Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-10-24

appoointment by Gov. Hughes OF Clark
Williams Of this city as state Superln-
tendent of banks, was received WIN
favor and viewed as q timely act by
the governor. Acting SupeTintfndtn Mt
Skinner had been filing it since the re-
cent resignation Of Supt. Mott. TIL"
appointment Of q New York man ac-
lively engaged in banking was regarded
as wise.
Mr. Williams is graduate of Will
liams College and was for som" TIM"
employed in the First National Bank
and later in the United States Mort
gage and Trust Co. where he rose 10
an executive position. Since its or
ganiZation he has been vice president
Of Columbia Trust 90.
When Secretary Cortelycu left the
sub treasury at O'Clock tonight he
Ill not return to his hotel but sent
word that he would be there at late
hour.
Late in the evening there was a
Inference at the house Of ]. p. Nor
ran. II was reported that Mr.. Cor
telyou was present.
New York, Oct. 23-Anxiety over the
~ilt.,t ton that has developed in the
t.r~t company and banking business
tur ng the past week continued TO
,lyut 'r' business horizon Wednesday,
altt.nt.u the nervousness and alarm so
I,tuolt,. Tue Sday was considerably
:. ..-.itt ~ the presence OF Secretary
st. ir. Treasury Cortelyou in the city
..,tt ,., ,.rn,n;Se to remain at the sub
ir...-u. throughout til" day. Mr.. Cor
u..au'. element made late Tuesday
i.,2':I 'i.'.. '.l;,.c the strong condition of
.t.....r, .f a banks of this city also had
-..o. it / IN sentiment and served
i.,. t... t.- t'rc appre tensions of business
,r.... -.rI tie curtailment of credits
..u.,.f SftuttiOn following the SuS-
... -.t u payments by the knicker-
&c, w., Trust Co. might hamper the f.
.,r.fyr of general mercantile affairs.
II. tortelyou's statement was as fol-
'i - peat what | stated before leaving
-' 'ngtnn. if for no other reason than
.. 1phasiZe the attitude of the Treas
sy department.. 1t will use it's facili-
to assist in every proper way lcgit-
'a. t. business interests and its action
'' lie prompt and thorough.
The national banks of New York are
g.. except onally strong condition. TIKI.
neral situation here seems to he well
.. hand and is being looked after bv
any strong and influential men. such
w. those whose. recent action in tho
clearing House received emphatic pub
&c approval. The movement for similar
concert of action among tn" trust conn
anies should have 81 helpful and far
reaching effect. I shall spend the day At
the .'Ub-treaSury."
The unfavOrable development of tho
night was the news that the Trust
Co. Of America. one of the citys larg-
est financial institutions, with deposits
approximately 100000. coo and total as
set: and liabilities in excess of $Go.00A,-
0c0 was in need of assistance. At thu
same time that il became known that
the Trust ca. Of America had given Il
statement of its affairs to the bankers
with request for aid it was also an
nOunCcd that liberal assistance woulI
be given to the Trust Co of America
Wednesday and also that the institu-
ton had in its vaults ST. O00. Geo in CASH
which 10 begin paying of! its dcp"sitors
Wedns st'ay should there be any I'M
usurl demand. 1t became known last
NOT regard the position of the Knickcr-
hooker Trust Co. as favorable and wore
inclined to permit il to go into lquda-
ton.
AS usual in time If stress. London
quotations on American securities We're
awaited Wednesday. The O'Clock
prices showed only fractional changes
ana these We're mixed. Some stocks,
notably baltimore & ohio and St Paul
advanced Is. AmalgaTated Copper de-
clnrd y
The stock market opened at declines
from Tuesday nights prices. Southern,
Pacific sold at 6S. Il loss of seven eghths:
Great Northern pfd. at rs. a loss of 1ta,
United States Steel at -. a decline of *
baltimore & Ohio at 81. a loss of 4:
Amalgamated Copper at Az, a decline of
IA: Atchison at Is. a loss of Ii.
Northern Pacific sold at los. a loss Of
four points; Reading at 49,. a decline of
=: Union Pacific opened at no. a loss of
u. and sold off Immediately to 1917. from
'.hiCh it rallied to 1851.
Lines Of people began to gather early
n front of the doors of both the Trust
%. CT America and the Knicksrbocke,
Isl w. AZ u CitCk from ~ To %
'"ns We're at the main banking office o,
ne Trust Co. of America at AZ Wal
rect and at the same tim1. there was a
rowd extending for more than a block
ON the Fifth avenue office of the Knick.
.'hocker Trust Co
Oaklcish Thorne president of the Trus,
'. of America. was at his place of husi
ass early in the morning He made .
atement to newspaper reporters who
He'd on him to the effect that the insti
ton was all right.
We have plenty of cash on hand an6
p prepared for all emergencies We ar.
cling the situation calmly"
y committee of accountants renresent
~ the bankers who have taken tn.
hole financial situation in hand wen
20 the Offices Of the Trust Co If Amer
at A. NJ. and began an exhaustiv
animation Of its books and the securi
IS held in its vaults as collateral n,
ans This committee expected 10 fms,
: iabors by about II O'Clock, and Mt tha
ne report the result Of its tin5:irr. r
rs learned OH unquestionahle au,i,,ri.,