The free lance. (Fredericksburg, Va.) 1885-1926, 1907-10-26
MORE HOPEFUL TONE
Renewed Confidence in New
York Banks.
RUN ON TRUST COMPANY

trust Company 81 America With
stands All-Day Run and Pays Out
MihiOns-eanks In Other Cities Not
Affected.
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 thre At
ened solvent houses and demoralized
the stock exchange for the past few
days. Finsnciers. whose deliberate
opinions are most highly esteemed by
the public. expressed the conviction
that the worst was over and that out
q the present chaos a condition more
stable than has for some time existed
was rapidly shaping itself
Several factors contributed 70 this
change Of feeling. First and foremost
was The esterpinauon by men Of great
Influence IN the financial world and
whose probity Is unQuestioned. 20 re-
store confidence insure safety and pre-
won't panic. Conspicuous amonc these
were J. Pierpont Morgan and James
Stulman. president OF the National
City bank. There were condolences at
the Offices of J. p. Morgan 4 COMPANY.
and while guarded statements OF these
gatherings were Eiven out during bust
ness hours. the fact that such men
were comforting. linked with their
known personal standing and financial
resources. die much 70 alley fear for
the future.
Next In point Of influence was the
presence AZ the subtreasury OF Secre-
tATT Cortelyou. 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 e25.O0O.0O0.
John d. Rockefeller has taken an ac-
tive interest in the present financial
situation. and he has arranged 10 loan
very large sums 70 a number Of New
York financial Institutions.
Il think said Mr.. Rockefeller. that
the existing alarm among investors IS
not warranted. and hope the good
common sense Of our American people
VIII control the situation. Personally.
have absolute faith IN the future
Of the values of our securities and the
soundnsss OF underlying conditions.
Instead OF withdrawing any Of nv
moneys from the banks. I am cooper
ating with others In helping TO meet
onlythat which l firmly believe TO be
only temporary crisis. very one hav-
Ing the good Of his country at heart.
should by word and deed lend a hand
now TO re-establish confidence. and !
propose 20 do my part 70 the full ex-
tent OF my resources"
Another potent factor in bringing
about better feeling and the IN
doubted return Of sansr sentiment and
improved confidence. was the ability OF
the Trust Company OF America 10
withstand an all-day run. as # sue
cessfully did. In the face OF enormous
Withdrawals. the officials Of the hank
proclaimed their readiness 10 settle
with all depositors on demand. Even
for few minutes after the regular
hour Of closing the company continued
10 pay out money at its main ONCE in
Wall street and the Broadway branch.
and certify all checks presented So
marked was the strength OF the bank
that many who withdrew deposits early
In the day again deposited them before
the doors were closed. The total re-
sources OF the company. as last report
cd. were in excess OF $40. 900 900. Sew
erA millions were withdrawn. but
funds 20 satisfy every claim were said
10 BE- at hand
This was the only run of import
ance. and this fact was an encourag-
Ing feature.
The failure OF the Knickerbocker
Trust Company TO reopen did not ex-
eroise 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 Attorney General Jack.
son. gave rise to a feeling OF relief. as
II was felt that the state officials would
make the most out OF the situation. II
Is said 10 be question whether the in
stitution will ever reopen, at least
under the present management.
Another favorable development was
a sort OF tacit understanding between
the banks and the members OF the
stock exchange to aid each other; the
banks by .oaning money at something
like normal rates, and the traders by
preventing the bottom dropping out of
prices on the exchange