Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1907-10-31
SAY CRISIS IS OVER
EFFECTIVE REMEDIES APPLlEDl
AT NEW YORK.
THE RELIEF HAS BEEN SPEEDY
Runs on Trust Companies Met With
Sufficient Funds to Full! Concerns
Safely Through.

New York, Oct. 27.-Calmness ana
growing encouragement were the do
minant features of the financial 81.
tuation when the great banking houses
closed their week on Saturday, with
all the great institutions of the city
intact after having met the unpre-
cedented demand of the past week.
With this signal demonstration OF
the resisting powers of the banks,
came the adoption of new and i'm.
portant measures to prevent re.
currence of acute strain.
Although the stock exchange ana
other sensitave points were free from
extreme agitation, yet there were
heavy Withdrawals of cash from
several banks and the trust COM
panies, these Withdrawals being for
the most part by smaller depositors.
All the institutions affected continued
to pay out on demand up to noon, the
usual hour of closing on Saturday.
First of Importance in the remedial
measures was that of the clearing
house association in voting to issue
clearing house loan certificates for the
use of the balances at the clearing
tend the benefits of the clearing house
certificates to the trust companies as
well as to the banks which are at
present members of the clearing house
association.
Another extremely important fea-
ture of Saturdays news was the an
nouncement by the National City
bank that it had engaged $5,000,0 900
in gold for import. 1t is believed by,
bankers and exchange brokers that
this engagement is the beginning OF
what will probably be continuous
movement of gold to New York from
abroad, in connection with the pres
emit financial conditions. 1t is stated
that under the operations OF the gold
standard law the accumulation OF
gold in the treasury, including that
held against gold certificates now
stands at S92S,000,000 which Is the
largest gold stock in the world. The
clearing house banks of New York
showed yesterday specie holdings or
1896, 426,000, of which nearly all was
in gold, and legal tender holdings or
$5S,2S3, 700. These items showed de-
crease of S12.90O,00O in the bank
statement of yesterday as compared
to that Of week ago, but the total
reserve on hand stood at 1854, 709, zoo,
which was only S1,233,300 below the
legal requirement of rs per cent.
The runs upon the Trust company
Of America and the Lincoln Trust
company continued in very much
abated form, but both institutions
met all demands.
The drafts of country banks on
their New York reserves were heavy,
but not alarming, since at this period
! of the year such drafts are to be ex-
'pected for the purpose of moving the
crops.
The imposition of the ninety day
rule in Rhode Island stopped runs
there and matters assumed a normal
phase. The stock market opened at
little symptoms of serious agitation.
an advance on Friday and showed
London and other foreign points also
gave reassuring advices.
Secretary Cortelyou had a confer
ence with George w. Perkins of j. p.
Morgan & Co. Mr.. Perkins subse-
quently said:
1.-THE atmosphere Is fast cleaning
up, as anyone can see."
Mr.. Perkins was asked IL he
thought this would be the last day OF
the financial difficulty. He replied:
II think it is"
James Stillwell, president OF the
National City bank, said:
THE situation has been saved by
the action of the secretary OF the
treasury, who has been so ably as
sisted by the whole hearted co-opera.
ton of Mr.. Morgan"