Rensselaer Semi-Weekly Republican, Volume 40, Number 16, Rensselaer, Jasper County, 1 November 1907 — OUTLOOK IS BETTER [ARTICLE]

OUTLOOK IS BETTER

FINANCIAL STORM SEEMS To HAVE PASSED. • ' Upheaval Among Eastern Banking! Institutions Taken On Move Hopefol Attitude Denplfe, Crashes in Pifahiiry—Weit Is Reported Solid. , ) - - ' '. ! The financial gale In New York,; which created excitement in the East,] and occasioned uneasiness in other sections of the country, seems to have passed! The trouble that started* ini New York spread to Pittsburg, but prompt and effective acttohtakehtby! the clearing house association and the f directors of the stock exchange there eoped-with it effectually. The trouble da Pittsburg was precipt- . tated by the. announcement of the embarrassment of four concerns :in the Westinghouse string of interests, which were unable, owing to the abnormal stringency of the money market, to secure sufficient liquid collateral to meet maturing loans. Receivers were ,ap- i pointed for the embarrassed Westfughouse coneerns.-1t was stated that these - concerns are entirely solvent, and that creditors would be paid in full. Thei Iron City Trust Company also went into , the hands of reed vers. Its assets are r estimated at $4,000,000 ahd liabilities at $1,700,000, I • -V .. ,;r i The transition from ; unrest to reas-; sura nee in New York was due to action ; taken by J. P. Morgah, James Stillman I and a number of the most influential! financial interests in the city, who co-1 operated in an effort to bring order out! of the ahaotic condition into which ! the financial community had fallen. A committee was formed to protect trust j companies. After a thorough oanvaas! of the situation Secretary ,Cortelyou pledged government assistance to the j extent of $25,000,000. / 1 '• Financial conditions fn Chicago re- ■ mained practically unaffected .toy the ! scare in the East. Financiers connected . with the leading institutions ih the city gave out statements declaring-that the fluryy had not and would not be felt to. any appreciably serious extent by the banks there, Conditions similar to those existing in Chicago were reflected in .every Important financial center throughout the West. Reports from over a iarge.area;say that not only have conditions not been disturbed by the excitement in the East, but that large and important offers of assistance have been made by western bankers to their' troubled confreres in the East.