The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-10-25
ON CASH BASIS.
Dealings on Wall Street Are
Made With Money.
Brokers Not Borrowing What
Is Offered Them.
RUNS AND FAILURES,
Continue But Are Declared to
UnimpOrtant.
Call Money Loans as High as
rs Per Cent.

70 Per Cent.
New York, Oct. 25.-Among the rum
ors af1oat in New York there have been
many affecting a number of leading
commercial houses. These rumors have
evidently been started for the purpose
of affecting the stock market and a
man high in authority in the John
Wanamaker house makes the following
statement.
culation regarding this firm recently
are ridiculous and without foundation.
The affairs of the firm were never in
better shape than they are now and
the business of the New York store
never larger. The business of the lat
ter store SO far this month has been
the largest of any month since the
store was opened and we are endeav-
oring to make it thorough record
breaker. Everything is all right. We
are able to get all the goods we went
and there is no trouble"
Questioned as to how he regarded the
financial situation today, J. Piermont
Morgan said:
IF people will keep their money in
the banks everything will be all
right
The First National bank of Brook
lyn with capital stock of $500, 900 sus-
pended payment today. 1t owes depoS-
itors about 81, 100000.
The failure of Gregory, Gulick & Co.,
members of the Consolidated Stock ex-
change, was announced this afternoon.
The failure is unimportant.
The meager dealings in the stock
market were mainly due to the dearth
Of money supply in the loan crowd at
the stock exchanges. Brokers waiting
there to obtain supplies were in a
tranquil frame of mind relying on as
surances from high banking authori-
ties that a supply would be forthcom-
ing later in the day. Most of the busi-
ness done at the stock exchange was
for cash.
Another Run Starts.
About 100 depositors of the River
side bank in Eighth avenue, began to
withdraw their accounts today. The
bank owes depositors about $780,
600.
1t was reported early this afternoon
that Secretary Cortelyou had de-
posted about $8,000,0O0 in New York
banks today, in addition to deposits
which he had previously made. Money
brokers representing the Morgan pool
circulated in the stock exchange,
watching developments, but making
no loans for several hours, as the
needs of the brokers did not seem to
be urgent and most of the business
was being done in cash. The first
open loan of money on call was made
about 1920 p. m. in lots of $4,000 to
100000 at so per cent.
At 1870 Clark Williams, state su-
perintendent of banks. gave out the
following signed statement:
'By the facts within my knowledge
and information received from re-
liable sources, I am convinced that
great improvement in the situation
has taken place during the morning
''If deposftors are not unreasonable
look for continuance of this i'm
proVement."
The clearing house committee went
into session at o'clock. Leading
fnanciers and bank presidents were
called in consultation with the COM
mittee.
Call Money at rs.
Call loan money was quiet at rs |
per cent at p. m.
The Williamsburg Trust company
of Brooklyn, which has a capital |
stock of 100000 closed its doors this |
afternoon. 1t owes deposftors about |
$7,500,O00
At the office it was said the institu-
cause of lack of ready cash and for |
the better protection of depositors |
The company has abundant securi-
ties but owing to the financial excite |
ment and money stringency in Man
haitian borough it was unable to Sc
cure sufficient currency.
Influential bankers. including rep |
resentative of J. P. Morgan Co., today |
advis ed members of the stock exchange
not to buy or sell stocks except for |
cash and many prominent stock ex-
change houses refused orders except |
for cash in order to relieve the f1nan-.
cial situation.
Business continued very dull at the |
stock exchange while awaiting the ap-
pearance of the expected supplies Of |
money to arrange the loan accounts |
over until Monday. The level of prices
gradually rose during the period of
TT,,i1 De- a. l.; -
as at the opening. There was sharp
reaction again about o'clock.
Stayed Open 10 Minutes.
Central Falls, r.. l., Oct. 25.-The
Central Falls branch of the Union
Trust company opened at o'clock.
were waiting at the doors and the
was increasing. AS all wish /
ed to withdraw their deposits it was
deemed necessary to suspend busi-
ness. after about 10 minutes. The de-
positors were mainly mill operatives
or small business men.
The branch was originally the Man
ufacturers Trust company and was
taken over by the Union Trust com
pan pank in the city. The city of Cen
raj Falls is the largest depositor.
Plant to Import Gold.
New York Oct 25-It is understood
hat the necessities of the stock ex-
change situation Will De met To-Day as
-hev were yesterday. J. P. Morgan &
vo,. were advised early as to the stock
sxchange position by President Thomas
IF the exchange. Loans made on the
stock exchange today will carry over
10 next Monday.
IT is understood that negotiations
we're begun today by International
looking to the importation of
goId from London and Paris. 1t is ex-
5ected that from s1O,0O000O to $4,000, 900
will be engaged at those centers for
mDort if necessary. Dealings in stocks
were not active, and the general list