The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-10-28
Pressure on the Banks Abating
Runs Disappearing.
APPROACHING NORMAL
New York Bankers Have En-.
gagged $11, 100000 for Import.
Expect to Secure About $5,-
100000 More Today.

New York. Oct. 28.-Fortified by
the remedial plans adopted Saturday
Tor the protection of New Yorks sup
ply of currency, f1nanciers began the
new business week in hopeful
frame of mind. They were especially
encouraged by the precautionary
measures taken in other cities, includ-
ing the issuance of clearing house GER
tihcates at various other center be-
sides New York, believing that these
measures will be effective throughout
the nation at large in keeping neces-
sary supplies of cash within the con-
troll of the banks for use in carving
on the business of the country The
greatest danger throughout has been
the tendency of small depositors to
withdraw their funds from the banks
and to place them in safe deposit
vaults where they were Withdrawn alb
solutely from circulation in the chan
nels of trade where they are so badly
needed.
The importation of gold is expected
to assume large proportions and will
aid greatly in providing funds for the
banks. Up to date the engagements
for import amount to $5,OOO,OOO by
the National City bank, S2,000,000 by
the Chase National bank and $780,
900 by .Heidelbach, Ickleheimer &
National bank. Gold to the amount
of about $5.O00,0OO probably will be
offered in the open market in London
today, and it is hoped tnat the United
States will secure the larger proper
ton of this.
Stocks Advance in London.
American securities in London
showed sharp advance at 1 p. m. to-
day. Amalgamated Copper advanced
Y, Atchison Is, Union Pacific 1 y
and other shares were fractionally
higher. Lines of depositors remained
in front of the doors of the Lincoln
Trust company and the Trust Com
pany of America despite the heavy
rain which fell throughout the night.
The all night line at the Lincoln Trust
and forty-fiye were waiting their turn
at Trust Company of America. Three
persons remained in line all night in
front of the Riverside bank. a small
state Institution at Eighth avenue and
Fifty-seventh street. At o'clock the
line in front of this bank numbered
35 persons.
One of the most important ques-
tions to be decided by the clearing
house today was whether or not to
admit the trust companies to mem
bership in the clearing house and to a
share in the advantage to be derived
from the privilege of issuing clearing |
house certificates. The only opposi- |
W
plan was based On the fact that the |
trust companies are required by law |
to maintain a reserve of only 5 per |
cent of their deposits while the ma
tional banks are required to hold a re-
serve of rs per cent Some of the |
bankers contend that this disparity |
in legal reserve requirements will give
the trust companies an advantage |
over the banks if they were admitted
to the clearing house and given the
full support of the banks.
Lazard Freres engaged $1,500, 900 in
gold for import from London today.
This makes s11, 100000 in gold engaged
'or importation since last Friday.
Holds Roosevelt Blame1ess.
Mobile, Ala, Oct. 28-United States |
Senator Joseph F. Johnston, of Ala
oama, who is the guest of Mobile for
wo days, says regarding the financial
situation:
1.-The Wall street crisis is due, in my
opinion, to the unreliability of the men
n charge and should in way effect
he conservative financial institutions
If the country. The cleaning out that
las and will result from the reorganiz-
Ltions will make public confidence all
he stronger. President Roosevelt's
urning on the light of existing condi-
ions was a good thing and he is not to
,e blamed for the crisis that resulted.
The banks in the south, especially Ala
,ama, have not felt the crisis at ALL
1.-The south, instead of being a bor-
over from Wall street, as in the past,
5 really lender to that financial CEN .
err"