The Greenville journal. [volume] (Greenville, Ohio) 1850-1918, 1907-11-07
CASH TO Be PLENTY
INCREASE OF BANK NOTE cIRcu-
LATIoN SEEMS CERTAIN.
MUCH GOLD ON THE WAY
Comptroller Ridgely's Plan Generally
Approved by 5ankers-Cortelyou
Disposed to Help Gotten
Movement.

Movement.
New York. - Indications that the
available supply of cash would be
materially increased within a 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 of Thursdays
financial situation.
1t seemed to be recognized every
where that the acute stage of the
mained was to obtain sufficient cash
to resume currency payments upon q
broad scale and thus to restore condi-
uons 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 $23,75O,O 900. AS the
amount of gold will afford a basis of
credit to four times the amount, or
about $95,000,000, it will in itself af-
ford much relief to the existing pres
sure.
Rldgely's Plan Liked.
The prompt response of the national
banks throughout the country to the
suggestion of Comptroller Ridgely that
they should employ their United
States bonds as largely as possible to
secure circulation and substitute other
bonds for those pledged against de-
posits of public money, promises a
considerable increase in the available
stock of currency. The estimates of
an increase in the bank note circula-
ton of $30,000,000 is considered we'll
within the probabilities. 1t will re-
quire 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 that the savings banks
would at once improve the general sit
uation if they would sell their hold
ings of United States bonds to the ma
tionGl banks. Even in cases where
they do not care to sell, 1t is believed
that they will lend their bonds to the
national banks, as has often been done
in the past.
Helping Cotton Movement.
Interest continues to center in the
New Orleans and other southern
points, which is so essential to pro-
vide bills against the imports Of gold.
Secretary Cortelyou, according to
Washington dispatches, was disposed
to increase deposits Of public funds in
the southern banks as rapidly as such
funds became available. This will
supply the banks with the stock Of cur
rency so much needed to handle 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
bankers which is in Washington has
suggested that the New York banks
can ease the situation by giving the
southern banks credit for checks in
foreign banks, forwarded as soon as
they receive 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 remittances to interior banks
throughout the country.
To Reopen Oklahoma Banks.
Guthrie Okla. Four hundred
bankers, representing the Oklahoma
and Indian Territory Banking associ-
ations, agreed Thursday night on
plan to reopen all banks early next
week.
San Antonio Bank Suspends.
San Antonio, Tex. - The West
Texas Bank & Trust company Of
this city closed it's doors under a
temporary suspension Of business
Thursday and is now in he hands of
the state commissioner of insurance
and banking. The suspension is at
tributed to the tightness of the money
market and the refusal of northern
and eastern bankers to ship cash.
The West Texas Bank & Trust COM
pany is one of the principal banking
institutions of San Antonio. Accord
ing to G. B. Moore, president, the COM
pany will soon be in condition to re-
sumo business.