The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-27
STRENUOUS WEEK FOR
NEW YORK FINANCIERS
Continued from Page !.

all was in gold. and legal tender hold
ings of SIS, 2S3, 700.
These items showed a decrease of
So, 900, 900 in the bank statement of to-
day, as compared to that of a week
ago. but the total reserve stood at $751;
709,700 which was only s1,233, 800 below
the legal requirement of % per cent
While a decline of the reserve below
the legal limit is always a subject of
remark. it is not infrequent during the
crop-moving season, and still leaves so
large a fund of cash at the command
of the banks that under ordinary con-
ditions this would not excite any I'M
easiness. The indications are that the
cash reserve of the associated banks
will be kept substantially intact here
after by the importation of gold.
Fall in Exchange.
The sharp fall in exchange yester-
day. which made importations of gold
possible at profit, was not modified
today. 1t resulted in the announce
ment by the National City bank of the
engagement of 100000 of European
continent and South American, and
rumOrs of other engagements of the
yellow metal. The large credits ere
ated in favor of the United States by
the movement of crops and to some
extent of securities, which have been
taken over at the present bargain
prices, will enable this country to i'm
port gold in considerable amounts.
without resorting to the sale of finance
bills. The disposition of European
banks to curtail the acceptance of
finance bills during the last few months
is having at least one good effect
that there are but small obligations of
10 Ia 10 he i 1T IL
and hence the credits established by
the movement of crops can only be met
by the shipment of gold to this coun-
try. If the Bank of England decides
to raise the discount rate at the regu-
lar board meeting next Tuesday. or
earlier, this may check to some degree
the movement of gold toward New
York, but as the English bank reserves
is now large, there are indications that
the Bank of England will not interpose
serious obstacles to the relief of the
American market.
CorteIyou's Statement.
Secretary of the Treasury CortelyOu
caused the following statement to be
given out tonight:
ION the occasion of a call on him
this morning by representatives of the
New York clearing house. Secretary
Cortelyou asked that they convey to
the clearing house his deep spprecia-
ton on behalf of the government of the
courageous and high-minded manner in
which they had upheld the interests
not only of the city, but in d sense of
the people of the whole country.
Later Secretary Cortelyou called on
J. p. Morgan and expressed in similar
terms his appreciation Of the services
rendered by Mr.. Morgan and all who
had co-Operated with him in meeting
the emergency"
The subcommittee of the directors
of the Knickerbocker Trust company.
who are hoping to bring about a re-
sumption of business of the company.
met in executive session today. After
the meeting Mr.. Davies, counsel for
the company, said:
1.-THE committee met and after a dis
cussion decided upon a plan of reor-
ganization, with the end in view of re-
Stunning business. This plan win be adj
vertised in detail as a paid advertise
ment In the Monday morning neWspa-
pers. This is to insure it's accuracy
and also its authenticity