New-York tribune., 1907-10-29
STREET BREATHES EASY
Bankers Relief Pool DissoIUed-
Many Signs of Confidence.

The financial situation showed decided i'm
provement yesterday result OF the two m
portant relief measures which were put into
operation Saturday-the issuing OF Clearing
House loan certificates and the engagement OF
gold for import No further suspensions OF
banking institutions in the greater city were
reported. and the prospect seemed good at the
end Of the day for the early resumption OF busi-
ness by some Of the institutions in this borough
and in Brooklyn which had been obliged to close
their doors.
There were sporadic runs here and there. but
none was Of threatening size. and the depositors
in line did not display the extreme apprehension
of last week. The the Trust Company OF
America continued for the fifth successive day.
but at the close of business the institutions cash
resources had been increased by nearly one
million five hundred thousand dollars for the
day. More than two hundred deposits had been
made at the main Office. in Wall street. and
about one hundred and fifty at the Colonial
branch.
STERLING EXCHANGE DECLINES.
Sterling exchange rates made a further de-
cline. and in the course OF the day several heavy
additional engagements Of gold for import were
announced. bringing UP TO S1s.75O,OOO the total
amount thus far arranged to be brought in
Further engagements are expected to be made
to-day. The plan Of conserving the banks cash
loan certificates was put into operation by the
clearing house associations OF more than a
dozen cities in addition 10 New York Savings
banks throughout the country decided TO take
advantage OF their privilege OF requiring from
thirty 10 ninety days notice OF withdrawal OF
deposits. and in taking that action gave i'm
portant assistance to the general banking situ-
alton. relieving the banks OF the obligation OF
paying over TO them the large sums which
otherwise would have been taken for the pur-
pose of paying of unnecessarily alarmed savings
bank depositors-
Among the favorable developments OF the day
was the announcement OF very large sales OF
copper for export at prices more than a cent
a pound higher than the quotations OF ten days
ago.
In the current month the sales OF the United
Metals Selling Company have aggregated be-
tween SO.OOO.O0O and 9O.0O0OOO pounds Of coppsr
The bulk OF the sales have been for export and
it is now estimated that the foreign deliveries
during November and December there viii be a
return exceeding ss.OOO.oOO IN gold. Sales by
the other copper interests have been proportion
ately large
BANKERS POOL DISSOLVED
Another Indication that the panic Is a thing
OF the past the dissolution OF the bankers
money pool which last week gave such vital
aid TO a critical Stock Exchange situation In
the stossx market. despite ruling rate OF so per
cent for call money. the more confident feeling
was reflected in advancing prices. although the .
explicit warnings given by Mr.. Morgan last
week when the POOLS twOscore millions yrsse
placed at the disposal OF Stock Exchange bor
rowers. again operated 10 discourage speculation
and the total volume OF transactions was reIa-
lively small.
Rates for time money are nominal as no funds
are available for lending except on CALL and ma
turing time loans not being renewed. Just
before the close OF the stock market yesterday
the call money rate rose 70 60 per cent The
opening rate had been IL per cent and the ruling
rate during the session was so per cent A few
minutes before the close the Chase National
Bank and the First National Bank each loaned
s1.000.OOO call at so per cent
Some alarm created the Stock Ex-
change by the announcement that the money
pool composed OF seven OF the largest national
banks and j. P. Morgan & Co. which had loaned
s25.OO0OOO to the brokers on call on Thursday
and s15OO0.O0O Friday. had been dissolved
but this alarm subsidized when IL became
evident that the accommodation thus given
would not be curtailed. but would be afforded in
another way. made possible by the decision OF
the associated banks to issue loan certificates
OPTIMISTIC STATEMENTS
A B. Hepburn. president Of the Chase Ma
tional Bank. said yesterday. in explanation OF
the step:
THE various pools which had been formed
last week TO render assistance TO the call money
market have by reason of the action of the
Clearing House Association been dissolved.
Bankers should now make their own negOtia-
tions for loans on their own banks
1T was not the purpose of the bankers pooI
in money to encourage a bull movement; neither
had the Clearing House that design This is
time for conservatism. 1t is a time everybody
should go slow"
]. Edward Simmons. president OF the Fourth