The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-22

y ready to extend aid to the amount of \
= 100000 if aid was required. =
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Z New York, Oct 21.-The recent tension
of the banking community was today con-
siderably relieved and the day passed
with no adverse developments of a Sc
rious character, but with much that was
reassuring. At the same time there was
evidence that some of the banks most
affected by recent events were still in
need Of assistance, but the promptness
with which the clearing house accorded 1t
did much to allay further harm.
The general Improvement was reflected
IN the ouoyancy of the stock market and
the steady advance in prices from pre-
vious low levels. On the other hand, the
conservative element deferred a too optl-
mistic view until the relief given by the
clearing house had continued for sew
eral days and had permanently re-estab b.
hshed the stability of some of the weaker
institutions, notably the Mercantile Ma
tional bank and the New Amsterdam Ma
tional banG.
Large Debit Balances.
The clearing house was called upon to
meet debit balances of the Mercantile and
the New Amsterdam banks to the extent
of upwards Of 100000, of which the
Mercantile owed about 81, 10000 and the
New Amsterdam about $300,00O The debit
balance of the National Bank of North
America amounted to SS00,OOD. While there
was said TO have been some discussion be-
tween the clearing house committee and
the officers of the latter bank as to the
necessity of giving it any support, it was
not round necessary to 90 so. and William
II. Havemeyer, the new president of the
institution. declared that the Bank of
North America had not asked one dollar
of aid from the clearing house.
THE situation, Mr. HaVemeyer said,
lis really far better than we expected. So
far only about $4,000 has been with
drawn. When the bank opened this morn
ing we had million dollars on hand to
pay all corners, but only a small portion
was used.
Not Entirely over.
The fact that the clearing house regards
the situation as still serious was shown
by the remark by one member of the com
mittee that the Mercantile bank debit bal
ance was Unexpectedly large and dscon-
Certing.
The committee remained i'm session the
greater part of the day discussing a gen
eral plan of policy with regard to assist
ing such banks as might need help. After
the committee had adjourned for the day
James T. Woodward president of the
Hanover National bank and chairman of
the committee. said that conditions were
improving and that the committee felt
equal TO meeting any emergency that
might arise tomorrow.
New Era at Hand.
William Sherer, manager of the clear
ing house stated that the situation was
under control: that some of the more
awkward features had been eliminated
and that from this time there would be-
gin new era in New York banking. Mr..
Sherer said also that the clearing house
committee would carry out the DoIicv an
nOunced yesterday of assisting the weaker
banks to discharge their obligations. The
committee, II was added, would meet
every morning to pass upon the collateral
offered in settling debit balances.
Al a meeting late today of the di-
rectors OF the Consolidated National hank
William C Allison was elected president
In place of Orlando f. Thomas. resigned.
the directors yesterday