Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-10-26
e,r,' That a Threatened Bad
cryalioa Has Been Success
flly cOmbatted.
MOT ENOUGH ACTUAL MONEY.
l7r--' StilInan Says Action Of
treasury, Assisted by p.
Morgan, Saved the Day.
ic,.oa Of sayinrs Banks IN Demanding
N-rcc Of Nithdrava l~ Saved
Drain on ihc Nationals.

v-a York. oct 26-The stock ex-
t.r.a ana the banks closed at noon
.of without any further failures of
i.,-,.t3nae with considerable i'm
rr,...rcnt in the stock market and
4 uIth several important remedial meas
sres taken or agreed upon TO strength
4 On be financial situation. The only
i reverse Of the day was the suspension
4 Of the Terminal bank a new and smah
4 Institution without any Importance in
4 the general financial world.
There Is now q breathing spell until
4 Monday morning and a distinct sense
4 Of relief is apparent everywhere. AL
ready arrangements for the importa-
4 ton q gold are well under way. and
il is hoped Theses. viii furnish the Keller
needed. Il is understood that the treas
my department will, as heretofore, adj
+ vance the gold for immediate use so
a. % save the time occupied In transit
from Europe.
Meanwhile as a precautionary meas
ure. although not regarded vitality es-
tentiai, the clearinghouse today au-
thorized the issuance Of loan certih-
Gates. This means that the clearing
house banks are 20 present united
Don't in this emergency. and that the
aggregate resources OF all Of them
are 90 be pledged for the maintenance
OF each.
The runs upon the Trust Company OF
America and the Lincoln Trust COM
pany continued IN very much abated
tofm. but both institutions met all de-
'mands
The drafts OF country banks in their
New York reserves were heavy but not
alarming. since at this period OF the
year such drafts are 10 be expected foe
the purpose OF moving the crops.
The imposition OF the 90-day rule In
Rhode Island stopped runs there, and
matters assumed a normal phase.
The stock market opened at an ad-
vance on yesterday and showed little
symptoms Of serious agitation. London
and other foreign points also gave re-
assuring advices. The rate Of exchange
was such as 70 facilitate the gold inn ]
PORTS. and confidence abroad was evil
deneed by the improved tone Of all for
elgn bourses, the only weakness appar-
|ent being the result of a failure in
Constantinople, and the financial crisis
Pr Chile. on the whole the power OF
resistance OF the banks in New York
.Bnd the stability reported from all out
|side points brought the week to a close
'Nith feeling that the general posi-
|ton was greatly improved.
The captains OF finance, who
|vith the secretary OF the treas
sury. have been battling night and
|day TO preserve order IN the banking
world, held no conference last night,
frf 20 he'd a d.. 81
belief that a threatened situation had
been successfully combatted and that
from now on the restoration OF public
confidence and tranquility would be
speedily accomplished. The principal
difficulty throughout the weeks excite
meut has been lack OF currency. There
was not enough actual money IN the
city 10 stand the tremendous drain
without cutting down loans. The small
banking institutions that closed this
week have good supplies OF gilt-edged
securities In their vaults, but they
could neither sell them nor borrow
money on them this week simply be-
cause Of the scarcity OF actual paper,
gold and silver money.
40 APPREHENSION FELT.
No apprehension was felt this morn
Ing as 10 the result Of today's financial
transactions. The stock exchange and
the banks Will be open for business for
only two hours and the stock exchange
Wll not be troubled by the money stu
alton, az all the loans made yesterday
carry over until Monday under the or
binary rules Of the exchange
There were small lines OF depositors
IN front Of the Trust Company of Am
arCa and the Lincoln Trust company,
bll their number was not so great as
A. The same hour yesterday
The direction which remedial efforts
gil take has been the subject Of earn
tst consideration and some difference
VI opinion even among the most inn
g0riant bankers Of the city. The diff
clltiCs are admittedly I'm large measure
local. n is felt that the sudden Lack
% confidence rs not very widespread
throughout the country. The situation
At Pittsburg and Providence is expect
t t0 right itself Under these cir
umstances o. was suggested that an
'hou De- made 10 relieve the tension
IN NeW York by gold imports and
nm0hinE IN that line Is being done.
NhD.her the rate Of exchange and the
nlo. of American securities VIII reach
htcl 10 enable gold imports on a
Wf.r.-ntly large scale Co be effective
Hna.ls 10 be seen. II Is felt as Jacob
shlG pat ID yesterday. that any ef-
Nt tl press the matter is likely o.
seet With obstructive measures in
II l0nd01.
N A. an alternative means OF relief tho
.'afllF house loan certificates have
fea acussed. Naturally every one
nath 40 ld)p- this eXpedient
MONEY FROM WASHINGTON
The ub-treaaury received $4,000 0o1
y small bills from Washington today
Ihr Trust Company Of America
eieh a its doors as usual al DO o'clock
quay There were Jess than 100 de-
tlon IN line and the company's Of
aa declare that the run D. over.
" leading bankers said today that con-
lllone We're such that they would
t.ohtl'y be- uhle 90 import sold from
onnnn on Monday 90 The extent OK
about 10000 COO
tne bankers pool which has been
tilht mig stock exchange houses, save
+llti assurances today that money
ss.sala he provided for cali loans when
smsm Terminal Bank of brooklyn, %
N fhs nAlf Institution, with capltal
susne,9 ana deposits of about Ati0.oou,
Tb 'h nhYment today
rr,.,t 'psing of thc Terminal bank ~
deB. Nne due 20 the fact thai lta
The Williamsburg Trust