Omaha daily bee., 1907-11-03
No Time to Be Calling on President
and Secretary Of Treasury.
PRECAUTIONARY POLICY OBTAINS
Cashiers Check System Will Remain
in Operation.
SITUATION CONTINUES BRIGHTER
Just as soon a. New York aud Other
Larger Centers Resume Normal
Payments Omaha Bankers
VIII Follow suit.

Omaha banks will continue until furtho
notice tho precautionary measures adopted
to retain cash in the vaults, but viii not
join in any petition to the president and
secretary of the treasury for immediate
currency legislation. These two decisions
wero made definite and final yesterday aft
ernoon.
As TO the proposition Of requesting the
administration to urge immediate currency
legislation the bankers viii notify the
Commercial club Monday that II the club
endorses the st. Joseph telegram II Will
he against the wishes of the bankers.
Commissioner Guild Of the Commercial
club received communication from tile
Commercial club OF 81. Joseph Friday
afternoon asking permission to sign the
name Of tho Omaha club to q telegram
which was being sent to the secretary OF
the treasury, signed by the clubs OF ST.
Louis, Kansas City and st. Joseph. Cone
missioner Guild withheld the permission
and referred the matter TO President Yates
of the Clearing House association.
The telegram which the Omaha club IS
asked to sign is as follows: q
Believing that prompt legislative meas
ures should be adopted to prevent repett
tion of existing financial conditions, VIC
he undersigned organizations, respecttulst
and earnestly urge that currency legtsla-
tJon be the first matter to be considered
at the December session of congress.
Yates at Once FrOwnH on IL.
President Yates at once replied that he
could not speak for the clearing house. but
personally, did not favor the sending OF
such telegram as opinion varied widely
as 10 whether currency legislation Of any
kind was needed OF not. President Yates
presented the communication to the
| Clearing House association for action. A
copy of the telegram was also sent by Com
missioner Guild TO w. L. Yetter, chair
man of the executive committee of the
| club. who will bring the matter before the
committee Tuesday, when the regular meet
! ing will be held
The Clearing House association consid-
cred the advislbility OF sending such a
| telegram and instructed Victor Caldwell
to reply 10 the communication received
| from the commissioner.
III such legislation Is contenplated it
| should be the subject OF deepest study"
said Mr. Caldwell. I'VE do not believe
this is the time to be sending kilograms
to the secretary OF the treasury OF tho
president demanding currency legislation
be the hrst thing considered by congress.
II there is to be such legislation It IL
to be hoped II will not be presented until
| after more study than can be given the
subject between now and the time congress
convenes."
Mr.. Caldwell said he did not know that
any legislation would be necessary to
avoid the repetition of the present situa-
ton; at least along currency lines. Leg
islation in other lines might make the
reoccurence impossible.
Employers Help the Banks.
Cooperation OF employers who pay large
rolls on Saturday has enabled the banks Of
Omaha to retain large amount of money
in their vaults, which would have other
wise been paid out Saturday TO those draw
.ng salaries weekly.
The Clearing House association held a
meeting late Saturday afternoon and gave
formal notice that the practice Of holding
back the cash and extending the check
system will be continued for another week
at least, or until the New York banks re-
sumo the payment of "all money"
1t was decided at the regular meeting OF
the clearing house Friday afternoon IL
would be necessary to continue the rule in
force the last week and that no charge
would be made Monday morning.
Just as soon as New York, Chicago and
st. Louis resume payment Omaha Will
cut OF the distribution OF cashier
checks" said Henry 7. Yates, president
OF the Omaha Clearing House association,
1T would not do for Omaha banks TO sus.
pend the rule now enforced throughout the
country as the money in the banks here
would be drained out by requisitions from
the east and from country banks. The rule
will be continued"
G. w. watties, vice president of the
United States National bank, left las
evening for New York city. where h
will keep in close touch with the situation
at the financial center OF the country and
keep the Omaha bankers Informed.
PayrOHs Met with Cash.
Payrolls Saturday were met with cash
and with cash and checks, at the optloE
Of the employers and different banks.
Some OF our customers have been kind
enough 20 request that we send the money
to their places OF business in cash anc
checks" said Luther Drake. president oi
the Merchants National bank The pro
portion Of cash and cheeks has varied
some have taken half and some two-thirdi
IN checks. Those who have insisted hay,
secured cash for their rolls. The smalle
sslsries have been paid 10 cash, believe,
Al other banks the proportion has beer
about the same. One or two OF the bank
have made a rule TO pay large payrolls Il
One-third checks ana twO-thirds cash
Others have paid half cash and half checks
Where personal checks have been USE
10 meet pay rolls. employers have stampei
them payable through the clearing house
In clearing house funds"
President Flack Of the City Savings banl
wrote checks practically all day saturda
for those who wished money for the week
Instead OF enforcing the sixty ray rule. MI
Flaek has issued the checks Of the Cit
Savings bank, which are equivalent 4
the cashiers checks issued by the nations
banks. At the stores, where large amount
OF money are received during the weel
the pay rolls have been made up In money
the larger amounts being paid In cash an
checks.
These checks viii be great souvenir
when the financial sky IL clear again" sal
w IT, Bucholz. cashier Of the Omaha Na
tional bank. as he looked over q fun nfty
seven varieties Of checks. This period