Indianapolis Clearing House (Indianapolis, IN)

Article Text

Reports From All Parts of Country Tell of Continued Prosperity; Money Stringency Affects New York lone the needing in the United States of and chicanery on the broad basis of It was found in 1893 that while curon them, not only for the normal regeneral prosperity. control over he/currency quirements of their business, but they rency went to slight premium in It is pointed that prosperity will and of the necessity for a reorganiza certain cases the public generally acwould also be required to supply the be cleaner "for the removal of rotten tion of the monetary system so that demand ordinarily supplied from Chicepted the suspension of currency be able to bear the requirements superstructure, and in the wreckage cago and New York. payments with equanimity Runs upon STREET FINDS UNITED ACTION of immense prosperity and withstand caused by the downfall of the gam. One of the leading bank presidents CHICAGO FINDS banks ceased because the object of sudden gusts of unreasoning hate. blers, investors will find more of an stated that the conditions in Omaha such runs, namely to lock up curwere never better in the city's history, opportunity for picking up cheap, rency, was defeated by the decision to sound stocks and that they could hardly be better Milwaukee Follows New York Plan. pay only in checks acceptable to the 'Now is the time to buy, is a note clearing house. than they are. The one savings bank Milwaukee, Oct. 27 -The Milwaunot infrequent in general comment decided today to begin enforcing the large force of clerks were at the kee Clearing House association held a is not unreasonable to believe that the time allowance provision in withdrawclearing house today prepared for the MONETARY IS SOLVING SCANT CAUSE comparative calmness with which Eumeeting today. at which it was deciding funds. issuance of loan certificates tomorrow. rope views the situation may be due ed to follow the plan adopted in New These are in $5,000. $10,000 and $20.to the greater and more reliable disYork, Chicago and other cities of is. No Alarm in Galveston 000 denominations, and in the followsemination of news. A few years ago ing form: suing clearing house certificates and Galveston, Oct. Summing up in the news from the United States, require thirty-days' notice from the financial situation in Galveston, T. "This certifies (name of bank) has panic was a/panic, and nothing more: depositors deciding to withdraw deJ. Grace, president of the Galveston deposited with this committee securinow reasons for and details of erisis clearing house association and presiposits from savings banks. MOSES IN ties in accordance with the provisions FINANCIAL FOR ALARM enable thoughtful persons to differenThe issued a statement dent of the Galveston National bank. of a meeting of the association, upon tiate between runs on banks by ig. tonight which it defines the said today: "There are no disturbwhich this certificate is issued. This norant foreigners and withdrawals by ing of "clearing house certificates' ing factors in the local situation. The certificate will be received in paysober-minded investors banks are working along quietly and and the purpose of their issue. Conment of balances for the sum of $5.000 insisting on the gradBANKS DECIDE UPON tinuing. the statement says: from any member of the Clearing liquidation of outside obligations New York and Chicago House association. Baltimore Banks in Good Shape. without any pressing or harrassing MORGAN PROTECTIVE MEASURES bankers have decided to issue clearing "On the surrender of this certificate PROBLEM Baltimore, Oct. 27 Recent events methods and emphasizing the neceshouse certificates Milwaukee bankers by the depositing bank above named rein financial circles in New York have sity of co-operation in gradually compelled to follow their example the committee will endorse the amount lieving the situation. been without considerable effect here. order to preserve their cash reas a payment on the obligations of Curtailment of Speculation, Money has been tight locally for some said bank held by them, and surrender Vigorous Work of Powerful Week Opens in New York With time, and a \few who have required St. Paul Adopts Protective Measures. Milwaukee banks were never in a proportionate share of the collateral Which is Strongly Urged by cash during the past week have been more sound and prosperous condition, St. Paul. Oct. 27 Representatives securities held thereunder." Leader Finally Brings Order Renewed Confidence That forced to sacrifice first class securities but circumstances in New York have of the banks of St. Paul, Minneapolis This is the form as used in 1893. Bankers, Only Result Looked but these cases have been few. Local to brought situation that makes and Duluth this afternoon agreed when these certificates were last used. Out of Last Week's Chaotic Relief Measures Taken Will banking institutions are in excellent it Imperative that all banks must discontinue the payment of money on At that time the certificates were of For in Windy City, shape and Baltimore financiers appear stand together and preserve their cash checks, certificates of deposit