Audubon County journal. (Exira, Iowa) 1884-1993, 1907-10-31
GAY CRISIS IS OVER.
EFFECTIVE REMEDIES APPLIED
AT NEW YORK.
THE RELIEF HAS BEEN SPEEDY
Runs or Trust Companies Met With
Efficient Funds to Pull Concerns
Safely Through.

New York, Oct. 27.-Calmness and
growing encouragement were the do
minant features of the financial ST.
suation when the great banking houses
closed their week on Saturday, with
all the great institutions of the city
intact after having met the unpre-
cedented demand of the past week.
With this signal demonstration OF
the resisting powers Of the banks,
came the adoption of new and i'm
portant measures to prevent a re-
currence Of acute strain.
Although the stock exchange and
other sensitave points were free from
extreme agitation. yet there were
heavy withdrawals of cash from
several banks and the trust COM
panies, these Withdrawals being for
the most part by smaller depositors.
All the institutions affected continued
to pay out on demand up to noon, the
usual hour of closing on Saturday.
First of Importance in the remedial
measures was that of the clearing
house association in voting to issue
clearing house loan certificates for the
use of the balances at the clearing
house. Plans We're formulated to eX-
tend the benefits of the clearing house
certificates to the trust companies as
we'll as to the banks which are at
present members of the clearing house
association.
Another extremely important fea-
ture OF Saturdays news was the an
nouncement by the National City
bank that it had engaged $5,000,0OO
in gold for import. 1t is believed by
bankers and exchange brokers that
this engagement is the beginning OF
what will probably be continuous
movement of gold to New York from
abroad. in connection with the pres
ent financial conditions. 1t is stated
that under the operations of the gold
standard law the accumulation OF
gold in the treasury, including that
held against gold certificates now
stands at $92S,O0O,O00 which is the
largest gold stock in the world. The
clearing house banks of New York
showed yesterday specie holdings of
196,426,000, of which nearly all was
in gold, and legal tender holdings OF
S5S,2S3, 700. These items showed a de
crease of $12.900,000 in the bank
statement of yesterday as compared
to that of a week ago, but the total
reserve on hand stood at $254, 1897
which was only $1,233,300 below the
legal requirement of G5 per cent
The runs upon the Trust company
of America and the Lincoln Trust
company continued in very much
abated form, but both institutions
met all demands
The drafts of country banks on
their New York reserves were heavy,
but not alarming, since at this period
of the year such drafts are to be ex-
pected for the purpose of moving the
crops.
The imposition of the ninety day
rule in Rhode Island stopped runs
there and matters assumed normal
phase. The stock market opened at
little symptoms of serious agitation.
an advance on Friday and showed
London and other foreign points also
gave reassuring advices.
Secretary Cortelyou had a confer
ence with George w. Perkins of j. p.
! Morgan G. Co. Mr.. Perkins subse-
! quently said:
! The atmosphere is fast cleaning
up, as anyone can see"
! Mr.. Perkins was asked il he
(; thought this would be the last day OF
4 the financial difficulty. He replied
II think it is
James stillwell, president OF the
National City bank, said
The situation has been saved by
the action Of the secretary of the
treasury, who has been so ably as.
sisted by the whole hearted coopera.
ton of Mr.. Morgan