Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1907-10-23
TOday's Telegraphic News
The Financial Situation.


New York, Oct. 23.-Secretary OF the
Treasury Cortelyou, members of the Ne"
York Clearing Association, presidents OF
big banks and trust companies ard &C.
knowledged leaders 10 the money world
ssy the trouble which almost preclpilateo
a manic 10 Wall street yesterday is prsc-
tically over. 1t is conceded even by pes
simists that reports from other cities are
cheering. New Yoik's financial troubles
seem to have had comparatively little e.
feet outside of Manhattan.
The situation up to date, is as follows:
The Knickerbocker Trust Company,
which suspended yesterday, with the an-
nouucement that it must realize on It's
resources and would reopen today, will
probably not resume business for somo
time. if at all. A banker in close touch
with the situation says fnsDciers be-
lieve its surplus and capital we're I'M
paired ard did not care to take the r.
sponsibilily of helping it to tide over the
crisis.
Financial interests with practically
unlimited resources have pledged support.
It is understood J. P. Morgan will lesd
in the movement TO furnish funds. de
aud his associates are understood to con-
slider the institution as perfectly sound,
although committee began going over
its accounts early today to determine is
condition.
Secretary of the Treasury Cortely on,
who ia still 10 the city to be close at
hand in The event OF any possible de-
veIopmenis, says;
"The Treasury Department will use
lis facilities to assist 10 every proper way
to help the business Interests. The sit
ua,ion seems well 10 hand"
Mr. CJrtelyou was at the sub-treasury
today. He is said to be ready TO release
more than $50, 900, 900, of government
money Including the $4,000, 600 an-
nounced yesterday.
A conference was held last night by
! Corttlyou, J. P. Morgan, G o. W. Per
| kips. James S,ilImsn, Frank A. Van
derlp. A. @. Hepburn, james q. Can
non and Assistant Secretary OF state
Bacon.
The conference resul ed in agreement
that the clearing house banks are sll
souod; that the trust companies must be
checked on their Independent, financial
methods end brought together 10 stmt
such organization as the clearing house
that New York BANKERS must take steps
to stop future speculative or otherwise
questionable methods and that there j;
a possibility that prosecutions may re-
suit from Investigation OF past reckless
ness in certain institutions.
Thanked by enormous stacks OF money
piled high toward the top OF the paying
tellers' csge the employees and officers o.
the Trus. Company of America are pre-
partd for a run which will Start 50 soon
as the doors are opened.
Before nine O. clock double line Oi
depositors, with pass books 10 thell
hands were lined up waiting for The
opening of the window to withdra"
fuld.. The company claims is bsi
enough money available 10 pay all dc,
mapds and has been assured by fnarcis
interest Of their support.
TIE State Bantiag Department hs'
taken charge Of the Kuickerbocker Trus
Company, and it is official y stated it vii
not open tor business this morning. Hun
dreds of people are col gfgated about
, the doors of the concern and its several
branches aud police reserves have beer
called out 10 control them.
L. was announced that The allied trus
companies of tie city have agreed 10 sd
vance fifteen million dollars to the Trust
CImpapy Of America at once. This,
with the $l1, 900, 600 said 10 be 10 Tho
institutions vaults will give ttwcnly-si1
million dollars which it ia sverred viii
prove sufficient.
Trust company officials generally de-
csre the Trust Company Of Amerlcf
meets all demands on it today as rapidly
as presented By oil of the banks aud
trust companies it will weath'r the storu
, and public confidence will be restored.
There is slight run On several bank
that have bsen mentioned in connection
With recent disclCsures, but withdrawal
r. by small depcsitOrs entirely, and M
general withdrawals are looked for.
Gil money is now quoted at ninet,