or drafts Conditions. great benefit and aided materially in to believe that conditions in New York balances It will doubtless be trying except for small sums. and that for Prove Adequate. clearing the very serious situation and inconvenient for both banks and have passed the worst stage and will the present no money should be fur[By Morning Journal Special Leased Wire.] then existing. In this connection. New It their depositors, but If the people will now steadily improve. nished to bank correspondents York bankers commended the action Chicago, Oct. -Financiers and HYSTERICAL DEPOSITORS co-operate with the banks and underwas agreed. however, that the banks CONDITIONS CONTRASTED of outside cities in adopting the same bankers of Chicago tonight look forstand that all will be gainers in the should certify their checks on balIndianapolis Adopts Precautions plan for the protection of their supNO LONGER DEMAND MONEY ances in their hands, payable through end by the course adopted. the situaward with hopefulness to the probable WITH THOSE OF 1893. plies of cash. They foresee that this Indianapolis Oct. Although acthe houses only. tion will rapidly improve and business continuance of the present financial will greatly relieve the strain at outtion taken late last night by the return to normal conditions. The Savings banks and trust comside points, permitting them to use the solvency of the banks and trust comIndianapolis clearing house in connecpanies will require the sixty and ninety Confidence That Worst is Over certificates in the place of cash. and tion with the trust companies to proPointed Out That Present Sitday notices. The payment of checks panies. basing their expectations OF Money Plentiful in Northwest. also having the salutary effect of tect depositors by issuing clearing and drafts through the clearing house the protective measures taken by the keeping down the drain of outside Portland Ore., Oct. Prominent Thoroughly Pervades Finanhouse certificates for exchange bewill proceed in the usual way. uation Deals Only With Curclearing house association last night cities New York. When New the local financial institutions A statement was issued after the bankers of this city are a unit in the York adopted the certificates in 1893 in ordering the issuance of clearing balances, and by the trust cial Circles; Good May Folmeeting that the action as outlined belief that eastern banking conditions of rency Supply; Industries the system became almost universal companies, taking advantage of the was taken for the purpose of protectnot going to affect Portland or house certificates and the putting in throughout the country, and everying commercial interests and of prerequiring thirty to sixty days' nolow Recent Flurry, north Pacific financial institutions. force of the legal notice that may be Nation Never So Prosperous. where the result was beneficial. venting a drain on the banks. It was tice paying depositors, the InThey state without reservation that required for the withdrawals of savOne prominent banker pointed out the unanimous sentiment of the bank. dianapolis banks and trust companies money never so plentiful nor gen(By Morning Journal Special Leased Wire. that it could not be brought to the aters of the three cities that the restricings bank deposits The clearing a better and stronger condition business better Credit balances [By Morning Journal Special Leased Wire.] tention of the country at large too New York. Oct. 27.-The chaotic tions imposed would be but tempothan at any previous period. A1house association held a long meeting the east are and have been for New York, Oct. -The feeling strongly that the present situation is rary, and all agreed that the banks though not at present feeling the finmonths in favor of the Pacific northamong banking authorities tonight is conditions which existed at one time today to discuss the possible developone dealing solely with the supplies of aneial now existing in New are perfectly solvent. that united action and wise counsel banks. and money is continually last week in New York had entered ments in the present money stringency currency and that neither the business York, it was thought best to adopt being loaned in the east instead of have already accomplished much in credit of the nation nor its industrial upon improvement before the week and to perfect details of the new Situation Favorable in Boston. precautionary measures, hence the coming for that purpose Crops providing a solution for the financial and agricultural prosperity is affected. tion of last night. Local financiers throughout the Pacific northwest will ended. and confidence was growing problem with which they have been Boston. Oct. 27. The financial sitplan adopted to ward off a possible In this respect there is a sharp can. say that the conditions in this city are be of record quantity called on to deal during the past uation in Boston is very fovorable, acthat the worst had been seen. A man scarcity of cash. trast with the conditions prevalent in most encouraging and no fear of any bushels of wheat record prices. cording to all classes of bankers. week. and that with remedial plans was found who could