Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1907-11-07
Big Increase Within Brief
Period.
indications are for Material Increase
Both by Gold Imports and Increase in
Bank Note is hTCirOculati,n Appar-
emily Being all That is Necessary to
Tide Over Crisis.
Tide Over Crisis.

New York, Nov. 1-Indications that
the available supply of currency would
be materially increased within short
time, both by imports of gold and the
increase of the bank note circulation.
and that the movement of cotton and
grain, crops would be facilitated in
every way possible with the result of
increasing our credits abroad were the
salient features in todays financial situ-
alton, which seemed to be recognized
everyw here that the acute stage of the
crisis was over and that all that re-
mained was to obtain sufficient cur
rency to resume currency payments
upon broad scale and thus to restore
conditions prevailing before the crisis.
The engagements of gold made in
New York, Chicago and elsewhere
brought up the total import movement
within the past week to $2S, 75O, 900. AS
the amount of gold will afford a basis
of credit to four times the amount, or
about $95, 900, 900, 1t will in itself afford
much relief to the existing pressure.
The action of the Bank of England in
w
1-2 per cent. was in accordance with
expectations in conservative circles.
The fact that the increase was not m ade
to per cent, and that the English
rate remains 1 per cent. below the Ger
man rate; is expressed as an indication
Sidered acute.
The prompt response of the national
banks throughout the country to the
suggestion of the comptroller of the
currency that they should employ their
United States bonds as largely as pos
sible to secure circulation and substi-
tute other bonds for those pledged
against deposits of public money ,prom-
ises a considerable increase in the
available stock of currency. The es-
innate of an increase in the bank note
circulation of $50 200, 900 is considered
well within the probabilities. 1t will
require time, however, in some cases
for the banks to obtain proper bonds
to substitute for their United States
bonds.
Mr.. Vanderlip, vice-president of the
National City Bank, made the fruitful
suggestion today that the savings
banks would at once improve the gen.
era1 situation and add to their cash
if they would sell their holdings of
United States bonds to the National
Banks.
Even in cases where they do not care
to sell, it is believed that they wilt lend
the bonds to the National Banks, as
has often been done in the past.
Interest is continuing to center in
the movement of the cotton crop from
New Orleans and other Southern points,
where it is so essential to provide bills
against the imports of gold. Secretary
Cortelyou, according to Washington
dispatches to-day, was disposed to in
crease deposits of public funds in the
Southern Banks as rapidly as such
funds become available. This will sup
ply the Banks with the stock of cur
rency so much needed to handled the
cotton crop and will enable them to
await with less embarrassment than
otherwise the arrival of their cotton
bills IN Europe, and the bringing back
of the gold.
The committee of New Orleans bank
ers, which is in Washington, has sug-
gested that the New York banks can
ease the situation by giving the south
ern banks credit for checks on foreign
banks forwarded soon as they re-
ceive telegraphic advices of the
amounts. This will enable the south
ern banks to check against such bal
ances in payment of collections and in
making remittan ces to interior banks
throughout the country.