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ANOTHER RUN STARTS. Lincoln Trust Company Victim of Latest Disturbance. New York, Oct. 24.-A run of large proportions was started on the Lincoin Trust company today. The crowd so great that reserves were called out.
Lincoln Trust Company (New York, NY)
Episode Information
- Episode UID
1011671294- Episode Type
- Run Only
- Bank Type
- trust
- Bank ID
-
101167routing - Routing Number
1-0116- Start Date
- October 24, 1907
- Location
- New York, New York (40.714, -74.006)
Metadata
- Model
- gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
8e89f35d36e2662f
Response Measures
None
Description
The bank experienced a severe run during the Panic of 1907 but remained open throughout, eventually receiving support from a committee of trust company presidents and J.P. Morgan.
Events (2)
1.
October 24, 1907
Run
- Cause
- Macro News
- Cause Details
- Systemic financial panic in New York (Panic of 1907) following the suspension of the Knickerbocker Trust Company.
- Measures
- Paid all demands promptly; later received financial support from a committee of trust company presidents and J.P. Morgan.
- Newspaper Excerpt
- A run of large proportions was started on the Lincoin Trust company today. The crowd so great that reserves were called out.
- Source
- newspapers
2.
November 6, 1907
Other
- Newspaper Excerpt
- money will be supplied up to the limit'' to support the Trust company of America and the Lincoln Trust company, upon which there have been runs of varying volume ever since the Knickerbocker suspended. ... committee of trust company presidents takes control of the majority of stock of the Trust Company of America and the Lincoln Trust Company is only a temporary device to reestablish confidence. What will be the ultimate disposition of the stock has not been seriously considered but it is certain that the trust companies committee and the clearinghouse committee will insist that these companies pursue in the future a policy of the strictest conservatism and that they shall not embark in any underwriting which is not capable of being converted readily into cash. ... The Lincoln Trust Company of New York has wiped out its indebtedness of $5,000,000 to the Trust Relief Committee, which was extended to It in the panic days. It has been reorganized, and starts on a career which it is believed will put it in a stronger position than it occupied before the trouble.
- Source
- newspapers
Newspaper Articles (22)
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Shipping in Gold. New York, Oct. 26.-The - National City bank is planning to import $5.000,000 in gold and another bank is going to import another million. The run on the Lincoln Trust company is still on, but all demánds are being paid promptly. J. P. Morgan is suffering intensely from a cold, but was at his office all morning.
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NEW YORK PASSES TRYING DAY (Continued from Page One.) issues occurred in 1873 and 1884. The last occasion on which they were used was in 1893. The clearing house certificate is practically a guarantee byal banks in the clearing house that the certificates shall be redeemed at par, but the clearing house banks are protected against loss by the fact that first class securities, either commercial -paper or stocks and bonds, are required before the certificates are issued. The certificates are used only be tween banks. They do not appear in general circulation, but by relieving the banks of the strain of large debit balances, they enable them to keep their cash reserves comparatively in. tact It is believed by competent bankers that an issue of $50,000,000 will be the outside requirement at present. It is believed also that the mere fact that they are to be issued will so far re store confidence that runs upon banks win cease, so that it will not be necessary to keep certificates outstanding for any considerable time. Already the strong city banks are receiving large deposits from persons who have withdrawn their money from institutions which have fallen under suspicion. This does not preclude the fact that considerable amounts have been put in safe deposit boxes and thereby withdrawn from circulation, but it is believed that renewed confidence will cause the return of this money to the banks within a short time Imports of Gold. Late in the afternoon a favorable light was cast upon the prospects of imports of gold by a sudden fall in foreign exchange. The market has been practically at standstill for several days with large offerings of bills and few takers This afternoon, how ever, the rate dropped to 4.85. which practically makes imports of gold possible at a profit. Leading bankers and foreign exchange houses have been looking for this development but hardly expected that it would come so soon. The tide of gold, once it sets on. the way, will undoubtedly reach a large volume, in view of the considerable amounts due this country for the outgoing crops and for securities. While the present market