New-York tribune., 1907-10-31
LOOK UP.
MONEY MARKET EASIER.
f! No Banks Fail and Runs on Banks
Utmost OUer.

Progress continued TO he made yesterday tow
ard recovery OF the financial situation from the
,,anickv conditions prevailing last week. An
,tber dav, mas passed without the failure of a
harksng institution either here or elsewhere in
,be country and the runs on the Lincoln Trust
Cn-nDanv and the Trust Company OF America
have dwindIed 20 such small proportions that
they no longer represent possible danger to the
sta blity Of these companies. A foreign banking
house having Stock Exchange membership was
obliged 10 suspend, but its embarrassment was
traceabIe 10 the special cause of the movement
OF foreign exchange
Foreign exchange rates reacted TO some extent
Yesterday bur were still at a level above that
AZ which further impOrtatiohs Of gold could
lirohtably be made, and no engagements were
reported Money market stringency continued.
ard loans were made on the Stock Exchange
nj as high as - per cent, the ruling rate being
En Der cent An afternoon break in the call
money rate to - per cent, then to 10 and at
the close 10 , per cent coincident with an
extensive rally IN stocks, which had been weak
during the morning That weakness was SAID
20 have been primarily due TO liquidation by
half dozen houses which had been found TO be
disregarding the warning against permitting
marginal trading which MIR. Morgan had given
last week, when there sent into the ex-
r,ool composed Of J. P. Morgan & Co and seven
Of the leading Clearing House banks. The result
of this ignoring Of the caution not to lend
countenance TO marginal trading was that the
offending firms found their borrowing privileges
curtailed and We're obliged to hquidate-
LOANS TO BROKERS LIMITED.
Stock Exchange houses in general were able
10 borrow from the banks such sums as were
Ia rat heinR
at high ngures, however. with the object OF dis
,ouragina speculative operations for the rise
until the banking position shall have become
permanently improved A factor of relief III the
money market was the paying out by J. I.
Morgan & Co. in anticipation of November l.
Of interest and dividend obligations estimated TO
run as high as S11.0o00Oo.
clark Williams. state Superintendent Oh
Banks. when asked last night concerning the
banking outlook said: The situation in gen.
eral is showing hourly improvement" He re-
fused to say just when the local banks when
have susreuded would resume business
Mr. Williams has taken the bulk Of the cash
In the suspended banks, which amounts to
nearly S2OO0O00, and placed il in small lots IN
state and national banks and trust companies
In this city where it viii remain on deposit
nutil receivers are appointed the banks re-
csive permission to resume business. The rate
Of interest allowed on these deposits Is 21a per
cent Fifty-three state bank examiners are at
present at work i'm New York and Brooklyn
Strengthening out the affairs OF the suspended
, institutions
Tha debit balances against banks at the Clear
ing House were smaller than usual under nor
nal conditions, aggregating only little more
than ss00QO00 on clearings of 66000,00o.
From Washington it was announced that the
Controller of the Currency urging the ma
fionaI banks 10 take out more circulation, and
Il Nsas tle iIHpressiQn- here that there would be
extensive compliance with the suggestion re-
sulting in correspondingy important relief to
the money situation.
The New Orleans bankers were endeavoring
yesterday 70 arrange for transfers Of money
from Europe in payment for cotton through the
fiscal agents of the United States in Europe,
and its direct transmission by cable TO New
Orleans 4 committee Of New Orleans bankers
IS in Washington and hopes 10 obtain promise
from Secretary Cortelyou Of the deposit Of sub
startial sums of public money in New Orleans
sid other Southern cities
FEW AFTER THEIR DEPOSITS.
When the main Office Of the Trust Company
of America in Wall street closed at 3 o'clock
yesterday afternoon there We're less than a score
of depositors left in line Instead of remaining
in line as heretofore the few depositors who
shu nOl ItdCils-u lile paying i6ilcE NltluJN III
time to draw their money promptly went away
and at $40 there was not a person in line.
Yesterday the seventh day of the run, and
20 ali appearances the last. No other a
financial institution ever lasted so long.
At the Colonial branch OF the Trust Company
of America, at Broadway and Ann street, there
was only small line yesterday and when the
DAYS business was over those who had not been
paid did not seem 10 think it was worth While
10 remain in line over night. Those who stood
tn the line Tuesday night found the cold and
wind decidedly unpleasant
Oaklegh Thorne. the president of the Trust
Company Of America. said at the close OF busi-
ness The situation is one that in every way
should indicate that the company. as said last
week. viii continue its business and pay ell de-
mands"
Vice President Tappin. who has charge of the