The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-29
Arrangements Being Made
Also to Reopen Closed
New York Banks.
FURRY IS At AN END
Newark Banks Better Supplied
With Currency Than Those of
Other Cities--COnditions Here
Are as They Have Been,
Normal and Healthy.

NEW YORK, Oct 29-Great assists
anee in relieving the financial strin-
gency is expected to result from the
large engagements of gold for import
already made, and from the further
large imports which it is believed will
be made within the next few weeks.
The movement of American crops TO
European markets, together with the
revival OF a demand for copper abroad,
win give the United States large credits
with foreign bankers. and these can be
ayailed OF III bringing in gold, it is con-
fidently believed. to the fullest extent
that may be necessary.
1t was stated today that several OF the
banks which were compelled to suspend
last week have about perfected their
plans to reopen for business. President
Montgomery, of the Hamilton Bank, a
Harlem institution which closed last
week, said today: This bank will re-
sumo business In few days-not later
than Monday next in any event. / un-
derstand also that the Twelfth Ward
Bank will resume in a few days"
of the rate of discount by the Imperial
Bank of Germany from 5Is to 6h per
cent. was OF somewhat umfavorable
effect on the London stock market as
indicating that there will be no ex-
pansion of credit at present for specu-
lative purposes. Notwithstanding this,
however, American securities in Lon
don held firm. The only noteworthy
weak feature in London was Canadian
Pacific, which declined "a; Amalga-
mated Copper advanced "a, Anaconda
| 1ss, Atchison Is, st. Paul 1ls, Illinois
Central IL and Northern Pacific 1M.
! Union Pacific was unchanged. United
States Steel common was q lower and
| United States Steel preferred u higher
Business at the New York Clearing
House was quieter today than at any
time since the financial disturbances
began. Aside from the daily session
of the loan committee to examine coll
lateral offered by banks to meet their
balances, there was practically moth
| ing to be done.
| For the first time in more than .
week out-of-town banks made loanB
on the Stock Exchange today. Sew
eral of the local trust companies also
made loans on the exchange today.
| Nearly all these loans were made at
rs per cent Shortly after o'clock the
rate fell back to so per cent, and
few minutes later it was offered at 80
per cent.
CHICAGO. Oct. 29-The financial cond-
tion throughout the West was today satis-
factory in general TO the banks and to thu
majority of business interests. In all the
money centres trade was on the check and
certificate plan and the banks were hold
ing as closely us possible to their reserves
of currency.
Officers of the local national banks and
| trust companies are in happy frame Of
mind today, for business was normal at
each institution, and the few Withdrawals
of money were for use in business. The
uneasiness that prevailed among some de-
postors last Thursday and Friday because
of the financial troubles in New York
has disappeared and very few people called
at any local bank today to deposit or to
draw out money.
| At each of the banks and trust COM
panies it was said that there is a plentiful
supply of currency in the vaults. and that
Newark banks have what the banks in
New York and other big cities complain
of not hnving1a large supply OF bills OF
small denominations, such as 81 and 81 and
So bills No large sums of currency have
been sent 10 New York by Newark banks
since the uneasness began in New York
last week All the currency has been kept
here to accommodate customers, such IS
merchants. manufacturers. mason and car
penter builders, contractors etc., who
must have currency to pay 10 their em-
ployees
A good deal OF money was drawn front
the banks last Thursday, Friday and SAT-
urday morning to invest in municipal and
county bonds, but the money was rede-
posted in tho banks by brokers as soon
as it was paid TO them. Yesterday and to-
day there was very little money with
drawn for investment. Bank officers said
the deposiors who visited the bank are
satisfied that the scare in New York is
All over and the conditions are very Sails
factory now Many deposits were made
Yesterday aud today in the local savings
banks by wives of mechanics who got
their weeks wages yesterday.
Brokers who deal in local securities said
the business was quiet today Some people
made inquiries about the different local
bonds especially Newark city and Essex
County long-term bonds, that pay per
cent. interest and are exempt from taxa
ton But many purchases We're made to-
day. which proves the brokers said that
confidence has been fully restored and that
business viii be normal hereafter.
The plan Of the New York Clearing
House TO issue certificates to national
banks and also to trust companies in New
York city, was said by local banking men
TO be a good thing for the New York in-
stitutions. tor it enabled them to keep
large sums Of currency and coin in their
vaults. for the certificates were as good
as certified checks in banking circles. The
plan has been adopted IN the large cities
in Western States, and it has had good
effect there already in the restoration Of
confidence among the people.