is one to encourage the general public to buy American securities, there are always shrewd observers in Europe who are disposed to buy at times like the present and some of them have been in the market during the past few days. It will be possible even by the process of Joans to transfer a part of the burden of carrying stocks from New York to London and Paris, but this has been tone thus far to only a limited extent The fact that the banks and the stock exchanges will be open for business but two hours tomorrow and that Sunday with all its opportunities of calming public sentiment will intervene, added to the more hopeful view taken by leading financiers tonight will do much toward clearing the financial skies before next week. At a meeting of the directors of the Lincoln Trust Company tonight, Louis Stern, a director, was authorized to make the following statement: (The directors of the Lincoln Trust Company are justified in stating that the company is in a position to meet every demand that may be made upon it and that the company is In a strong. et position tonight than any day this week. Furthermore, the withdrawal of funds has been less day by day At a meeting late today the direc. tors, of the Knickerbocker Trust Com. pany appointed a committee to take steps to bring about a resumption of business The committee later announced that an agreement providing for the deposit of claims of depositors and of shares of stock of the company was being prepared The committee will meat Monday to pass on this agreement Run Continues Baltimore. Oct. 25. The run on the East Branch of the Home Bank, continued today and shortly before noon, the depositors who were in line waiting for their money were notified that the bank would take advantage of a chare ter provision which permits the institution to demand sixty days notice of a positor's intention to withdraw his or her account A member of the firm of Bernstein, Cohen and Company, owners of the bank, today admitted that the run has been of much larger proportions than had been reported. Runs on Pawtucket Banks. Pawtucket R. I. Oct. -Follow ing the posting of the ninety day notice to depositors by the local branch of the New England Trust Company, of Providence runs were started today on all banks in Pawtucket. With the exception of the New England Trust Company all the banks met the demand without difficulty GOVERNOR APPEALED TO. A Legal Holiday to Relieve Financial Situation Asked For. Albany, N. Y., Oct. 25 -Governor Hughes today received a number of telegrams suggesting that he proclaim a legal holiday during which the financial situation might be relieved. The Governor acknowledged the receipt of all of these messages without indicat ing his intentions. He would not dis. cuss the question tonight, but there is a good reason to believe there is no immediate probability of his taking this step. COMPTROLLER OF CURRENCY GIVES OUT A STATEMENT. Washington, Oct. 25.- The following statement was given out today by the Comptroller's office: The First National Bank of Brook lyn. N. Y., closed its doors this afternoon and National Bank Examiner George T. Cutts has taken charge by order of the Comptroller of the Currency. The First National Bank cleared for the Williamsburg Trust Com pany and the Jenkins Trust Company of Brooklyn, both of which failed to. day The National Bank was closed to protect its depositors against the checks of the Trust Companies, which might be presented through the Clear ing House.
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BRIGHTER IN NEW YORK (Associated Press.) New York, Oct. 29-Great assistance in relieving the financial strin. gency is expected to result from large engagements of gold for import made yesterday and for further large imports which it is believed will be made in the next two weeks. It was announced today that several banks which suspended last week had about perfected plans to reopen. Runs on the Trust Company of America and the Lincoln Trust Company continued today but in diminished volume.
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RUN ON TRUST CO. PRACTICALLY ENDS Depositors in Line are Few, and Own Only Small Accounts. NEW YORK, Oct. 29. -The number of persons waiting to draw money from the main office of the Lincoln Trust Company this morning was considerably smaller than or any day since the run started. The doors were opened at 10 o'clock, and 0.6 10 is understood that most of the men in line represented small amounts, it is expected that they will be paid off wEhin a comparatively short time, and that tomorrow business will be running as usual.
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runs at the branches of the Lincoln Trust Company, at Broadway and Lispenard street and Broadway and 72₫ street, were not continued. There were rumors yesterday that some of the banking institutions which had suffered runs recently would be taken over by other banking interests, but these reports were all denied last night by officers of the institutions in question.
