The semi-weekly messenger., 1907-10-25
NEW YORK F|NANC|ERS TAKE ACTION
To RELIEVE FINANCIAL SITUATION

this evening satisfied that suspected
houses which had been worthy of sup
port had been fortified against incip-
lent runs or other contingencies. Sc
riOuS minded men who have met the
storm in sober mood left their offices
smiling and chatting and with a gen
eral bearing that spoke volumes to
those who We're accustomed to read
the news of the street IN the faces ..
the Zig men.
Several factors contributed to thir
change Of feeling. First and fOTCw- -
was the determination reached today
by men Of great influence III the 1inaE-
cial world and whose probity is Un-
questioned to restore confidence, in
sure safety and prevent panic. Con-
spicuOus among these were J. Pier
pOnt Morgan and James Stillman,
president of the National City Bank.
Throughout the day there were con-
ferenccs at the Offices of J. P. Morgan
&, Company and while guarded state
ments only of what was done at these
gatherings were given out during the
business hours, the fact that Sucn
men were comforting, linked with their
known personal standing and tinan-
Cial resources did much to allay fear
for the future. News OF these con-
ferences quickly ran through the
financial district; allayed the fears of
the extremely nervous and certainly
aided the stock market where this
influence brought about recovery Of
prices toward the close Of a day dur
ing which new low sevels had been
reached.
Next in point OF influence was the
presence at the sub-treasurv of Secre-
tary of the Treasury CortelyOu, who
not only lent the moral influence OF
Il representative Of the government
but during the course of the day
caused to be deposited with New York
banks a large sum, said to be So,
100000. Mr.. COrtelpOu received many
callers and al! Of those who conferred
With him subsequently appeared 10
have been reaSurred
Another potent factor in bringing
about a better feeling AMI the return
Ofsaner sentiment ahL improved con-
fidenCe, was the ability OF the trust
company Of America to Withstand
ar all day run as it successfully d:d.
In the face Of enormous Withdrawals
the officials of the bank proclaimed
their readiness to settle with all de-
pOSitOrS on demand. Even for q few
minutes after the regular hour OF
closing the company continued to pay
out. money at it's main office in Wall
street anG the Broadway branch and
certify all checks presented. Then
would be open as usual at 1880
o'clock tomorrow morning. prepared
for all cVentualitieS SO marked was
the strength Of the bank that many
who Withdrew deposits carly in the
day again deposited them before the
doors were closed. The total resources
of the company as last reported were
in excess Of $4,000, 1000. Several mil
lion were Withdrawn today, but funds
TO fiN.fNy n lDI i'm a
at hand.
This was the only run OF impOr-
tance today and this fact was an en-
cOuraging feature. The depOsitOrS in
the Dollar Savings Bank in The
Bronx. of which Borough President
John Haffen is the head. became un-
easy over the general situation when
they clamored for their money today
under the impression that their de-
posits were in jeopardy.
These dpositors were chiefly for
eigners who had confused the run
of yesterday on the Knicker5ocker
Trust Company's Bronx branch with
their own institution. Officials OF the
latter institution explained matters
and the run for which there was alb
solutely no excuse. ended at once
This furry over things looked still
better as the uniformed element
d
hard to control in time Of general eN-
citement.
The clearing inouse report was also
favorable today. -Nppatf' l-tV tne Nc
tional banks have passed tho crisis
and those which have required 3sSiS-
tance gave evidence today OF helnS
abIe IT, take care of themSalTe5.
Another favorable development to-
day was a sort of tactic understanding
between the banks and the members
of the stock exchange to aid eacn
others banks by loaning money az
something like normal rates, ana the
traders. by preventing the bottom
dropping out of prices on the eN-
change. Though call money ruled
nOminally at 70 per cent throughout
the day. severa! of me biggest ban kS
renewed loans at 6 pc" cont, ana mil
lions were let out at half the interest
rate that might have been squeezed
from desperate borrowers. Encn. to-
minor influences, making for conn
dence were at work. Taken rs a
whole. therefore, the day passed much
better than had been expected ana
the promise for tomorrow IS TOR
quiet and better day all around
Fifteen bank examiners were busy
here today and their frequent reports
were said to be favorable. The an
nouncement from Albany tonight on
the appointment by Governor Hughes
of Clarke Williams. CT this CITY. as
state superintendent of banks. was re-
ceived with favor and viewed as a
timely act by the governor.
Acting superintendent Skinner had
been filling in since the recent resIg-
nation of Superintendent Mott.
The Knickerbocker Trust Company
announced to depositOrs who were
waiting at its main office that 1t
would not resume payments today.
The announcement was made by a
police captain on the authority OF the
officials of the trust company.
At 1890 o'clock Mr.. J. Pierpont
Morgan and James Stillman, president
of the National City Bank, made a
hurried call upon Secretary of the
Treasury Cortelyou at the Manhattan
Hotel. Mr.. Morgan declined to say
anything regarding his visit to Mr..
Cortelyou or to discuss the f1nan-