The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1907-11-07
TWO TRUST CO.'S
PAY DEPOSITORS
THREE MILLIONS
+ Beleaguered Institutions to
Have All Money They
May Require
WILL MOVE CROPS
New York City Emerges
Triumphant From
Stringency
MORGAN AGAIN AIDS
+ Steel Trusts Purchase of
Tennessee Removes
Last Menace
MORGAN AGAIN AIDS

=. NEW YORK, Nov. 6.-For the first
i: time. since the first few days of the
run on the Trust Company of Ameri-
q. ca, q genuine effort was made today
10 pay the depositors IN line. For the
past seven or eight banking days all
: kinds Of dilatory tactics have been en-
ployed by the paying tellers. Day aft
!. er day the first person to reach the
: window in the morning was kept there
By one device or another until the
closing hour at 3 .. m II was even
said that dummy depositors were put
81 the head OF the line. This was Wig
= .orously denied by President Thorne-
All this was changed today as a re-
suit OF the midnight agreement ~ the
home OF J. Pierpont Morgan by which
3. the. United States steel corporation
+. bought the Tennessee coal and iron
!. company at a bargain price. The capt.
tai stock OF the company was turned
over 10 = committee of six and in ex-
). change the bankers protective commit
tee and the trust company committee
agreed 10 keep the Trust Company of
America supplied with as many mil
lions as its depositors might care to
with5raw
At the Lincoln trust company there
was action al day long along the line
Of depositors- While no figures were
. given. it was estimated the Trust
Company Of America paid out about
s2.2Oo.ooo during the day, and. Il was
ssi6. nearly half that sum in certified
checks and currency was paid out by
the Lincoln trust company
That ali the weak spots IN the New
york banking situation have been
cleaned up and put in q sound condi-
ton was made evident today when the
group Of bankers who have been pro-
tecting the situation here turned their
attention TO the interior of the country
and started 2 relief campaign for the
northwest. where the crops are tied up
because Of the money stringency.
Will MOVE CROPS
The Chase national and the First ma
money 10 banks along the lines OF the
Great Northern and Northern Pacific
roads. From now on they viii each
ship daily from $4,000 10 $4,000 and
other banks viii join in the relief
movement The shipments of money
were the result Of conference be
tween James J. Hnl and the officers OF
the. Chase national bank Hill was
told that the banks here would do all
in their power TO move the crops and
get cereals from the northwest to the
Atlantic seaboard. The subtreasury also
e IS prepared to ship funds to the wesi
should Secretary Cortelyou deem it ez-
pe6fent
The National City hank engaged
$3.50 600 in gold today. Lazard Frere'
added another s1.ooo.Ooo 10 the amouur
already engaged ana the Bank OF Mon
:treaI added s5oo,oo0 to its engagements
Adding these sums to the amount al
ready engaged, it is known that more
than s5s.oo0,ooo Of gold VIII be brought
snto the United States IN the present
movement.
wall street believes the menaoes tC
the financial situation in the trust com.
pauy FIELD and the Tennessee coal and
.szon loans have been cleared, and. as
= consequence, the atmosphere was
more cheerful than at any time in three
weeks Sterling exchange dropped, the
premium on currency declined slightly
stocks doomed at the opening and the
incoming Of the s7.Ioo.ooo OF gold were
. factors which contributed TO the better
feeling.