The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-24
EVENTS OF THE DAY.
Trust Company of America Proved
Its Financial Standinu

New York, Oct pa distinctly more
favorable tone was evident In Wall street
at y o'clock this afternoon following the
announcement that Secretary COrtelyOu
of the treasury department had made de-
posits of government funds in New York
banks. The stock market had been hold
ing better all day than had been expected
and the fact that the Trust Company of
America had withstood the rush of de
positors TO withdraw money for four
hours without difficulty was an addi-
donal encouraging factor. 1t was also
regarded as good sign that there had
been no run on any other of the city in
situations today and that the banks gen.
orally were transacting business in a nor
NAL manner.
Stocks Rallied Sharply.
The improvement in the stock market
between l and o'clock was especially no
ticed. some of the weakest features of the
morning rallying sharply. The high rates
for money around l o'clock were without
effect on the stock market quotations.
1t is agreed by every one that the con-
ditiOn 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 a run upon any financial in
stitution in New York today except the
Trust Company of America, and the be
lief is growing that that institution stands
a much better chance of getting through
successfully than was feared last night.
Stood the Ordeal.
The Trust Company of America sue
cessfully withstood 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.
The crowd at the doors of the Trust
Company of America grew until at 1870
about 700 were awaiting to reach the pay
ing teller's window. The tellers were
handing out money and at the same time
a force Of experts We're going over the
banks collateral preparatory to making
a report to ]. Pierpont Morgan, James
Stillman and other bankers as to the
extent tc which it will be advisable and
proper to extend aid to the trust COM
pany should the run become so persistent
as to require assistance.
United States Judge Holt issued an or
der restraining all banks and trust com
which the firm of Mayer & Co.. or the
members thereof. hold an interest, until
a further order.
Collateral Put Up.
E H Hartman, T. f. Ryan President
Thorne of the Trust. Company of North
America and several other bankers, had a
lengthy conference in j. Z. Morgan's Of
fees. f. H. Carey. of the United States
Steel corporation who was present said
that he believed the situation was being
improved. About 2:30 o'clock, five large
bags. said to be filled with securities were
taken from the offices of the Trust Com
pany of America to the office of ]. P
Morgan & Co. 1t was reported that the
securities represented a market value of
between s. 10000 and 100000 and that
they were being deposited as collateral
for loans by ]. p. Morgan & Co. to the
trust company.
The turn in the stock market improved
towards the end of the day and there
were material rallies in the general list
Bank Examiner in Charge.
Acting State Superintendent of Banks
Skinner took possession of the Knicker-
booker Trust company this morning. Mr.
Skinner made the following statement:
'Cnde. advice of abe attorney general
l nave taken possession of the Knicker-
hooker Trust company and its branch Of
noes The support of the institution
which was expected yesterday has not
Continued on Page 2.