New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-04
DANGER OF FINANCIAL
CRISIS PASSED

cupied .he attention of the State
Banking Department, Mr.. Richards TAX
ing over two of the largest, which have
combined assets of S3,600,000 At least
one of these will be liquidated. 1t is
understood that others will be taken
over to-day. SO far as the department
knows, all of these private banks are
solvent. They are being taken over
for the same reason that the savings
banks have called for notice on the
Withdrawals of deposits.
Bankers who specialize in foreign
exchange also met during the morn
ing. At the end of their conference 1t
was announced that fiat rate of eX-
change had been agreed upon with
sterling at 50. To enable the members
to get the views Of their correspon--
dents abroad adjournment was had
until to-day, when it is expected that
the bankers will make public plan for
the handling of exchange until things
become more nearly normal.
At the Sub-Treasury meanwhile John
SHELTON Williams and his associates on
the Federal Reserve Board were meet
ing New York bankers. All day long
there was a procession of big men in
the financial world in and out of the
old stone fort at the corner of Wall
and Nassau SITS, interrupted by lunch.
All assured Mr.. Williams that the
situation was we'll in hand. He was
particularly anxious to impress upon
his callers the necessity of caring for
the needs of banks in the South and
West, which need money for handling
the crops, and was assured that they
were being cared for, and would be
cared for.
At the same time some of the bank
ers called Mr.. Williams's attention to
the fact that many bankers in the in
terror at times like this were very
much inclined to hoard money and un-
willing to do their fair share toward
helping the situation, too much Of
feeling of "let New York to do" to be
exactly fair TO the interests of the
troller replied that outside banks
their demands.
$i6,O00,oO0 New Money Here.
During these conferences 5000, 900
of emergency currency arrived at the
Sub-Treasury. 1t was more Of a task
TO transport it than the same amount
Z
twenty Of the big automobile mail
| trucks. The actual distribution of this
money 10 local banks will begin to-day,
in the opinion of Sub Treasury officials.
| The balance of the S100,000,000 prom
| Used by Secretary McAdoo at Sunday
nights conference will be here within
a few days.
While this was going on $500 900
in gold was being taken for Europe
and S3,025,O00 for the account Of
Canada. New Orleans needs were
cared for by the shipment of 1925 900
in currency, and San Francisco, which
/ has more gold than she can use, was
sent 100000 in currency. More cur
rency will probably be sent to the
West and South to-day.
The Stock Exchange officials we're
busy looking after details incidental
/ to the closing of the market There
we're many members in and about the
! big building, and as rule they were
cheerful. Official notice was taken OF
the attempts to operate a rump curb
market, and the public again warned
against trading with persons holding
themselves out to be brokers, but hav-
ing no connection with any exchange.
The Curb Market Association again
warned its members against doing
business. and the Cotton Exchange an
nounced that it was closed indefinitely.
Brokers who had loans maturing had
nc difficulty in getting renewals at
ersy rates. Tine paper that expired
yesterday was in such cases as were
requested carried over as call loans.
Some money was said TO have loaned
at per cent, but on investigation this
was found to have been in cases where
call loans. placed at that figure on
/ Friday, we're renewed.
Because OF the easing up in the stu
alton brokers who for week past
have been living at clubs and hotels
went TO their summer homes in large
numbers, and for the first time in a
week there were no semi-formal con-
l fereuees at AIRY Of the clubs.
Once more those who carry the bur-
deus Of Wall Street slept easy.