Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-10-28
WHERE GREATEST DANGER LAY
Was in withdrawal Of Funds and
Locking Them Up in Safety
Deposit Vaults.
,.,,,,o,totion Of Gold Expccted-Ques-
,ion Of Admitting Trust Companies
To Clearing House.

,.,isl plans adopted Saturday for
an. rrotection Of New YorRs supply
- .,rrency. financiers began the new
bye.ress week in hopeful frame OF
,,,5 they were especially encour-
o.s5 BIZ the precautionary measures
,stsp in other cities, including the IS
spance OF clearing house certificates at
various other centers besides New
York. believing that these measures
win be effective throughout the ma
ton al large In keeping necessary sup
rres OF cash within the control OF
banks for use In carrying on the bust
ness of the country. The greatest dam
rer throughout had been the tendency
OF small depositors 20 withdraw their
funds from the banks and to place
them in safe deposit vaults where
they we're Withdrawn absolutely from
circulation IN the channels OF trade
where they are so badly needed.
GOLD IMPORTATION.
The importation Of gold is expected
20 assume large preparations and VIII
aid greatly In providing funds for the
banks. Up to date the engagements
for import amount to $50O0.OO0 by tho
National city bank, S2O00,O0O by the
chase National bank, $l,5VOOOO by
HeidaIbaca Ickelheimer & Co, Sl,V0o'-
GOO BY the Hanover National bank, ana
50. 0CO coo by Lazard Freres.
American securities IN London show
ed sharp advances at 1 p. m. TODAY.
Amalgamated Copper advanced IA
Atchison. rs; Union Paclnc, ia: ana
other shares were fractionally higher.
Lines OF depositors remained In 'front.'
of the doors OF the Lincoln Trust com
many and the Trust Company Of Amer
lea despite the heavy rain which tell
throughout the night The ah-nlght
line al the Lincoln Trust company
numbered so persons, and 40 were wait
ing their turn at the Trust Company
OF America.
Three persons remained in line all
night in front Of the Riverside bank
a small state institution at Eighth
avenue and Fifty-seventh street. A.
9 o'clock the line In front OF this bank
numbered IS persons.
One Of the most important questions
10 be decided nv the clearing house to-
day was whether or not 70 admit the
trust companies TO membership IN me
clearing house and 10 a share in the
advantages TO be- derived from the
privilege Of issuing clearing house GER
tihcates. The only objection known 10
have been made 10 this plan was based
on the fact that the trust companies
are required by law TO maintain a re-
serve Of only IS per cent Of their de-
posts while the national banks are
required to hold a reserve Of 2j pei
cent
some Of the bankers contend that
tids disparity in legal reserve re-
culremcnts viii give the trust COM
Ulnies an advantage over the banks
~ they were admitted 20 the clearing
house and given the full support OF
tho banks.
The Trust Company Of America re-
sumed payment 20 depositors as usual
at 10 o'clock today. There were 90
depositors I'm line.
The Lincoln Trust company OPEN
Cd for business this morning as usu-
a. Tho line Of waiting depOsitors
was much smaller than az the open
Ing here on Saturday.
At the Northern bank. state i'm
stitution, at 693 Broadway. there were
60 persons IN line at the opening hour.
STOCKS OPENED STRONG.
The stock market had strong
opening an the principal active
stocks selling at sharp advances over
saturday but with very light trans
actions recorded. the greatest adj
vanccs were In sugar. Northern Pa
cihc American Smelling. Westlng-
house Electric Toledo. 81. Louis a
Western preferred and Amalgamated
Gopher Business came almost 60
-'antlstIll after few minutes. but the
Net retained "A steady tone Adj
niiious to the sharp advances were
3dc when more stocks came into
tIc quotations. but the general level
'' the active list did not rise.