The pioneer express., 1907-11-01
NfRvE-RACkiNG
DAY IS PASSED
NEW YORK FINANCIAL lNsrITU.
TloNs SHOW WONDERFUL
RESISTANCE.
STORM IS SAFELY WfATn[R[D
Fifteen MILLION MORE DUMPED
INTO WALL sTREET-MINoR
BANKS CLOSE.

xdCkluS O8y mas passed., OUT the nnan-
cial institutions of New York have
shown extraordinary power of resist
ance to the pressure put on them.
While it is true that several minor in
stitutions have been forced to close
their doors; yet two things should be
said about them-first, that the
amount involved was not so great as
to exert any marked influence on the
general situation, as these banks did
not come into touch with the larger
financial institutions, and, second,
there is every reason to believe that
the banks and trust companies are en-
tirely solvent and their difficulties will
prove to be only temporary and due
entirely to inability to secure ready
cash on the gilt-edge securities in
their vaults.
Some Favorable Features.
In the light Of the general excite
ment the savings banks thought it
wise to put into effect the rule requir-
ing thirty to sixty days notice for the
withdrawal of deposits.
There was not the slightest hint
that any Of the savings institutions
was in anything but the soundest con-
dition. On the other hand, a number
Of favorable features marked the day.
The Trust Company of America and
the Lincoln Trust company, the organ
ixations which have suffered most
from runs, have been slowly paying
out to their depositors, and closed yes
terday with all demands having been
met.
More Millions for Wall Street.
The most favorable incident of the
day was that the stock exchange was
provided with ample funds to meet it's
immediate necessities by money
pool headed by J. Pierpont Morgan,
which sent about $15,000,OOO to the ex-
change during the afternoon. The
stock market had sold relatively firm
all day, but when the pool money was
offered, there was an immediate up
turn Of prices, and the market closed
strong at the best prices of the day.
A very encouraging feature of the aft
ernoon's developments was signed
statement By Clerk Williams, the new
ly appointed state superintendent of
banking, affirming the solvency of the
local institutions.
Will Stop Runs on Banks.
A further encouraging development
Of the afternoon, the good effect of
which can scarcely be overestimated,
was the decision arrived at to issue
clearing house certificates probably
to-day. The immediate effect of this
will be to enable tile banks to settle
the balances between themselves with
these certificates and thereby release
large sums of currency for the regu-
lar needs of business. The decision to
issued clearing house certificates is
likely to end any further anxiety in
regard to the supply Of currency.
It is believed that the mere fact
that they are to be issued will so far
restore confidence that runs upon
banks will cease.
Take Back Their Money.
Already the strong city banks are
receiving large deposits from persons
who have withdrawn their money from
the banks and trust companies which
have fallen under suspicion.
The fact that the banks and the
stock exchange will be open for busi-
ness but two hours to-day, and that
Sunday, with all it's opportunities Of
calming public sentiment will inter-
vene, added to the more hopeful view
Of the situation taken by the leading
Ananciers last night, will do much to-
ward clearing the financial skies be.
fore another week begins.