Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-10-24


tinued until $50 this afternoon, appointed
a committee OF five presidents Of trust
companies, similar in character to the clear
ing house committee of banks. which IL
empowered to inquire into the conditions
and needs Of such trust companies as may
apply for assistance at subsequent meetings
OF the presidents. Mr.. Morgan will actively
cooperate with the committee.
NEW YORK, Oct pa distinctly more
favorable tone was evident in Wall street
at o'clock this afternoon. following the
announcement that Secretary Cortelyou OF
the Treasury department had made deposits
OF government funds in New York banks.
The stock market had been holding better
all day than had been expected and the
fact that the Trust Company OF America
had withstood the rush Of depositors TO
withdraw money for four hours without
difficulty was an additional encouraging
factor. II was also regarded as a good
sign that there had been no run on any
other financial institution today and that
banks generally were transactlng business
in a normal manner.
The Improvement in the stock market be-
tween ] and o'clock was especially note
worthy, as some OF the weakest features
OF the morning hours rallied sharply. The
high rates for money around o'clock were
without effect on the stock market quota
tions.
other Institutions Are Safe.
II is agreed by everyone that the condi-
ton OF the banks is most satisfactory; that
there is no unusual pressure upon them.
and that the same Is true as to most OF the
trust companies. There is nothing like
run upon any financial bank in New York
- -. So A.,.as
lea ana the belief is growing there that the
institution stands much better chance of
getting through successfully than was
feared last night.
The Trust Company of America success
:. fully .withstooa the run right up to the
) close OF banking hours.
The stock market was rather irregular in
the final dealings. St Paul being weak
feature. In general however. the market
leaders held well at prices considerably
above the lowest Of the day. Westinghouse
Electric siumped TO s4M and some reaction
in the general list
Knickerbocker DepOsitOrs in Line.
The scenes about the various Of
ices OF the Knickerbocker Trust COM
pany early Indicated line Of $50
persons along Thirty-fourth street, when
a police captain announced in the corridor
that the ofiioials had decided to make no
payments today. The depositors were re-
luctant to accept this as ofncial Upon
assurance OF this fact about 100 of the
depositors departed, but at least 300 still
waited in the line.
There were 400 depositors waiting at the
Wall street branch of the Knickerbocker
and 1000 spectators when the news came
that there would be no payments West
inghouse declined rapidly, selling down TO
Al at 1910. decline OF IS points from last
night. Al midday General Electric sold
at 94A. a decline OF so a snare from yes
terday's closing.
J. Pierpont Morgan has practically as
sumed command in financial circles in New
York today. He Is striving to bring order
out OF chaos and see what can be done
TO protect the large interests that are now
In jeopardy. Up TO this time there has
been no organization among the trust COM
panies' officers, and Mr. Morgan and James
stiiiman. OF the National City bank. are
earnestly engaged in an effort to bring
about cooperation among these instltu-
tlons. wherever It is found that the man
agement Of any institution under sus-
pension has been sufficiently conservative
10 warrant rendering assistance. that as
sistancs will be forthcoming.
Easier Tone Prevailed.
when It became known that prominent
banking houses were lending money on
call at the stock exchange at per cent.
the market became quieter and substan-
tiai recovery ensued. ST. Paul, Pennsyl-
vanla. New York Central and Northwest
ern. the United States Steel stocks, Anal
gamated Copper and American Smelling
rallied to last nights level. United states
PIPE preferred declined IS points, Maekay
Companies preferred g.
L.
again about ls;iB Reading sold down to
rex. a decline OF points from last night;
Union Pacific fell 20 i0i&.
The secretary Of the treasury today made
large deposits IN local banks. He is IN
close touch with the present situation IN
This city and believes he will be able to
some with H. II was not possible TO learn
the amount Of government funds deposited
today.
csii money opened at 40 per cent and at
noon Il was lending at 20 per cent, The
rate for call money rose to 90 per cent
before o'clock,
CorteIyOu in New York.
Anxiety over the situation that has de-
veloped IN the trust company and bank
,nr situation during the last week con-
tihued TO cloud the business horizon today
aithouEh the nervousness and alarm so
noticeable yesterday was considerably les
soned By the presence OF the secretary OF
the treasury IN the city and his promise
10 remain at the subtreasury throughout
the day. Mr.. cortelyou's statement made
last night afhrmins the strong condition
OF the national banks Of this city also had
q very good effect on sentiment and served
20 relieve the apprehensions Of business
meh that the eurtailment Of credits through
the situation following the suspension OF
payment BY tho Knickerbocker Trust com
pany. might hamper the financing Of gen
srat mercantile afIairs. Mr Cortelyou's .
statement was as follows
I repeat what I stated before leaving
Waahington, it for no other reason than
d.. .,ed on second PsEs1