The Birmingham age-herald., 1907-11-02
MONEY IS POURING INTO
 THE NEW YORK BANKS
CONTINUED FROM PAGE 1.)

(COtIINUE ED FHOM PAGG IsD ~------~-~----~-~~-~ ~~-~~------------------ Secretary Cortelyou, started in to grap- pie with the whole situation created 9y the panic, account had to be taken of trust company conditions, and a specal committee, operating under the direction of the clearing house committee, was c'e- ated to handle this end of the situation.
 Strength In Union.
 These two committees represented pric- tically the allied strength of the leading financial institutions of the city. a co- ordination of interests such as perhlps never before was presented. The prasi- dent of the clearing house is Alexander D. Gilbert. who is also president of the Market and Fulton bank. The cleaing house committee is made up of Janet T. Woodward president of the Hanover; James Stillman, president of the National City bank; William A. Nash, president of the Corn Exchange National; Dttnont Clarke, president of the America1 Ex- change National; Edward Towrsend president of the Importers and Trtders, and A. Barton Hepburn, president 1T the Chase National. The special comhittee included Henry P. Davison, vice presi- dent of the First National; Cats w. McGarrah, president of the Mechnics National; Albert H. Wiggin, vice presi- ut1l Ol lHe. OlldSt ANdlioldit w f@' Frew, vice president of the Con Ex change, and James G. Cannon, vici pres ident of the Fourth National.
 It devolved upon the members Pf che latter committee to make eXamlauons of institutions requiring assistanceand to determine whether the associatioi could properly extend its aid to these cdlcerns. It was compelled to get throughh vast amount of work in the shortest possible space of time. for where help waSneeded 1t had to come quickly to be of any use. These men were practically con ttuously at work during the two days anl nights at the height of the trouble.
 Experts In Banking.
 It would have been impossible for the committee to cope with the tax at all except for the fact that each fe is an expert in dealing with and judglg some one line of standard securities hnd that they are accustomed to working together through their association in De direc- torate of the Bankers Trust company. which is the organization throeh which the leading bankers of the citycarr on an od-tiine trust business Tfth the leaders in the rallying moverent com bined in this one organization lit formed the nucleus from which to hndle the trust company situation.
 As the result of what were ppbably the most strenuous labors ever undertaken by any body of men during leriod or IS hours, what amounted to au attack on the whole financial system of he country, due to the unreasonng fearhngendered bv the panic, was met andIstopped at every point The effect has ben not only 10 restore stampeded public 9nfidence in what seems an incredibly shirt space of time. but also to enhance te standing and influence of the leaders the movs- ment. Indirectly it promiseSto result in still further extending the pntrol exer- cised by the clearing houseIby bringing the trust companies, as well Is the banks, within it's sphere of operaions. Many bankers are of the opinion hat if this is done it will make runaway hnics impo5- sible in the future.