Omaha daily bee., 1902-10-07
WEST ABLE TO STAND ALONE
Omaha Bank President Says New York
Help is Not Needed.
MONEY TIGHT At EASTERN METROPOLIS
of western Bankers Ample
to Take Care of All LegitimRte
Business-NO Eastern Sc
curities wanted.

Gurdon w. wattles has returned from
New York, where he has been for a week
or more. He was with Mr.. Murphy and
Mr.. Morse in the work on the sale Of the
street car lines Of the city, but on that
subject will say nothing definite. 'Mr.
Murphy and Mr.. Morse have the matter in
charge" he said, "and while l have been
advised Of the present situation I prefer TO
say nothing and let Mr.. Murphy speak for
publication when he returns"
On general conditions in New York Mr..
Wattles said: Banking circles in New
York are very much excited, as you are
aware. While there is no danger OF fail
ures among the associated national banks
and the entire strength OF the clearing
house association will be used to protect
each and every one. there is some danger
to be looked for among the trust companies,
which are not so closely allied. Conserva-
tive bankers in New York who keep a close
watch upon the trend Of events are not ex-
actly satisfied with the plan Of Secretary
Shaw TO permit the bankers to ignore the
rs per cent reserve clause in regard to gov
eminent deposits. While the government
is fully protected as far as its deposits are
concerned, by reason Of the bonds deposited
with the treasurer by the bankers, the
commercial depositors are not so we'll pro-
tected as when the government deposit is
taken into account in making the reserve.
These conservative bankers say the secre-
tary has played his last card in the inter-
ests Of extending the credit Of the banks
and II worse times come he is unable to do
more. so they question the ~expediency Of
waving the reserve clause at this time.
Independent of New York.
a. - =. -,
ers are far more independent Of New York
than they have ever been before. We have
enough money to care for legitimate bust
ness and none for speculative enterprises,
which, however. do not exist to any extent
in this part Of the country. New York
could not help us II we needed help, SO
we have to stand on our own resources.
It is fortunate for US that those resources
are as large as they are at this time, as
practically every bank must stand by itself
and protect its own business. So far as
the west is concerned the banks we're
never in better condition to show their
strength-never we're as strong. A crisis
in New York would have less effect today
than IL would have had at any other
time. Western deposits in New York are
comparatively large. When we went into
the fall season of activity those deposits
were generally larger, but they have been
reduced.
LAS a general thing the western banker
is afraid of New York securities and while
there are some good securities which are
calling for money from any source, the
western banker has not the time nor the
desire to Investigate those securities and
select the good from the bad. As long
as present opportunities continue for the
investment Of money in western securi-
ties, which he knows are all right, he will
not attempt to select the good from the
bad, but will let them all alone"