The Norfolk weekly news-journal. (Norfolk, Neb.) 1900-19??, 1907-10-25
BRING OlDEROUTOFC CHAOS.
REINSURANCE TAKES PLACE OF
PANlckY FEELING IN GOTHAM.
BELIEVED WORST is NOW OVER
Morgan Tackles Job Of AvertIns Dis.
aster-stocks Make New Low Level
Records, but Rally at close-Trust
Company Withstands Run.

Company Withstands Run.
New York, Oct. 24-There was a
sharp turn of sentiment in financial
quarters, renewed confidence In local
banking institutions taking the place
Of the panicky feeling that has de.
moralzed the Stock exchange for the
rsst few days. The fnanciers 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
condition more stable than has ex.
listed for some time was rapidly shap.
ing itself.
Many of the banking men who had
labored almost day and night recent.
ly, that the integrity OF New York's
financial institutions might be main.
tanned, went home early, satisfied that
suspected houses which had been
found worthy of support had been
fortified against incipient runs or 9th.
err contingencies.
Many Conferences Held.
Several factors contributed to this
change of feeling. First and fore
most was the determination reached
by men OF great influence in the flnan-
cial world and whose probity is I'M
questioned, to restore confidence, in.
sure safety and avoid panic. Con.
spicuous among there were ]. Pier.
pont Morgan and James Stillman,
president Of the National City bank.
Throughout the day there were con-
ferences at the offices of j. Pierpont
Morgan e. Co., and while guarded
statements only of what was done at
these gatherings were given out dur
iEg the business hours, the fact that
such men were comforting, linked
and financial resources, did much to
allay the fear for the future. News
of these conferences quickly ran
through the financial district; allayed
the fears of the extremely nervous
and brought recovery OF prices TO.
new low levels had been reached.
Rockefeller Rushes to Rescue.
John d. Rockefeller has taken an
active interest in the present financial
situation and he has arranged to loan
very large sums to number of New
York financial institutions.
Next in point OF influence was the
presence at the subtreasury OF Secre-
tary OF the Treasury Corteyou, who
not only lent the moral influence OF a
representative of the government, but
during the course of the day caused
to be deposited with New York banks
large sum, said to be $10,000,000.
Mr.. Cortelyou received many callers
and all who conferred with him sub
seQuently appeared to have been re.
assured.
Another potent factor in bringing
about better feeling and the un.
doubted return of saner sentiment and
improved confidence was the ability
Of the Trust Company of America to
Withstand an all day run, as it sue.
cessfully did. In the face of enormous
Withdrawals, the officials of the bank
proclaimed their readiness to settle
with all depositors on demand. Even
for a few minutes after the regular
hour of closing the company continued
to pay out money at its main Office in
Wall street and the Broadway branch
% and to certify all checks presented.
Brief Run on Savings Bank.
This was the only run Of import
snce and this fact was an encourage.
ment. The depositors in the Dollar
Savings bank, in the Bronx, of which
head. became uneasy over the gen.
eral situation and many clamored for
their money. These depositors were
chiefly foreigners who had confused
the run on the Knickerbocker Trust
company's Bronx branch with their
own institution. Officials OF the latter
institution explained matters and the
run, for which there was absolutely
TO excuse, ended at once. This furry
over, things looked still better, as the
uninformed element among depositors
was regarded as hard to control In
times Of general excitement
The failure of the Knickerbocker
Trust company to reopen did not exer.
else such an adverse influence on the
general situation as might have been
expected, and the early action OF Act
ing Superintendent of Banks Skinner
in taking possession Of the institution
on the advice OF the attorney general.
gave rise to feeling OF relief. as Il
was felt that the state officials would
make the most out Of the situation
II Is said to be a question whether
the institution will ever reopen, at
least under the present management
The clearing house report was also
favorable. Apparently the national
hanks have passed the crisis and those
which have required assistance gave
evidence Of being able to take care
Of themselves.
The announcement at Albany OF the
appointment by Governor Hughes OF
NJ l. A.