The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-10-26
ROCKEFELLER COMES
TO SAVE SITUATION
DEPOSITS TEN MILLIONS TO TIDE
BANKERS OVER STORM PERL
Cd IN MONEY CENTER.
]. PIERPONT MORGAN IS ALSO ACTIVE
Kings of Finance Act Promptly and
Prevent Crash of Institu-
tiOnS.
]. PIERPOAT MORGAN IS ALSO ACTIVE

NEW YORK, Oct. 25.-With all
the great generals of finance and the
secretary of the United States treas
ury acting in accord to restore public
confidence in the banking and trust
company situation in this city, senti-
ment took on a much more cheerful
tone in Wall street yesterday, and
distinct improvement was visible in
all quarters of the financial district
The day opened with optimistic
statements from officials of the Trust
Company of America, and that insti-
tuition rapidly paid all checks pre-
sented. A welcome feature of that
company's affairs today was that
large deposits, amounting to consid
erably more than a million dollars,
were made during the morning hours.
John ID. ''Comes Through"
John D. rockefeller deposited
$1O,0OO,OO0 with one of the city's
Oldest trust companies, to be used in
extending aid to such trust compa-
nies as might require it.
The failure of three small uptown
banks had small effect on the gen.
eral situation.
The stock market opened buoyant
under the improved tone. the lat
ter dealings weakness developed, due
to the fact that the brokerage houses
were reducing their lines of stock
carried on margins on account of the
tightness in the money market. Call
money was still in urgent demand.
1t was announced on the stock ex
change at 2:20 that pool had been
formed which would supply the brok-
ers with all the money required to
close their operations tonight
Stocks Rally Feverishly.
There were violent, feverish ral-
lies in the stock market following the
decline, Union Pacific rising in a few
minutes to 105. Prices jumped
full point in some cases between
sales. Northern Pacific rallied Az
Amalgamated Copper also rose 81
from the lowest.
At 2:45 O'Clock following the an
nouncement that a pool had been
raised, call money was lending at 10
per cent. The pool loans made
amounted to about $25, ,000.
$1OO,OOO,OOO Contributed.
The aggregate amount of money
which had been contributed to wealth
er the storm and restore confidence
assumes the really colossal propor-
tions. Roughly estimated, it in
cludes $25,00O,000 which Secretary
Cortelyou deposited in the New York
banks, $25, 100000 which the Nor
gan pool brought to the floor; $10,-
100000 which John D. Rockefeller
deposited with the Union Trust COM
pany, and finally another $5O,000,-
which, it is understood, Mr.. Rookie
feller stood ready to advance to meet
any further stress of conditions-in
all considerably in excess of $780,
100000
There was an unusual scene at the
stock exchange at the closing hour.
The trying day having passed with
out serious difficulty, the brokers
gathered in the center of the big eX-
change and gave three cheers for J.
Pierpont Morgan, whose action in
forming the money pool that came to
the relief of the market at 2:15
O'Clock had turned the time at the
moment when prices were ebbing
with alarming rapidity.
Suspended Banks Solvent.
AlD6Tt y. JuuSOu, d SIdlc DdHh CA
aminer, announced this afternoon
that the Hamilton bank, the Twelfth
Ward bank and the Empire City Saw
ings bank, all of which suspended
payment today, had been found to be
entirely solvent. Mr.. Judson said:
"The Hamilton and Twelfth Ward
bank suspended for lack of ready
cash. The Empire City Savings bank
took advantage of thirty days al
lowed to savings banks"
About 500 depositors of the Lin
coin Trust company were waiting
when the institution opened today.
Louis Stern, a leading dry goods mer-
chant and director, arrived, follow
ed by string of cabs carrying mes
sengers with heavy loads of gold and
currency, which was carried into the
bank in view of the depOsitors. Mr..
Stern said the company would pay
every depositor who wanted his
nnnoV