Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1907-10-29
Misesltaneous Rsaaing.
THE PANIC IN WALL STREET.
Situation Continued Serious During
Last Friday.


any marked influence on the genera
situation, as these banks were located
in residential quarters and did moi
come into touch with the larger finan-
cial institutions Of the metropolis, and
second, that there is every reason tc
believe that these banks and trust
companies are entirely solvent and
their difficulties will prove to be only
temporary and due entirely to inabil-
ity to secure ready cash on the gilt
edged securities In their vaults.
In the light of the general excite
ment the savings bank thought II
wise to put into effect the rule requir-
ing 30 to 60 days notice for the with
drawal Of deposits. and this will pre-
vent the withdrawal of money which
would otherwise be put in safety de-
posit boxes. The savings banks. II
they continued to make payments
would be obliged to withdraw funds
from the national banks, thereby caus-
ing an additional strain on the general
banking situation. There was not the
slightest hint that any Of. the savings
institutions were in anything but the
soundest condition and it was pointed
out that the savings banks Of this
state are so restricted by law In in
vesting their money that there can be
no question that all of the securities
in their possession are Of good value
and readily salable in normal times.
The institutions which closed their
doors today, with the sums due deposit
tors, were:
The United States Exchange bank
Harlem. 100000.
International Trust company, about
$4,000
The Borough bank Of Brooklyn, 81,
900, 900,
The Brooklyn bank, $2,300.000.
Williamsburg Trust company, Brook
lyn. $500 900.
The First National Bank Of Brook
lyn. $3.5OO,000.
The First National Bank Of Brook
lyn and williamsburg Trust company
and the International Trust company
were allied institutions None Of these
companies had any important business
connections with the larger banks
which are representative Of the city's
financial affairs.
On the other hand a number Of ia
vorable features marked the day. The
Trust Company Of America and the
LincolE Trust company, the two or
ganizatlous which have suffered most
from runs, have been slowly paying
cut to their depositors and closed to-
day with all demands having been met
In the case Of the Trust Company OF
America the run has wellnigh spent
It's force as the great bulk Of the de-
positors have been paid off. At the
close of business there were a good
many in line at the Lincoln Trust
company, but also there was marked
reduction in the number Of anxious
depositors.
The most favorable incident Of the
day was that the stock exchange was
provided with funds ample to meet it;
immediate necessities by a money pool
headed by ]. Pierpont Morgan, which
sent about s15,0O0,OOO to the exchange
during the afternoon. AS all OF the
loans made today hold over until Mon
day. the stock exchange situation vii
not be a factor in the problem that the
bankers may be called upon to solve
tomorrow. A very encouraging feature
of the afternoons developments was
signed statement by Clark Williams
the newly appointed state superin-
tendent Of banks, affirming the solVen'
cy Of the local institutions.
A further encouraging development
of the afternoon. the good effect OF
which can scarcely be over estimated
was the decision arrived at unofficial
ly to issue clearing house certificates
probably tomorrow. There will be
full meeting Of the clearing house as
sociation tomorrow morning at l.
o'clock for the purpose Of taking ofti'
cial action for the issuance OF these
certificates. The immediate effect o.
this will be to enable the banks to set
tie the balances between themselve:
with these certificates and thereby re-
lease large sums of currency for the
regular needs of business.
The decision to issue clearing house
certificates is likely to end further
anxiety in regard to the supply OF cur
rency
The first issue of clearing house GER
tificates was in 1860. The last occa'
sion on which they were availed o.
was in 1893. The certificates are usec
only between banks in the settlemen
Of their balances at the clearing house
They do not appear in general clrcula'
ton. 1t is believed by competen
bankers that an issue Of $5O,OOO,OO'
will be the outside limit Of what vii
be required on the present occasion
1t is believed also that the mere fac
tIldl lney are W uo iSSuSu wa ~ a~>
restore confidence that runs upor
banks will cease, so that 1t Will not p'
necessary to keep the certificates out
standing for any considerable length o
time
The fact that the banks and thu
stock exchange will be open for busi
ness but two hours tomorrow and tina
Sunday, with all it's opportunities o
calming public sentiment, will inter
vene. added to the more hopeful view
Of the situation taken by the leading
financiers tonight. will do much towar'
clearing the financial skies before an
other week begins.
The Famous SulIy Corner.
The following interesting review o