WALL STREET.

Dominion, Volume 1, Issue 28, 28 October 1907, Page 5

WALL STREET.

.-.. \M.ii!l'L,ipNXlßJE§.': ;TO: ; . TfiE ' ' ■^^^V«RESC^E.; : T V : : '- : " ■-''. -Vt-^'' ; ' :; BATTLE.'':^^S ■.■-■■:''■■ ,:.. YET, CASH IS STILL. WANTING. . '~:>'■> • "'■':/;' '. ■;', ;., ...■■■.., . -~.. ~' ,j- , \ , ';•■ ■ -,■•,'.-. :. •■■■..'„■:;::■■! ■■~-';'•, ..-■/■'< '•-;- •-:'■; '■.:,'.:• 'A ;' CERTIFICATE , ISSUED.—IMPORTED, .' ■•' v.J ; ,;,,:gOLD;--':' -.''-; : ' " ■■ iW . TELEQIIAPn—r'UESS; ; ,ASSpCIATIO?f—CQPYBIGnT. ■ ;';:<v,>;tv. v-k: New-York, October 25. ■'■ , When'oall-'money-wasat/a hundred per ' oont'.,* and' brbker3' -were "despairingly- sacri- . • ficing';,st6bks :: at','any; price,- Mr:" Pierpont Morgan , niado v a' 'dramatic ''oSot,' which "indiiced '' : a'' l stnldn , g''rally.' 7:: ' He ! sent ito- tho Stock Exchange'just bofore-it'closed for'the ' : day five', millions ;sterling,,, to lend at tha ■ ■ rate of ten per cbntiim. . The effect • Brpk6rs:scrambled for the monoy, and tho scene was tho wildest of'theyoar. Some stocks'instantly .rose four to six;" points., ~,.-. .-, ~-.,,'.-, ■''...-,,...'-..■ . iiry.'j) :D, Rockefeller, ; of the Standard' Oil . Trust','.doposited witlr the, Union Trust .Company^twa'millions'sterling to aid it, 'or to : S nfford'relief 'generally.' , --':-'. I;--''; : ; ■'■■-: '."'.;■ .•;■ Mri'"-ijllbrgan'-.'^ssVloUdljr''ciebrodj ;,as also. : wiw-Mri jßockpfelior, who .yisited Wall Street .: : ''years.' : -x ■-.■','«•'; >Tie supefmtbn.dent' pf the' New Y6rk':Banl£S •• declared'.-thati.the:institutions .were:solvent: if;rß^Van'd':uiiTeasonable'^deppsitors. 1 do , not endang'e'f.'the^ituatibn. r ,' /,,-!:,'.,■ : \i .> ; V-. ; " ?A> ■ calmer.^feeling iprevails .in. N^eWi.York, : though ■.'somo'.'small concern's ,'liave' suspended. ■ : Wi'tM'c'''''J^S*'' tcndbni'..O.c(Mber i '^v.;:.; : . ; :The..;New:-"York' corrosppndeht ;6f■ i_:f-'.-:The• '•■' TmM !';!says is'enjoying^ unexamplediprpsperity,'. and business-Is good; yet the'jack.of "confidence in' its industrial a'ni '' bring.'djsaster.' , ' ; J f"':"^:-^' !:; w i| ,,' ; v ; "'' v^' ■t ; ' : l)EPßEaATi6N''lNi''L'qirabN. : "n ■. ' : i-H^';TWTiOT^lsix7MiLLlbNS: v '-'"'V'!;■:■ :V----'.■ly.i V:':' •■/•!'.•!'; /• London, '■; October, 25.'.,- ' ''jl[^.p..^K^x^^^i7^J^ :^\m^a^ i 387: representative securities phthe LondpiiiStoijk . Eschangq'.'have'declinedvtwenty-six million's, including fourteen millions in mining , shares^ wringrtoithe .-slump , in,copper.'. >.<•■■; -..;.;■■■:. i ■'■■.' ,! :/ : '... ■ ■A-^^SIXTYi ; b^S^GI^USB\^ : - ; 4''.j' ; ; : [ ttX ;'.v!(EeqVOct.