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Still Doing Business. New York, Nov. 4.-The Trust Company of America and the Lincoln Trust company, on which there were heavy runs last week, opened for business at the usual hour this morning. This was followed by conferences Saturday and yesterday at the home of J. Pierpont Morgan concerning the general financial situation and the desirability of relieving the heavy strain caused by runs on these two trust companies during the past ten days. The opening of both institutions brought a distinct feeling of relief, as it was taken as indicating that the conferences held last night had exerted beneficial effects. During the conferences the board of directors of the two trust companies were in session, while a number of financiers were assembled at Morgan's home, both bodies being in touch with each other. A committee of experts appointed Saturday had gone over the affairs of the Trust Company of America and had pronounced it solvent. But thirty-five persons were in line when the trust company opened for business.
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pánico, y pasará el presente sin gran tra bajo y pérdidas. Pero si E30 país quiere en experiencia,debe de cerrar los al le prosperar oidos que diga "hagase rico pronta" mente". Debe aprender a admirar mas la honradez común y el menos enriqueci miento repentino. Coincide con la crisis de Wall Street, la presencia del Presidente que ha regresado a Washington, después de una ausencia de cuatro semanas. Esto ha ocasionado.mu chun preguntas en Cass Bianca, con motivo de qué, medidas, si 68 que interviene, tomará el Presidente para contener la crisis fi anciera. Como resuitado de estan preguntas, circu16 la noticia, d3 que el Presidente no pensaba tomar medida alguna, y que está perfectamente satisfecho de la actitud tomada por Mr. Cortelyou. Opina que el Secretario es bastante apto para llevar a llevar a buen fin sus propósitos. El Presidente espera que EB le acuse a el como responsable de la crisis, pero espera también que el público juzgue por of miamo y decida quién EB el verdadero culpable. La crisis financiera de New York, se refleja al fin en Pittsburg, causando que tres firmas de aquella ciudad sean puestas en manos de receivers. Las firmas son: The Westinghouse Electric and Ma nufacturing Co., The Westinghouse Machines Co., y The Security Investment Co., envolviendo entre las tres, alrededor de 100.000.000 de pesos. Noticias circularon diciendo que Mr. Morgan di6 $25 000 000 en depósito & varios bancos, conteniendo así la crisis. John D. Rockefeller ha depositado diez millones de dollars en The Trust Company of America. Tres bancos más de Harlem suspendieron sus pagos, por falts de efectivo. Treinta banqueros sostivieron una conferencia durante todo el día 24 de Octubre La crisis ocasionó que muchas personas fueran a sacar sus foodca caurando esto su suspensión de pagcs,por falta de efectivo, 6 dichos trc3 bancos, q. son, Hamilton Bank, The Twelfth Ward Bark, y The Lincoln Trust Company. El BENOR Rockefeller ofreció además de los $10 000.000, $50 000.000 más si eran neccarios, salvando el día para los bancos de Wall Street. Se informa que The Koickerbacker Trust Company, volverá a abrir sus puertas muy pronto. Así pues, la actitud del Tesorero de los Estados Unidos secundado por Morgan y Rockefeller "aclaró el cielo de Wall Street' como algunos periódicos han dicho. Parece que por esta vez el self help no se mostró en la práctica y que fue necesario que el "government help" interviciera para sal. var de sus ificultades algunos de 8505 trust que el Presidente combsts con tanta energía. Apenas se supo que mas de cien millones de dollars iban á caer sobre Wall Street se levantaron los ánimos renaciendo las esperanzes y es opinión general, nos referimos s noticias del día 25, que la situación quedará dominada. Esto no obstante no puede apreciarse la extensión que ter gan los efectos de la tormenta. Un telegrama de Birminghan, Ala., anuncia que una solicitud de bancarrota ha sido presentada en la Corte Federal en contra de la Southern Steel Company que representab un capital de $25 000 000 Esa compañía pozée una gran planta de acero en Gaddden. La depreciación de valores puede en parte ser conocida leyendo el siguiente ) cuadro:
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Trust Companies Resume. New York, Nov. 4.-The Trust Company of America and the Lincoln Trust company, on which there were heavy runs last week, opened for business at the usual hour this morning. Not Many in Line. Only a small number of people were in line when the companies opened their doors. The opening of both institutions brought a distinct feeling of relief and was the result of conferences Saturday and yesterday at the home of J. P. Morgan. Action of the Exchange. At the stock exchange the opening showed early declines, followed by a rally and then a falling off of prices.
