The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1907-10-29
BIG SHIPMENTS OF
GOLD FROM
EUROPE
New York Bankers Have Aid
on Ocean
MANY MILLIONS IN CASH
Bank Run Lines. are Dwinding Away
and Deposits are Beginning to Ex-
coed Withdrawals.


ment is made that $25,0OO,000 in gold
has been engaged in Europe to meet
the demands for ready currency In
New York, and some of 1t Is already
on It's way. More gold will be engaged
for shipment during the week.
1t is evident that the financial hyste-
ria is dying Il rapid death of wet feet
arising from the weather and cool
headedness arising from sober and
saner second thought.
The Trust Company of America,
upon which a run has continued three
days. found as the result of the day S
business that they had had deposits In
excess OF Withdrawals of S296,O0O.
They had also been able to collect
S2223. 900 of outstanding loans. so that
the net outcome for the day WAS an
increase in cash of $4,000.
The report that has gained much
credence here to the effect that the big
life insurance companies had decided
to extend the time within which pre-
miums might be paid proves incorrect.
II appears to have been based on q
misrepresentation OF facts.
Except at the Northern bank in
Broadway every run line showed a
marked dwindling away at both ends
MS the day IS, II ON the head,
where persons were being paid off, and
from the tail, where men and women,
tired out with waiting in the cold and
wet, We're going home.
IN Washington Secretary Cortelyou
stated that he had received reassuring
reports from New York. Chicago and
other points and that everywhere con
tidence is being restored and condi-
lions are much improved.
The market opened strong and re-
manned steady, pretty good barome-
ter of the general sentiment. All along
The line more optimistic feeling was
shown. 1t was announced that two
more of the over the river concerns
which suspended temporarily last
week, the Williamsburg Trust compa-
ny and the First National bank of
Brooklyn, would resume business In
side of forty eight hours.
William II. s. Wood, who as presl-
lent of the Bowery Savings bank
guards $l00,000,00O, belonging to more
than 100000 depositors. mainly the
nf "A OF do ha
opinion the. worst was over. Then he
added:
Good has come out of all this. 1t
has proved that the savings banks Of
New York are substantial"
Mr. Wood Is looked upon as a fnan-
eial prophet, for he foretold the pres
ent panic more than three months ago.
He then looked into the future and
weighed the causes and effects of pros
perity. His own bank had just reach
ed the $l0OQ00,000 deposit record. and
It was thought he would take an opti.
mistic view of the business situation
and the outlook.
"The nation seems to be on the top
wave of prosperity, but prosperity
:annOt last always. The boarding of
money against the day of reaction has
already begun" was the statement
made by Mr.. Wood on July IA last.
MANY prudent men are looking
ahead ready to weather the storm.
The banks Of Wall street are boarding
money in their vaults
The very fact that Mr.. Woods pre-
iictions were fulfilled gives weight to
ais present views on the banking stu
alton, and the Iact that his bank
boards the savings Of so many thou
sand men and women is of especial
Importance. Every depositor In the
Bowery Savings bank looks upon the
president as personal friend. The av-
erage deposit represents savings of
S425. On this basis there are more
than 100000 depositors in this bank,
and 100000 men and women In New
York who are ready to abide by the
advice of man they trust can do
much to relieve distressed situation.