Semi-weekly herald., 1907-10-28
MANY NEW YORK
CITY BANKS SUSPEND.

a crash In the stock market at the
opening. Delaware & Hudson dropped
first from 139 To 100 and then TO 12s
This is the stock which the failed firm
OF Meyer Bros. had carried so heavily
Relatively the active leaders were
equally demoralized. Union Pacific
which had close at l12 opened at i1C
and fell quickly TO 107lS or 11h under
Yesterdays lowest, Brooklyn Rapid
Transit was offered down to 3IA "a
37a.. Reading. the Hin properties
steel and metal shares weakened to
the paniclty level In Pittshurg stock
exchange was closed at the request of
the Pittsburg clearing house. Oak
leigh Thorne, president of the trust
company just before the doors OF the
institution were thrown open for bust
ness today, said, I'VE have been
promised assistance in case we need
Il; but | do not expect any trouble" !"
Eleven million dollars in cash was
piled up behind the paying teller's
window in az attempt to prevent a
| threatened run on the institution. At
the opening large crowd of excited
men and women were In line in front
Of the bank waiting to withdraw their
deposits The line was headed by
man who said his name was Donohue.
a wealthy coffee broker. He said he
had S35.n00 In the bank which he was
going to Withdraw.
New York. Oct. Thousands OF
people were at the office OF the Trust
Company of America when the com.
pany began to pay of deposltors at 10
o'clock this morning. Officials of the
company announced that they had on
hand in the neighborhood of sl1.0o0..
900 in cash to meet the demands.
New York, Oct pa run was start
cd on the Colonial Trust company at
22O Broadway The Colonial is
branch Of the Trust Company of
America.
New York. Oct. 23.-An appeal has
been made to the governing committee
to close the stock exchange until Mon
lny
New York. Oct. 23.-There were no
more bank or other failures this after.
noon and the situation Is rapidly grow.
ing better. The government Is giving
all the aid necessary to reliable H.
nancial Institutes The market Is also
Improving.
New York, Oct. 24--tlnder the firm
confidence established by the result
OF last nights conference and Secre-
tary Cortelyou's encouraging state
ment the stock market opened strong
with prices from 2 to 3 points higher
than last night. AT 10 o'clock the
prices on the London exchange show
ed considerable strength among the
American securities. Union Pacific
was mp to 27s. Baltimore & Ohio pa
Atchison ga Southern Pacific q Anal
gamated Copper. /. United States Steel
4 Erie 3-s At 1O:i5 j. p. Morgan.
H. reply to questions as to the situa-
tion. said: 1t is all right" James
Sillman. president. of the National City
bank, the largest bank In the United
States. who was with Mr.. Morgan.
concurred In saying that the situation
was satisfactory. Secretary Cortelyou
nt II o'clock said Things look pret-
~ good now have had word of the
suspension of the two Harlem banks
but prefer to make no comment of 1t.
| Will remain here some time longer:
how long cannot say. would have
been in New York tonight anyway.
The rumor that we ARE short of small
bills Is unfounded. We have 10000
900 in small denominations.
New York. Oct 24.-The Hamilton
bank Of New York and the Twelfth
Ward bank, all important Institutions.
failed TO open their doors this morn.
lag The run on the Trust Company
OF America continued The Plttsburg
stock exchange is still closed and the
Iron City Trust company Of that city
has been placed in the hands OF
receiver. The State Savings and Trust
company of Nevada and several
branch banks have closed their doors.
John d. Rockefeller, ]. p Morgan and
other powerful fnanciers have come
to the support Of the stock market.
Nine banks failed before ii o'clock.
New York, Oct. 24.-John ID. Rookie
foller ISSUED statement announcing
that he had arranged to loan "A very
large sum to New York banks in order
TO aid them In meeting the unusual
demands upon their resources. 81
think" Mr.. Rockefeller is quoted as
SAYING. that the existing alarm among
investors is not warranted and hope
the common sense OF our people will
control the situation. Personally |
have absolute fai.h In the future of
the values Of our securities and the
soundness of underlying conditions. In
stead OF Withdrawing my money from
the banks am cooperating with
others In helping TO meet that which
firmly believe TO be only tempo
rary crisis. Everyone having the