Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-10-30
situation Well in Hand; No Fur
ther Conferences Are An
ticipated.
CERTIFICATE PLAN SUCCESS.
Working Smoothly and Rapidly
Bringing About Normal
State Of Affairs.
weaker Institutions Recovering from
severe Setback of Last Week
Chicago Finds Things Improved.

wev York. Oct. s0.-Banldng condi-
lions proceeded steadily today toward
recovery from their recent strain. The
rise OF clearing house certificates both
here and at many outside points has
relieved much Of the pressure on the
banks which ara now approaching al
most normal conditions. Although no
further gold engagements we're report
Cd carly In tho day. IL was noted with
satisfaction that the business day in
london passed without an advance Of
the bank rate. Money is coming from
Europe and South America. as some
OF the recent engagements have been
from Argentina II became definitely
known here that the report Of a inan-
cial crisis In ChiH was Incorrect The
stock market showed considerable
weakness and irregularity, with OPEN
Ing declines ia some OF the prominent
stocks a favorable feature was the
tremendous buying Of stocks IN small
lots for investment az reported by the
big brokerage houses.
Purchasers are paying cash and the
volume OF business during the past
week runs well into millions.
TREMENDOUS BUYING.
Not in score Of years has wall
street experienced such a flood Of buy
Ing orders an lots for transfer to the
purchasers. The majority of these or
ders are for blocks of stock Of FIVE. 10.
rs ana 80 shares, while sales Of one and
two shares are being frequently re-
w. j. Weuman Of j. S Bache & CO..
bankers and brokers', said today that
such sales by that firm amount To be-
tween $4,000 and $3.50 900 a day. and
that the orders are coming In from all
parts Of the country. People are buy
ing stocks for investment In small lots
and are paying cash for them" Mr.
Wcllman said To-Day.
This Is bringing thousands OF dollars
IN cash TO the market and Is assisting
materially In relieving the situation. A
think II is safe 10 say there are more
than 100000 names Of stockholders on
the books OF the various railroads ana
other big corporations than there were
year ego"
Never IN the 10 years of my con-
nection with the firm Of c. l. Hud-
son & Co." said a representative Of
that firm today. "have / seen so much
buying In odd lots for cash. We have
wired In 26 cities and are making from
$50 TO 900 transfers daily"
Another representative OF a pronii-
1.-The buying for cash is terrific. /
never saw anything like Il since our
firm WAS established 20 years ago.
Money IS coming in from outside cities
TO pay for stock which is being pur-
chased IN small lots, In the majority
OF instances. for investment. Probably
90 per cent OF the stock purchased IN
small lots is being taken out Of the
market"
CONDITION NEAR NORMAL.
Banking conditions appear normal
In this city today. The situation Is
now 80 well in hand that no further
conferences Of bankers are anticipated
Runs on one or two institutions may
be said TO be over and Wall street
expressed gratihcation that the storm
had been weathored. The banks Inn
proved their position yesterday by call
ing loans and this process of adjust
ment may be continued today Liqui-
dalton OF this character is well absorb
ed considering the fact that many
stock exchange houses are discouraE-
ing now commitments on a margin
basis ana are making purchases only
for cash Bankers declare that the
clearing house certificate plan Is work
ing out smoothly aud rapidly bringing
about normal conditions.
The fact that the weaker banks ga
this city are recovering from the Sc
we're financial setback Of the last week
on more was clearly shown today when
their balances were adjusted through
the clearing house. All but one OF this
Eve or six banks, whose position has
been regarded as most vulnerable, had
balances due them at the clearing
house. this morning, and the one hav-
Ing a debt balance owed a very small
one The accounts OF all members Of
tie stock exchange passed the clearing
III frsrHffHffNnr fhHa Ia.
u was evident early In the days tra1-
ing that tho brokers would be able 10
secure money on call 70 supply the
DAYS needs. $1,000. 900 being offered
about n n IN M 15 per cent This had
no tnkars but the first loan was made
az 90 per cont The rate quickly drop
ped 10 f0 per cent
10 is estimated that the interest pay
menta due Nov. T. which are being am
uclpated By pierpont Morgan q Co.
aegregate nearly $1,000 600
The stock market was subjected ~
sharp selling pressure. prices OF sew.
oral leaders running of sharply in tn
Tho enforced closing out Of some az
counts caused severe declines in tho
stocks which figured af collateral A.
the loans with the completion 90 this
selling and the successful passing II
clearing sheets through tho stock eX-
AZ O'Clock can money was Loaned
mn lh per cent
INCREASING LIMITATION
Warrington. oct 30.-Tto comrtro..
I.I 0. the currency, under The difer'
lDn m the secretary az the treasury
making a special EFFORT a. Increase
m circulation OF national banks wher.
lhn maximum amount o. not already
rhnn ana Dob money ceuters where m
increase VIII he most beneficial II q
apo'icd that quite "a largo addition q.
Wa circulftiQn Wit be- the result
CHICAGO SITUATION IMPROVED
ch.enro. oct ao-The local hnancia
llWnon showed today improvement
Nr Ncsfordny and matters were NOV
~ along smoothly BOZ an directions
ne munEa banks reported that th'
NnQwWal notices bad practically
Atfl ana that am uneaalncas amoni
-'losiors had been allaycd, The crowd
We banks were no larger than ordi
Ahe Nabniiy 10 obtain money fo