Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-10-29
Movement of Crops Fac
tor in Relieving Need
for Money.
MUCH GOLD ENGAGED
Western Banks Take Meas
ures to Safeguard Their Sup
ply of Currency.

New York, Oct. 29-The financial
situation was without notable develop
ments today Abating interest indi-
Gated the public had pretty well got
ten over it's scare. The stock market
was little unsteady but without eX-
treme agitation. The announcement
that the Imperial Bank of Germany
had raised its discount rate from 51a
to 61a per cent in order to protect its
gold holdings was not unexpected by
bankers here.
England May Follow.
1t is thought quite likely that the
Bank of England will follow suit by
raising its rate at the regular meeting
Thursday. Last year when the Unite |
States was absorbing English gold the
rate was raised by the Bank of Eng
land at a special meeting and it will
be a favorable sign if the matter IS
not taken up until the regular weekly
meeting of the directors.
New York High Bidder.
The scramble for gold is such at all
the financial centers, London. Paris
Berlin and New York, that metal will
go to the highest bidder, and under
present conditions New York is likely
to appear for a time in this role. Its
ability to get gold is due not only
to the need for it, but large credits
which are being established by the
movement of crops and other products
notably. wheat. cotton, copper, bacon
and meats and by the sale of Amer
lean securities.
should Restore Normal Balance.
These influences are usually moro
potent than artificial measures to oh
tain the. yellow metal. 1t is believed
this will be effective to place sufficien
gold at the command OF the New YOrI
market and to maintain credit an
cause a resumption of banking opera
tions in the usual manner within fey
days. Runs upon banks have practi
cally ceased since the banks adopte!
the policy of paying the large deposit
ors in checks.
Gold VIII Help Relieve.
New York, Oct. 29.+Great assistanc
is expected to result from large en-
gagements of gold for import mad
Yesterday and from further large in
ports which it is believed will be mad
within the next few days. The movG
ment of American crops to Europea
markets. together with the revival o
the demand for copper abroad, Wi
Ior
with foreign bankers. and these ca
be availed of in bringing in gold,
is confidently believed, to any extern
that may be necessary.
Several Ready to Reopen.
1t was announced today sever;
banks which were compelled to SUI
pend last week have about perfecte
their plans to reopen business. Run
on the Trust Company of Americ
and the Lincoln Trust company col
tinued today but in diminished VIC
ume.
Has a Depressing Effect.
The announcement of an increase
rate of discount by the Imperial ban
of Germany was of somewhat II
favorable effect on the London stoc
market as indicating there will be 1
expansion of credit at present for spe
Native purposes. NotwithstandiT
this, however, American securities
London held firm.
West Not Shaken.
Chicago, Oct 29.-The financial CO
dition throughout the west was tod
satisfactory in general to the banks al
TO the majority of the business int
ests. In all money centers trade W
on the check and certificate plan, al
banks were holding as closely as pos
BILE to their reserves of currenC
Banks in Kansas reported themselv
as in particularly strong situate
many of them having fully so per ce
in excess of the ordinary legal reSerN
Chicago Bankers Encouraged.
Chicago banks commenced their 81
ond days business under the che
system, greatly encouraged by the m;
ner in which the new method was
ceived by their depositors yesterdi
Out of 100000 savings depositors in t
city, only 1900 made application
the withdrawal of their accounts
gave notice to withdraw.
May Use Canal Bonds.
Washington, Oct. pa conferer
was held at the White House betwe