The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-08
HEPBURN KNOCKS
Idaho Senator Files an Objec-
tion at Washington
To the Manner in Which Finan-
cial Matters Are Conducted.
NEW YORK BANKERS
Are Grabbing and Holding on
to All the Money.
West Can't Move Crops on
Checks He Declares.
NEW YORK BANKERS

Washington, Nov S-The demands
of national banks for increased circula-
ton continue unabated- For the past
five working days the treasury depart
ment has issued increasd circulation to
the amount of $7,567,45O and this Is
likely to be largely increased. Treas
ury officials encourage the belief that
the money stringency has passed its
most critical stage.
Protest was made to President
Roosevelt by Senator Hepburn of Idaho
against the further deposit of govern
ment money with New York banks un-
til those institutions consent to pay the
reserves of western banks in cash in
stead of cashiers checks. The senator
said that crops could not be moved on
checks. The president requested the
senator to present his views in writing.
The following is the text of Senator
Heyburn's protest:
In behalf of the people of the west
ern states and especially those of the
northwestern states, I would urge that
no further deposits of money from the
treasury of the United States be made
in New York banks except on the con-
dition that such banks shall imme-
dfately make available in money to the
banks in such western states the full
amount of the reserve held by such
New York banks on account of such
western banks.
"The tying up of many millions of
dollars of western money representing
the reserves of the western banks held
by New York banks must inevita bly,
result in empowering the New York
banks to determine the time and con-
d1t1ons of free resumption of banking
functions by the western banks, where
as IL the reserves of the western banks
could be converted into available
money at once, the financial situation
OF the west would be free from domina-
ton on the part of the east and the
west would become a valuable ally OF
the east in the restoration of desirable
financial conditions rather than remain
as at present fellow sufferer"
Fall in Price of Seats on Change.
New York, Nov. S.-A seat on the
New York stock exchange was sold to-
day for $4,000, the lowest price re-
corded since 1904, when seat was dis
posed of for $4,000. The high record
price was reached late in 1905, when a
seat brought $4,000, and a sale for
like sum was recorded early in 1906.
Bank Suspends at Lawton.
Lawton, Okla, Nov. 8.-The Mer-
chants and Planters bank of Law
ton, a small institution with $4,000
on deposit and $4,000 capital, sus-
pended business today. D. P. Rankin,
the cashier, was Republican candidate
for state treasurer in the recent cleo
ton and was defeated.
Will Pay With Checks.
Pittsburg, Nov. S.-The National
near here. has posted notices that it
would meet the next pay day with
clearing house checks. The concern
employs about 10000 hands.
Goes Into Bankruptcy.
Chicago, Nov. S.-Earl B. Dumont,
Liabilities were given as
$202 900 and the assets at $903.O0O.
The latter is the par value of securi-
ties which Dumont declares are now
practically worthless.
Berlin Raises the Rate
Berlin. Nov. s.-The rate of dis
count of the Imperial Bank of Ger
many was raised today from 6k to
Z Y per cent.
London Looked for 1t.
London, Nov. S.-The increase in
the discount rate of the Imperial
Bank of Germany has been expected
here, so it had little effect on the
comparatively quiet. Americans were
offered freely. but they subsequently
to well above parity.
Considerable quantities of gold from
Paris arrived in London today.
Brussels Rate Advances.
Brussels, Nov. THE National Bank
Of Belgium today raised it's discount
rate from 51k to per cent and its rate
on drafts to 61a per cent.
Texas Bank Suspends.
San Antonio Nov. S.-By order of the
board of directors of the institution,
the Woods National bank of this city
has suspended on account of the strin-
gency in the money market.
W. W. Collier, president of the bank,
said:
Our bank is practically solvent, and
we expect depositors will be paid in full
Just as soon as we can realize on our
assets
The August report of the bank show
ed deposits of 81 ,292. .296.
HILL SUccEEDS TOWER