The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-10-07
Eastern Concerns Want Western
Banks to Handle Securities.
Are Now Trying to Borrow
Money in Kansas.
KEEP MONEY AT HOME.
Secretary Burrow Opposes Wall
Street Drawing on Reserve.
Farmers Need Money for Build
ings and Improvements.

The big crops in the west have been
the financial salvation of the country
this year If it had not been for them
we would Experience a severe financial
stringeney before so very long.
This is the opinion of Secretary of
State Burrow. who is at the head of
the First National bank of Smith Cen
ter and is also connected with num-
Der of other banks. Naturally Mr.. Bur
row keeps pretty close tab on Imam
cial affairs
This declaration was brought out by
the fact that the east is now trying 10
borrow money in Kansas. The "undi-
gested securities of the big combines
and rash speculation in Wall street has
brought on stringency in the east,
and now the east is asking the west
for help. Many eastern concerns are
trying to dispose of securities to west
ern banks. and there is demand for
all the westerns money that the east can
get.
Only few days ago my bank re-
CelVeo draIt from a big implement
hrm 1t was on an Iowa man VINO was
rated at $780, 900. 1t was probably as
good as gold, but it would not come due
| FOR some time and the implement firm
was in hurry for the money They
asked me to discount it and ola nor
even name the rate. In explanation
| they said their business had greatly In
creased and they were obliged TO get all
the money they could in order TO carry.
it on. They said il l was doubtful
about the mans worth to ask any pank
in his vicinity.
That proves to me that not only the
east is affected by the stringency, but
that as far west as Iowa the banks are
carrying about all the paper they want
Otherwise this firm would have sent
that draft to an iowa bank for dis
count The Kansas banks are the ones
Whlch nave the money. but the east IL
going to ask for all that we are willing
to let go. For myself, l think IT'S Il
good idea to keep plenty of our money
at home, even if we don't get as good q
! rate on it as we might by sending II
east. For that reason 1 turned down
the implement firms draft, although l
could have discounted it at a higher
rate than I can probably get at home
now. But my idea is that l want to
take care of the men who will be my
customers right along. 1 think it is a
good idea to keep our Kansas people
prosperous.
The other day / was in a bank at
/ Kansas City and on that day that one
bank made a. loan of 100000 to New
York. 1t for a short time and was
a better proposition than it could get
| in the west, but still don t like to see
too much of our money go east in tina t
I
up and if it wasn't for our big crops
they might drain us until we would be
in the same boat. Tfat's why say our
big crops this year are the financial
salvation of the country. We win be
able to help the east some and perhaps
stave off panic.
Kansas banks Will show larger re-
serves I think than those of any other
state, but some of our deposits will be
Withdrawn in time as the farmers make
/ iD0nTnVRmPHfS and Investments lin
my way there are farmers who are
building new barns and doing other
things like that who wouldn't have
thought of it if it hadn't been for the
big crop this year. Sometimes it's hard
to get lumber. though. 1 doubt if there
is hardly a lumber yard out in the
wheat belt that has full assortment
of lumber. They can't keep it in stock.
They sell it out faster than they can
get cars to haul it in. That's what the
| big crops have done for the lumber
business ard other lines are just about
| the same"