New-York tribune., 1907-10-30
BANKS WALKING ALONE
FINANCIAL CLOUD LIFTS.
Stock Prices Slump, HO1ceUer, on
Heavy Forced Liquidation.

stitutiOns in trouble reported and the
arrangements of some of the minor banks and
trust companies which last week were obliged
to suspend payment found conditions i'm
proved to lead them to believe that they
might be able to resume business within few
days.
The banks in the Clearing House were said
to have cleared off all debit balances and to be
in excellent shape. The Clearing House COM
mittee and the loan committee at the
Clearing House all morning passing upon the
collateral for Clearing House certificates.
Additional heavy sales Of copper for export
made at advancing prices. and large ex-
port orders In grain and cotton were executed
the effect of which will be to increase materially
the foreign credits Of the United States.
J. P. Morgan & Co. announced that all cou-
pons due and payable at their office on Novem-
ber l would be paid presentation. thus antici@
pating payments by three days.
GOLD IMPORTS CHECKED.
There were no further gold engagements. a.
sudden and sharp advance in foreign exchange
rates operating to check the import movement.
On the Stock Exchange call money loaned as
high 80 per cent, and prices of stocks de-
clined under pressure of forced liquidation on
an extensive sale. There was practically NO
short selling
For the first time in more than week out-of-
town banks made loans on the Stock Exchange
yesterday Several of the local trust compa-
nes also made loans the exchange nearly
all of them at - per cent Shortly after
o'clock the rate fell to 30 per cent and few
minutes later it was offered at 80 per cent
Just before the close a few small sums were
loaned at per cent. Time loans were still un-
Obtainable.
The Russo Chinese Bank cancelled 5000 OO0
of the $1.000,00O gold engaged by it on Monday
for import. An official of the bank said the
reason for the cancellation was that the bank
considered the import movement to have as
sumed proportions which exceeded actual ne
cessities here. The Second National Bank OF
Boston has engaged 100000 in gold coin foe
import. This makes total of S1S25 900 en-
gagged in the present movement the Russo-Chi-
nese Banks cancellation being deducted.
SIGHT STERLING ADVANCES
So urgent was the inquiry for sterling ex-
change that the price of demand bills advanced
from 4S31a at the opening to 4.S4h. or about
2ls cents above the low level of last week.
and cable transfers rose high as 4ST It
said that the advance in sight sterling was
due in part 10 the fact that considerably less
than the amount of exchange required TO cover
the gold engaged for import had already been
purchased. ana also that many brokers who had
gone short were anxious to cover their commit
ments at once. The sharp rise in cables was
thought TO be due 10 the necessity of making
immediate payment for gold engaged and was
ascribed also to the delay Of the crippled Kaiser
Wilhelm der Crosse in arriving at Plymouth.
which meant delay of perhaps another busi-
ness day in getting 10 London the remfttances
carried by that steamship Commercial bills
representing wheat and cotton exports were in
fair supply yesterday, but not large enough TO
meet the heavy demand
The Imperial Bank of Germany raised fits dis
count rate from 51a to 61s per cent. the highest
level for this date in more than twenty years.
and its action which is regarded practically
certain 10 be followed tomorrow by the ad-
vancing of the minimum discount rate of the
Bank Of England from az to 3. or possibly 5ls.
per cent. was among the factors deterrent OF
efforts to obtain additional supplies of gold for
New York
SIGNS OF UNREST MISSING.
Aside from the generally unsatisfactory local
conditions. reports from all out-of-town points
showed favorable tendency. In New England
there was no sign of serious unrest. and the
recent disturbance in Rhode Island is prac-
ticaIly over. No failure was recorded anywhere
throughout the country. 1t was pointed out
yesterday that the failure Of a minor bank
is Immediately known from end to end OF the
country. while the public overlooks the fact
that about twelve thousand five hundred banks
are open for business usual. and that not
one of the really important banking institutions
anywhere has shown the slightest signs OF un-
soundness. On the whole. the banking CONF
nnunity takes a favorable view OF the outloOk
and is particularly encouraged by the large
foreign credit secured through the enormous
shipments of American products abroad
The news that the planters IN the South were
beginning TO release their cotton. which they
have been holding for higher prices. and that a
break in the price OF wheat has brought large
European orders was regarded here by bankers
as significant of the powerful aid which ths
South and West were thus bringing TO the finan-
cial situation.
The announcement from Oklahoma that
weeks holiday had been officially proclaimed by
the acting Governor did not disturb the officers
of the Rock Island or Sante Fe Railroad COM
panies who said they would take business as
usual and in every way endeavor 10 accOmnO-
date themselves TO the situation and extend the
utmost limit of relief to the merchants and ship
pers along their lines.
4 similar policy announced in the Offices
of the Union Pacific in respect 10 the weeks
holiday proclaimed in Oregon. The close of
the banks In Portland and the proclamation Of
a weeks holiday by Governor Chamberlain dc
not seriously disturb us said f H Hartman
We have the machinery for moving the prod
ucts of Oregon and we purpose TO use il and dc
anything we can 10 relieve the situation"
STATUS OF THOSE SUSPENDED.
First Deputy Attorney General White said
in the absence of Attorney General Jackson
that the condition of things generally showed a
marked improvement. His attention was called
TO a statement emanating from an attache Of