The Bridgeport evening farmer., 1911-01-09
KING MORGAN HAS PLENTY OF
 GOLD READY
Financier's Action Prevents Closing of Nine Banking Institutions in New
 York
Wants to Have Public Know There Is Nothing the Mat
 ter With Business World
Especial from United Press )

New York. Jan. 9.-That the alliet | banking institutions of the countr!
 are prepared to prevent any disturb l ance of present conditions was mad plain today by the presence in tn l Clearing House of a number of tn
 leading captains of finance. The.
 were on hand to take care of any run:
 that might be developed in any New
 York city bank and had available al
 most unlimited cash to meet demands
 Through the night officials of the big
 mess day opened there was an exhibi :
 tion of immediate resources in every
 institution which might have unusua
 demands made upon it. such as ha! not been displayed since the gloomy
 days of 1907. .
 sThere is nothing the matter witt the business world and the public must be made to understand it "a once.'' is the word that came from J P.< Morgan, and the command of tht king" was literally obeyed.
 By Morgah's order all of the insti- tutions for whose future there was any concern. piled up gold. silver ano counters. The result was that the timid deposicors came in. took one look and then left. satisfied that their money was in good hands. The stock market, too. felt the effect of the Morgan expression of confidence, and such weakness was replaced by a strong tone.
 ,. Morgan is going to Europe on We'd nesday for his annual winter vaca- ton, and this fact was weighed by the bulls as reason for the belief that the financial Hurry was at an end. The old man would not go away if everything was not all right" was the word passed along the line. and it had its effect.
 All of the officials of the institu- tions affected by last nights long se- ries of conferences between Morgan and the big financiers of the street, and State Superintendent of Banks Cheney. issued statements this after noon that no further trouble was to be feared
 : Over night Morgan had clarified the situation. By his order the Madison Trust Company. formerly the Van Norden Trust Company, was taken This is a $35 000 900 concern. backed by the Equitable Insurance Company. of which Morgan is now controlling g owner. Morgan also personally as- stunned responsibility for all of the ob- legations of the 18th ward and the 12th WdTQ U<1lkS dIId IIClT UIduCIl0S. dIlu IL was by his direction that securities held by these two concerns, which were not of a sort which could be sold readily in the open market. were replaced by actual cash.
 Not since 1907. when Morgan. after talking with President Roosevelt over the phone. and personally conferring with Secretary Of the Treasury Cor telyou. calmed the financial storm, has the Morgan influence been so openly displayed as i- was today.
 Morgan & Company Kuhn, Loeb & Company. the Guggenheims. Standard Oil, Henry Phipps. Halgarten & Com pany. and every big bank allied with the New York Clearing House stand together.
 A string of southern and western banks, affected by the closing of the Carnegie Trust Company. were also to be taken care of so that there would be no financial disturbances in those sections. All of their outstanding banks here while their paper will be to provide them with such cash as they nQay need pending the clearing up of the Carnegie Trusts affiars.
 The cash. which was sent out from this city to move the crops in the west and south has started on it's way back through the needs of the spring trade. It was agreed that any trouble in New York banking circles would keep this money in the local
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