The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-10-29
So Far as Observed Under Pre-
vailing Conditions.
CONFIDENCE GENERAL
and Manufacturers
Hold Important Meeting.
More Money, More Commodities,
Less Debts on Hand.

A called meeting of the merchant
and business men members OF the
Commercial club, was held last night
for the purpose of arriving at thor
ough understanding of the financial con-
dition now existing in the country gen.
orally including Topeka Though the
meeting was not arranged for until
nearly six o'clock sixty-five representa-
tives of the business interests of the
city We're present when the meeting
| was called to order at eight o'clock
E. H. Crosby, who was responsible for
the meeting, acted as chairman.
J J. r. MulVane, president of the Bank
of Topeka, was called upon to explain
the financial condition in Topeka which
Monday evening caused the banks to
adopt the New York clearing house
plan necessary to preserve the cur
rency reserve in the banks of the city,
and said: The action of the Topeka
banks is forced upon us by the condi-
| tions produced by the action of the New
York clearing house in refusing ship
ments of currency to their creditor GUS
! toners as has usually been the case
| This was followed by Chicago and ST.
| Louis, which compelled Kansas City to
adopt the same as a precautionary
measure. The result is that we are
compelled to do likewise to preserve our
currency and our business 1t was a
ground hog case. There was but one
way and that is the road we have ta-
ken, and is the road. that In 1893 saved
the country and saved the banks of the
country.
in such a good condition and this is
particularly true of the west We owe
less, we have more money, and we
have more commodities that the world
must have than we ever had before
Our railroads today are overwhelmed
with traffic. We have one customer who
has held cattle for three weeks await
ing cars and he was informed the other
day that there were thirty-one appt-
cants ahead Of him.
1.-The banks of Topeka have decided
as a unit to stand together. This pro-
tects the business of every merchant
and every dealer in the city. 1t keeps
open markets for wheat, corn, cattle
and other products. Any other course
would produce stagnation that in time
would affect every business man in the
city The action taken is in the interest
of the business men of the city They
are the ones who will largely proht oy
it. Believing it to be right and be-
lievinG it to be the only course 1 have
heartily commended it and endorsed 1T.
I believe the present condition Will be
short lived and will rebound to the good
and to the credit of everybody connect
ed Herewith"
Mr.. MuIvane was followed by
number of the leading business men
of the city who spoke of the unusually
prosperous condition of trade at pres
ent and of the lack of a possible rea-
son for a money stringency in this
part of the country if the city and
state should be left on its own re-
sources. There were no pantcky talks
made but every speaker expressed
himself as confident of the ability of
the bankers and merchants of the city
to control the situation.
At the present time the merchants
of Topeka have plenty of currency as
well as the banks with which to trans
is for the purpose of keeping the cur
rency now in Topeka within the con-
fines of the city and in circulation.
While trouble was not anticipated
from depositors in the banks it has
been the history of the banking in
stitutions of the country that when a
financial furry does occur that the
more timid of the patrons withdraw
their deposits and secrete them.
This is exactly what the bankers of
the city are fighting against in placing
the 500 restriction on patrons of the
banks. Again if the New York clear
ing house plan had not been adopted,
Kansas City, Chicago and eastern
points would have drained the city of
the currency necessary for the trans
action of everyday business. AS the
matter now stands the cash in the
banks of the city and in the tills of the
change by which business may be
transacted without inconvenience to
the merchants or trade.
Confidence in the Banks.
Last nights meeting amounted to a |
of the action taken by the |
bankers at their clearing house and the |
following resolution was unanimously
adopted:
of Topeka hereby ex-
tn -,
soundness and good condition of the |
banks of Topeka and readily ac- |
quiesce in the decision to establish |
house rules to meet the pres |
ent condition of disturbance in the |
east and that we desire to follow the |
advice of the Bankers association for
the future"
The following firms were represented |
at the meeting and number among |
them Representatives of the strongest |
financial institutions in Topeka: To-
peka Milling company, A. B. Whiting |
Paint & Glass company, Fair Mercan-
Storage company. w. w. Gavitt Med
cal company, Dibble Grocery company,
J. B. Iarimer, Topeka Railway COM
pany, Hall Lithographing COMPANY. J.
K. Jones Paint company, Burnham
Hotel company, ]. r. Chambers, man
ager of Hotel Throop, w. NJ Crosby
company, J. w. Goings, Chicago Lum-
ber company, Drechsel Shoe company,
crane CS ~, SIOSpy ol OlHCIS w |
Green & Co.. Continental Creamery
company, Cuthbert & Sargent William
Schick McCord-Kfstler Mercantile
company, Shawnee Milling companS,
Mills Dry Goods company Palace
Clothing company, Robinson Marshall
company, S. z. Lux Commission COM
pany. D. H. Forbes, M. L. Zercher,
Charles Wolff Packing company, Curry
Continued on Page Eighty