New-York tribune., 1907-10-28

main noint has been accomplished. The Clear
,pe House has been giving practical help by the
exnans,on of credit 1t has furnished the only
emergency currency that know of In which
have any faith. It viii steady prices by remov-
inc the fear Of money stringency. If now the
,,eonle doing business with banks and trust
comnanies which they believe 10 be solvent and
well managed viii refrain from drawing out
cash they will make a valuable contribution 10
the aid needed at this juncture. The money in
the banks Is not for hystercal depositors nor
for selfish hoarders but for the daily needs OF
the people. especially for the payment OF the
wages of the working people OF the CITY.
n 1898 we used our cash for that purpose and
tn1Sorted gold 10 keep up supply. I anticipate
that in a short time currency will begin 10 run
n the banks from those who have been hoard
ing their funds because Of fear.
THE Clearing House banks are sound and
conservative and trust companies are also al
though they are deficient IN cash resources.
think that their position this basis of bank
sug has been somewhat changed by the events
Of the last week. We shall recover rapidly from
the present trouble. Banking affairs will go on
a stronger basis than ever before. feel opt-
Tnistic and happy in the view OF the present
aspect Of this crisis which felt for a long time
was coming and I believed was bound to come
we are passing from an of bad banking
10 one Of good banking. IT this will result in
the afiliation Of the trust companies with the
Clearing House on basis Of a cash reserve Of
j. per cent or more. and the Clearing House
shall itself organize = system Of inspection and
examination Of its members such surprises as
we have had viii be very largely guarded against
and the banking situation viii grow as strong as
# is possible 10 make it,
CURRENCT LEGISLATION NEEDED.
A. Barton Hepburn president of the Chase
National Bank and a member Of the Clearing
House committee, in speaking about the situa-
ton last night. said:
ANY criticism which might be urged regard
ing the use Of Clearing House certificates will
be of7viated in the present instance because all
the large commercial cities OF the country have
done so or Will presently do likewise. The
cessifv for such action is thus shown 10 be gen
eral aud not local The use Of Clearing House
certificates cannot be avoided in any eXigency
Ike the present until Congress gives US some
wholesome legislation the currency question
with the clearing houses Of about all the big
commercial centres issuing Clearing House GER
tifcates # should be a sufficient object lesson TO
Congress to see that proper currency laws are
enacted al the next session Of that body"
FAVORS CENTRAL ORGANIZATION.
Clark Williams. State superintendent OF
Banks. discussing the local financial situation
last night. said: by tomorrow 1 expect that
there viii be some very good developments IN
the local banking situation. SO far as I know
al the banks here are solvent ] have always
been in favor Of one central organization which
would include not only the banks but also the
trust companies. Two years ago when CON
nected with Of The large trust companies Of
this city advocated such plan. There is no
excuse or reason Why the banks and trust COM
panies should be divided. They should have
one great central clearing house. Of which all
the important trust companies and banks should
he members. If they had had this organization
Ibis present trouble would have undoubtedly been
avoided. As far as know about the Brooklyn
hanks they ali in good condition. I have
no reason for expecting ANY further trouble
there tomorrow. The heads Of some Of the
hanks which have suspended have applied to the
Banking Department for permission to clean up
their affairs and resume business. If the law
will permit them
The securities committee OF the Knickeroocker
Trust Company. which appointed at a meet
ng Of the directors several days ago, has issued
statement calling upon ali depositors ard
stockholders TO deposit al once with the New
York Trust Company. at No. 80 Rrosd street, all
shares OF stock or assignments Of deposit ac-
counts or certificates Of deposit. Any stock
holder or depositcr who deposits his claims but
may dissent from the plan for resumption OF
business. or for reorganization, or both. as pre-
pared by the committee may, without loss. with
- 9raw the stock certificates or assignments Of
:! claims so deposited within a specified time The
~ personnel Of the committee IS as follows: Fred
erick 6. Bourne. chairman; A. Foster Higgins
T. Louis Boisseyain Moses Taylor, Charles p
Perrin. Leopold Wallach and william A. Tucker
Julien T. Davies Of Davies. Stone & Aueroach
s counsel for the committee.
At 10 O'Clock last night there were fortv-three
men and boys in line IN front Of the Lincoln
Trust Company building, waiting for the open
Ing this morning. Most Of them were messen-
gers. There were few IL any depositors who
personally held a place in line. Each Of those
waiting. some OF whom had been there since
Friday. alternating with reliefs bore a paper
tag with a number written on IT, When one
or them left the line he reported to the police
man on duty there and his place vas kept for
him; falling 10 give this notice. he sacrificed his
number.
Eariy this morning there were a dozen per-
sons waiting in front Of the Trust Companv ~
America building and the same number outside
its Colonial branch
oakeigh Thorne, president OF the Trust Com
pany Of America, had conference YESTERDAY,
with Clark Williams. State Superintendent NJ
Banks al the latter's home
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