Connecticut western news., 1907-10-31
ID RESUME BUSINESS
Several Suspended Banks An nounce Desire to Reopen.
BIG DROP IN LOAN RATES.
J. P. Morgan Eases Financial Situation by Announcing That He Would An ticipate Payments of All Coupons Payable at His Office on Nov. 1.

ticipate Payments of All Coupons
 Payable at His Office on Nov. 1.
 New York, Oct. 30.-With the pros pect of the arrival from Europe of $2O,O00,O0O in gold within ten days and the continual building up of American credit abroad, due to the exporting of American staple products, the financial situation was bright. There were no untoward events in the way of sus- pensions of any banking institutions, and the runs, with the exception of that on the Trust Company of Amer ica, practically had subsided.
 Several banks announced to State Superintendent Williams their desire to resume business. With the aid of clearing house certificates banks trans acted their business quickly, as there was no air of uneasiness throughout the financial district.
 In addition to the $18,00O,O00 in gold that had been engaged on the previous day for import $2,OOO,OO0 more by the First National bank of Chicago and $50O,OOO by a Boston bank increased the total despite the fact that the Russo Chinese bank cancelled a con- tract that was made on Monday for the importing of $9OO,0O0. The Ger man bank rate was raised to prevent exporting gold from that country, but the Bank of England took no action.
 Loan Rates Fall.
 There were rumors that more can cellations would follow, but up to the closing hour in the street nothing fur ther developed. In London 1t was re- ported that American bankers were seeking $8,0OO,OO0 for shipment here. In the morning money became tight on the stock exchange and went up to 70 per cent.
 At rate varying from 50 to 70 per cent loans were made by the First Ma tional, Hanover and the Chase banks, but in the afternoon J. F. Morgan eased the situation by announcing he would anticipate payment of all cou- pons payable at his office on Nov. 1. He said his firm would mail checks in payment of dividend due Nov. 1 on Northern Pacific subscription receipts. AS a result the loan rate fell to 6 per cent. ..a
 The prospect of a large credit bai- ance abroad was made clear by sey- eral bankers who pointed out that ship ments of tobacco which annually amount to more than $1OO000,OO0, and of wheat and meat products would s,, hD1, ,fanr tb< market. Even the most drastic rais- ing of money rates abroad, 1t was said, cannot prevent the shipment of gold to this country. The only thing that tends to make money scarce in New York is the demand for money in the west to pay for crops, but as the west ern cities have adopted the clearing house certificates that embarrassment will be relieved greatly.
 One Man a Day Paid.
 The banks in the Clearing House as- sociation were reported to have clear ed off their debt balances promptly with the aid of certificates. No official statement was made by the clearing house committee. Clark Williams, su- pcIluLcIuclL Ol DuuhS, uoWefCI, Llduc a brief statement, saying, 'I have nothing to report except that condi- tions are constantly improving"
 In view of the announcement of a weeks holiday in Oklahoma, the offi- cials of the Rock Island and Santa Fe Railroad companies said they would extend the best assistance to mer- chants and shippers along the lines. B. H. Hartman made similar an nouncement with regard to the Union Pacific road in Oregon, in which state a weeks holiday has been declared.
 Cheer Morgan For Aver,ing Crash.
 Slowness in the accommodation of depositors in the main office of the Trust Company of America increased until the zero point was almost reach ed, so far as paying off claims was concerned. Only one bank messenger was accommodated, and he had reach ed the paying tellers window on the previous day. The others in line in cluding about fifty persons, were com pelled to wait until today, and at the present rate of payment they will not
  a month. The officials did show spe- cial consideration for the women in the line, calling them into private of- fees and offering them 10 per cent of their deposits if they would leave the waiting line. They refused the offer
 Wild applause greeted the name of J. Pierpont Morgan when Senator Pat rick H. McCarren declared during a joint debate with Timothy L. Wood ruff that the financier, together with John D. Rockefeller, had saved the nation from a disastrous panic during the financial crisis just passed. The debate attracted an audience that crowded Prospect hall, Brooklyn, to suffocation.
 Universalists Want Divorce Reform.