Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-10-26
Loans Made Yesterday Will Garry
Over to Monday
Usr COMPANY RUN STILL ON
All Demands of DepOsitOrs Are
Promptly Met,
NUCH CALMER TONE APPARENT
Number of Smaller Banks Close
Doors Because of Lack of
Cash, but All Are
... Solvent.

NEW YORK, oct. ga pool OF sl0,oo0,ON
or more was formed at a conference held
! at the clearing house this afternoon to
| AXE care OF the money needs of the Stock
exchange. 1t was confidently believed that
this action would tide over the situation
completely so far as stock exchange needs
were concerned. All today's loans will
carry over until Monday
The bankers pool had about Sl5,Ooo.0O0
for that purpose. Up TO 1856 p. m about
sl2,OOOOO0 had been loaned by them at about
70 per cent. The stock market became
quite firm after the effective relief measures
and at 2;45 prices we're generally at the
highest OF the day.
The Trust Company OF America and the
Lincoln Trust company have withstood the
run OF deposltors without difficulty up to
l;l5 this afternoon and the officials OF both
companies at that time expressed them
selves as entirely confident of the result.
Several financial institutions closed their
doors today, but this action was without
effect In the larger financial circles. 1t
is believed that the institutions were sol
vent and that only inability to obtain ready
cash had caused them to suspend pay
ment and expressed hopa that the sus-
pension would be only temporary.
The Trust Company of America and the
Lincoln Trust company successfully with
stood all demands of depositors throughout
the day and closed at the usual hour.
Much Calmer Tone Apparent.
A much calmer tone was apparent In busi-
ness circles this morning. The success of
the relief measures undertaken yesterday
Il by J. p. Morgan, John d. Rockefeller
and prominent financiers, together with the
serenity with which the officials OF the
Trust Company Of America met the run OF
depositors on that institution, gave great
encouragement to bankers and business
men generally that no further trouble was
to be feared. The $25,0OOO0O deposited by
pool headed by Mr.. Morgan is believed to
have given permanent support to brokers
who were in need OF support Last night
passed without any of the series Of confer.
ences OF bankers with each other and with
Secretary Cortelyou which were held until
late hours on Tuesday and Wednesday
nights, except for an Informal meeting at
Mr.. Morgan's house Secretary Cortelyou
attended the dinner 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 af-
, fairs he made brief reference to financial
matters. The secretary said:
I'VE are having a trying experience, but
with all it's embarrassments l find my faith
} ened by the examples have seen Of high
: courage and splendid devotion to the pub
J lie welfare shown by many men of great
influence in the commercial and industrial
I life OF this city. Weak places have been
strengthened, but what Is better, those OF
: evil influence have been scourged from
their position, and the determination 10
carry this work forward will have a far
reaching influence in restoring public con-
hdence'
r Harlem Bank suspends.
Announcement vas inade TINS morning
that the United States Exchange bank. a
small institution located in the Harlem
G district OF the city, would not open today
] rhe bank has only a little more than $780,
I 90 on deposit and did an inconspicuous
business, and the announcement that It
would not open for business was entirely
without effect. There were lines OF depos-
tors waiting this morning IN front OF the
trust Company OF America ana st the
banking office of the LAncoln Trust COM
pany up town.
Some OF those in line at the Trust Com
: pany of America had been there all night.
AT the head OF the line was a woman who
declined to leave her place even when
Z the men next In line proposed to restore
It to her this morning. She suffered con
siderably from the cold light afr. and
several OF the men, touched by her plight.
went to a nearby restaurant at O'Clock
in the morning and got some bread and
! coffee for her.
! First advices from London today were
! very encouraging American stocks there
2 opening at prices from one to four points
higher
The Lincoln Trust company resumed pay
I e.,
: ing.
! The stock market opened irreguAr. A
sharp reaction followed the opening gains
The fan IN prices did not extend far be-
l low last nights level before a steadyinG
: tendency developed. The first prices
q recorded here, while we'll above the clos
ing Of last night, did not approach the high
prices established in the London market
before operations began here for stocks
n with an international market For In
y stance ST. Paul. which had risen 5& IN
!. London over the New York closing. opened
! here unchanged and then declined nearly
b 2 points. American Smelling started 81
higher, Union Pacific and Canadian Pa.
eihc and Baltimore & Ohio IL 70 IA. This
showing was coverted into losses running
from a fraction 20 a point in some cases
n within a few minutes
COrteIyOu Remains ConAdent.
Secretary Cortelyou wes al the sub
treasury today. The secretary said:
d There is nothing 10 say on the situation
: now. except to reafirm my former ex
: pressions OF belief that matters ar,
j. steadily improving"
= All the members OF the stock exchanK,
made their daily settlements OF accounts
as usual today 10 the stock exchang,
clearing house
United States Steel shortly recovered ia
e ~ point decline. other distinctiveiy Nor
gan stocks showed indications OF auApor
and the market rallied and became quiet
Cash amounting to A5OoOo0 was sent {,
Al the Trust Company OF America this morn
IS ing through the subtreasuTy.
Il The international Trust company. one Of