Los Angeles herald., 1907-11-01
LOS ANGELES
FINANCIALLY
rs SOUND
CONFIDENCE is EXPRESSED IN
LOCAL SITUATION
NO EXCITEMENT SEEN IN Busl
NESS CIRCLES
Bank cIeafances for Ten Nor ths
Ended Yesterday Show Marvel.
GUS Growth in Volume Of
Transactions

SACRAMENTO, Oct. 31.-Private Sec
retary to thd Governor e. c.. Cooper re-
ceived a telegram from the executive this
afternoon directing that another holiday
be declared for tomorrow. Cooper at
once issued a proclamation similar to
that Of yesterday. Secretary Cooper was
instructed to call holidays from day to
day until such time as this action may
be dispensed with.
If there is anything wrong with the
financial situation in Los Angeles up to
date nobody knows anything about it. 1t
was feared that the action of the local
clearing house in adopting the certificate
system for bank clearances and in limit
ing the amount of individual accounts
subject to check to s1OO daily would cause
some uneasness among depositors. but
since the plan was put into effect nothing
noteworthy has occurred to indicate the
least excitement. The same busy throng
of customers which is seen daily arouad
the banking institutions was observed yes
terday and nothing more.
Take 1t Good NaturedIy
Practically everybody has accepted the
new order of things philosophically. Now
and then a deposltor who does not fully
understand banking or who did not clearly
comprehend the nature of the new rule
pressed apprehension, but a few words of
explanation from bank .official has
quieted his mind and his nerves.
When psSyple get it clearly in their
minds that clearing house certificates con
Germ banks only and not depositors and
that they can go on doing business with
checks Just as they have always done
and that in fact this is the most con
venient way at all times for making
transactions they win save themselves
much worry and gain much happiness
Other Parts Anxious
There has been some anxiety and an
noyance in other parts of the country, but
the situation appears to be well in hand.
1t can be said also that Los Angeles is as
we'll prepared to Withstand any little
financial furry as any city of Importance
east or west. Banks have been preparing
for this expected stringency for months
and though shey have been subjected to
some criticism their wisdom is now
acknowledged.
Vaults which are known to contain
far larger reserve than law requires arc
a great comfort
Cash Increases
One prominent official in the banking
world said yesterday afternoon that at
the close of business on both Tuesday
and Wednesday his institution had in
creased cash in hand by many tens of
thousands of dollars, a fact of impor-
tance, inasmuch as it demonstrated the
confidence business men have in the
healthfulness of local conditions.
The local representative of an impor-
tant eastern house called upon the vice
president OF leading bank and offered
to lay upon the latter's desk all the cash
lie needed but he was smilingly assured
that there was absolutely no such need
existing.
DR.. w. j. Galbraith, who for twenty
years was chief surgeon for the Union
Pacific railroad and is now intimately
associated with the Hartman interests
in Mexico, has just arrived. in Los An
geles from New York, where he wit
messed the exciting scenes on Wall street
last week. Dr. Galbraith is enthusiastic
over the masterful manner in which local
bankers have risen to the demands of
the present occasion.
Praise for Los Angeles
Wherever Went In banking circles
in New York." said he yesterday, Il
heard nothing but praise for the banks
of Los Angeles, and SO far as can
learn from many sources there Is no
reason at all for any uneasiness on the
part of your citizens. Your bankers arc
sane, conservative and watchful, and
what they are doing at the present time
should receive the beartiest approval
Bank clearings in Los Angeles for the
ten months which ended yesterday are
decidedly reassuring. They totaled $514,-
s24, ,SS7 against $472. ,0S4 for the corre-
spending period last year, gain Of
$42, ,531. 500.
The clearings for October amounted to
$50, 165, ,943, a decrease of $775,165 as COM
pared with the corresponding month last
year. Everything considered this is
remarkably good record. A year ago the
real estate boom was on and the deals
then made went long way to swell
the total Of payments made through
banks.
The month ending yesterday being COM
paratively quiet in this respect the clear
ings reported represent normal move
ment of general business, with which
only can fair comparison be made.
Following is the showing by months.
together with comparisons: