Show RETURNS TUNS AND ND fEAR FR Of O i PANIC HAS HS PASSED I P N i iY CLOUDS HAVE AND ND N Al SUN SHIN SINS S SR R ON WAll STREET Confidence T kes te P ce of oom nd Depression n in n I i World Work of Money Better Conditions to Out of the Stock SC Scare re j NEW V YORK OCT TIMELY TIl 25 TIMELY Y ACTION ON THE PART OF MEN OF WEALTH AND INFLUENCE HAS SERVED TO ACT AS OIL ON THE TROUBLED WATERS OF FINANCE AND NEW YORK WHICH HAS BEEN THE CENTER OF A MONEY STORM FOR SEVERAL DAYS IN WHICH MANY INTERESTS HA HAVE VB BEEN SORELY BUFFETED BEGAN BUSINESS TODAY UNDER CONDITIONS CONDITIONS CONDI CONDI- OF THE MOST OPTIMISTIC NATURE ON ALL SIDES ARE HEARD EXPRESSIONS OF CONFIDENCE cONTI DENCE DENOE THAT THE COMMUNITY HAS NOW V SAFELY WEATHERED THE GALE Early toda today Secretary of the Treasury Treasury Treas Treas- ur ury Cortelyou was so encouraged ed over the outlook that he was prompted io o osay sa say J i The i Thc situation has im improved so much that T y have v no noll no further statement to tomake tomake tomake make for the present Financial Loaders Meet The Trust Company of America got about worth of pounding yesterday and antl started off today smiling and con confident dent as it were with millions more stacked on its counters to pa pay out outto outto outto to the timid depositors Three small Bavin savings s banks were in distress yesterday yesterday yester yester- day daj and store ere forced to suspend temporarily temporarily tem tern on account of heavy runs but these institutions will have havo no appreciable appreciable effect in the general situation as none of them is in any wise what may be termed a representing bank of Now New York A meeting of financiers who are grappling with tho whole bankin banking situation situation situation situ situ- was prolonged until carl early toda today To prepare for t tho c demands of depositors depositors depos depos- today the bankers and trust com corn presidents met in the art gallery ganer of J. J P P. or ans an's an s 's home at midnight Present were E. E 1 H. H Harriman T J. Edward Simmons president of the Fourth Nat National National Na Na- t onal bank and members of the clearing clearing clear clear- I in ing house commission Geor George e eV W. W Perkin Perkins Per Per- kins kin and President Oakleigh of the Trust Company of America After the meeting it was there thero I was no statement to give out Morgans Morgan's Great Stroke It is stated the masterly stroke of JP JP J P. P Morgan or an and his hi associates in turning turn turn- turning in ing into Wall street the deposit de do- posit in local banks of by Secretary and anti the thc further action action action ac ac- ac- ac tion of John D. D Rockefeller in comin coming to the front with for the tho Union Tru Trust t company's use will effectually stem the tide of of panicky conditions Leading bankers and business men view yiew the situation in a confident and hopeful vein Henry Clews has this to say i A i A A year hence now that a certain undesirable element clement has been eliminated from act active o part in financial circles confidence haying having been restored in market market mar mar- ket values lues the people will l look lok back on this situation with satisfaction hon To my I mind the tho pu public lic worry is an I sarv sar and unwarranted condition today Jacob Sch ft believes the situation well wen in hand and ho he looks for no more I trouble Future Looks Bright BriCht It may be said according to prom prominent i- i nent neat men hero here who have bave talked on the subject that more conspicuous than any other collateral feature of the disturbance disturb ance has been tho the fact that they have I in no way a affected tho the general commer COUlmer commercial cial and industrial situation After a aI I return to equanimity has permitted a survey of the general business situation it has been declared by business me men that not only has the mercantile world scarcely been impi Ded on by the panic but that the prospects are better than the they have ha over ever been for a continuation of the extraordinarily prosperous conditions condi condi- of the tho last several years cars The run upon tho the Trust Company of America has about spent its force and tho the officers of the bank have now sufficient sufficient resources to meet an any demand To Bring Gold to America It is understood that tho the necessities of tho the stock exchange e situation will be met to today ar as 35 they were yesterday by bJ J. J P P. Morgan Co who were advised early as to the stock stoel exchange position by President Thomas of the exchange Loans mado made on tho the stock exchange today to- to day dav will carr carry over tH O. to Monday onda It is understood th that t negotiations were be un today by bj international ional bank bank- ers cru looking to the importation of gold guM i from London and Paris Pans It IB is expected that to will bo be cn engaged a cd at tho those e centers for import if necessary Dealings in in stocks to ks were not active and the general list moved rather narI nar nar- I Individual ics however I acted feverishly Selling of Northern Pacific carried it down 2 points and Reading Heading 1 Oregon Short Line funding funding fund fund- in ing 4 1 per cent bonds sold at 75 15 a decline decline de de- cline of 7 n 7 from yesterdays yesterday's price Small Banks Closed Today Announcement was made this morning morning morn morn- ing that the tho United States Exchange bank ank a small institution located in in the Harlem district of the city would not open for business toda today The bank has only a little more than on deposit deposit de posit and did an inconspicuous business busi busi- business ness and tho the announcement that it could not open for business was entirely without effect The Brooklyn bank with a place of business at Fulton and Clinton streets Brooklyn di did not open for business to to- day This bank has a n capital stock of ot and owes its depositors about The Borough h bank of Brooklyn a state institution with a capital stock of and depos deposits ts of about did did aid not open for business today Its business was not vcr very large largo and anCl no prominent financiers were connected with it One o of f its principal connections was the Knickerbocker Knickerbocker Knickerbocker Knicker Knicker- bocker Trust company which suspended payment on Tuesday Morgan Restores Courage The International Trust company one of the tho small and inconspicuous trust companies closed its doors at 1040 This company had a business connection with the Borough bank of Brooklyn which suspended payment today A much calmer ton tong tone was apparent in business circles this morning The Tho success success suc suc- success cess of tho the relief measures undertaken yesterday b by J. J P P P. Morgan an John JOhll D. D Rockefeller and other t er prominent t finan finan- ciers together with the tho serenity with which the Ule officials of the Trust Corn Corn- I pan pany of America met the run of depositors depositors tors of tho the institution gave aYe great reat encouragement encouragement en en- to bankers and business businessmen men generally that no further trouble was to be feared The Tho made mado up b by a pool headed by Mr 11 Morgan organ which was sent into the stock market yesterday afternoon is believed to have o given hen permanent relief to brokers who were in need of funds with which to carr carry the stock bou bought ht and held on margins margins mar mar- gins f for r their customers Cortelyou Still Helps The secretary of the treasury is continuing continuing con con- to give financial assistance in n a largo large way Tho The department is doing everything possible to aHa allay ap n sion A Another nother lar largo large o supply sup o of small hills is being rushed to New i York from Washington ton An associate of the secretary sec sec- secretary of the treasury said today that the tho I secretary's s 's refusal to make mako a any y formal formal for for- mal statement this morning might be accepted accepted ac ac- ac as an indication of Mr fro Cor Cory belief that tho the situation telous goner gener generally ener- ener ally is showing improvement A statement issued b by the sub treas ury today shows that local banks s ga gamed gained ned from front the sub treas ury during Urill the week This h s represents in lar large e part tho the deposits of govern government overn- overn ment funds made mado with the New ork banks Stand in Line All Night There were lines of depositors waiting this morning mornin in in front of ot the Trust Corn Cora Continued on page pago U. U i. i I T FINANCIAL L Continued from Page e 1 pan of f America and the banking bAnkin office oce of of the Lincoln Trust company up town Both resumed payment to depositors as usual i 4 f I lino line at the I 1 I- I Somo Some 0 of or those In Trust Company of America have i been thero there all aU night At the head v j i-j- 1 of