Show fiNANCIAL SITUATION GROWS STRONGER IN N WALL STREET Cle ring House f lre Issued d to Give More Confidence Coning Con Con- in r ing Circles Worst I Hs Hils P Passed DeI De- I cl re Le Leaders ders NEW V EW YORK OCT 26 THE THE STOCK EXCHANGE AND THE BANKS CLOSED AT NOON TODAY WITHOUT WITHOUT WITH WITH- TH OUT ANY FURTHER FAILURES OF IMPORTANCE WITH TH CONSIDERABLE BLE IMPROVEMENT IN THE STOCK MARKET AND WITH SEVERAL SEVERAL SEVERAL SEV SEV- ERAL IMPORTANT REMEDIAL MEASURES TAKEN OR AGREED UPON TO STRENGTHEN THE FINANCIAL FINANCIAL FI Ft SITUATION THE ONLY REVERSE OF THE DAY WAS VAS THE SUSPENSION OF THE TERMINAL BANK A NEW AND SMALL INSTITUTION INSTITUTION INSTITUTION WITHOUT ANY IMPORTANCE IMPORTANCE IMPORTANCE IMPORT IMPORT- ANCE IN THE GENERAL FINANCIAL FINANCIAL FINANCIAL FINAN FINAN- CIAL WORLD There is now a breathing spell until Monda Monday mornin morning and a distinct sense of relief is app apparent rent ever everywhere where Already arrangements for the tho importation of gold old are arc well under wa- wa way and it is is hoped these will furnish the relief needed It Itis Itis Itis is is understood that the treasur treasury department department department depart depart- ment will will as heretofore fore advance tho the gold old for immediate use immediate rise so as to save the time occupied lD in transit from Europe Eu Eu- rope Certificates Issued Meanwhile as a precautionary meas- meas measure m meas as uro ure althou although h not re regarded vitally essential essential essen essen- tho clearing house today authorized the issuance ot of loan certificates tes This means that the clearing ho house se banks are arc areto to present a united front fron in this emer- emer gent encY and that the 3 aggregate re ate resources of all aft of them are arc to Go bo e pledged ed for the maintenance of each Tho The runs upon the tho Trust Company of ot America and the Lincoln Trust com com- company any pany continued in very very much abated form Eany orm but both institutions mot met all de de- de- de mands The Tho drafts of countr country banks in their New Now York ork reserves were hea heavy but not not- alarming since at this period of the tho year ear sue uch drafts are arc to be expected for forthe forthe forthe the purpose of moving mo the crops The impositions of the ninety day a rule ruI in Rhode I Island bland stopped runs there and matters assumed a normal phase The stock market opened at an advance advance advance ad ad- vance on yesterday and showed little symptoms of ser serious ous agitation London Loudon Loudon Lou Lou- don and other foreign n points also gave reassuring nd advices vices The Tho o rate of ex ex- exchange exchange chan change c was puch such as to facilitate the theold gold old imports and confidence abroad was as as evidenced e by the tho improved tone tono of all foreign n bourses the only weakness apparent ap apparent ap- ap parent bein being the tho result of a failure l in Constantinople and tho the financial crisis in Chile On the whole the power of resistance of the bank banks in in New York and the stability stability sta sta- reported from all outside points brou brought ht the week to a close with t a 1 feeling that the general position was greatly improved Financiers Slept Easy The captains of finance who with the secretary of the treasury have ha been battling ni night ht and day to preserve order order order or or- der in the tho banking world held no conference con cnn ference last ni night ht but went to bed early confident in the tho belief that a u threatened situation had lead been suc suc-oss- suc full fully combated and that from nosy v on the tho restoration of public confidence and tranquillity would be speedily actor accomplished dished The principal difficulty throughout the weeks week 5 excitement has fins been lack of currency There Thore wa wn not enough h actual money in in the city to stand the tho tremendous drain w without cutting down loans The small smaIl bankin banking institutions that closed this we week k have hac good supplies of gilt edged ed securities in their vaults but they could neither sell scH them nor borrow money money on them this week simply because o or of the scarcity o of actual pa piper paper per gold cold and silver mone money People Not Frightened No apprehension was felt this morning morning morn morn- in ing as to o the tho result of today's financial transactions The Tho stock exchange and the tho banks were open for business for only two hours and the stock exchange was not troubled by the monc money situation situation situa situa- tion as all tho the loans made yesterday carry carry over oer until Monday londay under the thc or or- or Binary dinar rules of the exchange There were small lines of depositors in front of the Trust Company o of America America America Amer Amer- ica and the Lincoln Trust company but their number was not so great reat as at atthe tho the same hour yesterday The direction which remedial efforts will take has hats boen been the subject of earnest earnest earn earn- est consideration on and some difference of opinion even evon among the most important bankers of the city The difficulties are arc admittedly admitted I in iu large measure local It Itis is felt that the sudden lack of confidence conti- conti dence is not very widespread throughout through through- hout h- h out the country Better Bettor in Other Places Tho situation at Pitts Pittsburg ur and Providence Provo is expected to ri right ht itself Under these circumstances it was tsU suggested d that an