New-York tribune., 1907-10-28
FINANCIERS REST EASY.
Great Confidence Placed in Efficacy
of Loan Certificates.


busy recently steering the ship on finance over
the troubled waters which have surged around
it showed by their actions rather lack OF
activity, yesterday that the local banking situa-
tion was much improved. Instead OF devotings
the day to nerve racking meetings and confer
ences. most OF the leading bankers remained
quietly at home and rested or passed the day in
the country. Among the latter were ]. P. Nor
gan and James Stillman.
The trust companies tomorrow will make
payments to depositors in checks. payable
through the Clearing House" said George w
Perkins, of the firm of ]. P. Morgan & Co.
This Will help the situation very much am
glad the clearing houses OF other cities have
adopted the policy Of issuing certificates The
coming week promises further 10 settle fnan-
cial matters. in my opinion"
Clark Williams late last night said several
banks that had closed their doors had applied
for permission to reopen
IT was not even considered necessary for the
Clearing House loan committee to hold a meet
ing, although William Sherer. the manager Of
the Clearing House. was at his desk and the
clerks were busy looking over collateral upon
which loan certificates had been applied for
In addition 10 New York, St Louis Pittsburg,
Boston. Philadelphia and Baltimore, which an
nounced on Saturday that they would issues
Clearing House loan certificates. Chicago. Mil
bus. Kansas City, No. and indianapolis fell into
line.
The engagement Of 100000 Of additional
gold for import was also announced. This is
in addition to the S5,OOO.OOO already engaged by
the National City Bank and the S15J0OOO az
ranged for by Heidelbach. IckelkeiIner & Co.
and brings the total 10 date I'D 10 SS.JOOO00.
This latest shipment was arranged for by one OF
the large International banking houses on be-
hale OF syy-rfo
have such good facilities for importing the
metal 1t Will be principally British gold, and
Will be shipped on Tuesday or "Wednesday
Henry Goldman. Of Goldman. Sachs & Co.
discussing the prospects last night for a heavy
movement OF gold 70 New York from London
and the Continent, said that he thought New
York would continue 10 draw the metal for
some time tQecome. He said he did not look for
particularly large engagements in any one week
after the present one, but believed the influx
would continue all through this month and No
vember. he did not care to forecast what the
total would reach. but thought it might reason
ably amount 10 S4OO0OOOO or $5OOO0OOO.
VIEWS OF MR.. ICKELHEIMER
Henry r. Ickelheimer, of HeideIbach. IckeI-
heluer & Co, said that his firm would doubt
less obtain more gold this week in addition to
the $1.5OO.OOO already arranged for. He said
it was impossible TO tell how much of the metal
would be brought in this movement. but be-
Heved it would be considerable amount He
thought gold imports would probably be made
for the next two months. He added that this
depended, of course. on the amount of wheat
and cotton going out. Mr.. Ickelheiner said he
believed that the financial outlook was much
improved
Wherever the decision of the Clearing, Houss
Association TO issue loan certificates was dts
cussed yesterday by bankers it was favOrably
commented upon. and the general opinion was
that it would be q powerful factor in relieving
the present acute money stringency and thus
restore confidence. ]. Edward Simmons. presi-
the efficacy of the loan certificates, said last
night;
"The action Of the New York Clearing House
in issuing certificates was most timely and COM
mendable. 1t is a precautionary measure that
has worked we'll in the past. and believe it will
certainly result in quieting the excitement now
existing in financial circles and bring about nor
NAL conditions in business affairs
Mr.. simmons is also understood TO be in favor
of having the trust companies which can come
up TO the requirements OF the Clearing House
join the association.
The more comfortable feeling which is preva-
lent among bankers was evident yesterday on
every hand. Edward Townsend. president of the
Importers and Traders National Bank, when
seen at his home last night said ne thought that
conditions were decidedly better. Asked if he
had attended any conferences yesterday or vis-
tied the Clearing House. he said: Il have not
been at the Clearing House to-day, and do not
know of any other member of the loan commit
tee who has l have not heard from anybody or
with any one. have been rest
ing"
MIR. NASH OPTIMISTIC.
William \. Nash president of the Corn Ex-
change Bank. who is also a member of the
Clearing House committee. when seen last night
discussed the financial situation freely.
During the last week L have been Intimately
in touch with the situation AT the Clearing
House. he said. mo later than Thursday I
felt that Clearing House certificates must be re-
sorted to If we wished TO check the run on the
banks and trust companies. The action was
delayed until Saturday. when it became evident
that further delay would be unwise / was az
no time able TO understand why device SO weli
understood by the financial world and with such
a record of success in the past should not be re-
sorted TO.
THE course of events in the next week will
show how effective and necessary the actor
was and will be. While there will be a lor
sequel CT annoying things in banking lines. :.