The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-25
John ID. Rockefeller Says So in
Discussing Financial Matters.
Declares There Was Never &
Necessity for the "WOrst."
LET'S ROOSEVELT OUT.
He Says No Blame Attaches to
the President.
Banks Will Soon Resume Pay
ments in Currency.

New York, Nov. 25.-"The worst is
over.' said John D. Rockefeller when
asked his opinion regarding the fnan-
cial situation. 1t was at the close of
the services of the Fifth Avenue Bap-
t1st church, which ne attended. that
Mr.. Rockefeller gave his opinion to
friends
There was no necessity for that
worst ever to have appeared" he
continued. but of course we are
bound to feel the effects of it for
some time.''
What do you think was the real
cause of the panic?' he was asked.
"Oh, there were a number of causes.
They all happened to combine and
came to head at one time. ALI of
these combined forces created uneasi-
ness and lack of confidence. When
you remove confidence from the busi-
ness world trouble is bound to ensue.
Confidence will be restored gradually
and we will resume our normal condi-
ton. This is too great country to
be held down.
do you believe President Roose-
velt's policy in attacking the trusts
ditions?"
st believe President Roosevelt to be
actuated by the best of motives and
have no criticism to make of any
kind. This financial condition was
foreseen long before it was felt. Sew
eral well known men pointed out that
it was bound to come unless measures
were adopted to stop it,
Will Soon Resume.
That the banks of New York and
throughout the country will soon re-
sumo payments in currency Is the
opinion expressed by men prominent
in the financial world. The issuance
of s1Oo.000.ooO in treasury certificates
of indebtedness was by most made the
basis for this statement. The banks,
it is said, are enabled, because of the
enormous importations of gold, to
take up most of this. and thereby in
crease the bank note circulation.
1t is said that several millions in
currency will be released by New York
banks for loans today and that the
call rate will fall to normal is ex-
pected. Bankers are of the opinion
that the currency premium which has
already fallen per cent to IL per
cent, will within very short time
disappear.
Frank A. Vanderlip, vice president
of the National City bank, said:
ST do not anticipate that the cur
rency premium will last much longer;
I believe there will be an abundance
of currency in a very short time. In
fact I am confident that in the near
future we shall have more currency
than we will know what to do with.
The issuing of those treasury certif1-
Gates has been the final link in the
chain of events which have brought
about an end of the crisis.
.'The National City bank has already
for S2,000,0o0 Of the new issue
of treasury certificates, and this will
increase circulation at least $1,900,000
during the coming week. Other banks
will doubtless take advantage of the is
sue and the increased circulation in
New York banks will be felt almost at
once"
What Perkins Says.
a
banking house of J. P Morgan & Co.,
said:
IT don't believe there will be any
premium on money in few days. The
people who have been holding their
for a large premium will proba-
bly, find that they have held it too long.
Where, ten days ago the premium was
four per cent, it was only 11A per cent
The rapid diminishing of the
money premium is one of the most en-
couraging things which the banking in
terests have seen since the trouble
started. The general situation has
greatly improved"
Bankers also state that they don't be-
Iieve there will be any further extensive
engagements of gold abroad. Since tho
financial difficulty began $S1, 1,225, 900 in
gold has been secured abroad. By far
the larger part of this gold has already
reached New York.
During the furry it is estimated $685.
boo, 900 has been withdrawn from the
banks in New York and the total with |
Drawn throughout the country is esti- |
mated at $535, 100000 Clearing house |
are in use in % cities of |
over 100, 600 population the amount of !,
these certificates outstanding in New |
York City being $4,000, 900.
Not Scarcity But Scare.
Baltimore, Nov. 25.-W. J. Bryan lee |
-ured at Ford's opera house last even |
ing under the auspices of Y. M. c. A. |
prior to which he was given a luncheon |
oy friends and admirers. Just before |