The news-democrat. (Providence, R.I.) 1906-1909, 1907-10-26

New York, Oct 26-The captains OF
finance who with the secretary OF the ma
tional treasury have been bathing nlene
and day TO preserve order IN the st pahNtms hut
went 10 bed early. confident In tre peIleL
that threatening situation nau oeen
successfully combatted and that from now
on the restoration OF puplc cohhueice
and tranquility would speedily be accom-
plished. ,,,.
the weeks excitement has been lack OF
currency. There was not enough actuai
money i'm the city to stand the tremen-
dous drain without cutting down loans.
Small banking institutions that closed
this week have good supplies or gllt-
edged securities in their vaults. but they
could neither sell them nor borrow money
on them this week simply because OF the
scarcity OF actual paper, gold and silVer
money.
No apprehension was felt this morning
as TO the result Of todays financial
transactions. as the stock exchange ana
the banks. were open Tor business loe
only two hours. and the stock exchange
was not troubled blythe money situation,
as all the loans made yesterday carry
over until Monday under the ordinary
rules or the exchange
There were small lines of depositors IN
front OF the Trust Company or America,
and the Lincoln Trust company. but their
number was not so great as at the same
hour yesterday.
REMEDIAL EFFORTS.
The direction which remedial efforts
will take has been the subject Of earnest
consideration and some difference of
opinion even among the most important
bankers of the city. The difficulties are
admittedly in large measure local. 1t is
felt that the sudden lack of confidence is
not very widespread throughout the
country. The situation at Pittsburg and
Providence. is expected TO right itself.
Under these circumstances II was first
suggested that an effort be made to re-
n
imports and something in that line is be-
ing done. Whether the rate OF exchange
and the rice of American securities will
reach a lever to enable gold imports on a
sufficiently large scale TO be effective,
remains TO be seen. IL Is felt, as Jacob
III. Schiff put II yesterday. that any effort
10 press the matter 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
everyone is loath TO adopt this expedient
and IL is felt that IL is by no means nec-
cssary 10 resort to It,
$40. 600 IN CHANGE
The Sub-Treasury received slo000,00o IN
small bills from Washington today.
George +. Baker, president OF the First
National bank, said that no formal state
ment regarding the plan 40 issue clearing
house certificates will be made. He said
the plan will go into effect today and that
no amount has been specified. The method
of lssuances will be the same as that fol-
lowed in 1898.
The Trust Company OF America and the
Lincoln Trust company continued to pay
out to depositors today and closed at
noon. the regular hour on Saturdays. The
runs on these two institutions today were
not so serious as yesterday.
The-draln OF the National banks was
considerably relieved today by the deci-
sion of the savings banks to require ad-
vance notices of large Withdrawals. Sever
sl savings banks told their depositors they
would pay out only in small amounts and
TO satisfy urgent needs