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NO USE FOR AN EXTRA SESSION OF CONGRESS NEW YORK, November 5.-M the opinion of Congressman Charles N. Fowler, of New Jersey, chairman of the House Committee on Banking and Currency, it would be useless to call a special session of Congress to consider the present financial situation and consider remedial legislation. What the country needs now, he states, is a rest from useless alarms and a chance for the revival of faith and hope. The regular session of Congress will be soon enough to consider the financial situation. FAT PREMIUM ON GOLD. LONDON, November 4.-All the gold in the open market has been purchased by the United States at a discount rate of six per cent. THIRTY-TWO MILLION COMING. NEW YORK, November 4.-The gold importations for the local market amount to a total of $32,250,000. The Trust Company of America and the Lincoln Trust Company have suspended. BANK PAPER CIRCULATING FREELY. SAN FRANCISCO, November -The circulation of clearinghouse certificates is proving satisfactory. ANOTHER STREET CAR COLLISION. SAN FRANCISCO, November 4.-A car collision today killed one and injured a dozen persons.
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Opened For Business. New York, Nov. 5.-The Trust Company of America and Lincoln Trust company, on which there were heavy runs last week, opened for business at the usual hour Monday morning.
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DUE TO CONFERENCE. Through Meeting Two Concerns Enabled to Resume. New York, Nov. 5.-The opening of the Trust Company of America and Lincoln Trust company for business Monday followed a conference Satur day and Sunday at the home of J. Pierpont Morgan concerning the general financial condition and desirability "of relieving the heavy strain caused by runs on these two trust companies during the past ten days. When the Trust Company of America opened there were thirty-one peo. ple in line, a considerable diminuition from the number on hand during the early days of the run. Opening of both institutions brought a distinct feeling of relief, as it was taken as indicating that the conferonce held exerted to beneficial effect. During the conference the boards of directors of the two trust companies were in session. while a number of financiers assembled at Mr. Morgan's house, both bodles being in touch with each other. A committee of experts appointed on Saturday went over the affairs of the Trust Company of America and pronounced it soivent. At the Stock Exchange the opening showed early declines, followed by a rally and then running off of prices.
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NO USE FOR AN EXTRA SESSION OF CONGRESS (Associated Press Cablegrams.) (Continued from Page One.) NEW YORK, November 5.-In the opinion of Congressman Charles N. Fowler, of New Jersey, chairman of the House Committee on Banking and Currency, it would be useless to call a special session of Congress to consider the present financial situation and consider remedial legislation. What the country needs now, he states, is a rest from useless alarms and a chance for the revival of faith and hope. The regular session of Congress will be soon enough to consider the financial situation. LONDON, November 4.-All the gold in the open market has been purchased by the United States at a discount rate of six per cent. NEW YORK, November 4.-The gold importations for the local market amount to a total of $32,250,000. The Trust Company of America and the Lincoln Trust Company have suspended SAN FRANCISCO, November 4-The circulation of clearinghouse certificates is proving satisfactory. in this city. The attempt was made to compel the tenants of the buildings damaged to pay the costs of repairs. SAN FRANCISCO, November 2.-The scores of the football games played today follow: Princeton 16, Carlisle Indians 0; Pennsylvania 15, Lafayette, 0; Harvard 6, Brown 5; Cornell 18; Western University of Pennsylvania 5. HONGKONG, November 3.-The Scandinavian mission at Nomher was stoned yesterday by a mob. SAN FRANCISCO, November 4.-Forty clerks were busy in the clearing house all day Sunday, preparing small clearing-house certificates in order that employers may be able to meet their payrolls today. NEW YORK, November 4.-Seventeen leading financiers were in conference with J. Pierpont Morgan, Sunday night, until a late hour, regarding the present situation. SAMARKAND, November 4.-A violent earthquake was experienced here, though litte damage was done. SAN FRANCISCO, November 4.-President David Starr Jordan, of Stanford University, will speak at the Central American Peace Conference, Washington, to be held November II and I2. LONDON, November 4.-Emperor William, accompanied by the Empress and by Chancellor von Buelow, will arrive November II, to remain a week in Great Britain. NEW YORK, November 4.-The Cunard steamship Mauretania will arrive on her maiden trip to New York November 16. SAN FRANCISCO, November 4.-The Japanese of San Francisco and other Pacific Coast points are celebrating the Emperor's birthday.
