The Birmingham age-herald., 1907-11-25
BANKERS READY FOR
 AID FROM GOVERNMENT ]
fCONTrNUED FROM PAGE 1)


 premium on currency, while somewhat
 obstinate, has been gradually declining
 and the rally in the stock market on sat
 urday following the visit to Washington
 of J. Pierpont Morgan and George f.
 Baker indicate that confidence IS pelhs
 restored by the manifest cooperation pc
 tween the government and big nnanciai
 interests in New York;
 Some uncertainty prevailed early in the
 week regarding the terms of subscriptoi.s
 and allotments for the new securities. put
 doubtful points have been cleared up rom
 day to day by the statements Of Secretary
 Cortelyou and other officials, and the
 manner in which offers are being received
 for the new securities indicate that they
 will probably be oversubscribed.
 The mail offers will not be opened uhth
 the time for receiving bids closes on Sat
 urday next, but the number of bids re-
 ceived and the declared purpose or sohe
 of the large New York and Chlcaso
 banks to subscribe with the purpose or
 increasing their note circulation, leaves
 little doubt in the minds of bankers ana
 treasury officials that the loan VIII pc
 covered The fact that the one-year cer-
 tificates can be availed of to secure new
 bank note circulation, and that such clr- cuIation can be relaxed within year, IS having an effect in drawing oners TOT these securities. Indeed, Secretary cor telyou in making allotments, is rejecting many offers which he does not think VIII tend to materially benefit the monetary situation.
 Rv permitting issues of bank notes to fine full amount of the bonds and certifi- oates taken by national banks and then
 re-deposltng the proceeds of the sale or the securities to the amount of 70 per cent in the banks, there is opportunity for increasing the amount Of currency in circulation by a net amount equal to three-quarters of the new security issues. If is not expected that the increase will he so great as this, since some of the | short-term certificates will be taken by | private investors.
 There is doubt also whether any such increase will be needed if the corner IS l turned in the monetary pressure when 1 the bids for the Panama bonds are | opened and offers for the certificates are | closed at the end of next week. The 1 importation of sS1,0O0,0 GOO in gold now ar- | rived on the way or engaged. adds SC | greatly to the monetary resources of the | country that it is anticipated that there | will soon be a plethora of circulation | rather than too little.
 l The fact that the gold which has thus | far arrived has not increased perma- | nently the New York reserve is declared by New York bankers to be sufficient l evidence that everything is being done | which is possible by New York to aid l the banks throughout the country. I Reports from the south indicate that | the cotton crop is moving with faii
 degree of facility at the present time and | that the deadlock which threatened at 1 the outbreak of the crisis has been brok' | en- It is hoped that it will soon be pos | sple to resume cash payments at al | principal centers. Bankers from Chicago | ew Orleans and other leading cities de l clare that they are ready to resume a' 1 soon as New York will give the signal