The Chanute times., 1907-11-08
BANKERS PLEASED
System Inc lgurated Is Successfully
Holding the Cash in
the Vaults.
KANSAS BANKS FOLLOW
Commodities of Real Value, Products
of Farm, Going to Europe
Stream of Gold Must
Flow This Way.


Chicago, Oct. 30.-1he financial con-
ditiol throughout the west was Tues
day satisfactory in general to banks
and to the majority of business inter-
ests In all the money centers Tues
day through the check and certificate
plan, the banks were holding as close.
ly as possible to their issues of cur
reEcy. The banks in Kansas reported
themselves as in particularly strong
situation, many of them having fully
so per cent in excess of the ordinary
legal reserve.
In Oregon, Gov. Chamberlain had is
sued proclamation making the next
five days legal holidays in order to
prevent q currency famine. All of the
banks in Portland from whence this
news came were absolutely sound, and
there was no run or sign of run upon
any of them.
The banks in Spokane have decided
TO take action similar to that of Chi
cago and Ne Y rk banks in order to
protect their cash reserves. All fl
nancial institutions there are reported
to be in excellent condition and con-
sidered it prudent to adopt the plan
which has been put in force in other
cities.
At Kansas City the Wyandotte State
bank with deposits of S5O0000 was alb
sorbed by the Commercial National
bank. The institution was entirely
solvent.
The Chicago banks commenced their
second days business under the check
system, greatly encouraged by the
manner in which the new method was
received by their depositor3 Monday
Out of 4OU,000 savings depositors in
the city only 1,500 made application
for the withdrawal of their accounts,
or gave notice of desire to withdraw.
The clearing house issued to its mem
bers, $S,000000 in certificates. If the
debit balances which had to be settled
with the certificates were far smaller |
than usual, approximating barely |
$1,500,050.
Topeka, Kan, Oct 30-Banks i'll |
nearly all the larger towns in Kansas |
have put into effect rules limiting the |
amount depositors may draw out |
These amounts vary from SIS up. Re-
ports received here indicate that
there is no excitement over the stu
alton any place in the state. A slight
uneasiness is felt by the banks in the
southern part of the state near Okla
homa, owing to the siX-day holiday
there and fear that unusual de-
mands will be made on them to sup
ply Oklahoma with currency. A limit
ed number of bankers are asking that
n holiday be declared in Kansas but
there is no general talk of such action.
New York, Oct 30-The enormous
influence which American products
are eXerting in building up a credit
balance abroad has been the most
signal development of the financial
situation Tuesday. Reports from all
quarters show that the great Ameri-
can staples-wheat, cotton, copper, to-
hacco oil, meats-are on their way
70 Europe, this being the season of
the year when American products are
marketed abroad. The immediate ef-
feet of these shipments is to give the
United States credit abroad which can
lie speedily converted into cash. These
natural resources of the country prom
Use to exert even greater influence
than the sale of American securities
abroad. The latter have to some eX-
tent suffered discredit under recent
pressure, but the intrinsic value of
American staples used abroad and
their colossal aggregate at this period
of the year, is beyong the reach of
financial distrust.