The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-04
RELIEF is FELT.
Trust Company of America and
the Lincoln Open as Usual.
Only Few DepOsitOrs in Line for
Their Money.
REACHES S32,OOO,OOO.
Engagement of Gold for Import
Still Continues.
Nebraska Leaves Its Money in
Hands Of Banks.

}
usual at 10 o'clock this morning. This
followed conferences Saturday and
yesterday at the home of j. Pierpont
Morgan concerning the general finan-
cial condition and the desirability of
relieving the heavy strain caused by
during the past 10 days. When the
Trust Company of America opened 35
people were in line, a considera BILE
diminuticn from the number on
| hand during the earlier days of the
run.
The opening of both institutions
brought a distinct feeling of relief, as
1t was taken as indicating that the
conferences held last night, had ex-
erted beneficial effects. During the
conferences the boards of directors Of
the two trust companies were in ses-
sion, while number of financiers
were assembled at Mr.. Morgan's
house, both bodies being in touch
perts appointed on Sunday had gone
over the affairs of the trust company
and pronounced it solvent.
At the stock exchange the opening
showed early declines, followed by a
rally and then a running off of prices.
Heidelbach, Ickelheimer & Co.. an
nounced today the engagement of ST.
100000 in gold, and Lazard Freres
engaged an additional $1,250,000 for
import. This makes the total engage
At 1920 Isaac N. Seligman, speak
ing of the affairs of the Lincoln Trust
company. said:
''The directors of the Lincoln Trust
company are now in conference con-
sidering several plans of action. The
company has sufficient funds to meet
all demands. The directors are con-
sidering what is best to do under
present circumstances
Situation Still Tense.
The general financial situation was
still tense today. but the banks and
the trust companies felt confident that
conditions were well under control.
The raising of Bank of England dis
count rates to 6 percent was not un-
expected by those familiar with condi-
tions in Europe.
The fact that $1,000 900 in gold was
purchased in the open market in Lon
don, fastened the action of the banks.
This brings the total gold engagement
100000 will arrive on Wednesday and
SIC. 900 900 on Friday. This will go at
once into bank reserves, where the en-
gagementS have been made by banks
and will be deposited in the banks
where the engagements have been made
by exchange houses and gold brokers.
While there is considerable pressure for
capital in Europe, 1t is felt that this
of the trade balance. Crops are short
in Europe and it is equally essential to
obtain American wheat and cotton at
any reasonable price. These prices are
much higher than in 1893, when cotton
was at cents against about IL cents
at the present time and wheat was 20
cents against the present price of $1.O7,
while American Steel rails are selling
at the record price Of $50 per ton. These
forces, with the fact that the first half
of the year showed an excess of ex-
ports of s189. 100000 compared with II
balance the other way in 1893 of $685.
COO 900 created a situation where it will
be difficult for the European banks to
hold their gold even by high discount
rates.
Reports from Buffalo and other
points indicate that the blockade in the
movement of the crops is being broken
soon will be on shipboard in New York,
against which bills can be drawn on
European money markets. 1t was an
nounced today that arrangements have
been made by which it may be poss1-
BILE for the Twelfth Ward bank which
closed it's doors several days ago to
reopen next Monday. Many deposftors
went to the bank today at the request
of the officials, who asked them to sign
an agreement to the effect that on all
big deposits in the bank that rs or a
100 per cent of the amount, would be
left on deposit for a period of four
months.
Will Issue No More Warrants.
Lincoln. Neb., Nov. 4.-Declaring
that state funds generally should be
left in Nebraska state banks, State
Auditor Searle this morning informed
State Treasurer Bryan that the audi |
tors office would not issue any more
warrants.
"The state money should be left |
in the state banks for the present just |
the same as the cash of the individual |
depositor" declared Mr.. Searle. While |
the auditor could be compelled by |
mandamus to issue warrants he be- |
lieves that creditors of the state will |
endorse his action.
Conference at White House.
Washington, Nov. 4-President Roose-
Welt conferred for nearly two hours To-
day with Secretary Root, E. H Carey. |
chairman of the United States Steel |
and Henry c. Frick, also |
of that corporation. The only statemen. |
obtainable at the White House was 70 |
the effect that the conference dealt
solely with the financial situa ton. 1t |
was said that the president contempIa- /
ted no direct statement at this time.
Greatest Fight in History.
New York. Nov. An a statement |
given out this afternoon Frank TIL
ford, president of the Lincoln Trust
company, said:
This has been the greatest fight in
the history of finance. The directors
have decided to continue the fight and
to pay off the depositors.'
Market Closed Firm.
London, Nov. 4-The receipt of
New York's early quotations induced
4 recovery. on change Union Pacific
advancing 2 II points, Santa Fe 2 and
several others advancing fractionalIy.
The market closed firm. Copper
shares dropped with the metals.
4