Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1907-10-28
TOday's Telegraphic News.
The Financial Situation.


New York, Oct. 28.--New York
banks continued on an increasing scale
the use of clearing house certificates to-
day as authorized at q session Of me
clearing house association Saturday.
So far as the public is concerned the
certificates do not figure at all. They
are used merely to settle clearing house
debts. They will prevent the tieing up
OF large sums, however, and practically
remove all possibility Of the Gripping
OF financial institutions by preventing
the cutting of Of cash needed to meet
Withdrawals.
Most of the trust companies also re-
sorted to the payment Of depositors with
certified checks on clearing house banks
in preference to releasing currency.
The crowds about the banks and trust
companies on which there were heavy
runs last week had dwindled 10 mere
hsndfuls early today. At several insti-
tutious the bank wstchmen opened the
doors long before the regular opening
hour that the waiting patrons might find
shelter In the Hobbies from the storm.
Secretary of the Treasury Oortelyou
sent word from Washington that be con
sidered the situation so well 10 hand
that he will not return to New York.
State Superintendent OF Banks Will
liams announced last night that several
State banks which closed heir doors I'M
der the pressure OF Withdrawals asked
permission to reopen. He did not say
what answer will be returned.
The pool formed last week and headed
by J. Pierpont Morgan, which raised
about s25, OOO, 900, and loaned it on the
stock exchange, was dissolved today "a
, it is moi believed that such action is now
needed. Bank presidents bslieve that all
the call money needed in the transac'
ton of business now may not be obtain
/; ed by brokers through their regular
banks.
Chicago, Oct. 20. - Chicago banks
opened today with no indication OF auy-
thing resulting from the announcement
yesterday that clearing house certificates
| would be used in the transaction of bust
ness. Before the doors opened. there
were quite q few heads OF smaller BUSH
mes, houses waitingto learn what method
would be followed, but there was no in
dication or intention 10 withdraw &C.
counts. Assistant Chief Schuettler had
| 100 plain clothes men 10 reserve for use
at the banks, but it was found that there
| was no necessity for their presence, 80 only
III men were used more than the ordinary
detail. All the banks announced that
regular customers and positively identl
fed checks would be Accommodated with
cssh aud that business houses would have
no trouble 10 getting currency to meet
their pay rolls and other business neces'
sites.
St. Louis, OFT. 20 One hundred
policemen were assigned 10 duty around
the banks and trust companies of thu
city this morning to prevent any crush
which might follow the announcement
that 80 to go days notice i, necessary tC
withdraw savings funds.
Pittsburg, Oct. % The Board o.
Directors of the rttsburg stock exchange
this forenoon decided 10 remain closed
today. Secretary Charles j. Holman
stated to the United Press that there was
no Official announcement Of the action to
be made other than the board considered
1t best to remain closed 10 view of the
troublous condition of monetary affairs
10 New York.
Cleveland, O., Oct. %. The Cleve-
land Clearing House Association has de-
cided to issue clearing house certificates,
if such action Is found necessary. AT
the suggestion of the association the
Savings Banks and Trust Oompanie, to-
day put into effect the time notes clause
on all withdrawal, of savings accounts
over $50. Checking accounts are mol
involved.
Cincinnati, o., Oct. 2S.-The follow
ing statement was Issued by Cincinnati
bankers after q conference:
"In the interests of depositors and the
public and as basis of immediate gen.
eral assistance, the Clearing House re-
solved to issue Clearing House certifi
Gates, and also resolved that all banks Of
this city, whether state or national,
havicg savings accounts, exercise theil
right to decline to honor Withdrawals on
savings accounts.
Bath, Me-, Oct. ga run on the
Bath Trust Company forced the institu
lion to close its doors today. Its paid
up capital is 800, 900 and its deposits
are estimsted at $40 900.
Chicsgo, Oct. ga run has started
on the Hibernian Bank. There are mOle
than 200 people in line and the line ex'
tends out into The street. Most OF the
anxious ones are women. The d bar'
nisn has been regarded as the strongest
State institution in Chicago.