Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1907-10-29
CONFIDENCE
RETURNS TO
WALL STREET
Public Has Gotten
Over Its Recent
Scare
IMPORTING MUCH GOLD
Clearing House Certificate
Plan Put in Operation in
Many Cities.

New York, Oct. 29.--The financial
situation was without any notable
developments today and the abating
interest indicates the public had prac.
tically gotten over its scare. The
stock market was a little unsettled,
but without extreme agitation.
Great assistance in relieving the fin
ancial stringency Is expected to result
from the large engagements of gold
for import made yesterday and from
the further large imports which prob
ably will be made within a few days
| The movement Of American crops ia
European markets together with re
vival of the demand for copper abroad,
jwill give the United States large cred
its with foreign bankers and these can
be availed In bringing in gold, it is be
lieved, to the fullest extent necessary.
| Banks to Reopen.
1t was announced today that sever
al of the local banks which were com.
PEELED to suspend last week have just
about perfected plans to reopen for
business. Runs on the Trust Com.
pany Of America and the Lincoln
Trust Company continued today but in
a greatly diminished volume.
Slight Slump in Stocks.
The stock market this morning
gave evidence of renewal of forced
liquidation caused by the withdrawal
| of credits. Canadian Pacific slumped
8 points; Pennsylvania four; Union
Pacific two and one-half, and other
stocks a point or more Shortly after
eleven o'clock the market quieted
| Portland Banks Close Temporarily.
Portland, Ore, Oct. 29.--At the re-
quest of the Portland Clearing House
Association. Governor Chamberlain
last night declared the next five days
legal holidays in this state, in order to
prevent a money famine. This step
was taken because the Portland banks
cannot draw money loaned the outside
state.
Frisco Banks Limit Withdrawals.
San Francisco, Oct. 29.--The Clear.
ing House certificate plan was put In
operation today by all the San Fran
cisco banks. Everything worked
smoothly and there was no excite
ment.
German Bank Raises Discount Rate.
Berlin, Oct. 29.-The discount rate
of the Imperial Bank of Germany was
raised today from 1-2 to 6 1-2 per
cent. The change is directly due to
New York's demand for gold. which
it is feared here will lead to large gold
exports from Germany.
London Markets Effected.
London Oct 29.--The rise in the
discount rate of the Bank Of Germany
had depressing effect on the markets
here. Operators here now expect the
discount rate Of the Bank of England
will be increased from 1-2 to 5 IL
per cent. The exchange of all the
leading countries is now above the
gold point.
The sum Of six hundred thousand
pounds of sterling in bar gold today
was sold and nine hundred, ninety
|eight thousand pounds of sterling in
American eagles was taken from the
Bank of England as a part OF the
amount intended for shipment to
America.
Situation Normal In Middle West.
Chicago, Oct. 29,--The financial con-
dition throughout the West today was
satisfactory in general to the banks
and to majority of the business in
terests. In all the money centers to-
day the check and certificate plan was
used The banks commenced their
second days business under the check
system, greatly encouraged by the
manner in which the new method was
accepted by the depositors. Out of
four hundred thousand savings depos.
itors in the city, only fifteen hundred
made application for withdrawal of
their accounts or gave notice of de-
sire for withdrawal
New Mexico Banks Form Clearing
House Association.
AS a precautionary measure to pro.
tect the supply of currency until finan-
cial conditions in the east have again
become normal, the banks of Albu-
querque and Las Vegas, yesterday
formed Clearing House Associations.
For the present withdrawals will be
limited and cash payments, save in
reasonable amounts will be made In
Clearing House certificates. The