Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-10-29
IMPORTS Of GOLD
AC1 As A TONIC
That Received and Yet to Come
Will Relieve Financial Situ-
alton 1t is Believed
CROP MOVEMENT ALSO AN AID
Shipment of Cereals to Europe Will
Leave Snug Balances in Foreign
Banks-Germany' Action Disturb
ing Factor-Five-Day Holiday Or
dered in oreson-stocks Unsettled.

: New York, Oct. 29.-The financial
situation was without notable develop
ments today. Abated interest indicated
the public had pretty we'll gotten over
its scare. The stock market was a
little unsteady, but without extreme
agitation. The announcement that the
Imperial Bank of Germany had raised
it's discount rate from 51a to 61a per
cent in order to protect its gold hold
, fngs was not unexpected by bankers
here. 1t is thought quite likely the
Bank of England will follow suit by
raising its rate at the regular meet
ing on Thursday. Last year when the
United States was absorbing English
gold, the rate was raised by the Bank
of England at a special meeting, and
it will be favorable sign If the mat
ter is not taken up until the regular
weekly meeting of the directors.
The scramble for gold is such at all
financial centers, London, Paris, Ber-
lin and New York, that the metal will
go to the highest bidder, and under
present conditions New York is likely
to appear for time in this role. Her
ability to get gold is due not only to
the need for it, but to the large credits
which are being established by the
movement of crops and other prod
ucts.
These influences are usually more
potent than artificial measures to OBJ
tain the yellow metal. 1t is believed
this will be effective to place sufficient
gold at the command OF the New York
market and to maintain credit and
cause resumption of banking oper-
ations in the usual manner within a
few days.
Runs upon the banks here have
practically ceased since the banks
adopted the policy of paying large de-
poSitors in checks
Some transfers of accounts are being
made from the smaller to the larger
banks, which resulted in an adverse
balance against the former. hut
strengthened the ability of the larger
institutions to meet the pressure and
support the market. News that owners
OF cotton in the south are beginning to
release 1T without holding out for high
er prices and that the break in prices
OF wheat has brought large European
orders is regarded here by bankers as
significant and powerful aid which
the south and west are thus bringing
to the financial situation.
New York, Oct. 29-Great assist ]
ance in relieving the financial string-|
ency is expected to result from the
large engagements of gold for import
made yesterday and from the further
imports which it is believed will be |
made within the next few weeks. The
movement Of American crops to Euro
pean markets, together with the reviv-
al of the demand for copper abroad,
will give the United States large cred
it's with foreign bankers, and these can
be availed of in bringing in gold, it is
believed, to the fullest ex-
tent that may be necessary.
1t was announced today that several
banks which We're compelled to sus-
pend last week have about perfected
heir plans to reopen for business
Runs on the Trust Company of Ameri-
IAN and the Lincoln Trust Company
continued today, but in diminished
,olume. Announcement of the increase
If the rate discount by the Imperial
8ank Of Germany was of somewhat
effect on the London stock
market, and accordingly there will be
10 expansion of credit at the present
or speculative purposes. Notwith-
standing this, however, American se-.
,urities in London hold firm.
Tho Stock Market.
The stock market gave clear evil
lence that the renewal of forced liqui-
lation caused by the withdrawal Of
redits in high stocks affected figures,
IS collateral liquidation appeared to
pend its immediate force. Shortly aft
r II o'clock the market quieted.
The operations We're much restricted
vhen business began at the stock
today, but the tone was ir-
egular, prices moving contrarywise ,
n different parts of the country. Stock
ecame quite weak in the course of the
rst hour, owing to unsettling inf1u-
nces, and there was 5A points ,
reak in Canadian Pacific, in which
here We're evidences of forced uQui-
alton.
The closing out of loans at the stock !,
thru renewed offerings of 1
tocks on the market where there was 6
o adequate demand to meet the sup /
ly, caused prices to crumble away at I
eary sacrifices for sellers and the t
Pacific dacline raacbod q /.