the was a woman who de de- dined to leave her place even 4 4 K when the men next in line promised prom prom- 44 4 4 to restore it to her this 4 4 J morning She suffered consider consider- 4 r 4 J. J able from the cold night air and 4 I. several of the men touched by 4 v f. f 1 her plight went to a nearby restaurant restaurant res- res 4 4 at 3 o'clock in the tho morn mom 4 4 4 ing an and and- got some bread and coffee cof cof- 4 I i fee for her T M I I I I H-H H I I I I X-I-H-H-H- X H-H H First advices ices from London today were were very encouraging ing American stocks there thee opening at prices from 1 to 4 1 points bi higher her Anything to Make Money It developed this morning that a a. conf con con- f sid rable number of those in line at tho the Trust Company of America and at it the Lincoln Lincon Trust company company were not depos depositors but ut persons ns who were taking places maces in UI the line in In the hope of sel sell self favors favorable hIe pos positions to depositors WHO IA-WHO wh would be willing to pay for a forward for ward place Wherever er possible tb these e persons were removed remo from the line Hue by bytho tho ho police Yo Cash amounting to was sent ent to the Trust Compaq Company of oi of America this this' morning morning- through h tho the sub f ff All An the members of the stock exchange exchange ex ex- change made their dailY settlements of accounts as usual today to the stock exchange clearing house Market Opens Irregular The stock market opened irregular A sharp react reaction on followed the opening gains The fall in prices did not extend extend ex tend far below last nights night s 's level before a steadying tendency developed The first pr prices prices ces recorded here bere while well above the New ew York closing of last night did not approach ch the bi high h prices established in in the London market before operations began bogan here bere for stocks with t an international market For instance I St. St Paul which had risen rien 5 5 1 in London Lon Lon- don over o the New York closing opened here unchanged cd and then declined nearly near ly lv 2 points Am American rican Smelting started 2 hi higher her here Union Pacific 2 and Canadian Pacific and Baltimore Ohio 1 I to 1 17 This showing was converted convert convert- ed cd into losses Josses running from a fraction fractionate to a point in some cases within a few min mm- utes United States Steel shortly recovered reco its 1 lYl 2 point decline Other distinctive distinctive- distinctively I ly y M Morgan stocks showed indications of support support and the market rallied and became be came quiet Active on Wall Vall Street A few stocks were notably weak welk and this kept the tone of the tho market un un- settled but the general selling soiling was ac ac- ac tive The heaviest iest declines were in Northern Pacific Reading and Illinois Central There were further fractional advances ad vances of prices in in the afternoon in London until the receipt of the New NewYork NewYork York opening Quotations which brought prices down dowl Union Pacific and Atchi son leading leading- Fluctuations at a sharp I L rate followed New York alternately sold and bought and the market fin Jin- shed comparatively steady at fractions of a point to a point below belov the noon le level evel Loans Renewed Today The large loans made by J. J Pierpont Morgan Co and their associates to tostock tostock stock tock brokers yesterday when the brokers bro kern kers were dem demoralized were renewed today to day at 20 per cent Upon application of State tate Attorney Jackson temporary receivers receivers ers were apI ap- ap 1 pointed I today for the Knickerbocker Trust company which closed its doors Tuesday after a run by ly these depositors The Th receivers are arc Otto T. T Bannard Ernest rnest Thalman and Gen Henry C C. Ide all nil all of New Now York City 1 Call CaU Money Lower The first quotation of call Gall mODe money on the stock exchange e today was made at nt l 1230 30 0 o'clock clock when loans were made kat at nt SO 50 Q and 60 per pel cent I An official of the Harlem Sl Savings s bank bauk where a run was was begun bc begun un announced this afternoon that the company compan will at once take advantage ad vantage anta o of the sixty lays days notice laws las lawsin lawsin in cases of all aU lar largo o depositors The bank will continue to honor immediate immediate- ly Jy the demands of small email depositors who desire to withdraw funds |