Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1907-10-24
Government Money
Saves Big Banks
of New York
s10,00O,o0O ARE DEPOSITED
Several Small Banks Sus-
pended Today But No More
Large Failures Expected.

New York, Oct PA series of
conferences last night, participated in
by Secretary of the Treasury Cortel-
you, j. Pierpont Morgan, John A.
Stewart, James Stillman and other
representative bankers and men of af-
fairs, disclosed the fact that the bank
ing situation is we'll in hand and that
with the government deposits made
by Secretary Cortelyou today there is
not only enough cash on hand, but ev
en- more than might be needed to in
sure safety in any emergency.
Early this morning Secretary Cor
telyou said he had directed the de-
posting in this city or twenty-five
million dollars and predicted speedy
return of confidence which the circum-
stances, he declared, warranted.
Rockefeller and Other Financiers Stay
Panic.
The run on the Trust Company Of
America was continued this morning
The determination of the other trust
companies to aid the Trust Company
OF America, was pronounced today and
Is part of the efforts to stay the panic.
The reassuring statements made by
John D. Rockefeller and other men
of money, it is believed, cannot fail
to help what is in some respects the
most acute money crisis New York
has seen since the Grant. Ward fail
ure in 1884.
Governor Hughes prompt appoint
ment OF a new superintendent of
banks in the person of Clark Will
Jams, a prominent banker here, to fill
a vacancy created this week, and the
steps taken by the Knickerbocker
Trust Company to resume business
are other satisfactory signs.
Confidence Restored in Trust Com
pany of America.
In the first half hour of business
this morning of the Trust Company of
America more money was deposited
than was withdrawn. The new depos-
its to 1920 o'clock amounted to more
than 100000. AT 1O:45 o'clock, j. P.
Morgan in reply to question as to
the situation said:
1T is all right"
James Stillman, president of the
National City Bank, the largest bank
in the United States, who was with
Morgan, concurred in saying that the
situation was satisfactory. Secretary
Cortelyou at II o'clock said
Thinks look pretty good now. I
will remain here some time longer,
but how long cannot say l would
have had to be in New York tonight
anyway. The rumor that we are short
in small bills is unfounded. We have
$10,000,000 in bills of small denomi-
nations. The suspension of payment
of three relatively small banking in
stitutions in the outlaying Harlem dis
tricts were without any effect what
ever on the general financial situa-
tion downtown The Empire City
Savings Bank is a comparatively
small organization. The Twelfth
Ward Bank Is state institution and
the State Bank examiner will have
charge of it's affairs. The last state
ment showed it owed depositors
$9,000,0OO"
The run on the Dollar Savings Bank
in Bronx which began tuesday con-
tinued today. A large percentage of
it's depositors are foreigners.
The stock market opened strong
and higher today. Active buying or
ders were in the market but the open
ing pace proved too rapid. There
was a reaction and activity diminish
ed; the general level of prices fell
below last nights. Call money open
ed at fifty per cent
$1o,ooo,0oo Placed on Deposit.
The sub-treasury received S'0,0iG,
900 in cash from Wa shington this
morning. After conference with Sec
retary Cortelyou, George w. Perkins,
of Morgan and Company, said:
"The situation is working itself out
satisfactorily. Today is better than
yesterday and tomorrow will be bet.
ter than today
At the Office of the state bank ex.
aminer, no other suspensions are ex-
pected. One examiner said that the
three suburban banks which suspend
ed are perfectly solvent.
Immediately after o'clock Union
Pacific was selling down to par de-
cline of 5 IL. There was no news
to account for the decline except the
scarcity of money. 1t was announced
at 2:20 o'clock that pool had been
formed which would supply all the
money required to close their opera
tions tonight. This was followed by
rtolent feverish rallies. Union Pacific
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