The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1907-10-26

NEW YORK. oct. 25,--Timely action
On the part of men Of wealth and in
| iluence has served 10 act as oil on the
troubled waters Of finance. and New
York, which has been the, center OF a
money storm for several days In which
many interests have been sorely buifeted
began business today under conditions Of
the most optimistic nature. On al sides
are heard expressions Of confidence that
the community has now safety weather
Ell the gale. Early today Secretary Of
the Treasury Cortelyou was 30 encour-
aged over the outlook that he was pro-
mpted to say sThe situation has imprcv-
leu 50 much that ! have no further
statement to make for the present" The
Trust Company Of America got about
$l00Oo.O0O worth 81 pounding yesterday
and started off today smiling and conf
dent, as it were, with millions more
stacked on its counters to pay out to the
timid depositors. Three small savings
banks were in distress yesterday and
were forced to suspend temporarily on
account Of heavy runs but these insti.
tutions will have no appreciable effect
on the general situation, as none Of them
Lis in anywise what may be termed a
representative bank Of New York.
A meeting Of fnanciers who are crap.
pling with the whole banking situation
was prolonged until early today. To
prepare for the demands Of depositors
today the bankers and trust company
presidents met in the art gallery Of ]. r.
Morgan's home at midnight Present
were E. H. Hartman. ]. Edward Sim
mons, president Of the Fourth National
Bank, and member Of the clearing house
committee; George w. Perkins and
President Oakleigh Thorne Of the Trust
Company Of America. After the meeting
lit was announced that there was no
statement to be given ont.
It is stated the mastery stroke Of
j. p. Morgan and his associates in turn
| ing in s2O,0O0,OOO into Wall Street, the
deposit in local banks of $25,000,0OO by
Secretary Cortelyon and the further
action of John d. Rockefeller in coming
to the front with sl0,OO0,00O for the
Union Trust Company's use, will affect
ually stem the tide Of panicky condi-
tions. Leading bankers and business
men view the situation in d confident
and hopeful vein. Henry Clews has this
| to say:
"a year hence, now that certain un-
desirable element has been eliminated
from active part in financial circles, con-
fidence having been restored in market
values, the people viii look back on this
situation with satisfactory. To my mind
the public worry is an unnecessary and
unwarranted condition today"
Jacob Schiff believes the situation
, well in hand,' and he looks for no more
trouble.
1t may be said, according to prominent
men here who have talked on the sub
ject. that more conspicuous than any
other collateral features Of the disturb
ance has been the fact that they have ne
way affected the general commercial AMI
Industrial station. After returning tx
equanimity has permitted a survey q
the general business situation, it hal
been declared by business men that not
only has the mercantile world scarcely
been impigned by the panic, but that
the prospects are better than they have
been for continuation Of the extraor
dinary prosperous conditions Of the last
several years.