Show J. J P. P MORGAN WENT TO RESCUE Of THE FRIGHTENED TRADERS NEW EW YORK Oct 25 As As a n result of yesterdays yesterday's developments dc in the financial l world there is is every indication that the cris crisis a in the banking g- g gand and trust company situation has been safely passed The Trust Company of America Amer Anler lC ice ica all through tho banking hours pl paid d out money to depositors as rip rapidly dl as possible and clos closed d yesterday with all demands having been met A very favorable feature of the situation situation situ situ- alion respecting this company was that it was wag ablo able to make its payments with very en little assistance and another was that the thc company compan received over its counters in inthe the morning mornin hours in in ordinary onH n nary ry depos deposits ts more than By Bj far the most moat notable even dramatic dra tira- mat matic c episode of or tho the day was WD the emptying of ot mone money into the stock exchange ex cx change through a pool headed h bv by J.P. J.P. J.P. J. J P. P Morgan orsan and other financiers i in order or der tier to avert a a ruthless 8 selling out of stocks stock held by brokers which was threatened because of their inability to obtain renewals of loans on which these stocks had been carried A A. remarkable con condition brought about this extreme stringency Certain largo arse interests of grea greab financial resources had be boon n charging recently what was in effect if not 1 legally usurious rates of interest on call loans One Ono institution tion that had hud been engaged in this practice itself a member of the clearing clearing clear clear- ing house and criticised by other banks for its action on the sr ground und that this added d an unnecessary complication and strain on tho the money situation As n a result of the tho criticisms this institution withdrew its support and anel declined to offer money at call coil on the stock ex cx- chan change e. e The effect of this run the tho rate for money up to per cent and when that figure was vas quoted an Ox ex- tj-imely tj sharp harp decline d resulted in thiS the stock m ml l keto Union Pacific a 10 per percent percent cent stock sold old down to par At the time the tho excitement was 8 at it height the announcement was made mado th that t a 1 pool pOil b had hd ld ben n with J T P. P Morgan ll at It Its head to come to tC the rescue of the brokers for it was necessary necessary necessary essary t to provide funds at once in order or or- tier der that the they might carry stocks the they were holding for their customers rho Tho eff effect tt of the relief relict measures was t instantaneous neou and ond the rate for forcall forcall or call moue money dropped from per por cent to 10 11 p per r cert cent t. t When the stock exchange ex cx- change closed d oven every ono one was wa getting etting nil all the Ule money hp ho wanted t. The Thc close wart wan marked by hy a memorable scene in Ia which tho the brokers gathered around the thc principal trading EO posts h and nul gave three cheers for J. J P. P Morgan ortan and anel the numbers num bers of tho the pool pooi which has saved sl the theda da day dav The rho aggregate amount of money which had been heen contributed to weather the storm and antI restore confidence assumes as as- su sume rca really I ly cal colossal T ions Roughly estimated it includes which Secretary Cortelyou d deposited de deposited de- de posited in in the New York ork banks 25 which h tho the Morgan pool brought to the floor which John D. D Rockefeller lIer deposited with the Union Trust company and finally filially another which it is is understood Mr Ir Rockefeller stood ready to advance ane to tp meet anY any further stress etres of condi contU conditions in in al all aJ considerably in excess s of The c evenings evening's s 's developments de included the issuance by State Comptroller Martin Martin Mar Mar- I r. r tin H. H Glynn nn of a n statement on the local financial situation and the tho announcement announcement announce announce- ment of plans for the rehabilitation of the suspended Knickerbocker er Trust for the company compan The Tho tentative plans I Knickerbocker as outlined by one of the officials following a a. meeting of the board of directors provides for the formation formation for for- mation among the directorate of ot a pool of If to guarantee the redemption tion of the interest bearing certificates tes which will be he o offered in settlement of ac which a cannot can can- counts against the company not be liquidated at the tho present time As a preliminary stop it was said that thata a rece receiver cr for the tho company would be he appointed ap appointed ap- ap pointed pointe within a couple of das daj s with tho the approval of the directors Wb When n the success of tho the certificate issue is is assured tho the board will will ask uk that the receivership re cei be bo terminated with a view to r redemption of business President A. A F. F Hig Higgins ius has offered to put into the poo pool It was given out that after investigation investigation in gation the securities of the thc Ice loans by former President Barney Barno had been beens s sufficient for the tho amounts involved |