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Opened For Business. New York, Nov. 4.-The Trust Com pany of America and Lincoln Trust company, on which there were heavy runs last week, opened for business at the usual hour Monday morning.
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To Protect Trust Companies. NEW YORK, Nov. 6.-Wall st. sighed with relief today when It learned that money would be supplied "up to the limit" to support the Trust Company of America and the Lincoln Trust company, where runs have been on. The two trust companies were under consideration at Sunday's meeting of financlers. A formal statement was issued from the Morgan mansion this morning to the effect that an examination shows that on the present basis of values, the assets of the two companies are sufficient to pay depositors in full. That arrangements may be made to enable both companies to resume business, a committee has been appointed to have under Its control the majority stock of each company.
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MONEY BARONS RESCUE BIG TRUST COMPANIES New York, NOV, 6.-Wall Street sighed with relief when it read the financial king's announcement early today that money will be supplied "up to the limit'' to support the Trust company of America and the Lincoln Trust company, upon which there have been runs of varying volume ever since the Knickerbocker suspended.
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The Latter Condition Financiers Think Will Take Place Soon The Trust Company Situation In New York Cleared Up By An Arrangement for a Supervision of Those More or Less Reckless Institutions. New York, Nov. 6. The general fi- $500,000 for Montreal. This brings the total gold engagements for America nancial situation is favorable today. to $37,500,000 which would afford the Runs on the trust companies practicalamount required for a legal reserve ly ceased under the encouraging supagainst $150,000,000. There is still some port of the trsut company committee. apprehension regarding the possible efGold engagements were further infect of the Bank of England's effort creased and the stock market rose to check the outflow of gold from Lonbuoyantly in recognition of these condon by raising the discount rate on ditions. The announcement that an Thursday. agreement at last had been reached by It is understood that the arrangewhich the Trust Company of America ment by which the committee of trust and the Lincoln Trust Company were company presidents takes control of to deposit their stock in the hands of the majority of stock of the Trust the committee of trust company presCompany of America and the Lincoln idents and were to receive all the supTrust Company is only a temporary deport required finally cleared the air in vice to reestablish confidence. What regard to the trust company situation. will be the ultimate disposition of the Now that the danger is removed it is stock has not been seriously considered believed that the situation will gradbut it is certain that the trust comually simmer down with the continuous panies committee and the clearingarrival of gold until the stringency is house committee will insist that these converted into a plethora of reserve companies pursue in the future a polmoney in the banks which usually folicy of the strictest conservatism and lows a crisis. Additional gold engagethat they shall not embark in any unments were announced today of $1,000.derwriting which is not capable of be000 account of Lazard Freres and ing converted readily into cash.
