28 Oct 1907
Page 1
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Newspaper
Albuquerque Morning Journal
Location
Albuquerque, New Mexico, United States of America
Date
Oct 28, 1907
Page
1
Nationally, reports focus on continued prosperity with money stringency affecting New York most. Clearing House plans issuing five to twenty thousand dollar certificates to secure bank balances, while Omaha St Paul Milwaukee and Galveston warn of gradual liquidity measures and heightened cooperation to prevent cash drain.
New York bankers report united action and wiser counsel easing tension over the past week. Cortelyou’s Washington departure and Welts support cited. sermons urge prudence. Clearing houses prepare loan certificates while banks favor checks over currency to sustain normal business as shortages loom.
Morning Journal Special Leased Wire reports Pittsburg's financial scene improves as people trust local banks and trade progresses. Clearing house certificate decisions hinge on New York conditions with potential action to support local banks. Reopening of the Pittsburg stock exchange awaits tomorrow’s definitive ruling amid mixed opinions.
Charleston on October 27 reports that southern financial life remains steady despite Wall Street turmoil. Local bankers warn prosperity could suffer if the northern and eastern markets continue to falter amid the so called rich man's panic.
Atlanta bankers report complete confidence in the financial situation and say the market is well in hand. They note money is flowing from cotton sales and foresee no stringency in the local market.
After talks with major midwest cities the Omaha Clearing House Association votes to issue clearing house certificates starting tomorrow as a protective measure. President Henry W. Yates states local conditions do not warrant alarm and notes banks could not meet any severe demand.
Boston reports a very favorable financial situation with no abnormal demand for funds. Pierre Jay, chairman of the state bank commission, says trust companies are in better condition than last year and other banks are in excellent shape across the city.
Detroit reports show local banks unaffected by New York bank troubles. The weekly clearing house statement indicates a gain of over $100 000 in savings deposits for the week with only minor withdrawals. Bankers remain confident no trouble is anticipated.
In St Louis on October 27 bankers expressed confidence that issuing clearing house certificates will steady finances this readjustment week. National Bank of Commerce president J C Van Blareen said New York institutions demanded the step to support the stand out policy amid widespread unease centered on costs.
The Morning Journal notes a cautious belief that the worst phase of the New York panic may be over, though credit remains highly delicate. It cites praise for J P Morgan and bankers, approval of relief measures, and calls for monetary reform including a government bank of remission and rediscount. French bankers expect Paris gold funds to be limited and London to provide some support.
Chicago financiers and bankers urged curtailment of stock and grain speculation as the money stringency eased. Clearing house certificates and new legal notices limit savings bank withdrawals, with leaders like John J. Mitchell J B Forgan and EB Potter saying no alarm remains and cash will flow in normal terms.
Denver financial leaders report no impact from New York banking trouble. Charles B. Kounze president of Colorado National Bank and Denver Clearing House says the crisis did not affect Denver Colorado business and is now believed resolved locally with bankers confident the danger is past.
The London financial scene blames gamblers for the crisis while noting American industry remains prosperous. Despite nerves on Wall Street, leading institutions are praised for withstanding withdrawals, with experts calling it a rich man’s crisis and a poor man’s panic.
The report notes that despite turmoil in New York money remains tight in Baltimore where banks are solid and conditions are expected to improve. Indianapolis banks and trust companies act to protect depositors with clearing house certificates, while local financiers describe conditions as encouraging and free of trouble.
Cleveland bankers and financiers say there is no money shortage or depositor worry here despite last week’s New York financial turmoil. A meeting was held to plan clearing house certificates with a decision to be announced tomorrow. Louisville bankers share the view that New York’s troubles pose no danger to the broader economy.
Berlin reports a shift as American financial crisis eases. Berlin bankers assure customers crisis in New York is temporary. Holland investors urge buying American securities while prices dip. Berlin stock market remains steady but cautious about gold exports and trade in the near term.
Prominent Portland bankers report abundant money and strong loans in the Pacific northwest. They say credit balances with the east favor northwest banks and that money is being loaned eastward, not westward, while predicting record wheat crops and strong business locally.
Cincinnati bankers voiced confidence for the coming week with Melville R. E. Ingalls stating Cincinnati’s financial condition is as solid as Gibraltar and that the city is not in danger. Local dealings were quiet last week but prices held firm, with a small advance yesterday.
Kansas City October 27 The Kansas City Clearing House association urged banks to use clearing house certificates and draft payments through the clearing house to protect local financial interests. Similar steps were taken by New Orleans and other cities as a precaution amid broader eastern bank actions.
Vigorous work by a powerful leader restores order after last week’s chaotic conditions in Morgan Street. Authorities report steady progress as financial measures are implemented and public calm returns.
In New York on October 27 financiers voiced optimism that the worst has passed as J Pierpont Morgan and treasury officials coordinate to limit credit contractions. Deposits and trust company runs subside as gold imports and clearing house actions bolster liquidity and stabilize the banking system amid widespread market stress.
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