effort be bey made to relieve the tho tension in N New w York b by gold Jold imports and something in that lino line is ra bein being done Whether the rate rato of exchange and the price of American securities will reach cach a level to enable gold cold imports Continued on page 11 4 FINANCIAL Continued from page 1 1 on a sufficiently lar largo large f scale cale to bo be effective effective ef remains to be bA seen It is i felt felt as Jacob put it yesterday that any an effort efort to press the matter mater is likely to to meet meet with wih obstructive e measures in London As an alternative means of relief the clearing house loan certificates have been discussed Naturally every CT C one is loath to adopt this expedient Money Is Arriving The sub treasury received cd in small smal bills bis from Wash Washington n on toa today Tho The Trust Company of ot America opened its is doors door as usual at 10 0 o'clock clock today There were less than titan tuu de depositors de in line and the company's officials of oil oil- cal declare that the thc run is over o Leadin Leading bankers said today that conditions con eon were such that they would probably probably rob ably be bo able ablo to import gold from Lendon London Lon Len don on Mond Monday to tho the extent of about The Tho Bankers Bankers' pool pooi which has been supporting stock exchange gave save further assurances today that money would be pro provided de for call cal loans when needed The Terminal Bank of Brooklyn a ama small ma state institution with wih a capital of and deposits of about suspended payment today todar Clearing House Meeting The Tho closing of tho the Terminal Bank of Brooklyn was duo to the fact that its is depository tho the Wi Williamsburg Trust c corn corn- m. m any pany suspended payment yesterday esterday rho Tho vice vice president president of tho the Wi Williamsburg Trust company Willard Wiard T. T Reid wa was n of tho the Terminal bank The clearing house committee was in session this morning for half an hour and issued sued a call can for a meeting of tho the I full ful association at 12 0 o'clock cock to decide wit whether eth er clean cearn clearing tig house certificates should bo be issued James T. T Woodward chairman of ot tho the committee said that the situation today depended lr largely tI upon developments among tho Brooklyn banks Things Look Bettor Better Beter State Superintendent of Banks Clark Williams said aid I Things I s look a little better beter There is a n general tone tono of en encouragement oura all al alon the line lne I Directors of tho the Lincoln Trust corn com om pany patty announced that tho the bank i is i in a position ponton to meet every demand domand that it itis is 15 stronger or than any previous R day this week and nd that Jho tho ho wih withdrawal rawa of funds is decreasing Announcement was made toda today that nc negotiations have practically been completed completed com for br importation 0 or of a largo large amount of gold old from Europe Money foney on call cal was loaned on tho the stock exchange o today at 50 per cent Secretary Cortelyou had a conference with wih Georgo George W. W Perkins of J. J P. P Morgan Men Mor gan Jan Co Mr l Perkins erkins subsequently said t. t The Tho Tho a atmosphere is fast Cast clearing up as any ono one can see Bee Mr Perkins was wa naked asked If i ho lie thought this would be tho the last day clay of or tho the financial finan cial difficulty He replied I I think tink it is James Stillman president of ot the National National Na Xa City Ci bank said eaid faid today toay Tile The situation has been saved saYd by the action acton of the secretary of the tho treasury treasur who h hits has s been so 80 ably assisted 03 by tho whole hearted co cooperation of Mr Mor gan In Gold The National Ci City bank to today nv announced announced an the tho engagement ement of 35 gold old in London This line TIe on engagement was made nado on the banks bank's own resources and without government aid nid It I has his no connection connection con con- necton with the the South African gold old w which ich will wi arrive arrivo arrive in in London Monday The he drain on the the national banks wu was as conti considerably relieved toca today b by the deci- deci ion Biou of or tho the savings S banks to require advance advance ad ad- vance not notices cs of ot largo large withdrawals a. a This put a n stop to heavy disbursements b. b the wo would ld have hava been compel compelled d to draw this money from 1 j the tho national banks A few fe of th the thE ri smaller rigorously savings when banks any considerable applied this thi number num nuin nh rule nile ber her of ot their r depositors lined up at the paying toilers toller's teler's window Some Still Sti in Line Lino V These Theo banks told tol their depositors th the would p pay edt only in small amoun amounts j anti and nd to satisfy t urgent ont needs The First FiNt National bank today anti noti fied fed tho the stock tock echan exchange e houses t to to which not it i had made loans Friday Priday at 50 0 per cent that th-o th loans baits w would ld be he c continued over oyer till ti Monday londa at 30 per cent cent There were ware about depositors in ling line lne at the Lincoln Lin bin coIn coln Trust company today awaiting an opportunity to withdraw moncy Many of them had stood tood in line all ni night ht A bank lne al mc messenger en who headed el th the line lne refused an t offer of for his place Payments to depositors wore yere con contin continued continued throughout hout the day tn I |