24 oct 1907 año - "CORTELYOU PUTS IN $25,000,000 - Secretary
of the Treasury Orders Great Deposits in the
Banks Here. - JOHN D. ROCKEFELLER HELPS"
NY Times 1907, Oct 24
Descripción:
NY Times 1907, Oct 24 - CORTELYOU PUTS IN $25,000,000
Secretary of the Treasury Orders Great Deposits in the Banks Here.
JOHN D. ROCKEFELLER HELPS " I Propose to Do My Part to the Full Extent of My Resources."
MORGAN'S BANK LEAGUE Will Do for the Trust Companies What the Clearing House Does for the Banks.
YESTERDAY'S RUN WELL MET And the Trust Company of America Will Go on as Usual To-day.
STRONG MEASURES TAKEN As the Result of Last Night's Prolonged Conferences — Stock Market Stood Up Well.
Shortly after 1 a.m. on October 24, Secretary Cortelyou emerged from a meeting with Morgan to announce that $25 million in U.S. government funds would be deposited in New York City's banks to meet any further emergencies that might arise. "If the press of this city will continue its cooperation, and if the public, on its part, will reflect upon the real strength of our banking institutions," read Cortelyou's official statement, "there will be a prompt return of the confidence which their condition warrants. As evidence of the Treasury's disposition, I have directed deposits in this city to the extent of $25 million." (Twenty-five million dollars may not sound like much to present-day Americans, but in 1907 the government's action and the sum of money involved were nothing short of extraordinary.)
Also pitching in to do his part was John D. Rockefeller, who pledged to deposit $10 million of his own money in New York's financial institutions. "The existing alarm among investors is not warranted," declared the oil tycoon in a statement to the Associated Press, "and I hope the good common sense of our American people will control the situation. ... Everyone having the good of his country at heart should. by word and deed lend a hand now to reestablish confidence; and I hope to do my part to the full extent of my resources."
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