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News of the Day. The Aroold Print Works. Nort Adams, Mass., employing 6,000 people is in a receiver's hands. Gray Gables, the former home . Grover Cleveland at Bozzard's Bay, ha been sold to George D. Flynn, a brewer The Bank of England bought gol heavily in the open market today, security ing over $5,000,000 in United State coin. The trust companies of New Yor have taken charge of the Trust Compan of America and the Lincoln Trust Com pany. The democrats have elected enoug members of the Maryland Senate an House of Delegates to pass another con stitutional amendment. Another consignment of $2,000,000 in gold bullion and coin arrived at Ne York from Europe today to help relies the financial depression here. A plan is on foot to place Grove Cleveland at the head of a depositor committee to aid in the rehabilitation o the Knickerbocker Trust Company. A Union Traction car on the Indian appolis and Munsie division jumped th track five miles northeast of Indisdapoli city this afternoon, seriously injurin twenty people, two of whom will die. By the explosion last night of a donke engine boiler at the La Belle Iron Work at Steubenville, Ohio, five men wer killed, three perhaps fatally cjured, an a portion of the open-hearth plant d recily opposite the explosion w: wrecked. The vote on the liquor question in th four districts of Delaware shows the there was a majority in the State as whole for license of from 2,000 to 2,20 but the actual result is that license pro vails in two districts and probibition i the other two. "In God We Trust" is omitted on th latest $10 gold piece just received by the Treasury Department from the Pail delphia mint, and it is more than prof able that the Christian organizations the country will set on foot an inquir to find out the reason for the change A recount of the vote for Lieu 181 Gevernor of Rhoda Island was demand today by Charles Sission the democrat nominee who on the face of the first r turns has been defeated by Ralph ( Waltrous by 191. His friends insi that the final count will show is electic by over 200. Martia Maloney, papal marquis an millionaire gas magnate, returned Philadelphia with his daughter yesterda evening, following his lder daugh and son-in-law, Mrs. Carberry Rich and her husband; young Osborne, an Wm. J. Fanning, Mr. Maloney's pr vate counsel, who came on earlier train As was stated in the Gazette, th boilers of the German school ship Bluch er exploded yesterday morning, whil the vessel was near Murwick, billing te men and dangerously wounding thirt others. Several of the wounded men ar not expected to recover. Three hundre of the crew were absent maneuverin with the tenders at the time of the ex plosion. The Blucher is the Germa torpedo school ship and usually has O board about 360 officers and men. John W. Gates is back in the financial game and his advent into Wall stre is regarded by many operators is certai to favorably affect the market, Mr. Gate the plunger, assisting in creating a bu market is certain to make himself fel When he went to Europe three month ago he announced he had retired for good When he returned a day or two ago I find the market in the persent chatoi condition he could not resist the temp tation to get back into the jime. The superb England's seventh Drea naught type of warships was launche today from the Elswick yard on th Tyne. Tbe ship hrs many improve ments over her prototype, all jealous guarded secrets of the admirality. Th vessel is 520 feet long, 82 feet bean draws 29 feet, displaces 18,600 ton carries ten 12-inches guns and man 4-inch quick firers, has armor varyin from 2 3-4 to 11 inches thick, is engine with turbines and will make 21 knot She will be ready for the battle line ne: year. Clarence Cooper, a negro, wasarreste in Washington yesterday for attemptir to propose marriage to a white woms he had never seen before. The inciden occurred on a street car. Cooper boarde the car while he was apparently in 8 intoxicated 'condition. Before anyot was aware of his intention, it is allege
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FOLLOWING A CONFERENCE WITH MORGAN AND OTHERS STRAINED FEELING RELIEVED Only Thirty Depositors Were in Line When American Trust Company Opened for Business-Conference Was Very Beneficial New York, Nov. 4.-The Trust Company of America and the Lincoln Trust company opened for business as usual at 10 o'clock this morning. This followed conference Saturday and yesterday at the home of J.. Pier pont Morgan concerning the general financial condition and the desirability of relieving the heavy strain caused by runs on these two trust companies during the past ten days. When the Trust company of America opened this morning thirty-one people were in line, a considerable diminution from the number on hand during the earlier days of the run. The opening of both institutions brought a distinct feeling of relief, as it was taken as indicating that the conferences held last night had exerted beneficial effect.
