The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-24
BANISHED ANXIETY
LOCAL FINANClERS GLAD
THEY TALKED.
Views Given in Yesterdays EVENING
STAR on Money Panic Had a
salutary Effect.

Local bank men said today that they
arc Of the opinion that the ~nrst stage
of the financial trouble in New York is
past, and that next week the trust COM
pauies on which runs have been made
1 would he doing business as If nothing had
happened. They also said that the article
nrinted in the EVENING STAR yester-
day afternoon showing that Newark banks
and trust companies are in splendid con-
dItjor and are not affected by the troubles
in New York, has already had a good
affect in ailaying the natural uneasiness
here because of the outside financial con-
ditions.
Newark manufacturers and merchants
have been, and are now. doing a big busi-
II $, the manufacturers having many or
ders on hand for their products. and the
merchants having a larger trade than In
October of last wear. and the local banks
have let the manufacturers and big mer-
chants have all the ready money they
needed In their business. Firms have made
additions to their factories and stores be-
cause the increase in their lines of BUSH
ness required Il.
James M. Reilly. secretary of the Board
of Trade, whose position brings him in
daily association with local manufacture
ers. said tina when the manufacturers
needed money they have always found it
ready for them at our banks and trust
companies.
sThe article in THE EVENING STAR
yesterday showing that our banks are all
right was timely" said Mr.. Reilly, land
publishing it between the article on the
New York trouble and the one ON the
Pittsburg financial trouble was a clever
idea, with big headlines. and 1t did much
to counteract whatever unrest may have
been caused among many Newark people
not posted on the condition of our banks.
'"rhe paper should remind the people of
what our banks did in the great financial
panic Of 1898. which spread in every section
of the United States. while the present
furry is confined to two large cities. Dur
ing that big panic many manufacturers in
other cities were forced to suspend opera
lions because they could not get money
from their bank to pay for raw material
and the wages of employees, and they could
not make collections for the goods they
sold, for the scarcity of money made 1t
impossible for merchants and other dealers
to settle their bills.
But in Newark every manufactured got
the money needed from our banks, kept
the employees at steady work, and they
We're riaid on the usual pay days while the
panic conditions lasted. The Congress
asked the Board of Trade to investigate
and report the financial and business con-
ditions here. A made an in
yestigation and reported that there was
plenty of currency in the vaults of the
banks, for the progressive-conservative
managers had laid in a very large supply
of money before the financial condition
became serious through the scarcity OF
ready money. Our banks were all right
In that great trial, and they are all right
now, and our business men know it,
Jrseph M. Riker. president of the Mer-
chants National Bank. who is a manufac-
turing ieweler, has been away from the
city. He returned last night and went tc
New York early this morning. Before
going he read the article In yesterday
afternoons STAR on the condition Of oul
banks and trust companies. He said tbs
article would do much good, for 1t woulC
convince people that the local banks are
not affected By the New York and Pitts
burg situation.
.'Tnat article in the STAR yesterday
has done a great deal OF good already
said President David H. Merritt, of tn,
National Newark Banking Company, "fol
it showed that our banks are not affected
by the trouble in New York and will no
be. A newspaper can allay uneaslness IL
a time like the present by showing tina
we are not involved in any way with thu
outside conditions"
George +. Reeve vice-president OF TIL
Essex County National Bank said he be
lleved the worst in New York has beef
lnSsel. the United States Treasury hav