The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-28

NEW YORK. October 27.-The feeling
among banking authorities tonight is
that united action and wise counsels
have already accomplished much ir:
problem with which thay have been
called on to deal during the past week.
and that with remedial plans now
further perfected the promise is strong
for the uninterrupted maintenance of
financial stability. To-day was marked
by the usual Sunday calm. which gaye
the financial leaders an opportunity to
ease the tension of overwrought nerves
experienced during the past week.
Most of them remained at home
throughout the day, and there was a
noticeable absence OF those hurried
conferences Of recent days.
The departure of Secretary Cortelyoli
for Washington removed conspicu-
GUS figure from the field, but 1t was
felt that with President Roosevelt's.
strong support. as expressed In his
telyou's presence in Washington was
favorable to such further governmental
assistance as might be required.
Activity mt Clearing House.
At the clearing house there was
much evidence of activity In prepara-
ton for the issuance of loan certificates
Tomorrow. This, however, was con-
fined to the subordtnates. as the loan
committee. which is to pass upon col
lateral offered for the certificates, did.
not hold formal session.
Another evidence Of activity was the
small knot of people gathered at some
of the institutions where runs were;
in progress last week. waiting for an,
advantageous position on the opening
OF business Tomorrow. q
The indications are that banking
institutions will not pay out large
amounts In currency Tomorrow except
to meet Legitimate requirements of.
their clients for current business. 1t
has long been the practice OF trust
companies and OF some OF the smaller
banks in meeting checks. for consid-
erable amounts to draw checks upon
the national banks with which their
reserves are kept. II they pursue this
policy to. morrow and until the end OF
the present crisis, 1t Will not be de-
partures from their usual practice.
Such checks under ordinary circun,-
stances are preferred to currency. and
If currency Is demanded in unusual
amounts it will he refused. unless evil
idence is given that 1t Is required in
good faith and for other purposes than
boarding, to prevent VIII Is the main
purpose of this step. ;5i
May Pay Out Little Currency.
Currency will be paid on small
checks, where desired, and to provide
funds for paS-rolls and other legiti-
mate and ordinary uses. 1t may be
thought advisable to stamp checks
payable through clearing g-house.' as
was done in 1923, The SUSPENSION Of
currency payments at that time ex-
tended to all the banks and also to
the trust companies. which were then
a comparatively small factor in the
situation, Little, IL any Inconvenience
resulted from the payment of checks
instead OF currency. except III caaes
where there was special need for G ur-
rency. Currency at that time Wen TO /
a premium of$a fraction OIL per cent,
full per cent, This was due To the
fact that currency was refused, even
for paS-rolls, for the use Of retail
shops and for other purposes for Which
it is required.
+ IT is believed that the situation Will
not he so acute on this occasion. and
that currency can be paid where it Is
required for legitimate business ppr.
poses and not for boarding, This sys- I
tenn of check credit Will operate in the
usual manner, and there will be no IN
convenience TO tho man who does not W.
make special effort to Obtain currency,
Checks drawn in payment Of current
obligations Will be received for de- u
post by any bank and rede through
the clearing house in tho usual man
lner, except that clearing house hAl-
.ances against the banks will he settled
In clearing house loan certificates tn-
stead OF currency, man having ~
bank account viii have checks put 10 4. \
his credit as usual, and can draw
against them freely without sinterru n
ton in tho course OF his relA tions
with tho banls. II ID not believed thAt
tue deayth at sugysnsx TIL ~ ayssaa -