The Washington herald., 1907-10-25

New York, Oct, 2L-The removal Of alb
normal and all but unprecedented condi-
tions in the money market was the prin-
cipal accomplishment to-day Of those
bankers who are exerting utmost en-
deavors to restore financial conditions 10
a sane and normal basis
A syndicate Of Wall street banks,
headed by J. P. Morgan & Co, placed /
$2o,O0O,O0O in lump for loan on stock ex-
change collateral This action was taken
at a critical time. The money was snap
ped up in five minutes, but more was
then offered. and after the close Of the /
exchange call money was offered abun-
dainty at per cent The great difficulty /
left over from the preceding day. wien
effective measures for trust company re
lief were taken, was thus removed.
As on Wednesday, Secretary of the |
Treasury George B. Cortelyou remained |
in the subtreasury from early in the |
morning until evening, experimenting
execution of the measures Of relief de-
cided upon by him the previous evening,
and consulting constantly with clearing
house members, private bankers. and
trust company officers, and others who
called on him.
All Is Not Needed.
The Secretary. who had expected to
place S25,OO0,Co0 in the national banks,
found shat his large amount was not
needed. so that there remained Of the
S25OO0.0OO a considerable sum which is at
the disposal of national banks tomorrow.
The Secretary would not state the exact
amount withdrawn from the subtreasury
but it was agreed that it was a substan-
tial amount, probably more than half of
the S25 100000.
Secretary Cortelyou met the reporters
in the corridors Of the Manhattan Hotel
at midnight. This is all he had to say:
The situation has improved so much
that l shall make no statement Just
say thar as cInirg from me"
Mr.. Cortely6u had spent most Of the
evening in his room at the Manhattan
Hotel. Among others who saw the Sec
retary in the course Of the evening was
Clark Williams. the new State superin-
tendent Of banks
For the first time since the crisis In
financial affairs developed. ]. P. Morgan
left his Offices at the customary time,
about o'clock in the afternoon. Mr..
Morgan's day outwardly was a repeti-
tion of the work on Wednesday. Most
OF the prominent bankers and fnanciers
Were passing in and out all day, and
there was continuous succession Of
conferences regarding various features of
the situation.
notable caller Who had not been pres
ent on the previous day was William
Rockefeller, who very likely had not
been in the Morgan offices for a long
period Of time His call was another
evidence Of the complete harmony pre-
vaiIing among latterly hostile fnanciers
IN devlsing and putting into execution
remedial measures. Mr.. Hartman, as on
Wednesday, was a caller at the Morgan
offices several times.
Rockefeller on the Scene.
For the first time since the trouble be-
came acute, John D. Rockefeller spent
the entire day in the financial district
Offices, and apparently was putting into
effect his assertion of the previous even
ing that ne would do all in his power to
improve conditions. 1t was reported that
Mr. Rockefeller, for one thing, had placed
100000 in the Union Trust Company,
where he has long kept a large portion of
his cash resources, and that this money
was being used either in the loan crowd
on the stock exchange or else by the
trust company officials, acting under his
direction One of the reports of the day
was that Mr. Rockefeller had loaned a
large sum on the stock exchange at 6
per cent. Mr.. Rockefeller, when seen to-
night, refused to say in just what manner
he had acted
4 don't care 20 go into details" he
said. Il saw and advised with several
gentlemen in the financial district 1
have already said that I believe that all
that can be done to help should be done
now. and have acted accordingly"
Supplies Banks with Bonds.
One manner in which Mr. Rockefeller
was belived to have assisted very ma
teriaIy S-as in supplying bonds 20 na-
secure
government deposits. 1t has been appre-
hended that banks TO which government
deposits We're offered might experience
considerable difficulty in supplying at
once bonds to secure such large deposits
as were offered to them by the Secretary.
1t turned out that the bonds were in
abundant supply. and in some cases in all
probability they were loaned TO the banks
by Mr.. Rockefeller.
In addition 10 the deposit of large sums
in the big banks in the financial dis
tricts, Mr.. COrteyou advanced consider
able amounts to mercantile banks of the
type Of the Chemical for instance, and to
smaller Institutions farther uptown. The
result Of this action on the part Of the
Secretary was Immediately beneficial in
relieving, 10 some extent, the tension
in the time money market and in the mar
ket for commercial paper. On the pre-
ivous day there had been nothing at all
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