Article Text
NEW YORK'S FINANCIERS IN HOPEFUL FRAME OF MIND $11,500,000 Gold Engaged for Impertation-Will Aid Greatly in Providing Funds for Banks. UNION RY.CO. Nearly $5,000,000 |Purchased Today in Lendon Where American Securities Advance Sharply. the Trust Company of America. New York, Oct. 28.-Fortified by the Three persons remained in line all night remedial plans adopted last Saturday for in front of the Riverside bank, a small TIED UP AT the protection of New York's supply of state institution at Eighth avenue and currency, financiers began the new busi57th street. At 9 o'clock theline in front of this bank numbered 35 persons. ness week in a hopeful frame of mind. One of the most important questions to They were especially encouraged by the be decided by the clearing house today precautionary measures taken in other was whether or not to admit the trust cities, including the issuance of clearing companies to membership in the Clearing house certificates at various other cenYONKERS House association and a share in the adters besides New York, believing that vantage to be derived from the privilege these measures will be effective throughof issuing clearing house certificates. The out the nation at large in keeping necesonly opposition known to have been made sary supplies of cash within the control Two Companies of State National to this plan was based on the fact that of the banks for use in carrying on the the trust companies are required by law business of the country. Guard on Duty to Prevent to maintain a reserve of only 15 per cent The greatest danger throughout has of their deposits while the National been the tendency of small depositors to Rioting. banks are required to hold a reserve of withdraw their funds from the banks and 25 per cent. Some of the bankers conto place them in safe deposit vaults, tend that this disparity in legal reserve where they were withdrawn absolutely Yonkers, N. Y., Oct. 28.-Today was exrequirements will give the trust companfrom circulation in the channels of trade pected to see the end of the rioting which ies an advantage over the banks if they where they are so badly needed. has been in progress as a result of the were admitted to the clearing house and GOLD IMPORTATIONS. given the full support of the banks. strike of the employes of the Union RailThe importation of gold is expected to FEW DEPOSITORS IN LINE. way company, a trolley line. With two assume large proportions and will aid greatly in providing funds for the banks. The Lincoln Trust company and, the companies of the Tenth Regiment held Up to date the engagements for import Trust Company of America opened for in Mount Vernon, and at White Plains, amount to $5,000,000 by the National City business this morning as usual. The lines prepared for prompt response to a call Bank, of $2,000,000 by the Chase National for strike duty in this city and a conof waiting depositors were much smaller bank, and $1,500,000 by Heidelbach, Ickelference scheduled between a representathan at the opening hour of Saturday. At heimer & Co., an Saturday and $1,000,000 tive of the strikers and officials of the the latter Institution 50 persons were in by the Hanover bank today. About $5,street railway company, it was hoped line. 000,000 in gold probably was secured in the that peace might be proclaimed today. It At the Northern Bank, a state instituopen market in London today at $19.50, not, Sheriff Lane was prepared to sumtion, there were 60 persons in line at the three cents higher than previously, owing mon the troops and put an end to the opening hour. to competition with London and Paris. rioting. Lazard Freres subsequently increased Lazard Freres engaged $1,500.000 in gold The local police have been utterly untheir engagement of gold made today to for import from London today. This able to control the mobs of striking sym$2,000,000. This makes a total of $11,500,000 makes $11,000,000 in gold engaged for impathizers which have stoned the cars and engaged for importation since the import portation since last Friday. beaten the strike-breakers whenever an movement began last week. STOCKS ADVANCE attempt was made by the company to run The loan committee of the clearing cars through the streets. As a result the American securities in London showed (Continued on Page Two.) street car service has been suspended for sharp advances at 1 D. m. today. Amalseveral days and no cars were running gamated Copper advanced 11/m. Atchison today. Several of the police are in the 1½. Union Paciac 2/2. and other shares To Take Pasteur Treatemat hospital, recovering from wounds received were fráctionally higher. In clashes with the mob and the reNorman W. Brown, 19 years old, of 8 Lines of depositors remained in front mainder are worn out by extra duty. Clorane street, this city, has decided to of the doors of the Lincoln Trust comA big crowd of sympathizers with the take the Pasteur treament at the Rhode pany and the Trust Company of Aemrica, strikers was gathered about the car Island hospital. Brown was bitten Oct. despite the heavy rain which fell throughbarns at an early hour today and de15 by his own dog, a large Boston bull, out the night. The all-night line at the clared that no cars would be allowed to which was supposed to have been afflictLincoln Trust company numbered 80 pered with the rabies. (Continued on Page Two.) sons, and 45 were waiting their turn at