The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1907-11-19
LOFTY BANKING
CAUSE OF PANIC,
SAYS WHEELER
University President Sees
% Story Finance at
Bottom of Trouble
COUNTRY PROSPERS
Fright and Shock viii Work
Good End, Says
Educator
ROOSEVELT PRAISED
Many Messages Commend
Executives Promise
of Relief
ROOSEVELT PRAISED
SPECIAL DISPATCH TO TIE CALL.

WASHINGTON, Nov. 1S.-
The moral and material effect Of
President Roosevelt's letter to
Secretary Cortelyou and the lat
ter's announcement that Panama
canal bonds and certificates would
be issued aggregating S150.000,-
900 was instantly felt here today.
The belief IS general among pub
lie men that the panic has been
dealt a staggering blow and that
by Christmas, if not before, the
last effects Of lost confidence will
be removed This is the opinion
of Benjamin Ide Wheeler. who
called on the president today. Presi-
dent Wheeler has Just come from Cali
fornia and says the coast country is
sound to the core and with prosperity
evident all along the line.
II want to say a few words about
this panic" he said. II have Just
come across the continent from Cali
fornia, and there is not one condition
resembling the barrenness of 1893
california. like the rest Of the western
states, is abundantiy prosperous. The
banks ere fun of money, everybody has
been making money. crops are good in
every line and valuable.
The panic came as a blow from the
outside. Tt is evidently purely cur
rency panic. touched of in New York
and is the result Of too much twenty
three story banking in that city. Most
OF the country is all right, and 1 think
we win be back in normal conditions
on a sound business basis in a month.
and that we shall be better for the
fright and shock, because we viii be
q little soberer.
Senator Flint, Senators Warren and
clark OF Wyoming. Burlett Of Nebras-
ka, Borah of Idaho. Gallinger Of New
Hampshire and several other senators
concurred in the view that finances in
their respective states would soon re-
cover their normal condition. They
heartily applauded the governments
action
MANY BARGAIN HUNTERS
Scores of wealthy Washington people
have invested heavily in stocks during
the furry. a banker informed The
Call correspondent today that his bank
alone had handled $1,000 600 for clients
who are quietly picking up bargains in
stocks. There is very little agitation
in Washington, partly because this
town is on a currency basis and feels
the direct effect Of heavy treasury dis
bursements Of currency. The feeling
here is practically universal that the
furry has already passed its climax.
Many kilograms from al parts Of the
country, including New York, Chicago
and other large cities. have been ar
irving all day at the White House. and
after being read by the president have
been referred to Secretary Cortelyou
at the treasury department. The call
ers al the White House, who have been
numerous, have each added an opinion
on the optimistic side Of the situation.
LETTER CHECKS RUN
The president was informed from
Buffalo that his letter expressing con-
ndence in the financial soundness of
the country had been printed in sew
eral languages in Buffalo and distribut-
cd among depositors who were making
q run on bank there, with the effect
Of checking the run Before the bust
ness day Of the treasury had ended
many applications arrived for the new
certificates Of indebtedness.
The fiscal uses to which these certih-
Gates may be applied viii make the de-
mand for them general. according 20
the opinion Of experts in the depart
ment They may be registered in the
treasury and partake of the virtue OF a
government bond and as such be de-
posted as security for national bank
circulation or deposits When not
registered. ii is predicted. they will cir
culate secretly as security.
The interest on $50 certificate will
amount to I2h cents a month and a
holder may easily obtain credit for the
amount Of interest he is entitled to at
his bank. Assurance was given today
that the gold reserve Of the government
was behind these certificates and this
fact. added to their interest bearing
features. viii make them eagerly
sought
Representative Bartholdt told the
Continued on Page 2, Coils. and