The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-26
Treasury Furnishes Further
Millions ia Small
Bills Today.
ONLY ONE PETTY FAILURE
PanicEy Conditions Brought
About by Scarcity Of Ready
Cash Has Been Almost En-
tireIy Overcome NOw--May
Be Gold Imports.

NEW YORK, oct. 26.--The Trust
Company of America opened Its doors
as usual at 10 o'clock today. There
were less than 100 depositors In line.
and the company's officials declared
that the run Is over.
EARLY conditions in the stock market
were quiet. Opening prices showed
good advances over last night, but
there was very little activity. There
was a sprinkling of losses and some re-
actions after the strong opening. but
the tone generally held steady in the
secondary dealings.
London quotations for American Sc
curities were considerably above New
Yorlx's closing prices yesterday. Union
Pacific was up 1%, Northern PACING
AZ, New York Central 21s and Illinois
Central 3A.
Leading bankers declared today that
conditions were such that they would
probably be able to import gold from
London on Monday to the extent OK
about S10,000,000.
| The bankers pool. which has been
supporting stock exchange houses. gave
! further assurances today that money
would be provided for call loans when
needed.
The members of the clearing house
committee went into session at 10
o'clock this morning to consider the
situation. o.o
The sub-Treasury received S10,oOO,ooo
more In small bills from Washington
this morning.
| THE Terminal Bank Of Brooklyn, a
small State institution, with capital
Of 100000 and deposits Of about s24O,-
| 600 suspended payment today.
The captains of finance, who with
the secretary of the national treasury
have been battling night and day to
preserye order in the banking world,
held no conference last night, but went
to bed early confident In the beiier
+ that a threatening situation had been
successfully combatted and that from
now on the restoration Of public con-
fidence and tranquility would be speed
lily accomplished.
! The principal difficulty thronghout tne
weeks excitement has been lack OF cur
rencv. There was not enough actual
money in the city TO stand the tremendous
drain without cutting down loans. The
small banking institutions that closed this
+, week have good supplies OF gilt-edged
securities In their vaults, but they coulo
neither sell them nor borrow money on
them this week simply because OF the
scarcity of actual paper, gold ana SILVER
money.
No apprehension was felt this morning
os TO the result of today's financial tran
sactions The stock exchange and the
hanks were open for business for anly
two hours and the stock exchange was not
troubled by the money situation, as ali the
loans made yesterday carry over untll
Monday under the ordinary rules OF the
! exchange.
The direction in which remedial efforts
should be taken has been the subject or
earnest consideration, and some diner
ences of opinion even among the most inn
nortont bankers of the city. The diff
entities are admittedly in large measure
! local. II Is felt that the sudden lack or
confidence is not very widespread through
out the country. The situation at Pitts
burg and Providence is expected to right
| itself. Under these circumstances 1t was
first suggested that an effort be made 20
relieve the tension in New York by gold
imports, and something In that line -
being one.
whether the rate of exchange and the
price OF American securities VIII reach
| level to enable gold imports on suficieat-
ly large scale TO be effective remains 20
be seen. It is felt as Jacob Schin put II
yesterday, that any effort to press the
mater Is likely to meet with obstructive
measures In London.
] AS an alternative means of relief the
! Clearing House loan certificates have been
discussed In a tentative way. Naturally
every one is loath to adopt this expedient
and It is felt that It is by no means neces-
sary TO resort to It.