New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-10-23

institution rot later than o'clock In he a1ter-
noon That report was set at rest by the issu-
ance Of the following statement by the Morton
Trust Company, through Levi 7. Morton us
president:
..,rla story ,p circulation that Mr.. Ryan has
resigned or intends 90 resign as vice-president OF
.he Morton Trust Company IS pure lnVeh'loH-
NJ RYAN has not resigned and has no intention
Of doing so. The subject has never been DIS
cussed or even suggested
,Dakleigh Thorne president Of the trust Com
many of America, denied last night that ms III
stitut!on was in any danger whatever inquiry
IN the highest banking quarters carrier III 'ie
day had been answered by an expression Vi
opinion to the same effect, that the Trust COM
many Of America was in a thoroughly sound ana
safe condition.
president kinsman Of the New Amsterdam
Earll Denied last night the reports that the
institution was in danger, Pc said:
These reports are wicked, unqualified fa!seT
hoods The Clearing House has certified TO the
condition Of the bani. It is all right
NJ. Thor,c said, regarding the general finan-
oj9: situation that while it undoubtedly is bad
q might be much worse. What is needed, he
said is the dumping Of Sl5,6GH,e5o or %Zo'ooo'-
a5e in actual cash into the banks TO restore the
balance ana put money in circulation. The sit
1asion is not that trust companies or banks are
for-der:7c. bu. that they can't get ready cash
10 go ca
Af-er the meeting Of the Clearing House COM
In:1tes yesterday morning it was announced that
tne only bank needing assistance was the
New Amsterdam National Bank, which had
GeIlt balance OF S341OO0, To what extent assist
4nce was rendered the bank was not stated pht
the amount was understood TO be small.
The Mercantile National Bank had a debit bal
,ace Of $4,000 yesterday, but for the first time
WAS able
80 clear without assistance. The other banks in
"a Clearing House Association having debit
Valance were the National Bank of North
America $4,000: the Mechanics and Traders
Bank. $3.50 600: the Oriental Bank, $4,000, and
The National Bank of Commerce SI,CelNh
None OF these required any assistance, but
cleared with its own funds It stated
that the large debit balance % the last named
bank represented the clearances Of the Knicker-
booker Trust Company.
Several changes were announced in the drec-
forates OF some of the banks and trust COM
panes with which the H. ME Morse Thomas in
1erests were formerly associated. Charles r
Barney who resigned Monday president
of the Knickerbocke- Trust Company rendered
his resignation yesterday a director Of the
National Bank Of North America.
NEW MERCANTILE DIRECTORS.
The directors Of the Mercantile National Bank
met and elected John G. Luke. president Of the
West Virginia Pulp and Paper Company and
Samuel ". Bovine OF Scott < Bovine, 10 va
cancies the board.
The directors Of the Hudson Trust Company
also held a meeting and formally accepted the
resignation of Orlando r Thomas president
of the institution. Z. r. Chapman who has
been a member of the board of directors Tor
several years, was elected president Of the COM
pany to succeed Mr.. Thomas.
4 P Hepburn president of the Chase National
Bank in discussing the banking situation yes
Jerday. said I am certain the general banking
conditions improved The trouble original
e. in the peculiar methods of certain interests
who have been forced out Of the banking situa-
ton. The Clearing House as it originally
agreed TO do viii live up to it's promises and
render assistance to those of its banks that
need it
Hamilton Fish, Assistant United States Treas
uror in charge Of the Sub Treasury in this city
called upon Mr.. Hepburn. but his visit lasted
only a fev minutes and was said to be without
significance. Mr.. Fish said that the present sit
uation Of the banks would not in any way affect
the Sub-Treasury.
The announcement of the suspension Of pay
Fnent by the Knckerbocker Trust Company and
the resultant leap in the price of call money TO
40 per cent threw the stock market soon after
a
Generalization which closely bordered on a
panic Prices crumbled away with such start
ling rapidity on all sides that strong support
ing orders, said 70 come from the Morgan and
Hartman interests which were thrown into the
market in great volume, failed for some time to
check the downward rush.
Finally point of resistance was reached and
some sort OF equilibrium was restored but It
was only after the leading issues had suffered
~ -Hfrar-
Then the market held steadier for a period at
the low level hut when the Clearing House
sheets went through without any trouble a
sharp rally developed. which. holding until the
close. left those stocks which had declined the
most up two to four points from the bottom
The announcement of the failure of Stock
Exchange house Just before the close did not
have any pronounced effect. Sales amounted to
1370,4I2 shares
At the opening the market had to face the
news that all was not as it should be with the
Knickerbocker Trust Company, and this COM
hlned with the announcement that President
Charles 7. Barney had resigned and = sbarn
break in the price Of American securities in the
London market, was enough to cause a weak
opening with stocks off TWO or three points from
the closing price of Monday.
PRICES DROP RAPIDLY.
The traders, however, apparently believed that
we other banking institutions which were said
70 have been represented at the meeting Of
directors of the embarrassed trust company at
eherrys on Monday night would place annie
'unos at the disposal of the Knickerbocker Trus+
ana that there would be no serious run on the
"a'A- AS a result there was a smart rally after
me opening break which took many Of the
ieaoers up almost to the closing prices of Mon
day When IT was announced, however thai
ffnrg Of ~