Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-10-28
Week Opens in New York With
Renewed Confidence That
Relief Measures Taken Will
Prove Adequate,
CONDITIONS C0NTRASTED
WITH THOSE OF 1893.
Pointed Out That Present Sit
uation Deals Only With Cur
renCy Supply Industries Of
Nation Never So Prosperous.

IBy Morning journal Special Leased WIRE
New York, oct. 21.--The feeling
among banking authorities tonight is
That united action and wise counsel
nave already accomplished much in
providing a solution for the financial
problem with which they have been
called on 10 deal during the past
week, and that with remedial plans
~p' rther perfected the promise is
81 & for the uninterrupted mainte-
n nee OF financial stability. Today
as marked by the usual Sunday calm.
which gave the financial leaders an
opportunity TO ease the tension of
overWrought nerves experienced dur
ing the past week Most of them re-
mained at home throughout the day.
and there was noticeable absence of
the hurried conferences Of recent days.
The departure Of Secretary Cortel-
you for Washington removed con-
spicuous figure from the field. but it
was felt that with President Roose
velt's strong support. as expressed In
his letter made public, last night, Mr..
Corteyou's presence in Washington
was favorable to such further govern
ment assistance as might be required.
In the churches many Of the SER
mons were marked by references to
the financial situation, Rev. Donald
hdNhdNt at Alf AllhAhll "a 81 4Nlillbit0s
dwelling at length with the subject,
and Monsignor Levelle also taking a
similar text at St Patrick's Cathedral.
These and other sermons were notable
for their strong counsel toward pub
lie ga m.
At the clearing house there was
much evidence Of activity in prepara-
tion for the issuance of loan ccrtifi-
Gates This however, was confined
a..
tee which Is 10 pass upon collateral
Offered for the certificates diH not
hold a formal session. Another evi-
dcnte Of activity was the small knot
of people gathered at some Of the in
stitutions where runs were in progr s.
last week. waiting for advantage as
positions on the opening Of business
tomorrow
The indications are that banking i'm
stitutinns will not pay out largo
amounts iu currency tomorrow except
to meet legitimate requirements of
their clients for current business. II
has long been the practice Of trust
companies ana some Of the smaller
banks in meeting checks for consid-
cradle amounts. 90 draw checks upon
the national banks with which their
reserves are kept II they pursue this
policy tomorrow and until the end OF
parture from their usual practice.
such checks under ordinary circum-
stances are preferred to currency. and
II currency is demanded IN unusual
amounts il will be refused unless owl
dence is given that ii is required In
good faith and for other purposes than
boarding. to prevent which ~ the
main purpose Of this step. Currency
will he paid on small checks as de-
fumAe
rolls and other legitimate and ordi-
nary uses. II may be thought advis-
able TO stamp checks payable through
clearing house as WAS done In 1893.
The Susueusion Of currency payments
at that time extended 10 all the banks
and also the trust companies. which
we're then comparatively small fac
tor in the situation Little OF any IN
convenience resulted from the pay
nNnt by checks instead Of currency.
except in cases where there was a
special need for currency. Currency
at that time went 10 premium of a
fraction Of one per cent. and DOB some
cases even as high a. "A full one per
cent This was due 20 the fact mat
currency was refused even for pay
rolls for the use of retail shops ana
for other purposes Tor which b. was re-
ouired II is believed that the situa-
tion will not be so acute on this occa-
sion and that currency can be paid
where IL is required for legitimate
business purposes and not for hoard
ing This system Of check credit VIII
operate In the usual manner. ana
'here will be no Inconvenience Co the
man who does make any special effort
ID. OBTAIN currency. Checks drawn in
current obligations wiz be received
fs~ deposit by any bank tnd redeemed
through the clearing house in the US
UaI manner. except that the clear
ing house balances against A. banks
will be settled in clearing Nuse loan
certificates instead Of currency
man having a bank account viii have
checks nut 90 his credit az usual and
can draw against them freely without
interruption in the course ot ne rela-
tlons with the banks ~ J. not be-
ilcved that the dearth 20 currency viii
be- such as 10 prevent those requiring
s~sau amounts or not having regu-
lar bank account, from Obtaining h-