The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-30
Few Wish to Withdraw.

Out of 100000 savings depositors in Chi
cago only 100 made application for with
of a desire to withdraw The clearing
house issued to its members SS,Oe1,Vc9 IN
certificates The debit balances Which
had TO be settled with the certificates
were far smaller than usual, approx
mating barely 81 10000. John j. Mitchell,
president of the Illinois Trust & Savings
bank which has the largest number OF
savings accounts in the city, said to-
daY:
I'VE are pleased and satisfied over the
turn affairs took yesterday. This bank
received notice from 500 depositors who
wanted cash. AS an offset to that we
received SO savings deposits, aggregating
sum far in excess of the amount for
which withdrawal orders were received
Under the circumstances | think the situ-
alton is surprisingly strong"
Excitement Had Vanished.
The day opened quietly at the Hi
herman Savings bank, which yesterday
had the only trace of excitement in the
banking situation. A few depositors were
at the door when the bank opened, but
a number of them went away without
giving a notice of a desire to withdraw
funds. All the other banks in the city
which had savings accounts business ap-
peared TO be on an adequately normal
basis, there being no more people around
than usual. At all of the national banks
the OFFICERS reported that the check and
certificate system had worked in a sat
1sfactory manner and no trouble of any
kind was anticipated.
throughout the west generally it was
reported that the financial condition is
sound and that there is no appearance
of run upon a bank anywhere.
At meeting of the Chicago clearing
house association it was decided that the
situation was generally satisfactory and
1t was agreed that the policy of paying
large amounts in checks should be con-
tinued for few days.
Gold for Chicago.
James B. Forgan. president of the First
National bank, said the most singular
event he ever heard of in relation to the
financial outlook was the notification by
London agents that s., 10000 in gold had
been started for Chicago. This gold was
In payment for shipping from Chicago of
cattle, grain and provisions. For a few
days Europe did not respond with cash, -
said Mr.. Forgan, but today our London
agents cabled that 100000 in gold had
been turned over to them and, that il had
been started for Chicago. The fact that
gold is coming in such large quantities
and that merchandise and provisions are
en- route to the European markets in such
heavy lots is Indicative of a big advance.
On Sunday L understand the National
City bank of New York received So. 500, 600
in gold. and now that the First National
of Chicago is getting an allotment, the
indications are that the tension is much
relieved. This gold, when it reaches our
bank, will be used to expedite other ship
ments abroad. The foreign markets for
our foodstuffs are good, and fairly high
prices are ruling. Other shipments of
gold are promised and while they will not
be of daily occurrence they will come our
way pretty steadily
]. Ogden Armour said that the gold
shipment from London was the most en-
cOuraging feature of the days develop
ments- Cattle, grain and provisions are
being moved to Europe he said land
today's shipment of 100000 in gold
toward Chicago is in payment for some
of Chicago's goods. Money is flowing
our way. and that is suggestive of better
feeling all around. 1t is well to add that
prices for grain and foodstuffs are strong
My grain company, l was informed this
afternoon. is sending large amounts to
Europe. Corn, too, is high and the farm
erS never were more prosperous"