Omaha daily bee., 1907-10-31
Omaha Adjusting Itself with Ease to
New Conditions.
CASHIERS CHECKS AS CURRENCY
Local Institutions Are Shipping Them
to Their Correspondents.
MAY PAY CASH NEXT WEEK
Outlook Now is for Early Lifting Of
Precautionary Measures and
ResumptIOn of Money Pay
ments In Fuu.

with the greatest OF ease Omaha has ad-
justed itself - a new financial situation.
This was illustrated by the condition OF
the banks Wednesday. after the plan OF
holding back currency and extending the
use of checks had been tried two days. II
was new even Tuesday. but when the banks
opened for business Wednesday morning
It was to assume the regular routine with
out incident. Almost all Of the depositors
understand the situation and have become
reconciled to a plan which looked panlcky
to them Monday morning.
As a result of the two days OF check
system banking every bank in Omaha has
more cash in its vaults than ever. the say
ings banks are not receiving notices for
the withdrawal Of money in sixty days and
the savings and loan associations and trust
companies are actually increasing their de-
posits.
No lines Of depositors greeted the paying
tellers at opening time, no arguments were
necessary to retain money in the banks and
the detectives which have infested the
counting rooms for two days have been
dismissed, as their presence has been only
a precaution and not call has been made
| for their assistance.
Few DepOsitOrs Give Notice.
President j. H. Flack of the City Savings
bank said only 8O5 depositors out OF the
1900 carrying accounts with his bank had
given notice that they desired TO withdraw
! their money in sixty days, while not 100
of them would actually take their money
from the bank. They simply gave the no.
tice to enable them to withdraw the money
at the expiration OF the legal time II they
desire TO do so then.
The savings banks are providing means
httf
few of their depositors have asked for
assistance.
| with the trust companies and the saw
| ings and loan companies. the situation 10
equally as bright as with the banks.
| So successful have the banks OF Omaha
| been in retaining their cash and at the
same time the confidence OF their deposit
| ors' and so admirably has the clearing
house plan met every need of the local
: business world that the national banks
began TUESDAY night to ship their country
correspondents btndles OF cashiers checks,
/ for use as curreDcy.
Evening clearing house meetings, which
It was thought would be necessary, have
been called off Members of the assooia-
tion held brief meeting Tuesday after
noon, and will probably meet for few
minutes each afternoon TO handle routine
matters.
Work of Cashiers CheeI<s.
! it is the cashiers checks which were put
! into circulation Tuesday in denominations
of S. $40 and $50 that are answering all
purposes In the local business world and
/ supplying a convenient medium OF ex-
change for country banks, Every bank In
Omaha has been shipping out these checks,
guaranteed by the clearing house, and the
country banks will pay them over the
counter
v The outlook now is for an early lifting
Of the precautionary measure, and the pay
ment of all drafts and checks in full, which
/ is done in some instances at Omaha banks
, at present Members OF the clearing house
do not believe the rule will be IN effect
longer than the first OF next week or at
the outside the middle of the week.
Provision has been made by all banks
to care for pay rolls Saturday, unless some
thing unexpected happens in New York.
which is not now anticipated These, with
the money In common use, will supply all
the needs OF business, and there will be
hundreds OF Omahans who will never see
the flashy medium of exchange, in the
dainty tints with water marks and litho-
graphs OF buildings, known as cashiers
checks"