Daily press. [volume] (Newport News, Va.) 1896-current, 1907-10-24
MORE CONFIDENCE in THE
SITUATION IN NEW YORK

onicEliS oi the bank proclaimed their
readiness 10 settle with all depos,tors
on demand
| FOR lew minutes after the reg
i uNhr hour of closing the company
continued to pay out money at its
main Office in Wall street and the
broadway branch and certify all checl,
presented. Then it was announced
'hat me institution would be open as
usual at 1890 O'Clock tomorrow morn.
iils prepared for all eventualitios. So
| marked was the strength of the bank
ihat many who withdrew deposits early
III me day again deposited them be-
fore the doors were closed
The total resources OF the comnanv
as last reported were in excess of
| $50 ,O00,O 00.
Several millions were drawn TODAY.
but funds to satisfy every claim were
said to be at hand
Only One Run of Importance.
This was the only run OF Importance
today and this fact was an encourar
ing feature. The depositors in the
Dollar Savings bank in the Bronx of
which Borough President John haren
IS the head, became uneasy over the
general situation who clamored FOR
their money under the impression that
their deposits were in jeopardy. These
depos-tors were chiefly foreigners w..o
ID confused the run of yesterday on
inc knickerbocker Trust COMPANIES
Bronx branch. with their own institu
ton. Officials of the latter instlution
explained matters and the run for.
which there was absolutely no excuse
ended at once. This furry over things
looked still better as the uninformed
element among depositors was regard.
ed as hard TO control in the general
excitement. The clearing house re.
port was also favorable today. Appar-
emily the National banks have passed
The crisis and those who have required
assistance gave evidence today of be-
ing able To take care of themselves.
Another favorable development to.
day was sort of tacit understanding
between the banks and the members
OF the Stock Exchange to aid each
Others banks by loaning money at
something like normal rates. and the
traders by preventing the bottom drop.
ping out of prices on the Exchange
Though call money ruled nominally
at 30 per cent. throughout the day at
several of the biggest banks renewed
loans at six per cent. and millions were
let out at half the interest rate that
might have heen e"roazed from des-
perate borrowers. Then too, minor in
fluences. making for confidence. were
at work. Taken as n whole, therefore.
the day passed much better than had
been expected and the promise for to-
morrow is for quiet and better day
all around.
Fifteen bank examiners were busy
here today and their frequent reports
were said 20 be favorable The an
nouncement from Albany tonight of
the appointment by Governor Hughes
of Clarke Williams Of this city. MS
state superintendent nj banks, was re-
celved with favor and yie'veI rs a
timely act ny the governor.
Acting Superintendent skinner had
been filling in since the recent resg-
nation. of Superintendent Mott.
Pttsburg Exchange Closes Doors.
PITTSBURG. PA, Oct. pa flur
ry in local financial circles. caused by
the embarrassment of four concerns
of the Westinghouse interests was
action of the Pittsburg Clearing House
Association and the Plttsburg Stock
Exchange.
Aie MtStiu5lOuSt IJl6ClIlC
and Manufacturing Company, the
Westinghouse Machine Company and
the Security Investment Company, a
holding company for the Westinghouse
interests. is in the hands of receivers
appointed by Judge Ewing. of the
United States Circuit Court.
fourth concern. the Nernst Lamp
Company will be turned over TO re-
rai In,
The Pittsburg Stock Exchange.
which was closed promptly this morn
ing when informed of the situation by
likely remain closed tomorrow. This
preventing an unnecessary sacrifice
, of values by heavy liquidation of
stocks.
Statements issued late today by
Mr.. George Westinghouse, prominent
bankers. officers of the Stock Ex.
change and the Clearing House com
mittee show conclusiyely that the fl.
4 nancial situation here is sound and
/ there is no danger.
The severe stringency Of the mon
ey market is alone responsible for the
Westinghouse difficulties. The solv-
ency of the embarrassed companies
is not questioned.
The concerns at present are enjoy
ign the largest amount of Business
| known in their career. The inability
to secure funds to pay off maturing
loans caused the embarrassment To.
night the local situation is believed to
be in bettr condition than It has been
for some time.
y o.