Omaha daily bee., 1907-10-27
Arrangements to Bring Yellow Metal
from Europe.
COUNTRY BANKS DRAW HEAVILY
Clearing House Perfects Plan for
Issuing Certificates.
ANXIOUS WEEK COMES TO END
stock Market shows Few SymptOps
of Serious Agitation - One
small Bank Has sus-
pended. 50


NEW YORK, Oct. 2.-The Stock ex-
change and the banks closed at noon
today without any further failures OF inn
portance, with considerable Improvement
in the stock market and with several Inn
portant remedial measures taken or agreed
upon to strengthen the financial situation.
The only reverse Of the day was the sus-
pension Of the Terminal bank. Brooklyn.
a new and small institution. without any
Importance IN the general financial world.
There is now a waiting spell until Mon
dey morning and distinct sense OF r6lief
is apparent everywhere. Already arrange
ments for the importations Of gold are well
under way, and It is hoped these will fur
nish the relief needed II is understood
that the Treasury department will. asi
heretofore, advance the gold for immediatS
use so as to save the time occupied IN
| transit from Europe.
Meanwhile, as a precautionary measure.
| although not regarded vitality essential, the
clearing house today authorised the is
suance of certificates. This means that
the clearing house banks are to present
united front I'm this emergency and that
! the aggregate resources Of all OF them
are to be pledged for the maintenance OF
each one.
The runs upon the Trust Company OF
America and the Lincoln Trust company
continued in very much abated form, but
both institutions met all demands.
Country Banks Draw Heavily.
The drafts of country banks on their
New York reserves were heavy, but not
alarming, since at this period of the year
such drafts are to be expected
The imposition OF the ninety days rule IN
Rhode Island stopped runs there, and mat
ters assumed a normal phase.
The stock market opened at an advance
on yesterday and showed little symptom OF
serious agitation. London and other for
eign points also gave reassuring advlces.
The rate OF exchange was sucn as to
facilitate gold imports, and confidence
abroad was evidenced by the improved tone
Of all foreign bourses. the only weakness
apparent being the result of a failure IN
Constantinople and the financial crisis IN
Chilli. On the whole the power OF resistance
| of the banks In New York and the stability
reported from all outside points brought
! the week TO close with a feeling that the
general position was greatly improved.
MOneyed Men CONFIDENT.
The captains of finance VINO with the
secretary OF the treasury, have been bat
| Ting night and day to preserve order In
| the banking world, held no conference last
night, but went to bed early, confident IN
the belief that threatened situation had
been successfully combatted and that from
now on the restoration of public confidence
and tranquility would be speedily accom-
plshed. The principal difficulty throughout
the weeks excitment has been lack OF cur
rency 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 gild-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 today's financial transac-
tIons The Stock exchange and the banks
will be open for business for only two hours
and the Stock exchange will not be troubled
by the money situation, as all the loans
made yesterday carry over until Monday
under the rules Of the exchange,
There were small lines OF depositors in
front OF the Trust Company Of America and
the Lincoln Trust company but their num-
Der was not so great as at the same hour
yesterday.
DimcuIties All Local.
The direction which remedial efforts viii
take has been the subject Of earnest con
sderation and some difference OF opinion
\ city. The difficulties are admittedly IN
large measure local. It is felt that the
| sudden lack of confidence is not very wide
| spread throughout the country. The situa-
tion at Pittsburg and Providence is ex-
pected to right itself. Under these cir
cumstances, II was first suggested than an
effort be made to relieve the tension IN
New York by gold imports, and something
in that line is being done. Whether the
| anH he - A..
securities win reach level to enable gold
imports on a sufficiently large scale to be
effective remains to be seen. 1t Is felt, as
Jacob schin put It yesterday. than any
effort to press the matter is likely 20 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 II Is felt that it Is by no means neces-
sary to resort to it.
Money from WRshinEtOn.
The subtreasury received Sl0.0OOOO0 In
small bills from Washington today, The
Trust Company Of America opened its doors
as usual at 10 o'clock today. There We're
less than 100 depositors in line and the
company's officials declare that the run Is
over
Leading bankers declared today that con
ditions were such that they would probably
be able to- import gold from London on
Monday to the extent of about S0O00000-
The bankers pool, which has been Sup
porting Stock exchange houses, gave fur
ther assurances today that money would be
provided for call loans when needed.
The closing OF the Terminal bank Of
Brooklyn was due to the fact that It's rel
pository. the Williamsburg Trust company
suspended payment yesterday. The vice
president OF the Williamsburg Trust COM
pany. Willard T. Reid. was president Of
tho Terminal bsnk
session this morning for half an hour and
issued eaIl for meeting OF the fun as
sociaton at y o'clock to decide whether
clearing house certificates should be- is
sued.