Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-10-30
Important Conference Held and
Decision Reached That Ex-
penses Will Not Be Cut
BANKING CONDITIONS IMPROVE.
Situation in New York Approaching
Normal-cIearins House Certificate
Plan Working smoothly-stoek
Market Continues Unsettled, AItho
Some Gains Are Shown.

New York, Oct. 90-Banking condi-
tions proceeded steadily today toward
recovery from their recent strain Inc
use of clearing certificates both here
and at many outside points had re-
lieved much pressure on the banks,
which are now approaching almost
normal conditions. Altho no further
gold engagements We're reported early
today, 1t was noted with satisfaction
that the business day in London had
passed without an advance in the pank
rate. Gold is coming not only from
Europe. butt from South America, as
some recent engagements have been
from Argentina's stock of gold. IT be-
came definitely known here that the
report of financial crisis in Chile was
incorrect.
The stock market showed consider
able weakness and irregularity, VITA
= F
stocks. A favorable feature was the
tremendous buying of stocks IN sfaan
lots for investment as reported py
bip brokerage houses. Purchasers are
paving cash and the volume OF busi-
ness during the past week runs wen
info the millions Not in score OIL
wears has Wall street experienced SUCH
a flood of orders in odd lots for tratis-
fer to purchasers. A majority OF these
orders are for blocks of stock OF nVe'
ten. twenty-five and fifty shares. W'ilie
sales of one and two shares are oe-
ing freqssentlv recorded,
New York Oct 30.-Men prominent
lv identified with the immediate anu
practical operation OF the large rali-
road systems of the country gathered
in this city yesterday and took coun-
sci with each other as to how best 10
curtail the expenses of their respect
i've roads. The general opinion ex-
nressed by the men was that there Will
be material reduction in the outlay
for the operation Of railroads and III
the purchase of railway supplies thru
out the United States.
Interest Rates Drop.
The fact that the weaker banks In
the city are recovering from the Sc
we're financial setback of the last week
or more was clearly shown today when
their balances were adjusted thru the
clearing house. All but one of five or
six banks whose position has been re-
garded as most vulnerable had bal
ances due them at the clearing house
today, and those having debit balances
owed a very small sum. The accounts
of all members of the stock exchange
passed the clearing house of that in
stitution.
It was evident early in the days
trading that brokers would be able to
secure money on call to supply the
days needs, s1,oO0,O0O being offered
about II a. m. at Is per cent This
had no takers, but the first loan was
made at fifty per cent. The rate quick
ly dropped to 40 per cent
Stock Selling Continues.
New York, Oct. 30-The stock mar
ket was subjected to sharp selling
pressure in the opening deals today.
Prices ran off, the fall reached in Ca
madam Pacific being u, Reading 2.
Great Northern preferred IN, st. Paul
11h, and many of the principal rail-
road stocks and specialties as much
as point There were a few isolated
gains.
There was a temporary pause in
liquidation, which left prices today
at the level of the opening declines, but
selling was forcibly renewed In
short time. resulting in declines Of
2 to 21a in Hartman and Hill stocks,
Pennsylvania, Reading and Southern
railway preferred. Enforced closing
out of some accounts caused severe
declines Of stocks which figured as col
lateral in loans.
With the completion Of this selling
and those successful in passing clear
ing sheets thru the stock exchange
clearing house. prices rallied, the re-
covery running from I to IL in Un-
ion Pacific, Northern Pacific, Pennsyl-
vania and Reading. ..
Banking Conditions Approach Normal.
New York, Oct. 30.-Banking condi-
tions approached the normal in this
city today, and the situation is now
so well in hand that no further confer
ences of bankers are anticipated. The
banks improved their position yester-
day by calling in loans, and this pro-
cess of adjustment may be continued
today. The bankers declare that the
clearing house certificate plan is work.
ing out smoothly. and is rapidly bring
ing about normal conditions.
New York City Retrenches.
New York, Oct 3O.-The heads of all