New-York tribune., 1907-11-07
BANKERS CHEERFUL.
STOCK MARKET BETTER.
Large Gold Shipment Arriues, and
More Due TO-morrozc.

many days the prevailing feeling was really
cheerful. as the outcome principally of the an
nouncement made by the trust company presi-
dents at 3 o'clock yesterday morning that the
majority of the stock of the Trust COMPANY of
America and the Lincoln Trust Company would
he temporarily placed in the hands of trustees
and that all needed support would be extended
to the two institutions. Depositors of both COM
panies desiring to make Withdrawals were paid
off rapidly, and at the close of business it ap-
peared that the runs were practically at an end
The arrival of the Kronprinzessen Cecilie with
more than S7.000,000 gold on board was one of
the factors of Improvement. and still further re-
lief viii be afforded by the receipt of the S1O-
OO00o0 gold which the Lusitana will land at
this port tomorrow. The foreign exchange
market broke violently. on a weakening in the
rate Of the premium currency and on the
heavy offerings of cotton bills: and although the
rates for sterling still we'll above the normal
gold import level. additional engagements of the
metal were announced yesterday, which in
cluded S1.o00.O00 by Lazard Freres. 100000 bv
the Bank of Montreal and S750O0O by the First
National Bank of Portland. Ore. bringing the
total amount engaged to date on the present
movement up 10 S37 100000
The betterment Of the general financial sftua-
ton reflected in a strong stock market
where substantial net gains were shown at the
close
Several prominent 1nanciers called on Mr.
Morgan at his home last night but there was
no formal conference and most Of the men
who took part In the conference of Election
Day, which continued until nearly daybreak
yesterday, went TO bed early last night
The directors Of the United States Steel Cor
poration yesterday afternoon formally ratified
the action Of the finance committee in buying
the control Of the Tennessee Coal, Iron &
Railroad Company, a transaction which has
been one of the important influences in the
clearing up Of the general situation.
Although some shading of the premium on
currency reported, a large business con-
tinued TO be done at the rates prevailing on
Monday, firms and corporations anxious to
obtain currency paying for their supplies in
certified checks for amounts representing 3. 3I5,
and in one instance per cent more than the
sum turned over to them in currency. The
currency sold TO the money dealers is coming
from people who withdrew 1t from the banks
and loaned it before the Clearing House loan
certificate plan put into operation. but
many millions still are locked up in safe deposit
boxes and il is likely 10 be weeks before the
last of it viii again be placed in the banks, to
serve as the basis for credit and to be used for
the purposes Of circulating medium.
Clark Williams, Superintendent of Banks, in
discussing the local banking situation last night
and I do not expect any further trouble from
any of them" Mr.. Williams added that he was
holding daily conferences with the officials of
the various local banking institutions which had
suspended and said the chances for early re-
sumption of business in many cases seemed ex-
cellent. He said that on account of the salts
factory condition of the Trust Company of
America and the Lincoln Trust Company he had
withdrawn the officers Of the State Banking De-
Ia
he felt sure that no more weak spots existed
in the local banking field.
There was a degree Of cheerfulness noticeable
yesterday at both these trust companies which
has not been evident since the runs started on
these two institutions, nearly two weeks ago.
There was a smile the face Of every employe
from president down to runner. Both companies
opened for business promptly at 10 o'clock. as
they have been doing throughout the entire
run. but the waiting lines of depositors noted
with pleasure that more paying teIlers were
ready 10 take care of those who wished TO make
Withdrawals. The result that payments
were made rapidly and the lines quickly
dwndled.
When o'clock came at the main office of the
Trust Company Of America, in Wall street, there
were fewer than a dozen waiting depositors, and
every one Of these was paid before the windows
were closed. thus bringing to end the longest
run in financial history The run started
October % and continued for twelve days. Three
paying tellers were on duty yesterday and two
receiving telIers were kept busy handling the
deposits which footed up a large At
the Colonial branch of the Trust Company OF
America, Broadway and Ann street, the run was
practically over at 2 o'clock. payments having
been made with great rapidty.
At the main office Of the Lincoln Trust Com
pany No. 20s Fifth avenue. more than one hun-
dred and fifty depostors and bank messengers
were paid off yesterday, and the officers predict
ed that the run would be a thing Of the past by
tonight Many deposits were made during the
day. and many depositors who had large bal
ances called at the bank to assure the officers
they had perfect faith in the company.
TILFORD SEEMS PLEASED.
he felt that the manner in which the bank had
conclusively that it had been operated the
highest banking principles.
The board Of directors of the Lincoln Trust
Company mailed circular last night to all de-
positors in which they quoted from the report
Of the committee of trust company presidents
that the experts employed by the committee 10
examine the assets Of the Lincoln Trust Com
psny had found that on the basis of present
values the assets sufficient TO pay all de-
positors in full. The directors held a long
,aeet.ng last night 10 consider the future policy
of the company and make plans to obtain new
business After the meeting President Tilford
said statement Of the company's affairs was in
preparation and would be made public to-day.
Now that the monetary strain has been less
li,- banir