The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1907-10-31
TENSION Of TEN
DAYS ENDS IN
FINANCE CENTER
Wall Street Catches It's
Breath and Public
Drain Stops
BIG SALE OF BONDS
Morgan Heads Syndicate to
Sell s5o,ooo,ooo City
Securities
FRANCE ALSO TO AID
Republics Offer of Cold
FRANCE ALSO TO AID
Republics Offer of Gold
Will Aid Transfer to
United States
Special BY Leased Wire to The Call

Spccidt op Leased w ire 10 ne all
NEW YORK, Oct. s0.-For the first
time in ten days OF extreme tension in
Wall street there were material evil
dences of relief today While bankers
had repeatedly said the outlook was
brighter during this trying period there
were no Developments which eased the
minds of those who needed money, the
life of Wall street business In addition
there were distrust and a great de-
sons who wished to be prepared for
any emergency. This tension eased to-
day and the immediate result was a
sharp rebound in the security market.
The main relief came fgom within
the market, where first was noticed an
absence of the heavy liquidation forced
upon certain brokers and others who
had been borrowing money. There was
also a slightly better condition among
the banks. The drain by the public had
practically stopped. The working of the
check system among trust companies
and banks, the adoption of the clearing
house loan certificate plan among the
banks and the heroic struggle Of all
financial institutions to conserve their
cash made combination which began
30 SHOW results. As one banker safd:
wall street has now caught its
breath
One OF the most interesting features
of the day was the news that the city
administration had closed deal for
the sale to a powerful banking s5ndi-.
cate of sso,ooo.oo0 revenue bonds and
the giving of an option on s2o,0ee.o00
r. Morgan, James Stiflman and George.
r. Baker Although the negotiations
were not closed until late in the after
noon. Wall street had early inkiings of
the deal and jumped at the conclusion
that the triumvirate of leading bank
crs had planned anew to attract gold
from Europe by means of the sale Of
city warrants abroad.
This news, taken in conjunction with
the earlier reports from Paris that the
Bank Of France would open its port
folio and extend loan of $4,000 900
or s12,ooo.o00 to London and a similar
loan to New York proved source of
great satisfaction. In high banking
quarters, however, it was not regarded
as likely that France would make
loan to this city but it was pointed out
that Indirectly the Bank of France
might assist the United States in its
present dificulties by assisting the
London market which it has frequently
done. This indirect assistance to New
York would come BY relieving the Lon
don market which in turn would he
able to send credits and gold to this
city
Following the shipment on Tuesday
of $4,000, 900 in gold from Southampton
1t was announced that $1,000, 900 more in
American eagles and bullion left the
Lloyds in its transportation to this
city.
Measures of relief were also set in
motion in Washington. by the comptrol-
Ter of the currency. He announced to
all national banks which are depos-
ceptable to the government could be
substituted for government funds
which were now pledged to secure the
deposits, provided that government
bonds so released would be deposited
in Washington to take out additional
currency. He also announced that the
treasury would make special efforts
to increase the amount of currency at
points where it is most needed at this
season of the year. These measures
were supplemented by transfers of cur
rency through the subtreasury to New
Orleans and San Francisco About
100000 in currency was shipped
through the Subtreasury to San Fran
cisco.
A committee of New Orleans bankers
is in washin gton and hopes to se-
cure a promise from Secretary Cor
telyou to deposit substantial sums of
public money in New Orleans and. other
southern cities. Secretary Cortelyou
appears to recognize that benefits con-
ferred by this policy will not be linz
tied to New. Orleans and the south,
but will aid in the creation of
credit balance in Europe. which will
cover the imports of gold. Cotton bills
are being closely scrutinized in New
York, but where their character is
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