-,-27,.;4:17 : -p.mi) ; :iv,- -,■: ,■■,.,; ;; BiifeiV.4rl.:-t;wMifiHew. l Ywh, ; Octobtav 26-> ; ' : jTte ■ ■ Willianiabiirg! y Trtist \'. '■ Pqmp'any '■ J,!- of. Brooklyn,' with deposits totalling a' million and: a .half, sterling," and : tie First Natipnal , $aii^jitf.rßrwk]j^)iyinthj'dßposiiiß--ainoiijitjiig :;to£7sCf,o6p,'have suspended; ,':■ r ' ,' edditionai; loans to stock brokers at 20 per ' Ji" '■>■ i--'. ;''r' •' '':i ; • ■I'Ruristare: subsiding;-,buti the :safesjb:ba'nks, TOoh'^M'?tKtf'' ! ;U_nion.Vpime'; ; S.ayjngs; Bank) of! ': New-i.Yort,^ithjsis'- millipiisj sterling of :de^ insist on the sixty days'' ■. notice,f(ft;with/3r,aw!nl;'/ ; ''?'v';i./V; ;'_";'"'.'-'-''v''';. : :i the.'iTJniiied States';. Treasury. • distributed',-ainoiigst,'banks . ; i;. 1 !''" r 3 ' ';' '-vA'/'"receiver...:lhasi';-.been to, :: the: Knickerbocker:;• Trust':",Company;'' but ■"•■■plans i are,-in,'progress for.-'rehabijitating',^the'..instiT ■tutionV^^;^:^-;- I ?.'.';'-,' . : '.-:-i-i>.-:;i.-u-.;;.' •■■■>■.■ V-.-'--. i, j/Mr'.'l'iMorgan;, declares /'that ■ : situation . geh'erally';has,improybd, ; and .that : tlie battle ..: i{B ;: pra'cticilly'j'ivon:/;.' 1 '' 1 -.; '!•:" v-'j-J! f ..':. •, ; : : :V^:^iiEATESTr;/i»iF|iouLTYi.;v'/;V'',' ' r;' ; ;')n'\: ; 7 STRAIN ■COOTINUES/s'. <- ■'!:■■; -~ K^: ! ; Kl' i>(B|eo.'■Opt'27,;:4^:iJ ', p.m.)■■■;. ■'.'] ■• - '^ ;;■;:'; ''g ;Y6rJi,.;pctober^26.;;: : The scarcity,qf.-money-iiiiilfow .York is.now the., greatest- difficulty7of-;th'o;.situation;■''Tho effort's;.|oif'-.-Mr".. I ,C,orteiyouj i'Secretarj;; to'.jthe . Treasury,':and Morgan, and J. pyAßockbfellor,':. only ■ slightly .'relieved the '. strain;;;.".";'' r : : y'''•': '.■"..''/' ";''!.■ '■'"■■ i -^ ;! ;It is''.suggested that Cleiaring House cer:tificatps be .issued; as- in, 1893, and. it is also proposeel'toimpprt fivp-millions ,in, gpld. frpm ■ ■ ■EiujJpe'."'" , .'-/'.^; , '.'■.:". .Vh , '.'.''."'-■:■: ,-,!•.' ■■;',■!'■;' '■>■. ■•'■'tfhe".difficjilty^nowi'a'fEectiiiS'!New : T6rk'-is ii ■ • 'serioiis;pn'eV;for ; it: is obvious that the need .of the ■'moment', is hard- 'cash, • Thobanks, appar-~ ently/rhaye'not•'sufficient'■ coiiv ' tn meet' their engagements with'the : Cleiriftg House, and the'-'.bxpiidient 'that brought', relief in' 1893, it ; is '/sugeested, ■ shriuld - be' piit' into-operation. ; 'The'; Clearing 'House Certificate, -wo take' it, i will: pe ! 'a negotiable document'issued'against ,- ! collateral "security ..of. the: highest".class, "arid ■i which will be accepted in "lieu of cash-for a .". , liniited-period,,::until'those. to : whom the cer- , •■ tincates v are issued are able' to provide metal '■■■ currency,'- ''/-. •'■■ ; ;;' v;; *,! ,":.'; ■: ; '- :,, ' ■' ■ ■■..■■ -. [ : <. ■.