Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-08-04
FINANCIAL POSITION OF
COUNTRY Is IMPROVED

New York, Aug. 3.-The financial
position of this country To all appear
ances was appreciably better tonight
than was the case twenty-fOur hours
ago
Prompt relief measures composed a
situation which for a time threatened
to become ominous. While IL is yet
too early to measure the full effect
upon domestic affairs of the Euro
pean upheaval and its attendant em-
barrassments. bankers who last night
admitted the outlook was troubled,
expressed confidence tonight that the
energetic steps taken would meet all
needs
The same opinion was expressed by
John Skelton Williams. comptroller Of
the currency, who spent the day at
the sub-treasury and kept close
watch over each development. Al the
close of the day Mr.. Williams said
all was serene.
The finances of the country" he
added, are in excellent shape and
there is absolutely no need for any one
to worry. We have the situation well
In hand. There are no financial
squalls In sight. All the currency
that is necessary at this time is in
circulation"
There probably never was another
day in the history of the country on
which such variety of comprehen-
sive measures were put into force.
Banks of this and other large cities
throughout the country decided to is
sue clearing house certificates, to
furnish an additional medium of cir
eulation In settlement of transactions
banks, Many millions of dol
lars Of emergency currency, provided |
for by the Aldrich- -Vreeland law, were |
shipped to New York and other finan-
eial centers
Savings banks and private banking |
institutions in New York state put in
to effect the clause which permits |
them to stop payment of funds to de-
positors for sixty days and thirty days, |
after applications for
are made. The recent |
enormous outflow of gold to Europe, /
one of the chief causes Of the unset
tied situation here, was believed to
have been stopped effeetually.
While plans for these various steps
were arranged yesterday, ii took sew
eral hours Of rapid work this morn
ing TO put them into operation. Until
that had been accomplished the finan-
eial district was under something OF
a strain but as the hours passed with
cut serious difficulties. the tension re-
axed until at the close of the day
Wall street was abnormally dull. Two
small private banks were closed, but
there We're no other occurrences Of
his nature, ana Withdrawals from
banks, while heavier than usual, were
not large enough to signify widespread
public uneasness.
As a result Of today's action there
Is now In circulation more currency
han at any previous time in the his
.ory Of the country. Clearing house
certificates to the value of about 500
100. 600 were issued, and II was ex-
1ected that further large amounts
you'd be demanded by the banks
shortly. During the 1907 panic the
maximum amount of certificates is-
iued was $10S,000,000. At that time,
llso, the amount of bank notes out
standing was somewhat larger than
low, but the present total of currency
exceeds all other periods.
During the time the clearing house
certificates are in circulation, the us
lal weekly detailed bank statement
pursued in 1907 when only bare
ions was published.
stock exchange brokers settled down !,
or long period of inactivity, for II !
vas the general opinion that the mar 7, =
.et would not be re-opened for sew =
raj weeks Commission houses re- :, .
eived inquiries which showed there ,
"a q a conefdaru hlp damnnd fnr a. oeku y