Daily press. [volume] (Newport News, Va.) 1896-current, 1907-10-23

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NEW YORK oct 22-creait uun,
dor the snrlac5 foundationsp of all
business, trembled for Il time today.
and hefore confidence could u, re-
stored. the IIniokerboclJsr Trust
Company, New YorlS's second largest
financial institution, had emptied its
casn vaults under pressure OF the
biggest run experienced here in Il
3 neration; Stock Exchange firm
had failed for Sc 600 400: Wall Streets
principal securities had settled f-om
500 10 SIS a share call money hal
risen to 20 per cent: ANA bankers IN
able 10 stem the tide of distrust. had
been forced 10, appeal fo.. relief to
the Secretary of the Treasury at
Washington.
All this was in the face of reas.
surfing statements by the acting state
superintendent Of banks that the sus.
pccted bank was solvent: declarations
by prominent bankers that there was
no trle lasis for alarm and assurance
from Washington that Secretary Cor
telyou would not hesitate TO act
promptly in any situation whc.e le-
gitimate business was threatened.
Now that the first scare is oyer and
the worst of the future discounted. it
is believed that local banking affairs
will soon ;eadiust themselves. Sec.
rotary OF the Treasury George T..
Cortclyon reached New York from
Washington at $3.50 o'clock tonight. He
was met at Jersey City by Hamilton
Fish, assistant United States treasur-
or. and tile two We're in earnest con
veration during the ferry trim to New
York Upon reaching this city they
won't at once to the Hotel Manhattan
whe.e several bankers later presented
to the Secretary the various phases
of the local financial conditions.
Secretary Cortelyou is here to thor
oushly look into the financial situa
ton which he has had under investi-
cation for several weeks He has come
with no preconceived ideas of how
much money will be required 10 re.
lieye the situation ana the matter OF
treasury relief measures will be de.
termned by what he learns tonight.
He will do all he can to relieve the
present crisis. 1t is expected n state
ment will be given out by the Score.
tarv about midnight.
Secretary Cortelyou's Statement.
Before leaving Washington late to-
day, Secretary Co;telyou decided that
lie would deposit S6,0OO,000 with New
York banks as soon rs the necessary
collateral has been raised, and at the
time issued this statement: The Sec
rotary OF the Treasury is keeping in
close touch with the business condi.
tons throughout the country. In the
matte OF public deposits he will at all
times consult the needs OF legitimate
business mte ests and VIII not hest
tate to deal promptly and adequately
with any situation that may arise
Mr. C0rtelyeu's statement. when re-
ceived here did much to put Il better
face on things. and il was predicted
That the Secrctary's visit would result
In turtle. deposits here of SIS 0O0.-
900.
kniokerhocker Trust Company PAYS
Out immense Sum.
~ A,.'e :, :
the stern center today. paid out cash
TO depOsitors at the rate of S44.444 a
minute Tor three hou $ ana then clos.
ed iis doors
the directors had as they thought
fnllv prepared for run ana caused
to be announced in todays papers
that S. OO0000 in cash was on hand
20 meet all eventualities
~ '-"' NSiONh Il lew uepOSltO.S
Withdrew their accounts ana an hon.
latcr hundreds were in line 10 tax,
out their deposits at the main office
at Thirty-fourIh street and Fifth ave
nne and at the Harlem The Brony
ana me downtown branches The S..
000.o00 lasted until 12:30 when Vice
President Joseph T. own announced
that the bank had no more cash avail.
aUle any payments We're suspended.
Payments viii BE Resumed.
Mr. Brown said that the bank would
open tomorrow and payments he re.
snmed at 1890 o'clock, The Knicker-
booker. it was announced has ample
securities TO meet ali demands. was
perfectly solvent and it was only a
oiegiion of raising cash when all de-
posIt1s wno wished TO withdraw
: could dc so
Tonight desperate efforts were