Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1907-10-23
CORTELYOU
TO THE RESCUE.
Government Funds
. Save New York
Banks
MIA As.o>>ssA
BIG FAILURE IN P|TTsBURG
Westinghouse Concern Gees
Under Receiver for
knickerbocker Co.

| New York, Oct. 23.A distinctly
more favorable tone was evident in
Wall Street at o'clock this afternoon
following the announcement that Sec
retary Cortelyou had made deposits
of government funds in the various
New York banks. The stock market
has been holding better all day than
was expected and the fact that the
Trust Company of America had with.
stood the rush Of depositors to with.
draw their money for four hours was
an additional factor.
| Anxiety over the trust com.
Ipany and banking situation
continued to cloud the business
horizon today, although the nervous.
lness and alarm so noticeable yester.
day were considerably lessened today
Iby the presence of Secretary of the
Treasury Cortelyou in this city and
his promise to remain at the sub-treas.
Jury throughout the day. Secretary
| lCQrtelyou's statement which he made
last night affirming the strong condi-
ton of the national banks of this city
had good effect upon public SEN
timent and served to relieve the ap.
prehension Of the business men that
further curtailment of credits might
hamper the financing Of general mer
lcantile affairs.
! Trust Company Requested Aid
| The most Vnfavorable development
of the night was the news that the
Trust Company of America, one of the
city's largest financial institutions,
with deposits approximating fifty mil.
lion dollars and total assets and LA
bilities in excess of sixty millions, had
requested the aid of the banks.
! This was followed by the announces.
ment early today that Oakleigh
IThorne, president of the Trust Com.
pany of America, had sold control
ling interest in the Central of Georgia
Railroad which he purchased Jointly
with Marsden J. Perry last July.
Thorne declined to say to whom the
road had been sold but denied that the
sale was to the Rock Island interests.
Big Institution Holds Up Under Run.
A run on the Trust Company of
America began this morning over six
hundred depositors crowding the Of
flee of the trust company an hour be-
fore the time for opening had arrived.
1t was stated that the company had
twelve million of dollars in its vaults
to begin the payment of depositors.
| A committee representing the banks
of the city began an exhaustive exam
ination of its books and securities this
morning and 1t is stated If the result
bears out the statements of its officers
aid will be extended in whatever
|amount may be required.
Receiver for Knickerbocker Trust
! Company.
An immense crowd also surrounded
the offices of the Knickerbocker Trust
Company this morning in the hope
that it would resume payments. The
bankers do not regard the position of
this company as very favorable and
were inclined to permit it to go into
liquidation.
! Acting State Superintendent o.
Banks Skinner, took possession Of the
Knickerbocker Trust Company just
before noon on the advice of the at,
torney general Of the state
! ]. Pierpont Morgan practically as
sumed command in financial circles
today, striving to bring order out Of
the present chaos and sec what can
be done to protect the large interests
now in jeopardy Up to now there
has been no organization among the
various trust company officers. Nor
gan and James Stillman. president of
the National City Bank, are earnestly
engaged in an effort to bring about a
cooperation among those institutions,
Secretary of the Treasury Cortel-
you today made large deposits in the
local banks. He is in close touch with
the local situation and believes he will
be able to cope with the situation. The
amount deposited by the government
could not be learned.
Big Failure at Pittshurg.
! Pittsburg, Pa, Oct 23-The Pitts
burg Stock Exchange did not open
this morning, members deeming It ad-
visable that the Exchange remain
closed temporarily owing to the de-
moralized feeling in Westinghouse
Electric. A meeting Of the members
was held and President r. G. Hall Of
the Exchange, issued the following
statement;
The Security Investment Company
finds itself involved. This will necessi.
n. Continued on Page Eight M,