Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-10-24
TREASURY CAME TO RESCUE.
Amount to be Deposited by SeCy.
cOrteyOu More Than Needed
In Any Emergency.
y,,o Banks In Harlem ClOsc-1rust
Companies WIN Stand by Trust
Company Of America.

>.,. York. oct. 2A-All the over
-..,,t developments In the financial sit
,,,.iop we're reassurlng. The series oil
co,fsrencss Lass night, participated In
a.. s.ev Ccrtelyou. ]. p. Morgan. John
stewart James Stlllman and other
.sr,rsssntativs bankers and men Of ar
s,irs. disclosed an agreement in the
opi1ion that the banking situation Il
well i1 hand, ana that with the govern
uert deposits TO be made by secy. Cor
telyou today there will not only be
enough cash on hand. but even more
chan might be needed safely In any
emergency.
The run on the Trust company Of
America was continued this morning.
AS early as G o'clock a little knot Of
nersons had u thered in front of the
company's main banking house in Wall
street and at $3.50 about 1900 were in
line At the company's branch az
Broadway ana Ann street formerly the
Colonial Trus- company, there was
another crowd.
INC shaky conditions of recent DAYS
d was evident. had been greatly
minImizcd by the strong backing re-
suItiug from the consultations DEE
tween trust company officials, clear
inc hous- bankers and the mem oers
of the firm of j. p. Morgan a. Com
rany The determination Of the
rust companies 20 aid the Trust Conn
nany Of America, no matter what
contingencies may arise today
through O committee formed under
j. Picrpont Morgan's direction; Mr.
Morgans pronounced part In stay
ing the panic. and the calming state
ments by John ID. Rockefeller, Prcst.
Stlllman of the National city bank,
ard Vics President Frank A. Wander
lip of the same institution-thcse
things. IL is considered. cannot fail
to help what is in some respects the
most acute money crisis New York
City has seen since the Grand-Ward
failure In 1884.
GOV. Hughes prompt appointment
Of q new superintendent Of banks in
the person of Clark Williams.
prominent banker here. 10 fll an Of
hce suddenly vacated this week, and
the steps taken TO have the knicker-
booker Trust company resume busi-
ness. are other satisfactory signs.
As is always the case in time of
financial excitement. New York bank
eis and brokers were at their desks
early this morning awaiting the London
quotations on American stocks.
Al 10 O'Clock prices on the London
exchange showed considerable strength
among American Securities. Union Pa
Ciic was 2's. Baltimore & Ohio pa, At
Gibson ga Southern Pacific 2, Anal
Wmated Copper l. T.. S, Steel and Erie
3.
The suspension OF payment by three
relatively small banks situated in the
outlying Harlem districts, were with
out any effect whatever on the general
financial situation down town.
In the first half hour of business az
the Trust company OF America this
morning more money was deposited
than was Withdrawn The deposits up
TO 1890 "a. nm. amounted 10 100000.
Az lO.45 j. +. Morgan IN reply to
question as 10 the situation. said:
"lt IS all right"
James Stillman, president Of the Ma
tonM City bank, the largest bank In
The United states. who was with Mr.
Morgan cnncurfcd saying that the
situation was satisfactory.
Secv Cortelyou az II O'Clock. said:
Things look pretty good now. /
have had word OF the suspension Of
the tNo Harlem banks. but prefer 60
make no comment on It, I viii re-
main here some time longer, how
long ] cannot say. I would have
had 90 be In New York tonight any
way The rumor that we are short
Of small bills Is unfounded. We have
{l0QoU.100 In small denominations.