New-York tribune., 1907-10-26

large their powers OF aiding the situation, IL
reported last night.
The National City Bank. il said last night.
would probably secure in the open market in
London a large importation Of gold from South
Africa. due TO arrive in the English capital
Monday. II is the impression here that the Bank
of England has agreed not TO bid for the gold
The National City Bank will it is understood.
make the importation solely upon its own re-
sources The importation viii be arranged on
a purely exchange basis. and no government
facilities will be extended.
The Clearing House committee. il said,
would at its meeting this morning issue can
for a meeting IL o'clock of the entire menl-
bership of the Clearing House Association. and
would that meeting present TecOnAnendation
that certificates be issued
This relief measure has always in the past
proved effective. but perhaps. owing TO the fact
that the trust companies not affiliated
with the Clearing House. the sentiment Is not,
as in previous similar situations unanimous In
support of the advisability of issuance OF Clear
ing House loan certificates
CLEARING HOUSE CERTIFICATES
Clearing House loan certificates. which were
first issued in November. 1860. are temporary
loans made by the Clearing House Association
10 its members for the purpose OF settling
Clearing House balances. The certificates are
negotiable. rule. only among the Clearing
House banks. and do not appear in general cir
culation Their value consists in the fact that
they take the place of money in settlements at
the Clearing House. and the volume of currency
is expanded by this means 10 the full amount Of
the certificates issued.
The banks to which they are issued pay inter
est on them at rates varying from to per
cent year Large balances against any bank
in the Clearing House Association be set
tied by their use. and the bank allowed to
tain its sash TO meet other demands. The
Clearing House banks are protected against any
loss from the use of these certificates by the
fact that they are issued only on the deposit
with the Clearing House committee OF acceptable
securities.
The first issue of these certificates. in 1860.
aggregated s7.S75,OOO. The last certificates OF
this issue were cancelled in March. 1861, and in
the following September new lot put out.
The total issue this occasion amounted To
$22.5S5,o0o and the last certificates were called
in April. 1SGe- other issues occurred IN 1858.
1864. 1873, 1854. 1890 and 1898 The total num-
Der for these years was s1S2S140OO
1t is believed by bankers favoring the plan
that an issue Of s5a.OOOOOO would be the outside
limit of what would be required the present
CALL MONEY EASIER.
The general feeling of apprehension in the call
money market which existed Thursday was
not nearly so marked yesterday. Brokers real
lied that owing 10 the concerted action Of the
large lenders and the necessary delay in making
up the pool. offerings of money could not be
sent into the Stock Exchange TO be loaned at
the money post very early in the forenoon
There calling yesterday OF the pool
loans made Thursday afternoon. aggregating
$25OO0OOO, and the borrowing brokers Obtained
renewals carrying over until Monday. at % per
cent
There was money lent at the money post in
the Stock Exchange until u O'Clock The First
National Bank sent in the first block of $4,000
OO0. which was lent at so per cent Between
and o'clock other amounts were lent on the
board by various other institutions and banking
houses. notably s1.5OO.OOO from the Chase Ma
tionaI Bank which sum was also lent at so per
cent BY Mr.. Morris. of Morris. Smith & Daven-
port: and 100000 from the Liberty National
Bank. which was lent at the same figure. Kuhn.
Loeb & Co. lent in $4,000 amounts about $780,
OOO and other scattering amounts. none of large
size came in during the same period
About . 80 o'clock the pool organized by J.
P. Morgan & Co. again sent in through Halsted
& Hodges. Van Emburgh & Atterbury and
Mann Bill & Ware block of money for lend
ing on call which went at the uniform rate OF
so per cent and apparently tOtalled about SIS
100000 \ good deal of money wanted
after the close by various houses, but many
loans We're arranged privately by money brokers'
from the pool. owing to the confusion which ex-
listed at the post in the last fifteen minutes of
trading
II is understood that J. p Morgan & Co. have
given emphatic notice to the brokers whose
urgent needs for money were met out OF the
s25. 100000 sent into the Stock Exchange on
Thursday and the $1O.O0OOOO to S15.O0O.0OO fur
nished yesterday, that these funds shall not be
used by the brokers or their customers for oper-
atoms the bear side for trading on mar
gin. the purpose of the Morgan house and the
seven banks associated with II in this money
pool being specifically 70 afford relief TO the
brokerage houses their present market COM
mitmenis.
There has been apparent in the stock market