Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-10-27
CALM FOLLOWS
WALL STREET
SQUALL
| MORGAN WARNS AGAINST
BOARDING COIN IN VAULTS
ThoughtleSS Withdrawals of
Funds by Timid People Fur
niSh Most Serious Menace in
Present Strained Situation.

Present Strained Situation.
/ my Morning Journal Special Leased wIre.1
/ New York. Oct 2G-In response to
/ @ request of the Associated Press as
! to his views of the present situation.
/ ~ = Morgan said today
I AS | have already said, ! can not
200 strongly emphasize the Importance
of people realizing that the greatest
l injury that can be done IN the present
situation Is the thoughtless withdraw
al Of funds from banks and trust com-
/ panies and then boarding the cash In
safe deposit vaults or elsewhere, thus
Withdrawing the supply OF capital al
ways needed in such emergencies as
that which has been confronted dur
ing the past week"
James SUllman, president OF the Ma
tonai city bank, who next 10 Mr.. Nor
gan has done more 20 bring out So
luton Of the financial difficulties In
New York than any other man, said:
THE wise and heroic action Of the
secretary OF the treasury and the
splendid efforts OF Mr.. Morgan. with
the assistance Of the clearing house,
have demonstrated the sound financial
condition Of the clearing house banks
of this CITY Now. however, In order
lo teel't,a'c Wv 49,. ~ 49, ans
gram ionacco anu o.le. pl1uuets' s's s,.n NJ
associated banks have wisely decided
"a combine their credit by the issu-
! ance of clearing house certificates.
and thus prevent the paralyzing OF a
vary large part Of the business OF the
country
Caimhess anu stoNihe slleuul .-' a
ment We're me uutlll'uht ~ ,.,.,.,t es
me ilhhhelA' sltunuun w VIZ, -. - ss,'aa,s
hahkihg M AHNons vipsNu 49, tnss' ,..tN
today, WITH tae great finanelal lnstl-
tuilons g. lntaS. .'. ai' 30 ss ,ns
! met l'u "S,','itN lt ,,.,,,,,,-
pasl "iN 1'S nls.'aa ~ !" ~ ,re
/ stfhii1 'I ."t Nv -. -
banks tm' i' oi ~" ~ ~
impoltaht tfr
rnttrnOe oa ah nee and
Nllf'uus y Wftt a from
, "ther Hensluv. ll.r. we're
! eNii - ,,is tra,,,al ~ aah ItU 'cv-
HN1' ,.I,,,a 80 nanlea LNcse
eral banks anu w MOST porf
Wl'!,'it" 4" ...a,t., ~, s,n,si, fH the IN
hN the rln" ~ ~ .,,tl..,f 10 pay
hltullohs ul, ~, w. @ ~ - os usupi
apl on ac,, ac,llann TX ~ s,tnrda
honl oi S'1atnh ,,,,1a ~, in No ran rdial
,. 80 thnt az the CIaarpg
measures Wa5 'n"t ',t,,a "a tse,r
House hssoclai,oh w N1s ,,s,,ss,o, a. ~.
clearing nouse l1a' ,ta,.,sn,,,os IN sci.
use OF the pahN .','.i''., -, ,he clear-
tling thelr uady ,l,,,i,a,os ,,,,il not
ing heu7e' ,se,ta,tnn hnt their
gel lhtn bclts, ~ hante Ia keep In
, use VII ~ NJ needs ~ penerai
, cllcula,l"il, & W o,,,o,,,ts az currency
business, iniss .,.,,,,is hc raonlred FOR
which olherWlse Moulu ~ nieariny
the setueHeht w 49,, ygcre fnrmu-
house hhhhces 80 .s,,s 80 clear
lated 20 eNtehu INC ,r,.t
ing house cefullts'es 49, hanks
companies ~ ,,,ar,hers ~ the
p which ais n' ,es''siattnn Another
clearing h1use 80, saatnre ~ todav's
extremely lilp"i '.in' .,,,,s,,,,,t h, the
news was the anh"uhSe - an.
, National Guy batN tltl t,,,,,ort n
gagged *5,OOO'eou IN soie ~" ,banee
Is believed hy pahhVia ,,t -, a. tbe
! brokers thnt thls thba ,,t.t,. a., /,
beginning or Whht ~ ontd ~ Ne,v
continuous movement va
|, York from abroau' 10, L. ,,er, favor-
The exchange hlaI ~ .,s,d ana
able for the importation 9t so,u' a ,,,i,i
| it is believed that ne 49, f,,,tot
be met with IN NecuIlns aaSsd
from Europe go iar ~ Hla3 81. - Lii
The clearing n"uae 49, ,hat the
De issued, put -, .,sit A.
amount asked lot wiz ~ IT,, -,
other step was tak.n 20 49, ~ ~ ,,rfa-
portance, designed 20 olist ~ -
| Nortult eil.NE 49, that tbe eieariue
duced by the fact that VIZ we cls"l ~ l'is
house banks were m posi,lVh ~ ~
tain certificates, Whli' thv us. ',..-e
| pauiea we're LETT out or tht "lialibN
ment The fear mar tho l'uSs Ss-.,a.i ~,
mics would be unfaNorahy hiisS'su ~
d such q decision was one OF Wy l llli y
encpe which led several nlemp.l "
I I the clearing house coininiuee !" ~
, pose the Issuance ~ certticateh' l"e
I I .tpp taken Goo offset this dahe"r
the presentation or feAo!ulioh
~. Clearing house committee 10 the
meeting OF the association, % the ci-
f..f fhat trust companies should De
. admitted tn The clearing mouse, ~
. was provided that this resolulioi. :
mfrhf bH considered az a meeuhk on