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FINANCIAL CONDITIONS IMPROVING--CLEARING HOUSE CITIES ASSUMING NORMAL CONDITION Worst of the Crisis Is Over on Wall Street---Chicago Payrolls Kept Up--Fargo Banks Issue Certificates One Bank Failed in Kansas City Will Issue Certificates Fargo, N. D., Oct. 28-Banks of this city and of Moorhead, Minn., today deNEW RESERVES cided to issue clearing house certificates, beginning with tomorrow. PRESIDENT HAS CREATED FOUR Only One Bank Failed in Kansas City NEW BIRD AND ANIMAL REKansas City, Mo., Oct. 28-Outside SERVES ON PACIFIC COAST. of the failure of the Bankers Trust Company with deposits of $800,000 Washington, Oct. 28-The president there was no real trouble here today. has issued an executive order creatThis bank was considered the weakest institution of its kind here and its ing four new bird and animal reserves on the Pacific coast; one on the Three failure caused no surpise and hand no Arch Rock Reservation in Oregon and apparent effect upon the general situathe other three in Washington, on the tion. No other banks were affected, Flattery Rocks, Quillayute Needles and there were no runs on any of the and Cohalis Rock Reservations. Wardbanks or in Kansas City, Kansas. ens will be appointed by the departThe refusal of banks to restrict the ment of agriculture to supervise these e payments of currency caused but litreserves. The Shasta National Forthe embarrassments. All national banks est in California has been increased by in Omaha ceased paying currency in the adition of 87,000 acres in Siskiyou more than $100 amounts today and on county. 'S small accounts only 20 per cent of the amount on deposit will be paid for amounts above 20 per cent of the deposit for which clearing house certifin cates are issued. ELLENDALE The City Savings Bank, the only one in this city this morning took advantage of the sixty days clause and is not paying cash under any consideraWIPED OUT it tion. All state banks in Omaha have taken similar action to that of national nbanks. eFire Fiend Devastates Another More Reserve Than Required Topeka, Kan., Oct. 28-John Q. Royce, state bank commissioner, in a Dickey County Town statement issued tonight, says that practically every one of the 741 banks $35,000 Worth in Kansas is carrying fifty per cent more reserve than the law requires. Many banks are carrying fifty per Fire in Same Town Six Months Dcent of their deposits in cash. While it is only required that they carry Ago Destroyed $50,000 twenty per cent. It is not the fault of the bankers that reserves are so heavy Worth of Property but deposits within the last few if months have been SO great that it has dbeen impossible to loan money as fast Ellendale, N. D., Oct. 28-Fire broke as it came in. out in Ellendale early Sunday mornId Little Trouble in Windy City ing, and before it could be brought una Chicago, III., Oct. 28-Very little der control the flames had destroyed trouble was caused here today by the twelve business blocks at a total loss paction of the clearing house associaof $35,000. About $15,000 insurance tion in limiting the amount of money was carried on the insured property to be paid out by the banks No lives were lost. n, The flames started in a barn in the Business today was almost entirely rear of the Irwin hotel. The fire on the checking basis and was apparth ently normal in all directions. The spread to the hotel and the structure to was razed to the ground. In turn the banks adopted the rule of not paying 1e out currency in amounts greater than high wind carried burning cinders and Osparks to the livery barn, pool hall, $100 unless funds were required for payrolls. If depositors desired money general store and were only stopped at the office of the North Dakota Recin excess of $100 they were asked to take a cashier's check for the amount. ord at 6 o'clock Sunday morning. The volunteer fire department did In all savings banks the rule requiring legal notice was enforced if the splendid work in fighting the flames depositor wished to withdraw an and were ably assisted by the citizens of the town. The fire was the greatest amount greater than $100. The rule was elastic, however, and the banks disaster in the history of Ellendale P. and will be a hard blow to the town. imposed a hardship upon no one. About six months ago this city was Money desired for the payment of visited by a terrific fire which laid rent, insurance policies, or for neceswaste about $50,000 worth of property sary traveling was paid out promptly. ce and many of the business men had In cases where notes were to be paid, tly just recovered from that loss when the banks usually asked that the notes he their blocks were again destroyed yesbe presented to them for payment. terday. The only semblance of a run during he the day was at the Hibernian Savings Bank, where many depositors gave al notice during the day of their intenrs NO CURRENCY tion to withdraw. These notices in re the aggregate, however, were not of so sufficient amount to constitute a run. a NEBRASKA BANKING BOARD REAt one time the Hibernian Bank beFUSED TO SHIP CURRENCY, BUT came so crowded that it was found MAY HELP BANKS. ge. necessary to call upon the police headny quarters for additional aid in controlling lines of depositors who were inLincoln, Neb., Oct. 28-Secretary tent upon giving notice to the bank. Royce of the state banking board tobut there was no confusion worthy of day sent the following telegram to Nebraska bankers: the name and no excitement at any time. rst "Banks in clearing house cities of At the close of business for the day this state are refusing temporary to its all banks declared themselves at satship currency to outside points owing ent to like action of eastern clearing house isfied with the business of the day and WO were greatly pleased with the manner banks and for the present our city rein which the businessmen of the city banks are paying depositors limited tyhad met changed conditions. The beamounts in cash. The banking board in lief is expressed here that the method will render all possible aid to banks consistent with its duties." (Continued on page 8)
