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nance of financial staunty. The departure of Secretary Cortelyou for Washington removed a conspieuous figure from the field, but it was felt that with President Roosevelt's strong support, as expressed in his letter given to the public, Mr. Cortelyou's presence at Washington is favorable to such further governmental assistance as might be required. Secretary of the Treasury Cortelyou before leaving New York, where he has been in constant touch with the financial situation, declined to make statement regarding conto say not any ditions, except that financial he will return to New York, as the secretary looks for no further trouble among the banks and trust companies of this city. Late cables say that the most trustworthy financial circles in London, Berlin and Paris take a cheerful view of the situation in America. It is generally believed that the of the crisis are generally The causes worst is over. attributed to lack of a sound monetary system and to reckless speculation by a certain class of financiers whose elimination will result in better conditions. Bankers say that $25,000,000 in gold has been engaged in Europe to meet the demands for ready currency in and some of More gold on New its York, way. will it be is engaged already for shipment during the week. It is evident that the financial hysteria is dying a rapid death of wet feet arising from the weather and cool headedness arising from sober and saner second thought. The Trust Company of America, which a run has continued three found as the result that had had in days, business upon they of deposits the day's excess of withdrawals of $296,000. They had also been able to collect $223,000 of outstanding loans, so that the net outcome for the day was an increase in cash of $519,000. at the Northern bank in every "run a away Broadway marked Except dwindling line" at both showed ends as the day passed-from the head. where persons were being paid off. and from the tail, where men and women, tired out with waiting in the cold and wet, were going home. At the clearing house there is much evidence of activity in the issuance of loan certificates. Another evidence of activity was the small knot of people gathered at some of the institutions where runs were progfor an this ress morning waiting advantageous business. in position on the opening of The indications are that banking institutions will not pay out large amounts in currency except to meet legitimate requirements of their clients for current business. A large force of clerks were at the clearing house prepared for the issuance of the loan certificates required. When New York adopted the certificates in 1893 the system became almost universal throughout the country, and everywhere the result was One out that it could not beneficial. pointed prominent be at brought banker large to the attention of the country too strongly that the present situation is one dealing solely with the supplies of currency and that neither the business credit of the nation nor its industrial and agricultural prosperity is affected. The Milwaukee Clearing House has decided to issue clearing house certificates and to require thirty days' notice from depositors desiring to withdraw savings deposits. The asociation issued a statement saying: "Since New York and Chicago bankers have decided to issue clearing house certificates, Milwaukee bankers are compelled to follow their example in order to preserve their cash reserves. a Milwaukee banks were never in more sound and prosperous condition. but unfortunate circumstances in New York have brought about a situation that makes it imperative that all banks must stand together and preserve their cash balances." All the leading financiers and bankers of Chicago look forward with to the continuance of the financial solvency hopefulness present companies, of the Chi- basbanks and trust their expectations on measures taken by cago ing tionary the the precau- Clear- the ing House association in ordering issuance of clearing house certificates in force of the legal that may be of savings bank and notice withdrawal the putting required deposits. for the Chicago bankers are discouraging speculation in stocks and grains, and they predict that dealings in such investments during the week will be scant as far as Chicago is concerned. The concensus of opinion among the