New-York tribune., 1907-10-25
RELIEF WORK GOES on.
Cortelyou, Morgan and RockefeHer
GiUe Timely Aid.

GlUe Timely Aid.
The financial situation. the most critical which
the country has seen in many years. appeared
last night considerably improved as the OUT
come OF another day Of united effort on the
part of the Secretary Of the Treasury, the heads
Of leading financial institutions and other nnan-
ciers who poured vast sums Of money into Wall
Street and who carried on during the day a
series of conferences through which it was pos
sible for them TO keep in touch with all phases
of the situation and all Developments
Mr. Cortelyou said last night at the Hotel
Manhattan: THE situation has improved =,
much that will make no statement tonight
He said that he would stay in this city to-day.
conference was in progress at midnight az
J. P Morgan's art gallery. in East S6th street.
adjoining his home in Madison avenue There
were present. besides Mr. Morgan. the following
hnanciers; Edward King. president Of the
Union Trust Company; James Stillman, presi-
dent or the National City Bank: George F.
Baker. president of the First Naric,af Rank
George W. Perkins. J. Edward Simmons. presi-
dent of the Fourth National Bank: OakIeigh
Thorne. president OF the Trust COMPANY OF
America: Herbert L Satterlee. Walter Trim
Bile. A. b Hepburn. E II. Hartman III p
Dawson. vice-president Of the Fsrst National
Bank and others At about Il 80 O'Clock Mr..
Hartman came out. and not stopping to get
INTO his automobile. walked quickly to the house
adjoining Mr. Satteree's. in 36th street Asked
II any subjects other than banking interests
We're being considered at the conference. he said.
Yes and no."
Toward l o'clock in the morning the confer
ence broke up. its members being unusually nm
communicative
MI. Perkins arrived at the Hotel Manhattan a
little before 1 o'clock this morning He sa,a
'Hd' the conference at Mr. MOrgan's home had
gone over the neral situation. but had notbin,
20 do with -he savings banks The confarr..-. ,.
SAID were of the opinion Of Secretary CorteIyou.
that the situation had improved so much thai
there was no need of further statements last
aisht- Then Mr.. Perkins went up TO talk To Mr.
Corte1vou.
clark Williams. the newly appointed State
Superintendent of Banks. when seen early thi,
morning at the Hotel Manhattan. said:
50 far as l have been able TO learn in the
short time which have had 70 examine into the
situation here. I find all the banks under nv
supervision in this city to be solvent and IL will
only be rash and unreasonable demands on the
part of depositors that will further endanger the
situation"
Mr.. Williams asked whether he included
the local banks which had already closed their
doors. but he did not care TO enter into details.
BY 10 or II O'Clock this morning he said he
would undoubtedly be in position TO answer
that question He said that owing to the brief
time he had had at his disposal he was forced
TO rely the reports Of his examiners having
actual knowledge from a personal investiga-
ton.
When John D. Rockefeller was asked last
night whether no. he had come TO the RELIEF
of the situation he answered. after little hest
tation: 7 have already said that 1 believed
that all that can be done to help should be done
now. and have acted according 70 that belief"
Asked If he had turned over any funds to the
trust company committee he answered: t
don't care to go into details. saw and advised
with several gentlemen to-day in the financial
district
Mr. Rockefeller refused to say how much
money he had advanced for loaning in the street
1t is said that this sum was not less than s1O-
OOOO 900. and that in addition to giving this aid
Mr.. Rockefeller turned over to certain govern
ment depositary banks a great block of bonds.
to be used by them as collateral for part of the
funds to be put into the banks by the Secretary
of the Treasury.
Secretary Cortelyou carried out his overnight
pledge to deposit S25.OOO,OOO OF government
moneys with the depositary banks. but at tho
end of the day had large part of that sum stm
at his disposal for use to-day if required as
the calls of the banks did not equal the fut.
measure of the volunteered Treasury aid
]. P. Morgan & Co in the last hour of bust
ness on the Stock Exchange met with instant
promptness urgent situation by rushing into
the exchange s25.OOO.OOO of pool funds the lend
ing of which broke the call money rate from
so to 10 per cent and checked a collapse in
prices which was akin TO Generalization John
d. Rockefeller placed in the Street a sum un-
derstood 10 be about s1O.O00.0Oe for Ioanins at
per cent. and is said also to have given assist
ance by lending bonds TO the government de-
positary institutions for use by them as col
lateral against the money obtained from the
national Treasury.
POOL OF TRUST COMPANIES
Leading trust companies formed a pool ot
600. much of which as was needed
sas turned over through the Union Trust Com