The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-10-24
Trust Company of America Is
Receiving Deposits Again.
In LINE ALL NIGHT.
Dollar Savings Bank DepOsitOrs
Anxious for Money.
GOVernm ent Deposits $35, ,OOO,-
900, Rockefeller S1O,OOO,OOO.

retary of the United States treasury
acting in accord to restore public con-
fidence in the banking and trust COM
pany situation in this city, sentiment
took on a much more cheerful tone in
Wall street today and distinct i'm
provement was visible in all quarters
of the financial district. The day
opened with optimistic statements
from officials of the Trust Company of
America and that institution rapidly
4 paid all checks presented. A welcome
feature of that company's affairs to-
day was that large deposits amounting
to considerably more than a million
dollars were made during the morn
ing hours.
John D. Rockefeller deposited $10,-
100000 with one of the city's oldest
trust companies to be used in extend
ing aid to such trust companies as
might require it.
The failure of three small uptown
banks had small effect on the general
situation.
The stock market opened buoyant
under the improved tone. In the later
dealings, weakness developed due to the
fact that brokerage houses were reduc-
ing their lines of stock carried on mar
gins OH account of the tightness in the
money market. Call money was sun
in urgent demand.
The stock market turned very weak
shortly after o'clock.
Union Pacific sold down to par,
decline of Il Northern Pacific de-
clined 8, st, Paul and Southern Pac1hc
4A. There was no news to account for
the decline except the scarcity OF
money and an advance in the money
rate to 10 per cent 1t was announced
on the stock exchange at 2:20 that a
pool had been formed which would
supply the brokers with all the money
required to close their operations to-
night.
There were violent feverish rallies i'll
the stock market following the decline,
Union Pacific rising in a few minutes
to los. Prices jumped a full point in
some cases between sales. Northern
Pacific rallied 4 y Amalgamated Cop
per also rose u from the lowest
At 2:25 following the announcement
of a pool organized to satisfy money
requirement on the stock exchange,
call money was lending at 10 per cent
The pool loans made amounted to about
$4,000 900.
The Situation All Right.
New York, Oct 24.-In the first half
hour of business at the Trust company
of America this morning. more money
was deposited than was withdrawn. The
deposits up to 1890 a. m. amounted to
$500, 600.
At 1o:45 ]. P. Morgan, in reply to a
question as 70 the situation. said:
1T is all right"
James Stillman, president of the Ma
tional City bank, the largest bank in
the United States who was with Mr..
Morgan, concurred, saying that the sit
uation was satisfactory.
Secretary Cortelyou at IL O'Clock said:
Things look pretty good now L have
heard of the suspension of the two Har-
lem banks. but prefer to make no COM
ment on it. I will remain here some
time longer, how long 1 cannot say. 1
will have to be in New York tonight
anyway. The Iumor that We are short
- t., IaI H.,
s1O.00O,O0O in small denominations
The Empire City Savings bank is a
comparatively minor organization Its
suspension is without bearing on the
general financial situation in New
York.
The Twelfth Ward bank is a state in |
stitution and a state bank examiner |
will be placed in charge of it's affairs. !
According to a recent statement the |
institution owed depositors about So |
bank in the Bronx, which began Tues |
day continued today. Nearly 300 de- |
positors waiting for an opportunity to |
withdraw their savings were lined up |
outside the building, when daylight |
came. Many of them, a majority of |
whom were women, had stood all night |
in the line. A large percentage of the |
Dollar banks depositors are foreigners |
The directors of the Trust company |
of America went into session at $50 |
this morning. Those present were |
President Oakleigh Thorre w. K Van |
derbilt, jr, John E. Bourne, w A |
Chesb-ough MarSden J. Perry and Geo
r. Sheldon.
The directors had been in session but |
a few minutes when Mr.. Thorne left |
the room to say to the crowd waiting |
to draw money that the Trust COM
pany of America was pre- pared to meet
all demands and was entirely solvent
Payments to depositors began promptly
at 10 o'clock.
The stock market opened strong and
higher. Smelling and st. Paul advanced
1 point, Atchison advanced 2. Active
buying orders were in the market, but
the opening prices proved to be too
rapid to be maintained. There was a
reaction and the activity diminished at
the lower prices. There were indica-
tions of the renewal of forced liouida-
was forced off 4 points and wide de-
clines ensued in some activity stocks.
The general level of prices fell below
last night. Call money opened at so |
per cent
S1O,OOO.OOO From Washington.
New York, Oct. 24.-The sub-treasurv
received $10,000,000 in cash from Wash |
ington this morning consisting of bills
Of all denominations, largely lower
ones
After a conference with Secretary
Cortelyou this morning George w. Per-
kins. of ]. P. Morgan & Co.. said:
1.-THE situation is working itself out
satisfactorily Confidence is being re-
stored and 1 can say that the financial
institutions of the city are perfectly
day and tomorrow will be better than
today
At the office of the state bank exam /
iners. it was stated that the suspension