The weekly Corinthian., 1907-11-14
MONEY is. EASIER
SEVERAL SUSPENDED BANKS
PREPARING TO RESUME.
FIFTY MILLION IN GOLD IMPORTED
Will Be Restored Inside Of
sixty Days.

New York, Nov. 12.-Distinct i'm
provement is to be noticed in the
banking and trust company position.
The larger banks, which were more or
less embarrassed in the early part of
last month, have now virtually adjust
ed their affairs and are transacting
ber of the small institutions which
we're compelled to suspend at the
same time are making preparations to
resume business. OF even greater i'm
portance was the partial rehabilita-
ton of the affairs of the Trust Com
pany of America and the Lincoln
Trust Company. AS the result of all
day and all night conference of last
Saturday plans were finally adopted
by which the stability of those con-
Germs was virtually assured, certainly
so far as their depositors were con-
cerned. Consequently these institu-
tions have been paying promptly the
claims made upon them, instead of fol-
lowing the dilatory and annoying prac-
tices formerly pursued. Additional
improvement in the banking situation
at large is indicated in the fact that
on more than one day this week
there were no applications at all for
the taking out of loan certificates at
the clearing house. Interior banks
are still making heavy drafts for cash
upon their New York correspondents
and there is no manner of evading
these demands. Currency remains at
a premium and much discomfort has
been experienced by individuals of
small means who receive their wages
in the form of checks, to say nothing
of the more serious restrictions i'm
posed upon manufacturers and other
large employers of labor.
$4,000, 900 in Gold Imported.
The total amount of imported gola
laid down in this city last week and
that now in transit exceeds $50. .O00-
900. The sterling exchange situation
has naturally continued in a very un-
settled state, the markets of each day
showing extremely wide fluctuations.
While the rates for sterling exchange
are, of course, far above the point at
which under normal conditions large
exports OF gold would be undertaken.
the premium on currency serves to
counterbalance the rates at which bus
mess is transacted. Conservative
bankers seem to be now in agreement
in point that it will be unwlse to make
much greater demands for credit upon
the European banks.
The Bank of England raised its dis
count rate to per cent. The Bank
of France raised it to 4 per cent. the
Bank of Germany to ~ per cent. the
Bank Of Belgium to per cent, the
Bank of Bengal to per cent and the
Bank of Bombay to per cent. Such
a combination of advances in discount
rates was almost without precedent
and certainly of very rare occurrence
1t shows in a striking manner the I'M.
settling influences produced on the
world at large by the money strain in
the United States. The democratic
pressure for ready money has been
greatly relieved by the arrival of gold
and further material relief will be ex-
perienced when the balance of the
coin secured shall have reached its
destination.
Money Becoming Easier.
If money were not allowed to freely
circulate in the country all business
would stop, including the people who
hre secreting funds. If there are per
sons who have become distrustful of
the depository institution in which
their money is deposited, let them de-
posit it in another institution, but thew
should bear in mind that in putting II
In safe deposit vaults or in bureau
drawers at home they are doing that
which will work to reduce their own
Individual income more rapidly than
that of any other force that could he
imagined, Wall street itself. it is 10
be noted, is singularly composed I'M
der the circumstance. Spectators
there, judging from the way matters
have always turned out in the past
are pretty confident as to what is like
ly to happen in the future. They
know that within ten days more near
ly $500Q0,000 in new gold will be In
the country that will serve as a basis
OF an expansion of credits of over
s2oo,Oo0,0O0. AS the premium on cur
rency is fast disappearing money is
becoming easier and it is the belief of
the best bankers that within sixty
days money will be drug on the mar.
ket.