Perth Amboy evening news. [volume] (Perth Amboy, N.J.) 1903-1959, 1907-10-25
Financial Cloud Is
Now Passing
Away.
WEAK ONES GO.

NEW YORK, Oct. 25:-The finan-
cial situation is easier here today.
The run on Lincoln Trust Company
and the Trust Company of America
continue to some extent, but both in
stitutions are meeting every obliga-
tion and confidence is being every
where restored. Financial iDstitu-
tions everywhere report that the out
look is favorable and that no one
need have any fear about their de-
posits. Leading financiers held a
conference at the home of J. P Nor
gan last night which lasted until ear
ly this morning. After it was over
they expressed their opinion that the
worst of the furry is over. There
were four minor suspensions early
today, but they hand no effect on
the general outlook The United
States Exchange Bank, a Harlem in
stitution, did not open for business
The International Trust Company, of
New York. and the Brooklyn Bank,
of Brooklyn, closed their doors owing
to their inability to secure cash. At
Providence, r. l., notice was posted
by the Union Trust Company, on
which run was made yesterday, that
it had suspended payment temporar-
lily.
E. S. Sweetland has been appoint
ed receiver for the institution. 1t
has individual deposits exceeding
$25 100000. The first prices on the
stock market were generally higher,
but in few minutes they broke be-
low last nights close Feverish rail-
lies followed, but the market is ner-
vous.
PITTSBURG, Oct. 25:-The ex-
change here Is still closed.
NEW YORK. Oct. 25.-As a result OF
the latest developments in the financial
world there is every indication that the
crisis in the banking and trust COM
pany situation has been safely passed.
J. Pierpont Morgan ended the most
sinister crisis of the financial cyclone
here by throwing $25.O00.000 for loans
at a period when money on call loans
was not to be had at $50 and the bot
tom was dropping out of the market.
Equipped with a relief fund amount
ing to $60O00.000 in actual cash and
with an additional $50,0O0,OOO availa-
BILE, Mr.. Morgan, cooperating with the
Washington administration and John
D. Rockefeller, succeeded in prevent
ing the collapse of many financial in
stitutions in this. .city.
Had it not been for his appreciation
of the situation and his prOmptness
there would undoubtedly have resulted
most serious panic on the stock ex-
change. For a few tense moments the
indications strongly pointed to the CON-
plete collapse of values on the ex-
change. That such calamity was
averted was solely due to the decisive
action of Mr.. Morgan and his asso-
ciates who were in command of the
financial situation.
1t was the most serious situation
that has arisen since the beginning Of
the panic. Standard stocks fell off
eight and ten points in fifteen minutes.
The exchange was bedlam. and in
another quarter of an hour il must
have been closed to avert worse con
dition of affairs when Mr.. Morgan, act
ing with President James Stillman of
the National City bank and the presi-
dents of the Hanover, Chase, First Ma
tional and other big banks. responded
to the dramatic appeal of President
Thomas of the stock exchange and
poured S25, 100000 into the gap.
The market instantly responded to
the treatment. Prices scared upward
again. and the day closed with cheer
full prospects Indeed, to such an ex-
tent was the anxiety of Secretary Cor
telyou relieved that he attended din
-ner instead of any mOmentous confer
ence of bankers.
conditions are greatly improved" !"
he said just before leaving the sub
treasury. confidence has been restor
ed. and the outlook grows brighter con-
tinually.
Continued on page A.