Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-10-26
Exchanges and Banks Open For
Only Two Hours Today and
Financiers Recover
CONFIDENCE BEING RESTORED
Ten Millions Moro in Currency Re-
ceived From Washinston-Anothe
Small Institution Closes Its Doors
Conditions at Providence and Pitts
burg Show Improvement.

new York, OCT. 2b.-CaptalnS OF
finance who with Secretary Cortel-
you, have been battling night and day
| to preserve order in the banking
world, held no conference last night
! but retired early confident in the be-
been successfully combatted, and that
from now on restoration of public con-
fidence and tranquility would be
speedily accomplished.
/ The principal difficulty thruout the
weeks of excitement, has been lack of
currency. There is not enough actual
money in the city to stand the tre-
mendous drain without cutting down
| loans. 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 simply because
of the scarcity of actual paper, gold
and silver money.
| No apprehension is felt today as to
the result of the days financial trans
actions. The stock exchange ana
banks were open for business for only
two hours, and the exchange will not
be troubled by the money situation.
as all loans made yesterday carry over
until Monday under the ordinary rules
Of the exchange
America Still open.
vv,,-.. AV,on
ened it's doors as usual today. There
was less than hundred depos1tors
in line. The officials declared the run
was over.
The stock market opened firm, and
higher, but very little activity was
shown Leading bankers declared the
conditions such that they probably
will be able to import gold from Lon
don Monday to the extent of $10,00O,-
600. The bankers pool, which has been
supporting the stock exchange houses,
gave assurances today that money
would be provided for call loans when
needed.
The Terminal Bank Of Brooklyn, q
small state institution, with capital
Of 100000 and deposits Of about half
a. million suspended payment today.
S10,O0O,O00 From Washington.
The sub-treasury received 100000
600 in small bills from Washington.
The clearing house committee was IN
session more than half hour this
morning. No decision was reached as
to whether or not clearing house GER
tificates should be issued. 1t is un-
derstood such plan is opposed by
some Of the most influential bank
ers.
Opinions Of the Captains Of Finance.
State Superintendent of Banks Will
Jams said:
"Things look little better. There
is a general tone of encouragement
all along the line.'
Directors of the Lincoln Trust Com
pany announced the bank in position
to meet every demand, and that it is
stronger than on any previous day this
week, and that the withdrawal of |
funds is decreasing.
Money on call was loaned today at |
SO.
The closing of the Terminal bank
was due to the fact that its repository, |
the Williamsburg Trust Company, sus-
pended payment yesterday.
Soon after arriving at the sub
telyou had conference with George
w. Perkins, of the j. P Morgan & Co. .
Perkins subsequently said:
"The atmosphere is fast clearing up,
as any one can see. think it will be
the last day of financial difficulty"
James Stillman said this morning,
after the conference at the clearing
house:
"The situation has been saved by
The heroic action of the secretary Of
the treasury, who has been so ably
assisted by the whole-hearted cooper
alton Of Morgan"
Savings Banks Require Notice.
The drain on the national banks
vas considerably relieved today by the
1ecision Of the savings banks to re-
'uire advance notices of large with
lraWals. This put a stop to heavy
disbursements by the savings banks,
which would have been compelled to
lraw this money from the national
'anls. a few of the smaller savings
'anks applied the rule vigorously when
my considerable number of their de-
Window.
There We're about 200 depositors in
inc at the Lincoln Trust Company to- {
ay awaiting opportunity to withdraw
heir money. Many of them stood in
ne all night. A bank messenger who !
eaded the line refused an offer of $500 {
or his place. Payments to depositors j
thru the forenoon. :
George f. Baker, president of the /
'irst National bank. said no formal 1
tatement regarding the plan to issue I
learing house certificates will be ]
,ade. The plan will go into effect to-
ay. No amount has been specified.
he method of issuance will be the
anne as that followed in 1893.
Stocks Close Strong. r
The stock market closed IRREGULAR {