Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-10-23

".iiN 'Ni NNlH morning 10 NuIINNH INiNa
of tuc city reported at IN o'clock that
there had been nothing en- the nature %
"a run on amy financial institution exc
Cent the Trust Company of America,
nld That all othcs banks and truss
CumNlries were normal
Westinghouse Electric declined rapid
ly selling down Go Al az 1870 o'clock, a
decline OF gS1s from last night Al
midday General Electric sold ot e4'a' "A
decline of Si2 share from yesterday
tosing.
MORGAN IN COMMAND.
j. picrpont Morgan has practically
assumed command In financial circles
in New York today. He is STRIVING 10
bring order out of chaos and see what
can be- done 60 protect the large inter-
ests that are now in jeopardy.
Up To- this time there has been no
organization among the trust com
panics officers, and MT. morgan auu
James sullmln OF the National CITY
bank are earnestly engaged In an eff
fort TO bring about cooperation among
these institutions. Wherever 10 is
found that tho management OF any Inc
stitution under suspicion has been SUE
Recently conservative 60 warrant rem
dering assistance that assistance will
be forthcoming
When It became known that prom
incnt banking houses were lending
money on call az the stock exchange at.
per cent Tee market became Quieter
ana a substantial recovery cnsucd. So.
PAU. Pennsylvania, Great Northern
preferred and Northwestern, the United
States Steel stocks and Amalgamated
Copper and American Smelling reach
ed last nights level or above. Chicago
Great Western preferred sold az an ad-
vance Of nearly points over the previ-
Gus sale ana Colorado and southern
first preferred q point. There were
some sales IF other Inactive stocks at
wide declines. United States Pipe
preferred declined 10 and Mackay COM
panies preferred 3.
The stock market turned quite weak
again at 1915. Reading sold down 20
564l, a decline Of four points from last
night Union Pacific fell to 10lA.
AS VIEWED IN BERLIN.
Berlin. oct. 23.-The difficulties Of the
knickerbociocr Trust company OF New
York have created the greatest degree
Of establishment among the bankers of
this city The BOerscn Courier says
today that local bankers emphatcally
rejected the idea fthat the trust CONF
pany was On serious danger when the
first cablcd reports reached Berlin, but
the paper says the company viii re-
sumo payments tomorrow. declaring
This 90 be am empty subterfuge to cloak
the ttrue condition or affairs from the
depOsitors. 10 criticises a banking sys-
tom which allows deposits OF $50 600 600
upon "a capital of S1.200.00O, and gives
voice TO the gravest apprehension lest
the events OF the past few days fore
shadow the discovery of further abuses
iu the banks Of New York.
"lf some OF these banks are found 20
he rotten" the paper says, "thcre is no
knowledge where the crisis win stop. l
expect 10 hear of runs on other New
York banks, which hardly AN OF them
Will be able Ito withstand
ENGLISH COMMENT
London. oct 23.-The financial crisis
in New York is attracting the greatest
attention hero. The financial editorial
writer's today are Of the opinion that
although the effect viii be felt here, %
is not likely to be felt to any greater
extent. because British operators and
investors Of recent months gradually
have been freeing themselvese from
commitments and ,the influence of Wall
street consequently some sections OF
the stock exchange viii not be much in
luenced BY the crisis.
Tho Morning Post believes that the
financial troubles IN America are ac-
cumulaung too rapidly for temporary
nalllgsttves 20 have much effect, and
that II would be better for every one
concerned that the crisis had been
fastened Instead OF delayed
Tho Daily Mail In an editorial article
reminds It's readers that there is no
need TO suspect uhe sound American
banks This papers says that there is
"a Wide gulf between the conservative
banks and modern trust developments
NJ is the Spectators who are tumbling
in the debaclo and their fan Is gradual
ly clearing the atmosphere. Even tho
soundest concerns may be temporarily
affected the paper says. but tt would
bo an absurd error TO suppose that De
cause some reckless gamblers are IN
difficulties the United states from IL
nancial and commercial point of view Is