New-York tribune., 1907-10-26
MEASURES FOR FINANCIAL RELIEF CONTINUED.

Another day Of ceaseless effort and constant
conferences among the leading financiers Of the
city, cooperating with the Secretary OF the
Treasury. who remained the Sub-Treasury
during the day. ended with the financial situation
apparently well in hand and with extensive plans
under discussion in process of execution for
ending the strain and alaying the popular un-
easiness
One Of these plans coutempates the immediate
importation Of a great in gold, and the
other. which may be carried out If the negotla-
tions for obtaining the gold shall not be brought
TO a successful close. is for the issuing of Clear
ing House loan certificates. which would leave
available for use by the banks in accommodation
10 their customers large sums beyond the totals
now so available
Several institutions closed their doors yester-
day. not because Of insolvency. but on account
Of their inability to obtain the amounts of cash
required by them without the sacrifice at the
current exceedingly low levels Of securities owned
by them Most of these institutions were In
Brooklyn, and none Of them mas had important
business relations with the larger banks in this
city Representatives of most &c the largest
savings banks of the city agreed at a meeting
yesterday to require from thirty to sixty days
notice from depositors desiring TO withdraw
their accounts. thus availing themselves in part
requiring ninety days notice The savings banks
II they continued to make payments would
be Obliged To withdraw funds from the national
banks thereby causing additional strain on
the general banking situation. There was not
the slightest hint that any of the savings insti-
tutIons was in anything but the sOundest con-
dltion and it pointed out that the savings
banks OF this state are restricted by law IN
investing their money that there can he no
question that all of the securities in their pos
session are of good value.
TRUST COMPANY OF AMERICA.
The Trust Company of America for the third
day in succession paid all claims of depostors as
presented and at the close of business was still
sbundantly able 10 cope with a continuance cf
the run. The Lincoln Trust Company weathered
successfully the second day of its run, and, like
the Trust Company of America. was in good
shape at the close The Withdrawals from both
institutions il was announced. was less than
the preceding day
At 1880 O'Clock this morning forty-four de-
positors or their representatives were in line AT
the Trust Company of America, in Wall street.
Two women were in the line and remained in
their places until kindly policeman found
warm spot for them at midnight in a vestibule
near by. As each depostor into the line
he received a number. which he fixed in his hat.
many of the men went into the hallway OF the
building and ate their lunch or stretched on the
cold tiled floor rest At the Lincoln Trust
Company, AT the same hour. crowd stood or
sat on boxes and campstools. waiting for the
opening of banking hours.
On the application of Attorney General Jackson,
made before Supreme Court justice in Rich
1nond County. three receivers were appointed for
the KnickerboCker Trust COmpany-Ernst Thai
mann. head Of the banking house of IadenburS,
Thalmann & Co: otto T Barnard president of
the New York Trust Company. and Henry c.
Ide formerly Governor General of the Philippine
Islands The Attorney General l.. statement
after the appointment of the receivers which
had been made without consultation with the
trust company's directors. intimated that the
management of the company was not disposed
to conduct its affairs for the benefit Of the whole
body of the depostors
on the Stock Exchange the call loans of
Thursday. taken by borrowers of the s25,O0O,OO0
furnished by j. p Morgan Co. at a critical
moment were renewed at 20 per cent and an
additional s15.OOo.OOO of pool money was lent
by the Morgan house, all of these loans carrying
over until Monday, In the late trading rapid
and general rally in stocks occurred and at the
close many of the active issues were from to
3 points higher than at Thursdays close.
DECLINE IN FOREIGN EXCHANGE.
Probably the most important development of
Yesterday was the sharp decline in foreign ex
change rates with the announcement that negO-
tiations were in progress having for their object
the importation of gold from London and Paris
To the amount of perhaps s3O.OOO,OOO The for
eign exchange market for the last two days has
been olutted with bills for which there has been
virtually no market. and the demand rate. which
on Wednesday stood at 4.S4, declined 10 about
4SS.
Whether or not the metal could be secured in
large amount without obstacles being inter
posed by the European banks not fully
known yesterday afternoon If supply of
gold as large as deemed sufficient cannot be
promptly procured recourse may be hand to the
old plan of issuing Clearing House loan certih-
Gates as a means OF enabling the banks to en-