New-York tribune., 1907-10-26

during the last day or two a marked decrease IN
marginal trading. except on exceedingly large
,narefns and many prominent Stock Exchange
bouses Yesterday refused orders except for cash
in order TO relieve the financial situation
One of the interesting features of the stock
market this week has been the buying OF odo
lots OF standard issues. which has aggregated
= ,,sy,, large amount Payment for these stocks
has been made in cash and they have been
,aten out OF the market But great number
NJ nossible investors are still holding aloof, who
infected with the prevalent unreasonlnB lack OF
confidence which usual in such times makes
little or no distinction between weak instltu-
4ious and those OF absolute impregnabilty' are
drawing out their deposits in cash and putuhs
II in newly rented safe deposit boxes ms
movement. which by decreasing the cash re-
sources Of the banks decreases fourfold thelr
credit extension power. is one OF the difficulties
with which the hnanciers who are untedly
working TO bring permanent relief to the situa-
4ion find themselves obliged to contend good
many large policyholders in the life insurance
companies. It is reported, collecting the sur
render value of their policies. presumably for the
purpose of taking advantage Of the present re-
narkable opportunity for the purchase OF STOCKS.
Before the opening OF business yesterday
morning there was an informal conference OF
several OF the presidents of the large trust CONF
many, at No. so Broadway. to talk over with
President Edward King, who is chairman of the
committee named at the Morgan conference, the
days plans
Clark Williams the new State Superintendent
of Banks, gave out the following statement
carly in the afternoon: "By the facts within my
knowledge and information received from re-
liable sources am convinced that great I'M
movement I'm the situation has occurred during
r1Orn
able look for continuance Of this improve
Tnent"
William A Nash, president OF the Corn Ex-
change Bank, said: 1.-The situation is clearing
I'd and conditions are gradually becoming better
Secretary Cortelyou Is rendering great assist
ance The closing of the smaller banks yester-
day showed remarkably good judgment on the
part Of their directors. They are absolutely
solvent however"
r. H. Thomas, president OF the STOCK Ex-
change, visited Mr.. Morgan yesterday morning
and had an extended conference with HIM
A statement was issued by the Sub-Treasury
Yesterday which showed that the local banks had
gained s22, 900 from the Sub-TreasuIy during
the current week. This, of course, represents In
large part the deposits Of government funds
made with the banks by Secretary Cortelyou-
State Controller Glynn was In conference with
Secretary Cortelyou at the latter's rooms in the
Hotel Manhattan late last evening. It was sup
posed that Mr.. Glynn had under consideration
the funds Of the State of New York now held
IN state banking institutions.
A meeting of all the members OF the Clearing
House committee held yesterday afternoon
and was In session at the time that the sus-
pension Of the First National Bank Of Brooklyn,
a Clearing House institution, announced.
Mr.. Morgan and James Stillman attended the
meeting. Mr. Stillrnan, on leaving the meeting
at $3.50 O'Clock, said in answer to inquiries by
reporters that arrangements had been made
whereby $1o.o0O.0OO would at once be placed at
the disposal of the Stock Exchange money
market
Mr.. Morgan had nothing TO say. Ar Stillman
said that Clearing House certificates would not
be issued The conference continued, although
Messrs. Morgan and Stillman did not remain
after the middle of the day.