Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1907-10-30
DUMPS MILLIONS INTO
BANKS OF NEW YORK

new YORK, OcL. z4.-At lz:OU TINS
morning, j. Pierpont morgan and
James Stillman, president of the Ma
tional City bank, made hurried call
upon Secretary Cortelyou. They
would give no information as to what
was done at the conference. Later,
however, Mr.. Cortelyou authorized the
announcement that he had directed
that government deposits be placed
In the banks of the city to the extent
of $35,000,000 today. 1t was also
learned that the presidents of trust
companies had perfected an organiza-
ton in the nature of a protective com
Olnation and on lines similar to the
clearing house association, and that
all the admittedly conservative trust
companies participated.
New York, Oct. 24.-There was a.
sharp turn of sentiment in financial
quarters late yesterday, renewed con-
hdence in local banking institutions
taking the place of the panicky feel
ing that has threatened solvent ho.ses
and demoralized the stock exchange
Tor the past few days. Last night
those fnanciers whose deliberate opin-
ions are most highly esteemed by the
public expressed conviction that he
worst was over and that out of the
present chaos more stable condition
was rapidly shaping itself.
F1nanciers, who had ia1oIed almost
day and night recently that the integ-
rity of financial institutions might he
maintained, went home last evening
and were satisfied that suspected
houses which had been found worthy
OF support had been fortified against
Ineipient runs or other contingencies.
New Law Levels for Stocks.
Several factors contributed to this
change OF feeling. First and foremost
was determination reached yester-
day by men of great influence in the
financial world and whose probity is
lnquestioned to restore confidence
insure safety and prevent a panic.
Conspicuous among these were J. P.
Morgan and James Stillman, presi-
dent of the National City bank.
Throughout the day there were confer
ences at the Offices of Morgan & Co.
and while guarded statements only Of
what was done at these gatherings
were given out during business hours.
the fact that such men were con
ferring, linked with their known per-
soual standing and financial re-
sources, did much to allay fears for
the future, and certainly aided the
stock market. This interference
brought recovery of prices toward the
close of dsy during which new low
levels had been reached.
All Day Run Withstood.
Next in point of influence was the
presence of the secretary Of the treas
airy, who not only lent the moral in
fiuence Of the representative of the
government, but during the course of
the day caused to be deposited with
New York banks $10,000,0O0.
Another potent factor in bringinf
about a better feeling and return o
saner sentiment and improved cont,
dence was the ability of the Trust
company of America to withstand an
all day run, as it did. In the face of
enormous Withdrawals, the officials of
the bank proclaimed their readiness
to settle with all depositors on de-
mand, and announced that the insti-
tuition would be open as usual TODAY.
prepared for eventualities.
So marked was the strength of
the bank that many who withdrew
deposits early in the day again de-
posted them before the closing of
the doors. The total resources of the
company as last reported were in ex.
cess OF S7.O00,000. Several millions
were withdrawn yesterday, but funds
10 satisfy every claim were said to
be at hand
Favorable Report.
The clearing house report was also
The action of the acting superintend-
ent of banks, Skinner, in taking pos
session of the Knickerbocker Trust
company on advice of the attorney
general, brought a feeling of relief. as
it was felt that the state officials
would make more out of the situation.
1t is said to be question whether
the Institution will ever reopen. at
least under the present management
Agree to Stand together.
Another favorable development yes
terday was a sort of tacit understand
ing between banks and members OF
the stock exchange to aid each other;
the banks, by loaning money at some
thing ike normal rates. and the
traders by preventing the bottom
dropping ont of the prices. Though
call money ruled nominally at 40 per
cent. yesterday, and a FINAL aecOmmo-
fation was secured at 80, several of
the biggest banks renewed loans at
six per cent and millions we're let out
at half the interest rate that might
have been squeezed from desperate
borrowers. Then. too, minor fniu-
ences making for confidence were at
work. Takes IS whole. the day