The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-10-22
Comptroller Ridgley Says
There's No Cause for Alarm.
He Considers Financial Situa-
tiOn to Be in Good Shape.
MANY CONTRIBUTIONS
OF His Views Come From All
Quarters of the Union.
Nearly All Large Cities Report
Conditions Safe and Sound.

Washington. Oct. 22.-Comptroller of
the Currency Ridgley in speaking of
the financial situation in New York to-
day, said:
MY advices from New York this
morning are reassuring and the situa-
tion there should now improve. The
storm has broken and the damage is
known without any failures of the ma
tfonal banks, which lately have been
| criticised. The clearing house confirms
my reports that these banks are all
solvent. Their debit balances at the
clearing house this morning are less
| than expected, and 1 understand one
| bank paid it's balance without help. Tho
| national banks of the country generally
| are in strong shape, and there is not
the slightest occasion for any alarm in
regard to them. This is a time for cool
ness and prudence and not for alarm. !"
| Debit Balances.
| New York, Oct. 22-The clearing
| house committee announced the follow
| ing debit balances of banks today:
| Mercantile National bank. $454, 600;
National Bank of North America, $543,-
| 900; National Bank of New Amsterdam,
$340, 900; the Mechanics and Traders
National bank, $4,000; and the Nation
al Bank of Commerce, 81, 100000. 1t was
officially announced that the clearing
| house committee had rendered assist
ance today to the Mercantile National
|
America and the National Bank of New
| Amsterdam. 1t was stated that the
| large debit balance of the National
Bank of Commerce represented the
| clearances of the Knickerbocker Trust
company.
No Weak Spots in Chicago.
Chicago, Oct. 22.-The officials of the
banks of this city are a unit in declar-
ing that never in the history of the
city have it's financial institutions been
on as sound basis as they are at pres
ent.
Following the failure of the Chicago
National bank two years ago, the Chi
cago Clearing House association, dis
satisfied with the state and national in
spection OF banks appointed an inspec-
tor of it's own at a salary double than
paid by the government for similar
work. The inspectors bureau has the
power to audit banks at any time, and
as a consequence all of the banks know
exactly every day the condition of the
other banks When bank demurs
to the work of the auditor it is prompt
ly denied clearing house facilities. The
result has been in the last two years
have been compelled to liquidate and
that the banks of this city are stronger
today than they have ever been.
Cashier B. M. Chattell, of the Illi-
nois Trust and Saving bank, declared
today that there is no weak spots in
the banks of Chicago. There Is not
only money here in sufficient quantities
he said for the ordinary demands of
business, but for the moving of all the
grain crops in the west. Money is as
plentiful here as it ever is at this time
of the year.
Both Mr.. Chattell and other prominent
financiers of the city asserted that the
financial trouble in New York does not
involve Chicago in the slightest de-
gree They declared that Chicago in
vestors had for some time been chary of
investing in securities offered in Wall
street and had made it practice, they
thought to buy only on declines. The
result has been, they declared, to place
the financial institutions of this city
in a position where 1t can not be DIS
turbed by the present conditions IN
New York.
President Forgan, of the First Ma
tioal bank, said:
.'The Chicago banks are absolutely
sound They are not in the habit of
handling undigested or undigestible Sc
c,1rities We can use all of our money
in legitimate enterprises The disturb
ance in New York can not disturb us
in the slightest degree"
Ready Money in Plenty.
San Francisco, Oct. 22-Banking and
financial conditions in this city are re-
ported as excellent. No furry has oc-
Cured on change and none Is anticfpa-
ted The movement of crops is in ac-
tive progress and a consequence the
volume of money in circulation has been
increased by Withdrawals from the
banks during the last 80 days. The
shortage of cars has delayed deliveries
and the return Of money to the banks
therefore. will be slow. However, the
supply of ready money is ample for all
purposes.
Banks Hold Large Reserves.
Salt Lake City, Utah, Oct. 22.-I
Bankers here say the financial con- |
dition in this city has never been as
good All the banks hold large re- |
serves and none of them is appre- |
hensiye as to the outlook. The vol |
ume of business here shows a large |
increase over last year and the |
amount of money in circulation as |
shown by clearing house reports is |
larger than at this time
last year.
Conditions Never Better.
Helena, Mont. Oct. 22.-Financial !
in Montana were never |
better Record prices have been OBJ |
tie have commanded a material ad- |
vance over last year. Up to two
months ago copper sold at an unus- |
ually high price, so that on the whole |
the present year has been the most |
prosperous in the history of the state. |
All crops are of the bumper order ana |
last reports to the examiner show the |
state banks have unprecedented de-
posits, surplus and reserve funds. The
same is true of national banks. There |
is comparatively no speculation in |
stocks in Montana aside from out
right purchases and the owners as a
rule are prepared to carry them.
Money Is Tight.
Los Angeles, Cal, Oct 22.-With
the exception of stringency in the
money market, which has greatly re-
loans, and a dullness in sew