The Farmville herald. [volume] (Farmville, Va.) 1890-1934, 1907-11-01

nance or ludncldl Sldulllll.
The departure Of Secretary Cortelyou
for washington removed a con picu-
GUS figure from the field, but it was
felt that with President Rooserelts
strong support, as expressed fl his
letter given to the public, Mr.. Cortel-
yods presence at Washington is favor
ablo TO such further governmental as
sistance as might be required.
Secretary Of the Treasury Cortelyou
before leaving New York, where he
has been ia constant touch with the
financial situation, declined 10 make
any statement regarding hnancia. con-
dltions, except to say that he viii not
return to New York. as the secretary
looks for no further trouble among
the banks and trust companies o. this
city.
Late cables say that the most rust
worthy financial circles In London,
Berlin and Paris take a cheerful view
Of the situation IN America. 1t IS gen
orally believed that the worst IS over.
The causes Of the crisis are generally
attributed TO lack Of a sound monetary
system and 10 reckless speculation by
certain class OF fnanciers whose
elimination will result in better con.
ditions.
Bankers say that s250OO.O0O 10 gold
has been engaged IN Europe 10 meet
the demands for ready currency in
New York, and some Of It Is already
on Its way. More gold Will be engaged
for shipment during the week.
II Is evident that the financial hyste-
RIA is dying a rapid death Of wet feet
arising from the weather and cool
medicines arising from sober and
saner second thought.
The Trust Company Of America,
upon which a run has continued three
days, found as the result Of the days
business that they had had deposits In
excess Of Withdrawals Of S2960OO.
They had also been able TO collect
S223. 900 OF outstanding loans, SO that
the net outcome for the day WAS an
increase In cash Of $4,000
Except at the Northern bank I'm
Broadway every run line" showed "a
marked dwindling away at both ends
as the day passed-from the head.
where persons were being paid of, and
from the tail, where men and women
tired out with waiting IN the cold and
wet. were going home.
At the clearing house there IS much
evidence Of activity in the issuance Of
loan certificates. Another evidence Of
activity was the small knot Of people
gathered at some Of the institutions
this morning where runs were I'm prog
ress waiting for an advantageous po-
sition on the opening Of business.
The indications are that banking In
stItutions will not pay out large
amounts IN currency except to meet
legitimate requirements Of their clients
for current business.
A large force Of clerks were gt the
clearing house prepared for the issu-
ance Of the loan certificates required.
When New York adopted the certlii-
Gates IN 1898 the system became al-
most universal throughout the coun-
try. and everywhere the result was
beneficial. One prominent banker
pointod out that Il could not be brought
10 the attention Of the country at large
too strongly that the present situation
IS one dealing solely with the supplies
Of currency and that neither the busl-
ness credit Of the nation nor It's I'm
dustrial and agricultural prosperity
Is affected.
The Milwaukee Clearing House
has decided TO issue clearing house cer-
tlfcates and to require thirty days no
tice from depositors desiring to with
draw savings deposits. The a'socia-
ton issued a statement saying: Since
New York and Chicago bankers have
decided to issue clearing house certii-
cafes. Milwaukee bankers are com
pelled TO follow their example in or
der 10 preserve their cash reserves
Milwaukee banks were never IN .
more sound ana prosperous cohiltlun
but unfortunate circumstances IN Ne"
York have brought about a situation
that makes It imperative that all banks
must stand together and preserve theii
cash balances"
All the leading fnanciers and
bankers Of Chicago look forward witt
hopefulness to the continuance Of the
present financial solvenoy Of the chi
cago banks and trust companies bas'
ing their expectations on the precau'
tionarv measures taken by the Clear
ing House association in ordering the
issuance Of clearing house ceruncate'
and the putting in force Of the lega
notice that may be required for the
withdrawal Of savings bank deposits
Chicago bankers are dlscouragins spec
ulatlon in stocks and grains, and they
predict that dealings In such invest
ments during the week will be scam
as far as Chicago is concerned.
The concensus Of opinion among I'M