The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-28
New York institutions AS
sumo Their WOnted APP
pearance Today.
Big GOLD ENGAGEMENTS
Nearly Twelve Millions of the
Yellow Metal Already Secured
Abroad for Shipment to this
COuntry--Clearing House
Certificates Now in Use.


NEW YORK. Oct. 2S.-The pressure
upon the Sbanks in New York is dis
tinctly abating. No new runs have
heen reported. and those begun last
week have dwindled into almost insig-
nifcant proportions. Wall street has
assumed practically its normal appear
ance. the crowds being no larger than
in the days of financial quietude. The
adoption of clearing house certificates
and the refusal to pay cash for hoard
ing purposes has produced no apparent
excitement whatever in this city.
Clark Williams, the new State Super
intendent of Banking, said today:
The outlook is very bright, and by
the end of the week everybody should
be happy. While trust companies and
banks are, OF course, under some stress,
the pressure is greatly lessened. Ar
rangements are now under way In
these banks that suspended to effect
resumption of business, and l have no
doubt that this will be speedily
brought about"
Financiers began the present bust
ness week iE a hopeful frame of
mind. They were especially encour-
aged by the precautionary measures
taken in other cities, including the is
suance of clearing house certificates at
various other cities besides New York,
believing that these measures will be
effective throughout the nation at large
in keeping necessary supplies of cash
within the control of the banks for
country. The greatest danger through
out has been the tendency of small de-
positors to withdraw their funds from
the banks to place them in safe de-
posit vaults, where they were with
drawn absolutely from circulation in
the channels of trade, where they are
so badly needed
The Lincoln Trust Company opened
for business this Norning as usual.
The line of waiting depositors was
much smaller than at the opening hour
of Saturday.
At the Northern Bank, a State in
stitution, at 50 3Broadway, there were
sixty persons in line at the opening
hour.
The loan committee of the clearing
house cooperated today with the mem
bers of the clearing house is the is
suance of clearing house certificates
as they were required. Debit balances
reported by the banks at the clearing
house were small and the collateral
offered in pledge of certificates was gem
orally acceptable.
The bankers pool which, under the
direction of j. Pierpont Morgan, loaned
over S30,0OO,OOO on the Stock Exchange
last Thursday and Friday, was dis
solved today and the loan accounts dis
tributed to the banks participating in
the pool. The loans, it is learned, have
not been called.
The importation of gold is expected
to assume large proportions, and will
aid greatly in providing funds for the
banks. The engagements for import
this morning amounted to S5.O00,000 by
the National City Bank, $2,0O0,000 by
the Chase National. Bank, $15OO00O by
Heidelbach, Iclkleneimer &s Co., and
$1,000,o00 by the Hanover National
Bank.
Lazard Freres engaged S15O0000 in
gold today for import from London.
in addition to the foregoing, and sub
sequently they increased the engag-
ment to $4,000, 600. This makes a total
of $11 100000 engaged for Importation
since the gold import movement. began
on Saturday.
The stock market had a strong
opening, all the principal active stocks
selling at sharp advances over Satur-
day, but with very light transactions
recorded The greater advances were
in Sugar, Northern Pacific, American
Smelling, Westinghouse Electric, To-
ledo, ST. Louis and Western preferred,
Amalgamated Copper and Chicago
Great Western preferred A. Some of
the stocks in the inactive class sold at
declines. Business came almost to a
standstill after a few minutes. but the
market retained steady tone.
One of the most important questions
TO be decided by the clearing house
today was whether or not to admit the
trust companies to membership in the
clearing house and to a share in the
advantage to be derived from the
privilege of issuing clearing mouse
Certificate The only opposition known
to have been made to this plan was
based on the fact that the trust COM
panies are required by law to main
tain a reserve of only 10 per cent. OF
their deposits, while the national banks
are required to hold a reserve OF 70
per cent. Some of the bankers contend |
that this disparity in legal reserve re-
quirements will give the trust com
panies an advantage over the banks
IL they were admitted to the clearing |
house and given the full support of !
the banks
KNIGHT OF PYTHIAs DEAD.