Rocky Ford enterprise., 1907-11-08
BANK CERTIFICATE SYSTEM MAY
PREVAIL UNTIL THAT A.
GUST BODY ACTS.
BUSINESS MOVES on
DENVER AND STATE BANKS WILL
PROBABLY HOLD EMBARGO
FOR FEW WEEKS.

Denyer.-Just ns soon as Congress
convenes steps will be taken To put
the national banks OF the nation In ie-
gal shape to meet any emergency that
may arise by reason OF the shortage Of
currency and the great demand for the
same caused by the uphcaval In Wall
street. Some such legislation Ii asked
by the big houses In New York. Untti
Congress has moved In this matter Il
IL not likely that the New York en-
barge on cash and paper money held
by the national banks Will he removed.
and that tho temporary plan OF pay
ment by certificate OF deposit iASued
by a clearing house. or. as In Denver.
by clearing house guaranteed checks.
will b, continued. New York. which
led tho way. expected To bc able TO
resume normal conditions next week.
hut this IL not likely now. The strain
WAS too severe. II VIII take time 10
heal II.
AZ n precautionary matter the Den
yer banks and state banks viii very
likely follow New York. and continue
the present manner OF doing busIncss.
Il is not Mt aii irkSomc. Money Is al
most us general M II WAS IA week oT
two ago. Merchants ar. not comptnfu-
Ing. What little hardship may have TO
he borne they are accepting for the
good OF the whole. WoTkmcn who
need cash receive cash. In other caSef
the certified checks are passing every.
where. There In n minority. very small
In every community. that can see moth
Ing but harm In every wind that blows
This minority would have done. aS
small percentage In New York ana
Brooklyn and other cities did. That 10 to
say. they would have TuHhcd tn TIN"
Nh..lss ha.
"a temporary check bcCn put upon this
class OF Deposition. But danger from
this inHignlncant class In passed. The
atmosphere In normal.
The united action Of the big mining
men and the shelters In Colorado TO
keep all the gold possible going 10 tho
mint for coinage and the action OF the
local mint In paying out gold ccin for
bullion received have had n good ri.
feet not only In that state. but aii over.
hut Congress IL expected to 80 To the
aid OF tho New York bankR and cnablc
them to resume and when they permit
tho use of the money held by them for
tho banks throughout the country. then
the country will return To the regular
routine.
As showing tho conservatism nov
prevalent In New York. II may be well
to point cut what was done In the casr
of the Denver a. Northwestern Hallway
Company bonds. This company has m
electric line from Denver to lcydcn
and Golden and In the holding company
for tho iramway company. The com
pany has been for more than year
gathering In itl bond issues and mort
cages with n Wow to making one com
pictc new issue instead OF having thcm
scattered over different periods. To-day
$1,000 900 OF these were to be rcIunf"d
or exchanged. but although tho hoiicEs
OF the old bonds had agreed M far AZ
could be nSccr,aincd beforehand to &C
ccpt the new issue In return for can.
collation. OF tho old ones. stu the
houses that were to make the trunsicr
decided not to do 80. Just M y
prccnution. for fear OF CAUSING
the slightest ripple on Wall street.
and 30 yesterday an advertisement ap-
pcarcd In the Republican containing
notice that the exchange would not bc
made ut present. The bonds that worc
TO be taken up have fifteen years to
run. In 80 far as Denver or the com
pany itself Is concerned there Is no
interest attached to this decision TO
walt to make tho exchange, II simply
shows that New York In extremely can
tious about monetary matters. All the
companies connected with the Denver
& northwestern Company arc In spIcn-
did shape and the bonds are looked
upon as among the best In the country