ride in the Chicago bankers are discouraging 1893. At that time many factories trouble of any nature exists. Portland bankers say they are interThere has been no abnormal demand other perfected the promise is were closed. railroad business was at st whirlwind and disregard the storm speculation in stocks and grains and ested in New York financial conditions for funds at any of the banks Pierre for the uninterrupted maintea low ebb. and all parts of the country only because New York is the banking Jay. chairman of the state bank comand by common consent the leaders they predict that dealings in such inn financial stability. Today Cleveland Unaffected by Flurry. were feeling the strain of acute busicenter of the country mission. the trust companies are marked by the usual Sunday in the finance subordinated their ac vestments during the week will be Cleveland, Oct. financial ness depression Today. on the conin better condition than last year. The which gave the financial leaders an scant far as Chicago is concerned. tions to the guidance of J. Pierpon trary, the country is extremely prosflurry in New York last week had no other institutions are also in excellent opportunity to ease the tension of The inability of savings bank deposiNo Danger in Cincinnati. perous, manufacturing plants are runMorgan With affairs thus submitted appreciable ill effects on the situashape. overwrought nerves experienced durtors withdraw money without thirty Cincinnati. Oct. apprehenning full all the time to keep up with tion in Cleveland, according to the to the direction of a central intelli ing the past week. Most of them redays notice will aid the bankers in orders, railroad earnings are the highexpression of bankers and much was already gained for of any financial troubles during Detroit Reports Increased Deposits. mained at home throughout the day. their desire to keep people from tieest ever known, and the -crop prosother financiers of this city The readjustment The position began coming weak in this city was felt and there was a noticeable absence of Detroit, Oct. The financial ing up Chicago mor. in securities pects are excellent. The banks themcoming week is entered upon here today by leading bankers and finandefine itself as the dissolving ele the hurried conferences of recent days that would be bought and paid for in troubles which beset the New York selves, especially those of New York. As Melville E. Ingalls, presiunshaken confidence and with ments in a solution are made to crys The departure of Secretary Cortelthe east. Such leading bankers as banks and trust companies last week have in their vaults interest-bearing around dent of the Merchants' National bank a outlook for the entire week. center. The situa you for Washington removed a conJohn J. Mitchell. of the Illinois Trust were practically without effect on 10securities of the best character on chairman of the bo rd of the Big tion that began to emerge was found bankers say there is no strinspicuous figure from the field, but it and Savings bank: J. B. Forgan. of the cal banking institutions. In fact. the which in ordinary times they would be of Four railway, expressed it. "The finannot hopeless as had been feared in money in this section was felt that with President Roose First National bank and E. Potter weekly clearing house statement shows able to realize large sums of money. of Cincinnati is as solid and no feeling of uneasiness has prevalent features indeed having of the American Trust and Savings velt's strong support. as expressed in a of considerably over $100,000 It with these securities and good Gibraltar. We are not and have been manifested by either depositors to the stage of unreason and bank. tonight asserted that there was his letter made publiculas night. Mr. on savings deposits during the week. commercial paper as coNateral that not in any danger here. interested in securities Thus among depositors in the in Cortelyou's presence in Washington absolutely no cause for alarm in Chithere a timorous depositor the clearing house loan certificates expressed similar views Durto action has been taken by the that all Chicago banks solwas favorable to such further governwhich were subjected an account but there were week local financial dealwill be issued to the extent of 75 per house officials with lacking in reason, the vent and in good condition for normal ment assistance as might be required. unusual withdrawals to be cent of their salable value. Thus it clearing of issuance the quiet at all times, but prices thus precipitated was suffithat business would proceed unIn the churches many of the serPankers here do not will be seen that every $75 of loan is maintained, an advance to hindered a checking basis and in certificates, but a meetink ciently serious and the various mons were marked by references trouble of any kind. ticipa certificates issued is secured by $100 tions this were striking in short time the being scored on all dealings yesterbeing held by bankers and clearing the financial situation. Rev. Donald worth of property. The sensational to prevent the pressure and a definite plan on Mackay at the church of St. Nicholas. Louis Bankers Ontimistic