Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1907-10-26
PANIC ON CURB
NOW HISTORY
Monied Interests
Breathe Easier
Today
PLENTY OF CASH ON HAND
Secretaryof of Treasury Cortel.
you and J. P.Morgan Cred.
tied With Saving Banks.

New York, Oct. 26.--No apprehen-
sion was felt this morning as to the
result of today's financial transac-
tons. The principal difficulty through.
out the weeks excitement has been
the lack Of currency. There was not
enough money in the city to stand the
tremendous drain without cutting
down loans. 1t Is realized too, that
the sudden lack Of confidence is not
widespread throughout the country.
Leading bankers said today conditions
were such that they probably would
be able to import gold from London
Monday to the extent Of ten million
dollars. As an alternative means of
relief Clearing House loan certificates
will be issued George F. Baker, pres
ident of the Clearing House. said no
amount has been specified, but that
the same method as that used in 1898
will be followed The stock market
showed resistance to depression to-
day but was rather inactive
The sub-treasury received today ten
million dollars in small bills from
Washington. There were small lines
in front of the Trust Company of
America and the Lincoln Trust Com
pany, but the crowds were fewer
than yesterday The exchange pool
which has been supporting the Stock
Exchange houses gave further assur
ancc today that money would be pro
yided for call loans when needed
The Terminal bank OF Brooklyn, a
small institution with capital Of
100000 and deposits OF about S240,
600, suspended payment today.
To import Gold From London.
The announcement was made later
in the day that negotiations have prac'
tically been completed for the impor
tation of large amount of gold from
Europe. James Stillman, president OF
the National City Bank said:
"The situation has been saved by
the action of Secretary of the Treas
ury George B. Cortelyou, who has
been so ably assisted by the whole
hearted cooperation Of ]. Pierpont
Morgan
Secretary Cortelyou today had a
conference with George W. Perkins, OF
]. p. Morgan and Company, after
which Perkins said:
II think this will be the last day OF
the financial difficulty
The drain on the national banks was
considerably relieved today by de
cision of the savings banks to stor
heavy disbursements by requiring ad
vance notices of large Withdrawals
Money on call was loaned on the Stock
Exchange today at fifty per cent. The
statement Of the Clearing House
banks for the week shows the banks
hold $1,233,300 less than the legal re
serve requirements.
Relief Came With Close Of Days
Business.
The Stock Exchange and banks
closed at noon today without any
further failures of Importance. with
considerable Improvement in the stock
market and with several important
remedial measures taken or agreed
upon to strengthen the local financial
situation. A distinct sense of relief
is now apparent everywhere. 1t is un-
derstood that the treasury department
will as heretofore advance gold for i'm.
mediate use so as to avoid the time
occupied In transit from Europe.
Meanwhile the Clearing House loan
certificates will be issued as a pre-
cautionary measure. Runs upon the
Trust Company of America and the
Lincoln Trust Company abated large
ly as the morning advanced. Drafts
by country banks on their New York
reserves were heavy but not alarm
ing.
Aid Extended to Providence Banks
Providence, Il. l., Oct. ga com
mittee from the Clearing House had
charge OF tie local financial situation
today and was prepared to render as
sistalr>e to local banks If called up
on. To prevent the withdrawal o1
money from circulation, the commit
tee recommended that in payment o
any certiflcation checks, such checks
shall be payable only through the
Clearing House.
The Industrial Trust Company Of
this city posted notice just before
the opening hour today declaring tha
ninety days notice of withdrawals o
deposits would be required.
At Pawtucket Withdrawals from thu
Slater Trust Company continued tt
be above normal but the officials stat
ed they had plenty of money. There