Omaha daily bee., 1907-10-31
FEW CALLS FOR CASH
New York Banks Report that Condi-
tiOns Are Nearly Normal
MORE FUNDS ARE z TTED
Nine Millions in Vaults ~. ed
Institutions Row Availa
SMALL INVESTORS GET
Brokers Report Many Sales of stOcl
to Country Customers.
NEW ORLEANS NEEDS FUNDS
Large Amounts wiz BE Required 60
Move Cotton CrOP-FinHnciai
situation I'm Europe is
quiet.
Brokers Report Many Sales of stOcl
to Country Customers.
NEW ORLEANS NEEDS FUNDS

NEW YORK oct. 30.--The financial situa-
ton today was 80 near normal that there
was no new features OF Importance. 1t
was stated by bankers that the calls for
money from the neighborhOod Of New
York and the entire east appeared to be
practically satisfied. as such calls for
currency OF an urgent character as were
being received came from points west of
the Mississippi. These calls are being met
as fast as conditions permit Mr.. Williams,
the new state superintendent of banking.
gathered up most OF the cash in the sus-
pended banks today and deposited it with
going institutions thereby adding several
millions TO the funds available in the mar
ket The debit balances against banks at
the clearing house were smaller than
usual under normal conditions. all such
balances aggregating only little more
than S9,O0000O on cleerings OF $266,OOOOO0.
New OrIeans Needs Cash.
one OF the points at which the most
pressure for money is expected is at New
Orleans. in order to finance the movement
OF the cotton crop. The pressure there is
always heavy at this OF the year,
and promises TO be even more intense this
year than usual, unless special prepara-
tions are made. The New Orleans banks
appear to be fully alive to this situation
and were endeavoring today TO arrange for
transfers OF money from Europe on pay
ment for cotton through the fiscal agents
OF the United states in Europe and its
direct transmission by cable to New Or
leans A committee Of New Orleans bank
ers Ia In Washington and hopes to secure
a promise from Secretary Cortelyou of the
deposit OF substantial sums OF public money
in New Orleans institutions Secretary
a..
conferred by this policy will not be con-
fined to New Orleans and the south, but
will aid with movement and prompt deliv-
cry ot American products in Europe and
the creation Of a crcdlt balance which will
cover the imports Of gold. Cotton bills are
being closely scrutinized in New York
and cannot always be negotiated quite so
promptly as in normal times, but whore
their character is unimpeaehable they are
recognized as one Of the best means OF
kcovering the Important movement.
y small Investors Get Busy.
One of The most interesting developments
in the situation is the large amount OF the
purchases of securities i'm small lots for in
vestment. Most Of the large private bank
lug houses which sell stocks and bonds
have been Keeping the clerical force at
work overtime executing such orders and
attending to the transfer of titles 10 the Sc
curities on the books Of the corporation from
which they are issued. This is one OF the
decisive marks OF investment buying. II is
estimated by good judges that there are
10000 more names Of stockholders on the
books of the railway and Industrial cor
poratlons than was the case a year ago,
single large firm reports sales between
s50O0OO and S75O.OO0 per day Another firm
Nl..e T.. eHvvg, -,
crowded with small orders directing the
transfers of the securities to the names of
new owners. while stiu another firm de-
clares that there has not been movement
OF this kind of such volume for twenty
years.
European situation QuIet.
The cables from Europe were not dis
quietng TO those familiar with the situation
there. The fact that the Bank OF England
has allowed tile question of raising the
discount rate 10 go over until the regular
meeting OF the board OF governors tomor-
row, is regarded as an indication that the
demand Tor gold Is not causing unusual
anxiety there, 1t is generally expected that
the Bank OF Englands rate will be ad-
vanced tomorrow. but this will be too late
20 affect engagements OF gold already
made for the United States.
The disposition IN Paris TO aid the Lon
don market by loan on sterling bills is re,
garded as an indication that the French
bank is well fortified and is willing tC
pursue, under Governor Pallsln. the gen.
erous policy which has usually character
ized It's action In emergencies. The alb
sence OF any failures. either financial oi
mercantile, in New York OF any import
ancc, except that Of Kessler q Co. a pri
vate banking irm. and the offer OF cal
money az lower rates than during most o.
the time yesterday were the other favor
LII. ...lr,r.lnunn 81 tl,a rIt,.nAi...