Albuquerque citizen., 1907-10-23
y. MORGAN ASSUMES
\ YMAAD Of THE
! y114!!''
With other FinanClerS He
Will Bring Order Out
Of Trust Company
Trouble
CORTELYOU Says
BANKS ARE 0. K.
New York'S Affairs Slightly
Bettered. Though Distrust
Contlnues---PittSburg Ex-
change Closes UP for
Better Times.

New York Oct. 23.-J. Pierpont
Morgan practically assumed COM
| mand of the financial circles today,
striving to bring order out of chaos
| and to see what can be done to
protect the large interests now in
| jeopardy Up to now there has been
no organization among the trust
| company officers. Morgan and James
Stillman, president of the National
| City bank, are earnestly engaged in
an effort to bring about cooperation
among those institutions.
Government Makes Deposits.
The secretary of the treasury to-
| day made large deposits in local
| banks. He is in close touch with
the local situation and believes he
will be able to cope with it. The
amount deposited by the government
was not learned.
| Conditions Favorable.
A distinctly more favorable tone
wars evident in Wall street at two
O'Clock this afternoon following the
| announcement that Secretary Cortel-
you had made deposits for the gov
ernment in New York banks The
stock market has been holding bet
fact that the Trust Company of
America had withstood a run of de-
| posftors who withdrew money for
four hours was an additional factor.
Will Aid Trust Company.
New York, Oct. pa run on the
Trust Company of America began
this morning. 1t was stated that the
company had twelve millions in its
vaults to begin payment TO deposit
! tors today. A committee represent
Ing several trust companies began
an exhaustive examination of its
books and securities this morning
and II is stated that If the result
| bears out the statements of its Off
GERS, aid will be extended in what
| ever amount may be required. A
| crowd also surrounded the offices OF
the Knickerbocker Trust company
would resume payments. Financiers
do not regard the position of the
Knickerbocker as very favorable and
are inclined to permit it to go into
| liquidation.
Exchange Not Open.
! Pittsburg, Pa, Oct. 23.-The Pitts
burg stock exchange did not open
this morning, the members deeming
1t advisable that the exchange re-
main closed temporarily owing to
the demoralized feeling in Westing-
| house Electric stock. A meeting of
| the members is being held and the
exchange may be opened tomorrow.
|
| to sixty at the New York stock ex-
change, a decline of 1875 from last
night.
Why Exchange Suspended
| President r. c. Hall of the ex-
change, issued the following state
ment today:
''The Security Investment company
| finds itself involved. This will nee
| essitate a temporary suspension or
! receivership of the Westinghouse
Electric company, the Westinghouse
Machine company and the Nernst
Lamp company. These manufactur-
ing companies are in an absolutely
the Security Investment company
Will in no way affect the Union
| Switch and Signal company and the
| Westinghouse Airbrake company. II
would like it explicitly understood
that II was at the request of the
Pittsburg clearing house that we
have suspended trading temporar-
! ily."
Will Ask for Receiver.
A petition for a receiver for the
concerns named, 1t is said, will be
made today. Parties interested ex-
press no doubt of pulling the COM
panies through successfully. The
embarrassment is attributed TO the
inability to secure funds on account |
of the stringency in the money mar |
ket me amount involved viii run
into the millions,
Banks are All solid.
New York, Oct. N23-AnXiety over |
the trust company situation continu- |
ed to cloud the business horizon to- !
day, although the nervousness and |
alarm so noticeable yesterday were |
considerably lessened by the presence |
of Secretary Of the Treasury Cortel- |
you In the city, and his promise TO |
remain at the sub-treasury through |
out the day.
Cortelyou's statement last night |
affirming the strong condition Of the |
national banks Of this city had "A |
very good effect on the public senti- |
ment and served TO relieve the ap- |
prehensions of business men that a |
curtailment of credits might hamper |
financing general mercantile affairs
The unfavorable development OF |
/ last night was the news that the |
Trust Company Of America, one OF /
the city's largest institutions with de- |
posits approXimating fifty million 1
dollars and total assets and liabili- |
ties I'M excess Of sixty millions, had |
requested aid.
over six hundred persons crowd |
ed the office Of the Trust Company
of America when the hour for open
ing arrived Acting State Superin-
tendent of Banks Skinner took pos
session OF the KnickeTbocker Trust |
company today under advice of the
attorney general.