The Topeka state journal., 1905-12-31
EVERYBODY'S SHORT.
shaw Says Lack OF Money Is Not
Confined to Wall Street.

Chicago. Dec. sO.-"spare Wall
street. was the appeal made to Chi
cago bankers by Secretary Leslie NJ.
Shaw before he departed for Wash
ington.
THE shortness is not confined to
New York, but prevails all through
the country" Secretary Shaw said. 1T
is not a local but a national condition
that exists in financial circles. The
treasury department, in depositing
money in New York is not benehting
its friends. the fnanciers of Wall
street. but is helping out every man.
woman and child in the country who
has a dollar to invest
Legitimate business, not specula-
uon, mas caused the situation. The
money is not demanded now on ac-
count of manipulauons in stocks. It is
the natural result of conditions that
prevailed last summer and of mis-
takes made then from lack of fore
sight.
From all parts of the country
money was sent to New York to be
I loaned, last summer. There seemed
10 be national epidemic to loan
money. Every person who had a dol
lar wanted to loan it, to get rid of it
at almost any price. Money was
loaned at as low rate OF interest as
per cent
Now from all over the country
these persons are calling for their
money The banks, in turn, are call
/ ing in their loans and the financial call
! comes with stunning, accumulative
force on the New York banks IT was
to them that the streams of money
/ flowed during the summer, and now
/ they are being called upon to return it.
When the farmer reads of Wall
/ street and any assistance the treasury
] -rir~ 80
I stock spectators and gamblers Is
/ 1t any worse for a man in New York
! to pay $1,000 on $4,000 worth of
stock than it is for one in Kansas to
/ pay $1,000 on a Canadian farm worth
$4,000, and expect to sell it at a
( profit before the remaining $4,000 is
due? Yet the Kansas farmer curses
I the New Yorker who buys stocks, and
/ the Kansas banker curses at the Wall
/ street hnancier who does not return
his money the moment it is called for.
What do they expect the Wall
/ street bankers to do with this money
4 that comes in to them from. all parts
of the cOpntry2 They could not let it
lie idle in their vaults. That was not
what it was sent there for. They
loaned it out again at interest, and
now, when it is called for, some one
else has it,
Shaw Denies 1t.
Chicago. Dec. 3O.-John R. Walsh has
/ of Philadelphia. trustee funds for the
! payment of January coupons on the
] Southern Indiana railroad. The clearing
house committee, favored the payment OF
! the interest and the money was sent
through the usual channels 1t viii be
the policy of the committee to see that
/ the present relations between hondhold
ers and the properties remain undis-
I turbed. All obligations are to be met
and if the Chicago Southern and South
ern Indiana are sold the purchasers vii
assume all obligations.
John ]. Mitchell has made the state
ment that the stockholders of the Chi
cago National bank are to be assessed
in the event that the assets taken owe
by the banks are insufficient to pay of
! depOsitors.
Secretary of the Treasury Shaw toda!
/ learned the details Of the inner working
/ of the John r. Walsh banks now beini
| lquidated by the clearing house commit
tee Mr.. Shaw. who left tonight fo
/ Washington, denied emphaticaIly that IL
/ has asked Chicago bankers to be Ienien
1 with Wall street in the matter of calling
in loans.
I talked informally with one Chicago
| banker" said Mr. Shaw, but I did no
| urge him to take any step that his judg-
ment did not dictate"