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Action Necessary by Refusal of Eastern Banks to Send Cash Balances to Coast Banks --- No Panic Feared. Local Banks Are All In Good Condition--Eastern Financlai Standing Improving Daily--West Is Calling for Money. The banks of Oregon have all closed since the proclamation isGovernor Chamberlain, a five proclaiming sued by days' is holiday, thought during which time it the present situation in the money market will be straightened and Western banks may be able to secure cash balances due from Eastern banks. The situation as described in the Governor's proclamation is that the Oregon banks have been carrying heavy deposits of cash in the East and that Eastern banks have refused to send money west in payment of demands. It is generally believed that the five days will bring about a satisfactory arrangement for the shipment of money to the coast. The bankers of Condon who noon, upon of a telegram ceiving met Tuesday from the the rePortland bankers notifying them of the issuance of the proclamation, agreed to observe the holiday. The purpose of the Portland bankers in securing the holiday is to prevent calls from the country banks, and in the meantime bring about some arrangements that will satisfy the demands before next Monday. It is said the Portland banks are in good condition and that this step was taken in order to ward off runs on Western banks. of The following is the petition the Portland Clearing - House committee to the Governor: "Hon. George E. Chamberlain, Governor of Oregon:-In view of the strained financial situation throughout the United States which has resulted in concerted action by the leading clearing houses of the country, suspending the shipment of coin, thus rendering it impossible for the banks of the State of Oregon to continue in the exercise of their functions, the associated banks of the City of Portland respectfully request your Excellency to declare a legal holiday throughout the State of Oregon during and 31st and the 29th, 1907, 30th during of 1st and October 2nd of November 1907, deeming such action absolutely necessary to preserve the credit and good name of the State of Oregon." There is absolutely no cause for uneasiness in financial circles in Condon as all the banks are in the best of condition as their officers have stated. The financial strain of the East will have only a temporary effect on the Western banks as Eastern dispatches stated yesterday that the financial situation in New York improving each day and the Eastern cities are becoming well supplied with currency.
