The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-10-26
Threatened Panic Has Been Sue
cessfully Fought Off.
CONFIDENCE RETURNS.
Whole Trouble Was Due to
Lack of Currency.
There Was Not Enough Actual
Money to Meet Demands.


treasury, have been battling night and
day to preserve order in the banking
world. held no conference last night
but went to bed early, confident in the
belief that threatened panic had been
successfully combatted and that from
now on the restoration of public con-
fdence and tranquility would be
speedily accomplished. The principal
difficulty throughout the weeks ex-
element Has been lack of currency.
There was not enough actual money in
Tthe city to stand the tremendous drain
without cutting down loans.
- The small banking institutions that
closed this week have good supplies Of
gilt edged securities in their vaults but
they could neither sell them nor bor-
row money on them this week simply
because of the scarcity of actual paper,
gold and silver money.
No apprehension was felt this morn
ing as to the result of today's financial
transactions. The stock exchange and
the banks will be open for business for
only two hours and the stock exchange
will not be troubled by the money
situation, as all the loans made yester-
day carry over until Monday under the
ordinary rules of the exchange.
There were small lines of depositors
in front of the Trust Company ofAmer-
lea and the Lincoln Trust company,
but their number was not so great as
at the same hour yesterday.
Claims Ninety Days.
Providence, R. L. Oct. 26.-The In
dustrial Trust company posted notices
In the savings and participation de-
partments, just before the opening
hour today, declaring that the rule re-
Quiring ninety days notice of with>
drawals of deposits had been put into
operation. Checking accounts will not
be affected by the action.
Only few persons were in line be-
fore the doors of the Industrial Trust
company opened early and it was gem
orally believed that the worst of the
financial panic had passed.
A committee from the clearing
house had charge of the financial sit
uation today, prepared to render as
sistance to banks if called upon. The
committee recommended that in the
payment and certification of checks
such checks shall be made payable
only through the clearing house. This
is the customary method of procedure
In time of currency stringency, and it's
object is to prevent the withdrawal of
money from circulation.
The direction which remedial eff
forts will take has been the subject
of earnest consideration and of some
difference of opinion even among the
most important bankers of the city.
The difficulties are admittedly in large
measures local. 1t is felt that the sud
den lack of confidence is not very
widespread throughout the country.
The situation at Pittsburg and Provi-
dence is expected to right itself I'm
der these circumstances it was first
suggested that an effort be made to
relieve the tension in New York by
gold imports, and something in that
line is being done. Whether the rate
of exchange and the price of Ameri-
can securities will reach level to en-
able gold imports on a sufficiently
large scale to be effective remains 20
be seen. 1t is felt, as Jacob Schiff put
1t yesterday that any effort to press
the matter is likely to meet with OBJ
structive m easures in London.
As an alternative means of relief
the clearing house loan certificates
have been discussed in a tentative
way. Naturally every one is loath to
adopt this eXpedient and it is felt that
it is by no means necessary to resort
to it.
At Pawtucket withdrawals from the
Slater company continued to be above
the normal, but the officials stated thai
Eshey had plenty of money and could
t5ay all demands. Withdrawals from
the Pawtucket institution for savings,
and the Providence County Savings
bank. also were in excess of the usual
volume but the depositors desiring to
take out their funds were mainly wage
earners having small accounts.
London Feels Better.
London, Oct 26-Money on the mar
ket today continued in good demand,
with rates firm. Discounts were firm.
Much caution was exercised pending a
settlement of the financial troubles in
New York.
The stock exchange finished an ex-
citing week with the tone calm and
prices steady. The volume of business
transacted in first class securities was
not so large as usual owing to the ap-
proach of the settlement and although
consols eased on the prospects of the
shipments Of gold from here to the
United States and the dearer rates
charged for money, the undertone was
decidedly good.
Americans were comparatively quiet
the dealing being confined principally
to Union Pacific, Atchison and Missouri
Pacific Prices opened well above par
ity, hardened during the session and
closed firm at near the best quotations
OF the day.
Copper shares were notably strong.
Rio Tinto gained a point and Amalga-
mated gained 2 points.
Stock Exchange Still Closed.
Pittsburg, Pa, Oct. 26.-There will he
no session Of the Pittsburg stock ex-
change today. If the situation contin-
ues to improve the exchange will pro-
baby reopen Monday next.
Bank Failure in BROOKLYN
New York, Oct 26.-The Terminal
tuition, with a capital of 100000 and
deposits of about $4,000 suspended
Payment today.
Run Is Over
New York, Oct. z6.-The subtreasurv
received SO, 900 in small bills from
Washington today.
The Trust Company of America OBJ
ened it's doors as usual at 10 o'clock to-
day. There were less than 100 deposit