ooo,-
ooo in Gold From Europe.
fpy Associated pressl

NEW YORK. Oct. 26.-In response
TO request o fthe Associated Press
as to his views on the present situa-
ton. j. Pierpont Morgan said today:
AS | have already said cannot too
strongly emphasize the Importance of
the people realizing that the greatest
injury that can be done to the present
situation is the thoughtlcss withdrawal
OF funds from hanks and trust com
panies and then boarding the cash in
safe deposit vaults or elsewhere. thus
withdrawing the supply of capital al
ways needed in such emergencies as
that with which We have been con.
fronted during the past week.
James Stllman president of the Ma.
tional City Bank who next to Mr.. Nor.
gan. has done more to bring about n
solution of the financial difficulties
in New York than any other man, said:
The wise and heroic action OF the
Secretary of the Treasury and the
spendid efforts of Mr.. Morgan with the
assistance of the Clearing House, have
demonstrated that the sound financial
conditions of the Clearing House
banks of this city Now however. in
order to facilitate the shipments of
cotton. grain, tobacco and other pro-
ducts and TO facilitate the imports of
gold. the associated banks have wisely
decided to combine their credit by is
s'inncc OF Clearing House certificates
and thus prevent the paralyzing of
very large part OF the business of the
country"
calmnees the Dominant Feature.
Calmness and the growing encour-
agcment were the dominant features
OF me financial situation when the
great banking institutions closed
their week today. with all the great
financial institutions of the city in.
tact after having met tho unprece.
denied demands of the mast week.
With this signal demonstration Of
the resisting powers of the banks
came the adoption of new and import-
ant measures to prevent recurrence
OF acute strain. Although the stock
Exchange and other sensitive points
were free from extreme agitation. vet
there wee heavy Withdrawals of cash
from several banks and trust COM
panies. these Withdrawals being for
tho most part f9 the smaller deposit
tors. All the institutions affected con.
tlnued To pay out on demand up to
noon, the usual hour OF closing on
Saturday.
NIeo1;Ao -ioneo neeo.;..;.,., az,
FIRST ~ mno-tonns 10 ~, . wo ',',
measures WINS that of my a C vn.e.i.a,
House association IN rotino cle1 ,n i'is
Clearing House loon cer,ineot ~ i'S su'
the use If The honi,e thon,s ,ivs ~.
settling thoir dai,, hoInnnns ~ M i
Clearing House.
plans waro forpr,,,od 70 e,.,, .,o
benefits of tho Clparin@ tIo,so nor,is
Gates To the trust comnanics nc III,
as TO tn, hanks wbic,, nrn ~ n,osa,,i
members OF Tho CIoa,ing rIonen Asso
citation
Another cxtrnn,olv in,no,t.,t zoo
tnre of ,odav's nave v,ae IN a.,
nounccmcnt Inv tha Natiorai ~. p.,,'
that it had onraged 81 mo o0o i, old
for import II Is belioved NV ha,i, ore.
and exchange bfnkers M, this ~
gagemcnt is the BEGINNING of WHAT
viii probably he continunue ,,,,'o
ment OF gold 10 New York from abroaJ
The exchange market is very favor.
able for the impo tatinn Of gold and
II Ia hpli.arp1 IN 1.