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TRUST COMPANY FOUND SOLVENT Experts at Morgan Conference Declare Assets Equal Liabilities. ASSOCIATION IS WORKING. Plans of Clearing House Followed In Adjusting Involved Conditions and Will Restore Confidence. With reference to conditions pre vailing In New York since the financial trouble of the last few weeks. the New York Herald has the following to say Certain conditions have to be met by the Trust Company of America before the unlimited assistance of the Trust Company association is extended. The organization as well as Mr. Morgan and his associates are now fully convinced of the solvency of the Trust Company of America. It has a capital stock of $2,000,000 and had a surplus of $10,000,000 At the Morgan conference experts made a rigid investigation of Its assets at the going prices. It was found that the assets at present were sufficient to pay off the depositors and show a surplus of $4,000,000. This surplus indicated oi course. that the capital stock of $2,000,000 was unimpaired, and that the great surplus of $10,000,000 was reduced about $8,000,000 at the extremely low valuations at which securities are now selling A similar investigation of the Lincoln Trust company showed that the surplus of that institution had been wiped out, but that the capital was intact. PAID OUT MILLIONS. It was found also that the Trust Company of America in its magnificent fight to crush the run of depositors and stem the tide of adversity, had paid out in the last two weeks slightly more than $40,000,000. According to its last statement the total deposits of the company were $57,845,000. SO that there are now left about $17,000.000 due to depositors. In order to provide cash for the future necessities of the company the Trust Company association is now making terms with the board of directors. It was said last night that the executive committee of the Trust Company of America considered the terms somewhat onerous but was willing to do everything to save the fair name of the company CHANGE IN DIRECTORATE It is understood in this connection that the Bankers and Trust Company association believe it is necessary that there shall be a radical change in the be rd of directors. and that each one of them shall do his best to put the company in cash. In other words. the association is following precisely the same steps as the Clearing House association took in the case of the Mercantile bank when, after the Clearing House association had advanced the bank sufficient cash to meet its balances. the directors were told to pay off their loans and place the bank in cash. At the same time the directors of the Mercantile placed their resignations in the hands of the president of the clearing house to assist in clearing the atmosphere. "HOME DOCKS" FIGURE. In the paying off of loans which some directors and other large borrowers of the Trust Company of America had with the institution many interesting matters came to light. It was found that in the famous Tennessee Coal and Iron pool, which held the control of that property, there were many "lame ducks who were unable to take up their loans, having become widely extended in the recent crash in prices. Bankers said the Tennessee Coal & Iron loans were a distinct menace to the security market, and that the removal to strong quarters is one of the best feats that J. P. Morgan has accomplished since he assumed control of the financial situation. HARRIMAN ENTERED E. H. Harriman did something to reHeve the situation in the Trust Compaby of America which came to light yesterday. and the incident at the same time served to disclose where lies the control of the Central of Georgia railroad. On the day when troubles were piling up thickly for the Trust Company of America. it was suggested that Mr. Harriman might take up a loan he had in that Institution the hief of the collateral of which was 20,000 shares of Central of Georgia stock The capital of that company is only $5,000,000 consisting of 50.000 shares so that it was immediately seen that the sale to Messrs. Thorne and Perry was In reality a sale to Mr Harriman with those men acting as agents Mr Harriman went to J. P. Morgan & Co. and there placed as additional collateral to the 20,000 shares of Central of Georgia, 1,500 shares of the Dela ware & Hudson 4.000 shares of the Union Pacific preferred and 7.000 shares or Union Pacific common stock. The control of the Central of Georgia is now held by the loan in the Morgan office, but R is believed it will sooner or later revert to Mr. Harriman and that this will occur when the loan is paid Mr Harriman yesterday refused to comment on the Central of Georgia matter He said he was going to leave or 0.00
