New-York tribune., 1907-10-29

Clearing House :oan committee, said: I'VE have
not yet got far enough along 20 make any deh-
mite statement: however the situation is rapidly
improving"
1t was announced in the afternoon that many
of the banks which had had debit balances at
the Clearing House in the morning had settled
the debts with Clearing House loan certificates.
The debit balances, it was understood, were
small I'm all cases and the collateral offered by
the banks was acceptable to the committee
FOREIGNERS BUY AMERICAN STOCKS.
James Speyer, Of the international banking
house of Speyer & Co, yesterday confirmed the
news that large amounts OF American securities
were being taken by European investors. MI
Speyer said: People in Europe were buying
American securities last week and are still buy
ing them, at the depressed prices, because they
believe they cheap.
Some people here who have Withdrawn theF
deposits from banks and trust companies, prob
ably think that they have been clever 5and to-
day may feel happy l doubt, however, whether
that feeling will last They soon will see that
their action has created entirely unnecessary
and serious situation, resulting in embarrass-
ment 10 others. and nobody can prosper long
when his neighbor is in trouble
Besides those people VIII soon realize that as
long as their money is locked up in safe deposit
boxes ETC. it does not any interest for
them They are not acting wisely if they do not
redeposit il in some bank, savings bank or trust
company, or if they do not invest part in some
good security. They miss a good chance, which
people in Europe clearly perceive and are profit
ing by"
That the banking situation fast clearing
UP was shown by the fact that there were no
important conferences Of bankers and financers
yesterday as was the rule every day last week.
J. PierpOnt Morgan not at his office. When
Mr.. Morgan left his office on Saturday many of
his friends noticed that he suffering from
severe cold.
Assistant Secretary Hamilton Fish yesterday
deposited a considerable amount of public funds
in the local banks, in accordance with instruc-
tions from Secretary Cortelyou. There will be
no deposits OF public funds, however, against
gold engaged for import. but the same purpose
will be accomplished by continuing deposits
against savings banks securities as heretofore.
RAILROAD EXTENDS CREDIT.
It was announced at the local offices Of the
Rock Island Frisco lines yesterday that il had
been determined by the officers of that system,
in view OF the tying up of the Oklahoma and
Indian Territory banks, to grant credit to all
consignees in those territories who had a credit
rating with the company.
This action was taken that business might
not come TO a complete standstiu because of
the holding up OF all incoming shipments
through the inability OF consignees to draw
checks for freight shipments. The usual gross
receipts OF the Rock Island Frisco lines in the
two territories amount to $4,000 or $500. 900
a day.
It was said that this programme TO freight
credits might be modified or extended within
twenty-f -four hours If the situation not
lieved before that time by a change in the act
ing Governors order.
The report that gained credence yesterday
that the big life insurance companies had de-
cided 10 extend the time within which pre-
miums might be paid proved incorrect.