Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1907-10-25
FINANCIAL CHAOS ENDS.
ROCKEFELLER WILL LEND MUCH
70 THE LOCAL BANKS.
MONEY KINGS TO RESCUE
Morgan, stilIman and Others Act g
Prevent Panic, and ccrteiyou
leips--oniy One serl.
Gus Run.

New York. - There was tharp
turn OF sentiment in financial
quarters late Wednesday, renewed
confidence in local banking institu.
lions taking the place OF the panicky
feeling that has threatened solvent
houses and demoralized the stock ex'
change for the past few days.
Those financiers whose deliberate
opinions are most highly esteemed by
the public expressed the conviction
dnesday night that the worst was
over and that out Of the present chaos
a condition more stable than has Tor
some time existed was rapidly shaping
itself. ....."
Rockefeller viii Help Banks.
John D. Rockefeller has taken an &C
tive interest in the present financial
situation and has arranged to loan
very large sums to q number OF Ne"
York financial institutions.
Il think" said Mr.. Rockefeller to
representative Of the press Wednes'
day evening, that the existing alarm
among investors Is not warranted, and
I hope the good common sense OF
American people will control the stu
alton. Personally, have absolute
faith in the future Of the values OF our
securities and the soundness OF under
lying conditions.
Instead Of withdrawing any OF my
moneys from the banks, am coop
Grating with others in helping to meet
that which l firmly believe to be only
a temporary crisis. Everyone having
the good of his country at heart
should, by word and deed, lend hand
now to reestablish confidence, and l
propose to do my part to the full ex'
tent Of my resources.
Trust Companies Protected.
After many protracted conferences,
]. Pierpont Morgan, James Stillman,
and a number of the most influential
financial interests in the city, CO.
operated in an effort to bring order
out of the chaotic condition into
which the financial community had
fallen. A committee was formed to
protect trust companies and unlim'
tied assistance promised to the Trust
Company of America, which during
the day withstood $12,0O0,0O0 run.
After a thorough canvass OF the
situation Secretary Cortelyou pledged
government assistance to the extent
Of $25. 100000.
~ Withstands a Long Run.
Another potent factor in bringing
about a better telling and the undoubt'
| ed return OF saner sentiment and I'M
| proved confidence, was the ability OF
| The Trust Company of America to
| withstand an all-day run, as 1t sue
cessfully did. In the face of enormous
Withdrawals, the officials of the bank
proclaimed their readiness to settle
with all depositors on demand. Even
! for a few minutes after the regular
hour of closing the company continued
to pay out money at its main office
| in Wall street and at the Broadway
branch and certify all checks pre-
| sented. Then 1t was announced thai
the institution would be open as usua
at 1890 o'clock Thursday morning
prepared for eventualities. So marked
was the strength of the bank thai
many who withdrew deposits early IN
the day again deposited them before
the doors were closed. The total re-
sources of the company as last re-
ported were in excess OF $70,0O0,OOO
| Several million were withdrawn, but
funds to satisfy every claim were said
| to be at hand.
Clearing House Report Good.
The, clearing house report was also
favorable Wednesday. Apparently the
national banks have passed the crisis
and those which have required assist
ance gave evidence Of being able to
AXE care of themselves.
The failure of the Knickerbocker
Trust company, which suspended
Tuesday, to reopen Wednesday, did
DOT exercise such an adverse influence
On the general situation as might have
been expected. and the early action Of
Acting Superintendent of Banks Skin.
ner in taking possession of the insti
tuition on the advice Of the attorney
general gave rise to feeling of re
lief. '.s
The announcement at Albany o. the
appointment by Gov. Hughes Of Clark
Williams, OF this city, as state super
intendent of banks, was received with
favor and viewed as timely act by
the governor. Acting Superintendent
Skinner had been filling In since the
recent resignation Of Superintendent
| Mott. -. -. .l-..... .., ssh. ... ..