Waterbury evening Democrat., 1907-10-31
.EWDEHCE IF RELIEF.
$3O,0 100000 York CityBonds Bought by Morgan Syndicate.
TO ATTRACT EUROPEAN GOLD

Financial Tension Is Based and Wall
 Street Has Now Caught Its Breath"
 Comptroller of the Currency RidseIy
 Plans Further Help.
 New York, Oct 31.--For the first time in ten days of extreme tension in Wall street there were material evi- dences of relief While bankers had repeatedly said the outlook was bright CT during this trying period, there were no developments which eased the minds of those who needed money, the life of Wall street business.
 In addition, there were distrust and great waste of funds by institutions and persons who wished to be prepar- ed for any emergency. This tension eased, and the immediate result was sharp rebound in the security mar ket.
 The main relief came from within the market, where there was first mo- ticed an absence of the heavy liquida- ton forced upon certain brokers and others who had been borrowing money. There was also a slightly better con- dition among the banks. The drain by the public had practically stopped, the working of the check system among trust companies and banks, the adoption of the clearing house loan certificate plan among the banks and the heroic struggle of all financial in stitutions to conserve their cash made a combination which began to show results. As one banker said, Wall street has now caught it's breath"
 City Bond Sale.
 One of the most interesting features of the day was the news that the city administration had closed a deal for the sale to a powerful banking syndi- cate of S30,000.O00 revenue bonds and the giving of an option on $20,000,00C more. The syndicate is composed of J. P. Morgan, James Stillman and George F. Baker. Although the nego tiations were not closed until late in the afternoon. Wall street had early inklings of the deal and jumped al the conclusion that the triumvirate of leading bankers had planned anew tc attract gold from Europe by means oi the sale of city warrants abroad.
 This news, taken in conjunction witt the earlier reports from Paris that the Bank of France would open its port folio and extend loan of $10,000,00( or 12,000000 to London and similar loan to New York, proved a source o great satisfaction. In high banking quarters, however, it was not regard ed as likely France would make { loan to this city, but it was pointed ou that indirectly the Bank of Franc, might assist the United States in 1t present difficulties by assisting tn,
 London market, which it has frequent ly done.
 Banking House FaiIs. This indirect assistance to New Yor would come by relieving the Londo market. which in turn would be abl to send credits and gold to this city. Owing to the advance in discoun rates in London and the higher rate o sterling exchange no further gold eI agreements were made yesterday. Tn exchange market was also affected b
 the failure of a banking house yer prominent in recent years in foreig exchange operations. It was not unt
 a few minutes before the close of tn market that the assignment of Kessle & Co.,, bankers, of 54 Wall street wa announced.
 Kessler X Co.'S failure is direct rC suit of the almost complete stoppag ! of the foreign exchange business O Monday. when money was practical
 unobtainable. The liabilities are witt in S2.JG0.000. Maturities of S500,OO
 falling due in London yesterday wer not met, and this entire amount fall
 back on New York dealers in exchang
 banking house was associated wit the development of the Cripple Cree
 Central railroad. while a partner wh is now returning home from a vac,
 tion in Europe is a director of tn
 United States Reduction and Refinin company.
 Ridgely Plans Relief.
 Measures of relief were also set i
 motion in Washington by Comptrolle . of the Currency Ridgely.
 He announced to all national bank ; which are Repositories of public fund that bonds acceptable to the goverl
 ment could be substituted for gOverl l ment funds which are now pledged 1 secure the deposits. provided that th government bonds so released woul - be deposited in Washington to tak out additional currency.
 He also announced that the treasuT would make special efforts to increas the amount of currency at pOint where it is most needed at this ssaso {, of the year.
 Q New Seeks Hall For Convention.