New-York tribune., 1907-10-27
CONFIDENCE RESTORED.
Mr. Cortelyow Returns to Wash
ingtOn-Bank Runs D1CandIing.

Distinct improvement evident yesterday
in the financial situation. due chiefly to the
rying out OF the two relief measures foreshad-
owed in yesterdays Tribune-the decision to
issue Clearing House loan certificates and the
engagement Of gold for importation. the S0.OOO.-
600 already secured being likely to be followed
soon by further supplies Of the metal
The Trust Company OF America and the Lin
coin Trust Company again withstood runs but
the withdrawals during the two hours OF busi-
ness were proportionately less heavy than on
any preceding day, and substantial deposits
were made.
There were runs on various institutions in
Brooklyn. but in the entire city only one bank
closed its doors. the Terminal Bank OF Brook
Iyn small concern. which is one of the 'Jen-
kins chain One Of the important and reas-
suring incidents Of the day was the passage OF
a resolution by the Clearing House Association
looking to the entrance of the trust companies
into the association. step which the trust COM
panies are understood to be desirous Of taking
MR.. CORTELYoU GOING HOME
At the close Of the day the outlook appeared
to be greatly improved that the Secretary OF
the Treasury announced his intention Of return
ing to Washington, after having spent his en-
tire time for four successive days at the Sub
Treasury and his evenings in conferences up
town. He left this city on the midnight train.
on the Stock Exchange prices ruled steady on
a small volume of trading
]. PterpOnt Morgan said last night:
"As have already said. I cannot too strongly
emphasize the Importance Of the people really
ing that the greatest injury that can be done to
the present situation Is the thOughtIess with
drawal of funds from banks and trust compa-
MES and then boarding the cash in safe deposit
vaults elsewhere, thus withdrawing the sup
ply of capital always needed in such emergen-
cies as that with which we have been con-
fronted during the last week.
James StilInan. president of the National City
Bank said
The wise and heroic action Of the Secretary
of the Treasury and the splendid efforts OF Mr.
Morgan. with the assistance of the Clearing
House. have demonstrated the sound financial
conditions of the Clearing House banks OF this
city. Now. however. in order to facilitate the
shipments of cotton. grain. tobacco and other
produce and 10 facilitate the imports OF gold
the Associated Banks have wisely decided 90
combine their credit by the issuance OF Clear
ing House certificates. and thus prevent the
paralyzlng of a very large part Of the business
of the country"
COMPLIMENTS EXCHANGED
There was an interchange OF compliments
yesterday between Secretary Cortelyou. J. P.
Morgan and the Clearing House committee over
the services rendered and the measures for
lief adopted by each in the present crisis.
At meeting of the Clearing House Associa-
ton ]. Edward Simmons president OF the
Fourth National Bank. offered the following
preamble and resolution. which were seconded
by James Stillman and unanimously adopted by
the association:
Whereas Secretary Cortelyou has paid US the
compliment of personally coming to this city
Hi
House authorities in meeting the serious con-
dition in business affairs existing; and,
Whereas, He has rendered material aid. not
only with the resources of his great Office but
also with personal counsel: now, therefore. be IL
Resolved. That We testify our appreciation OF
the service rendered by Secretary COrtelyOu and
indorse and commend IN the highest terms his
splendid abilities and the dignifed and business
like administration of his great office.
The Clearing House also passed resolution
thanking ]. P. Morgan for his prompt aid in re-
leving the money stringency.
On his part Secretary Cortelyou asked the
representatives of the Clearing House who called
on him yesterday morning 10 convey to that in
stitutiOn his deep appreciation on behalf Of the
government of the courageous and high minded
manner in which they had upheld the interests
not only of the people of this city but In a sense
of the people of the whole country
Later in the day the Secretary called on Mr..
Morgan and expressed his appreciation of the
ates in meeting the emergency
Clark Williams. state Superintendent Of
Banks. in speaking about the banking situation
last night. said:
Information reported at the Banking Depart
ment to-day indicates that the improvements
in the financial condition is continuing Tha
general appreciation of this is we'll Illustrated
by the fact that directors OF various banking
corporations which during the last few days an
nounced their suspension have reported to-day
to the Banking Department that they desire IL
they lawfully may, TO undertake the rehabili-
tation OF their respective institutions"
IL is understood that the Institutions which
have made such applications include several OF
the Brooklyn banking Institutions as well as
some of those in the Borough OF Manhattan
In response to call sent out by the Clearing
House committee. at it's meeting early in tha
day, meeting Of the entire membership of the
Clearing House Association was held at a little
before noon. at which the Issuance of Cleaning