The Butler weekly times. (Butler, Mo.) 1881-1918, 1907-10-24

New Nork, Oct 22.-Excitement
amounting to almost alarm marked
the opening Of the business Tuesday
In Wall street The stock market
opened demoralized under heavy
selling by brokers in all departments
Of the exchange and at the same mo
ment a run of considerable proper
tons was being made on the various
Offices of the Knickerbocker trust
company. At the main office, Fifth
avenue and 34th street, more than
LEO pt rsons were In line at lO:3v, and
there was q line of carriages In wait
ing extending for more than a block.
The stock markets opening showed
severely the effect Of the renewed
shock to confidence caused by the
spread of financial distrust by the pub.
lished details Of the affairs Of the
Knicke rbocker Trust company. Prices
broke widely on the opening transac.
lions under this outpouring Of stocks,
but almost Immediately rallied. The
rebound Appropriated from one-fourth
to one-half of the first break.
The Knickerbocker Trust company
stopped paying money to depositors
at 10. 30, the statement being made
that the company could no. obtain cur
rency rapidly enough.
Liquidation continued internationally
in heavy volumes through the morn.
ing. This selling developed support
ing orders on a scale downwards
which regulated the rate Of the de.
cline. There were very wide drops
in prices between sales. The fall In
prices, however, was violent.
At 1885 the stock market was in
another violent slump, Union Pacific
selling at 118, a loss Of ~ Reading
at 7sA, a loss of seven points; st,
Paul at 107, a loss Of 6A points. At
that hour call money was so per cent.
Washington, Oct 22.-Comptroller
of the currency Ridgley in speaking Of
the financial situation In New York
Tuesday said:
my advices from New York Tues.
day morning we're reassuring and the
situation there should now improve.
The storm has broken and the. dam.
age known without any failures of the
national banks, which have lately
been criticised. The clearing house
confirms my reports that these banks
are all solvent and is standing by
them. Their debit balances at the
clearing house Tuesday morning are
less than expected and I understand
one bank paid its balance without
help. The National banks Of the coun'
try generally are in strong shape,
and there is net the slightest occasion
for any alarm in regard TO- them. This
IL q time for GOODNESS and prudence
and not for alarm"
While it is believed that some &C
ton is being taken BY the treasury de.
partment In the matter of making de-
posits Of government funds to Ma.
tional banks to meet the present
emergency In New York, Secretary
CortSlyou refused to discuss the sub
ject in any way. Mr. Cortely0u said
that not only would he not make any
statement at this time, but would moi
discuss with any one the matter tol
deposits. It il understood that Secre
tary Cortelyou hss' ordered SGT ,00o. O0o
distributed among the leading Nation
al banks of New York. r.
Chicago, Oct. 22.-The oficials Of
the banks Of this city are unit In
declaring that never in the history Of
the oity have its financial institutions
been on as sound, . basis as hey arr
at present +.
Following the. failure Of the Chicago
National bank two yeass aso. the Chi