The Norfolk weekly news-journal. (Norfolk, Neb.) 1900-19??, 1907-04-26

panles, taken In the larger part from
the east and middle west. and the
drain was stood with but very few in
stances of failure, demonstrating that
elasticity" was possible under certain
conditions. | was much pleased re.
Gently to- note that business had about
resumed normal conditions In the
stricken city, that deposits In the
banks were In excess of the period
just prior to the earthquake, and that
the clearings for the week prior there.
to. az compared with last year. were
exceeded by about 100000. This Is
indeed wonderful and speaks we'll for
the financial stability of the entire
country.
The year just passed has been Il
wonderful one In the way of reforms
Under the leadership of fearless
man. occupying the Office of the chief
executive of the nation, much has
been accomplished in the way of leg
islation, In doing away with graft. In.
surancc frauds were exposed railroad
determinations corrected, food pro.
ducts purified and many wholesome
laws enacted for the benefit of the
common people. Our own legislature
caught the spirit of reform and has
enacted n great number of laws which
will tend to develop the commonwealth
OF Nebraska.
Our Prosperity.
That prosperity has been the rule
of the year Is unquestioned. Never
were the bank deposits as great and
never were our bills receivable as
high. While we have more money
than ever before, there seems to be
the ever growing demand for loans.
Legitimate enterprises find no dinlCul-
ty in being financed and am afraid
that the same may be truly said of
enterprises not so legitimate.
The expansion of our credit system,
national, state and individual, has been
enormous and possibly the cry of in.
adequacy of our currency is traCeablc
10 the ability of and our Willingness
to so in debt. | believe that II is the
duty of every banker to be progressive
but not TO such an extent as to lose
sight of all landmarks that point to
depression and hard times. History
as a rule repeats itself and when we
overstrain our ability to pay without
sacrifice, when we have reached the
limit of values, as compared with rev
enues derived, | think that 1t is our
duty, (and | do not think we should
be accused of pessimism) to call a
halt, for the purpose of taking stock
and seeing where we are at
Nebraska is an agricultural state,
dependent upon the east and west for
the consumption of her food products.
A Ion, nt i'm,
west and the consequent idleness of
the mills and factories of the east, and
unemployed labor cannot purchase our
products at the present prices, re-
duction of the prices of cereals would
mean a diminishing in land values.
Are we prepared for these shrinkaEes?
That a period of depression always
follows imitation is or has been true
of the past. When that period will
come is the question. Rumblings are
often heard without any disturbance,
yet the people of San Francisco do
not feel the earth tremble without mis-
givings as to what may follow. Is it
not wise for us to all be prepared for
financial storm this coming fall and
winter? | do not wish to be under
stood as making any prediction but
simply admonish keeping close to the
shore so that when the storm breaks
none of us will be far from safe
harbor.
1t seems to me that the shrinkage
in value of railroad stocks and many
of the so-called industrials should
warn us of possibility of what might
happen should capital become timid.
1t is all very well for us to say we are
an agricultural state, give us a good
crop and we are Independent of any
eastern financial difficulty, but what
if the fear is inoculated into all the
capital of the east, railroad building
should cease, the capital necessary to
finance new enterprises withheld, or
ders to factories cease, and general
stagnation take place, what would be
our position; or a greater calamity
yet, partial or total crop failure?
Legislative Work.
1t may be of interest to you to de-
tail some of the measures that were
enacted into laws, as well as those
that were not, during the session of
our legislature just closed.
Fortunately for the banking inter
ests of the state there were a number
of the fraternity who were members
of the session. These, assisted by the
members who were stockholders in
banks, (and there were a goodly mum
Der of these latter found among the
merchants, lawyers, stockmen and
farmers comprising both houses) pre-
vented the passages of laws that would
have been inimical to the business we
represent.
Foremost of these measures was
what was denominated the tax ferrit
bills either one of which would have
allowed the local assessor to enter
bank and look over the books with
view of ascertaining the balance to
the credit of any and all persons, and
taxing such balance without taking
into consideration the fact that in
many instances checks were drawn
against such balances in payment of
merchandise and had not yet reached
the bank counter. These were both
killed.
Next was a bill contemplating the
licensing of cOrnOratiOnS MANY CON