New-York tribune., 1907-10-30

preparations looking in tl3at dlrectloh-Io 30 10
the state superintendent and tell him that they
wish 70 resume. Then he can. II he sees oest'
revise his report as to their inability. and the
A.+orrev General may remove the ban"
Nr. White was asked whether Il was within
,l,a novver OF the Attorney General TO apply for
receivers for closed institutions.
Yes" he said ct is, but the Attorney Gen
.-aI is anxious TO in every way facilitate the
,.turY OF normal conditions in the money mar
2et and he viii not plunge them into receiver
Slips without cause. The act OF go doing might
work much harm 70 depcsitors, who as matters
stand VIII he paid In full.
I want to say, further. that appreciate
here the excellent manner IN which Superin-
,erdent Clark Williams has done his work, and
gpprecizre the fact that his task has been
difficult one I believe that 1t was no easy mat
ter from what hear 70 induce him to accept
tie appointment"
SIX DAYS RUN ENDING.
The run on the main Office OF the Trust Com
;,any Of America, III Wall street, and on its
Colonial branch. at Broadway and Ann street.
continued yesterday, but # plain that it
WAS rapidly drawing TO an end. It was the sixth
consecutive day OF the run, and in this respect
a record IN financial history. After O'Clock il
was announced that the company had received
deposits amounting to s10S3.OoO and had paid
out only s47sOO0, making a net increase in the
banks funds for the day of s605,o00.
Since the close of business on Saturday there
has been an increase Of more than two million
dollars in the resources Of the company over
what has been paid out depositors. The total
number of individual deposits yesterday was
s3s Vice-President James ". T&ppin Of the
Trust Company of America said at the close Of
business:
Il DO not think that anything like the this
bank has withstood is TO be found in the annals
OF finance. We have tried 10 keep heads
level; have made no promises and no boasts
and we have justified ourselves by making good.
My wonder Increases whenever think of it. OF
course we had in a sense been preparing for
this. We felt that the time justified certain
nmount OF caution and we laid up what we
could and made our loans cautiously. but never
in oar widest dreams did we anticipate battle
like this has been.
The financial leaders who were back OF us
knew what they were about when they helped
us. and they examined into every nook and
Granny Of our business before they loaned us
one cent. They assured themselves that our
business methods were sound and honest and
conservative before they would raise finger TO
help u.s. and think the public VIII do well TO
accept their Judgment and give us their con-
hdence"
Trust Company was without feature. There
were fifty persons ir line when the doors OF the
main Office. at 40. 20s Fifth avenue, were
opened All who presented claims were paid OF
as rapidly as possible. The bank will be open
for business as usual this morning The small
runs at the branches at Mspenard street and
Broadway and 72d street and Broadway came to
an end by the middle of the day. There were
heavy deposits made during the day at the main
office and at both branches. Secretary Phillips
said that the hysteria and excitement among
the banks depositors which had been so evident
last week seemed to be rapidly disappearing.
MORE NEW Low RECORDS.
Forced liquidation was the feature In yester
days stock market, and the result that
many Of the prominent issues declined TO new
low records for the current year. In this list
were such speculative issues as Brooklyn Rapid
Transit, Distillers Securities and Rock Island
common. as well as git-edged investment securi-
ties like Pennsylvania, New York Central, ST.
Paul. Delaware & Hudson. Canadian Pacific
and Chicago & Northwestern. The market
closed little up from the bottom, but It
by no means certain that the selling was over.
1t was a plain case of secondary liquidation.
which is a class of selling that nearly always
follows a panic. Holders of long stocks who
had .een tided over the acute depression OF last
week, probably with the express understanding
II that they would iiquidate their holdings as soon
as opportunity offered, We're without doubt SELL
ing large lines Of weakly margined stocks In
deed the OF the selling was SO plain
in number Of issues that the names of the
firms which were liqudating were well known
all over Wall Street
Some Of the liquidation also said to be due
10 the closing out of large amount of gilt
edged investment stocks as a result NJ +l.a vacant
failure of a Stock Exchange house which was
heavily committed
STEEL YIELDS SOME. TOO.
During the severe declines last week it was
noted that the United States Steel stocks. Penn
sylvania and New York Central were held az
cepuonally strong to facilitate selling in other
issues. and IL was generally remarked that the
turn Of these stocks would come 1t was no
great surprise therefore. when these issues
broke sharply as it felt that there was
doubtless Z certain amount Of liquidation due in
them as a result of overextension and the gen
eral calling of loans
Brokers reported little or no short selling bpt
constant liquidation whenever the market ,vou,d
. take il without breaking too severely. The high
rates Tor caiI money, which again touched -
per cent was another factor in the decline
Ihlon Pacific the II stocks AmaIgamated
copper ana American Smelling were also weak
through most OF the days trading. though IL
VAS evident that the bulk Of the ljquidatiop
Was in these issues
copper showed excellent rallying powers and
80 did many of the railroads when the pressure
was removed. At the close the rate for can
money dropped to per cent but most Of the