The Birmingham age-herald., 1907-10-24
BANKS NOW PREPARED
 FOR ALL EMERGENCIES
Council of Financiers Led By J. p. Morgan Acts Promptly and Takes Measures to Relieve All Future
 Calls Upon Banks.
ROCkkEFELLER HELPS.

nOONNG EEEEn 6t VI
 % -New York. october 2S-John D. ~ % Rockefeller has taken active in ' < terest in the present financial sit < -~ uation and he has arranged to loan ' < very large sums to a number of Y < New York financial institutions. \ < q think" said MT. Rockefeller, < : to a representative of the Asso- < < ciated Press this evening, that < ' the existing alarm among inves- % . tors is not warranted, and l hope N < the good common sense of our < < American people will control the < >- situation. Personally l have ab- -< < solute faith in the future of the < % values of our securities and the < < soundness of underlying condi- < % tions. < Instead of withdrawing any Of < ' my money from the banks, l am < < Cooperating with others in help < < ing to meet that which l firmly < > believe to be only temporary < < crisis. Every one having the good Y < of his country at heart should by < < wor dand deed lend hand now < . to re-establish confidence, and l < % propose to do my part to the tull ' % extent of my resources.
 ~ At 1920 o'clock J. Pierpont < % Morgan and James Stillman, pres < . ident of the National City bank, < . made a hurried call upon Secre- < < tary of the Treasury Cortelyou at < > the Manhattan hotel. MT Nor -<- . Gan declined to say anything re- Y < garding his visit to MT. Cortelyou Y . or to discuss the financial situa- < < tion in any way, but said state < ' ment might be given out later in ' . the night. As the visit of MT. < < Morgan and MT. Stil1man to the < . secretary at so late an hour was Y < unexpected, much interest was < > aroused in the possible develop < ' ment arising therefrom.
 < George w. Perkins, MT Mor- Y < gan's partner, said at midnight ' < that he would probably make Y . some sort of statement at later Y < hour. < President OalSleigh Thorne of ' < the Trust Company of America, Y < announced at midnight that his ' ' company would open for business Y : at the usual hour tomorrow with < < ample funds to meet all claims. <
 
 New York, October 23-Tnere was a sharp turn in financial affairs late today, renewed confidence in local banking in stitutions taking the place of the panicky feeling that has threatened solvent houses and defnoralized the stock exchange for the past few days. Tonight the finan- ciers, whose deliberate opinions are most highly esteemed by the public, expressed the conviction that the worst was over and that out of the present chaos a con dition more stable than has for some time existed was rapidly shaping itself.
 Many ofNthe banking men who labored almost day and night recently that the integrity of New York's financial insti- tutions might be maintained went home early this evening, satisfied that suspect ed houses which had been found worthy of support had been fortified against in- cipient runs or other contingencies. Seri- ous minded men who have met the storm in sober mood left their offices smiling and chatting and with a general bearing that spoke volumes to those who were accustomed to read the news Of the street in the faces of the big men.
 Several factors contributed to this change of feeling. First and foremost was the determination reached today by men of great influence in the financial world and whose probty is unquestioned to restore confidence, insure safety anS prevent panic Conspicuous among these was J. P. Morgan and James Stillman, president of the National bank. Through out the day there were conferences at the offices of J. P. Morgan & Co.,, and while guarded statements only of what 1. was done at these gatherings were given out during business hours the fact that such men were conferring, linked with their known personal standing and in financial resources did much to allay fear for the future.
 All Fears AlIayed.s
 News of these conferences quickly ran through the financial district, allayed the fears of the extremely nervous, and cer- tainIy aided the stock market. where this influence brought about recovery to- ward the close of a day during which new low levels had been reached. Next in point of influence was the presence at the subtreasury of Secretary of the Treasury Cortelyou, who not only lent the moral influence of a representative oi the Government, but during the course of the day caused to be deposited with New York banks large sum, said to be $10, 100000. MT. Corteyon received many callers and all who conferred with him subsequently appea1ed to have been re- assured.
 Another potent factor in bringing about better feeling and the undoubted return of saner sentiment and improved confidence, was the ability of the Trust Company of America to withstand an all day run as it successfully did. In the face or enormous WItndraWalS, tn e officials of the bank proclaimed tNeir readiness to settle with all depositors on demand. Even for few minutes after the regular hour of closing the company continued to pay out money at it's main office in Wall street and the Broadway branch and certify all cheeks presented. Then it was an- nounced that the institution would be open as usual at 10:30 o'clock tomor- row morning prepared for all eventual ities. It was the strength of the bank that impressed many who with drew deposits early in the day and again deposited them before the doors were closed The total resources of the company as last reported were in ex- cess of $70.o00. 900. Several millions were withdrawn, but funds to satisfy every claim were said to be at hand
 Only One Big Run.
 This was the only run of importance 4 f.t<- <.f o rof ft n Q