Waterbury evening Democrat., 1907-10-25

The Lincoln Trust company and the Harlem Savings bank were equally successful in withstanding the de- mands of their depositors. Other banks and trust companies were not affected by the spasm of hysterical frenzy that induced timid creditors to demand payment Their officers re- ported that the withdrawal of funds was much less than on any preceding day during the present week. In word, the run started on the uptown banks and trust companies was entire. ly due to the unwarranted alarm of the people as to the solvency of all in- stitutions.
 The Dominant Figure.
 President Roosevelt at Washington, Secretary Cortelyou at the subtreas- ury, MT. Morgan at his office across the street from it. Mr. Rockefeller, who treated the financial district to it's first view of him for more than six years, and the group of conservative bankers brought together by MT. Nor gan continued their work of relief and did much to straighten out the tangles in the banking and trust company world. MT. Morgan was the dominant figure in the financial world. It was by his hands that the work of reform and relief was accomplished. He con- ferred frequently with Secretary Cor telyou, who was in constant commu- nication with the president at Wash ington. Assisting MT. Morgan were MT. Stillman of the City National bank and other prominent financiers, who considered all applications for ready cash passed upon the character of the collateral offered and proffered relief where it was justified.
 The situation in the banking world was pronounced by Mir. Morgan to be extremely satisfactory. The commit tee of trust company presidents to bring institutions of that character within the protection of an associa- tion similar to that of the bank clear ing house expressed the opinion that the steps taken by them in connection with MT. Morgan would render them as secure as the banks.
 Sent $27o0o,oo0 to Stock Exchange. l Mir. Morgan found immediate use for the S25,000,000 that Secretary Cortel- you had directed to be deposited with New York national banks. He dis tributed that where it would be of use in an emergency and later in the day sent 100000 into the stock eX- change to relieve a situation that for moment threatened to bring about an actual panic in the speculative world. Before doing so he had been advised that John D. Rockefeller had deposit ed with the Union Trust company S1O,- 100000 to be used in relieving the sit uation. Mir. Rockefeller also sent word that he had S5O.O0f000 in cash which Mr. Morgan could command at few hours notice.
 The situation on the stock exchange was undoubtedly of most serious character. Money advanced from 6 to 200 per cent. and stocks tumbled like mountain powders in an avalanche. The entire transactions exceeded 1,00O,- GOO shares Several brokerage houses which conduct a purely speculative business were threatened with failure, but managed to evade it when MT. ! Morgan came to the relief of the mar ket. When business closed for the day the feeling of apprehension that had existed before that modified, and many man breathed more freely than he had when he got up in the morning.
 Morgan Busy All Day Long.
 Mir. Morgan worked overtime. He conferred with George w. Perkins. J. Edward Simmons. president of the Fourth National bank; Walter Trim ble, president of the Bank for Say ings; II. B. Davidson, First National bank: Herbert Satterlee and represent atives of some of the trust companies E. H. Hartman spent half an hour with Mir. Morgan, but didn't appear to