The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1907-10-26
FINANCIAL CRISIS IN NEW YORK
MONEY MARKET HAS Al.
MOST PASSED.
MARKET is STRONG
Relief Measures Taken by Morgan,
Rockefeller and Other Prominent
Capitalists Encourages Bankers
Receivers for knickerbocker Ap-
pointed-Additional Failures.
(By Associated Press.)

New York, Oct. 25.-Another nerve
shocking week has passed, but the
financial institutions of New York
Z have shown extraordinary power of
resistance to the pressure placed
upon them. While it is true that sew
eral minor institutions have been
forced to close their doors, yet two
things should be said about them. $5
n First, the amount involved was not
SO great as to exert any marked in
fluence on the general situation, as
these banks we're located in residen-
+ tial quarters and did not come in con-
tact with the larger financial institu-
tions of the metropolis.
Second, there is every reason to be-
lieve that the 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 securi-
ties in their vaults. @.
OF course the cessation Of business
by these companies brought trouble
to many people, but not SO many as
it might seem as the depositors for
the most part are /people of wealth
who have suffered/no great inconven-
ience .aM .#... .4.9ra
Savings Banks Solvent.
In the light of the commercial ex-
citement, the savings banks thought
it wise to put into effect the rule re-
quiring from 80 to so days notice for
the withdrawal of deposits. This will
prevent the withdrawal of money
which otherwise would be put in safe
ty deposit boxes.
If the savings banks continued to
make payments, they would be
obliged to draw from the national
banks, thereby causing additional
strain on the situation. There was
not the slightest hint that any of the
savings banks were in anything but
the soundest condition and it was
pointed out that the savings banks OF
this state are so restricted by law In
investing their money that there can
be no question that all of the securi
ties in their possession are of good
value and readily salable in nomina
times. ~ 4.
Institutions which closed their doors
today with the sums due the deposi
tors are:4
United States Exchange bank, Har
lem, 100000.
International Trust Company, about
100000,
Borough Bank, Brooklyn, $4,000.
900. s
The Brooklyn bank, $1,30o,000.
Williamsburg Trust Company
Brooklyn, s7,5O0,00o.
First National Bank, Brooklyn, So,
100000.
Market Opened Strong.
Prices generally on the stock mar
ket this morning were we'll sustained
but weak spots developed. It was
said that the only buyers in the mar
ket were bears who had shorts to cover
or operators with cash in hand tina
freed them from the requirement o
borrowing for marginal operations.
The considerable number of add
tions to banking and trust compan,
institutions which closed their doors
af +f, H,aI TIT
tie effect on the market generally
The belief that the situation wa
clearing in the financial centers her
in New York was the paramount In
fuence. The dwindling of the rul
on the Trust company of America an
its Colonial branch was accepted q
the subsiding of the greatest danger
More Government Deposits.
Further deposits OF governmen
funds were made in the banks. Price
rose rapidly in the latter part Of tn
day and closed strong at the best
It was hoped that by Monday mex
when the loans had to be renewe
that the situation will be SO "a
cleared up that the money stringenc
will be amply relaxed and favorabl
conditions established.
It is evident that there has bee
heavy shipments on balances to th
interior, excess Of shipments over r
ceipts being estimated at $8,579,60
On sub-treasury operations, hoWeve
the heavy deposits of governme1
funds In the New York banks are r
fected in gain by the banks Of s2i
7O5.O0o.
All Demands Met.
s A much calmer tone was apparel
I'm business circles this morning. I'll
success OF the relief measures take