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LATEST NEWS BY TELEGRAPH Domestic Backed by a mass of letters and photographs found in his room, the Philadelphia police assert that Harry Ferree, shot dead by A. Jackson Detsch, Jr., was a blackmailer of women. That he attempted to blackmail Mrs. Detsch is advanced as the theory of Detsch's motive for shooting the man. Detsch clings to the ruse that he shot Ferree believIng him to be a burglar. Henry E. Warner, receiver for the Arnold Print Works. of North Adams, Mass., has been appointed receiver for the Williamstown Manufacturing Company and the firm of Gallup & Houghton, which were affiliated with the print works. Jesus Garcia, a locomotive engineer. gave his life to save the town of Nacazari, Ariz., by putting full speed on a train of explosives afire, the train blowing up before it had gone far. The United States Court of Appeals affirmed judgment against the Chicago, Burlington and Quincy Railroad, compelling it to pay a fine of $15,000 for granting rebates on lard. The Old Dominion Line steamer Jeffersón. with nearly 100 passengers, arrived in New York with fire in the cotton in her cargo. D. C. Gilman has resigned as president of the National Civil Service Reform League. His successor is Joseph Choate. The Cunarder Lusitania encountered a gale at sea that swept her decks. Judge Olin Wellborn, in the United States District Court in Los Angeles, Cal., fined the Santa Fe Railway Company $300,000 for rebating. James F. Jones, a mining engineer, died in Philadelphia, the result of overexertion, after his usual exercise with 35-pound dumb bells. Two coal harges, the Onondaga and Black Diamond, both heavily laden with coal, were sunk off Stony Point light, in Lake Ontario. Alfred G. Vanderbilt has given $100,000 for the construction of a Young Men's Christian Association building in Newport, R. I. Sir Anthony McDonnell, under secretary of state for Ireland, was presented to President Roosevelt by the British Ambassador. Harry C. Washabaugh, bigamist, hanged himself in his cell in the county jail at Washington, Pa. Secretary Taft has finally decided to return by the way of Vladivostok, through Siberia and Europe. The directors of the American Cotton Oil Company passed the dividend on the conimon stock. Ex-Judge Henry Hand has declined the offer of the attorney generalship of Porto Rico. A fire caused a panic among the inmates of the Kane County, III., almshouse. The consignment of $7,100,000 in gold coin and bars which arrived on the steamer Kronprinzessin Cecillie was transferred from the ship's safe to the Subtreasury in New York. The equivalent in currency of nearly the entire consignment is being advanced to bankers. The Arnold Print Works, North Adams, Mass., employing 6,000 hands, is in a receiver's hands. Receivers have been named for the New York State Steel Company. Raymond Hitchcock, the actor. who has been missing a week, surrendered to District Attorney Jerome, gave bail and reappeared in "The Yankee Tourist." The trust companies of New York have taken charge of the Trust Company of America and the Lincoln Trust Company. Gray Gables, the former home of Grover Cleveland at Buzzards Bay, has been sold to George D. Flynn, a brewer. The Arctic whaling fleet previously reported caught in the ice is homeward bound with a large catch. Two Chicago laborers were electrocuted by the cable of a derrick becoming charged with electricity.
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A Son of a Veteran. The Lincoln Trust Company of New York has wiped out its indebtedness of $5,000,000 to the Trust Relief Committee, which was extended to It in the panic days. It has been reorganized, and starts on a career which it is believed will put it in a stronger position than it occupied before the trouble. What is particularly interesting to veterans is that the new president is Alexander S. Webb, who has been vice president of the New York Trust Company, and has been in the banking business for 18 years. He is a son of Gen. Alexander S. Webb, who made so much reputation in the Army of the Potomac in the command of the Philadelphia Brigade. His brigade at Gettysburg was at the point of the stone wall where the heaviest part of Pickett's charge was delivered. Gen. Webb was for many years president of the College of New York.