Omaha daily bee., 1907-11-01
MORE CASH IN SIGHT
Additional Engagement % Z. 'ld for
Import from Eur, &
BANKS INCREASE GIRO Z on
, Ridgeley Plans to secu e DepOs
Prevent Note Issues. ~.
/ CONDITIONS NEARLY NORM.
Acute Stage Of Or sis Generally
Believed TO Be Passed.
FUNDS TO MOVE COTTON CROP
New York and wsshir gton Planning
to Extend Needed to Southern
Banks-suEEest TO saw
ings Bar
Acute Stage Of Or sis Generally
Believed TO Be Passed.
FUNDS TO MOVE COTTON CRoI

NEW YORK, Dot. 81 Indications that
the available supply OF h would be ma
tsrially increased within short time. both
by imports OF gold and q increase Of the
bank note circulation, AMI that the move
ment Of cotton and gralr crops would be
facilitated IN every way possible with the
result Of increasing OuI credits abroad,
were the salient features q today's finan-
cisl situation. II seemed o be recognized
everywhere that the aeu,e stage of the
crisis was over and ell that remained was
to obtain sufficient currenc,' to resume cur
rency payments upon a nroad scale and
thus to restore conditions prevailing before
the crisis. The engagements of gold In
New York. Chicago and elsewhere, brought
up the total import movement within the
past week to S2g.7i00O0 Az the amount Of
gold will afford a basis credit to four
times the amount or about S96.O00O0o. II
viii In itself afford much elief to the ex-
isting pressure. The action of the Bank of
England in raising its dis, cunt rate from
~ to 5h per cent was in coordanoe with
expectations in conservative circles. The
fact that the increase was not made to
per cent and that the English rate remains
] per cent below the German rate is ac-
ceptsd as an indication that the situation
at London is not considered acute.
AncE&AAe IN Bank OarcWAnNAOms
The prompt response OF the national
banks throughout the country of the offer
Of Comptroller Ridgeley that they should
deposit their United states bonds as largely
as possible TO guarantee the circulation
and substitute other bonds for those
pledged against deposits of puhllc money,
promises considerable increase I'm the
available stock of currency. The estimate
OF an increase in the bank tote circulation
of Ss0,O0O.O00 is concidered ,ell within the
probabilities II will require time. however.
in some castse for banks t' obtain proper
bonds to substitute Tor their United States
Onds. Mr.. Vapderlip vice president OF the
National City bank made the fruitful sug-
eestion today that the savings banks would
at once improve the genera, situation and
/ add 10 their circulation II tley would sell
their holdings OF United Stat bonds 10 the
national banks. Even in cases where they
do not care TO sell It lie believed that they
will lend the bonds to the ational banks.
as has often been done In tle past.
Movement Of Cotton.
Interest Is continuing to center In the
movement OF the cotton crop from New
Orleans and other southern points, which
it IL so essential to provide bills against
he imports OF gold. Secretary Cortelyou.
was d. posed to increase deposits OF public
funds an the southern banks as rapidly as
such funds become available. This will
supply the banks with the stock of currency
20 much needed TO handle the cotton crop
and will enable them 10 await with less
embarrassment than otherwise the arrival
OF their cotton bills In Europe and the
bringing back or the gold. The committee
OF Now Orleans bankers which Is in Wash
inston has suggested that the New York
banks can ease the situation by giving
the southern banks credit for checks in for
eign banks forwarded as soon as they re-
Oeive telegraphio adyices OF the amounts
This win enable the southern banks to
check against such balances in payment Of
collections and In making remittsnoes 20
interior banks throughout the country.
Plan for Currency Reform.
1t is noted with interest by leading
bankers that the present scarcity of cur
rency ana the recourse which had been
had to the national banks circulation are
arousing unusual interest in the plan for
currency reform which has been endorsed
by the American Bankers association
This plan was adopted in December OF last
year, after consultation with representa-
tives Of the New York Chamber OF Com
meroe and which was presented to con
EreHs ~ that time The plan did not re-
ceive the definite approval OF the American
Bankers association. however, until the
meeting at Atlantic City. In September
last, but At that time It was endorsed by
nearly unanimous vote, after strong arEu-
trnents IN It's favor by A. Bart Hepburn
president OF the Chase National bank OF
New York. and Representative Charles ~
FoWler, chairman OF the house COMMITTEES
on banking The committee which framed
the measure was continued with author
ity to take further action. II has not held
a meeting since the convention at Atlantic
city. but some OF the western members are
strongly desirous that such a meeting be
called at an early date. in order to bring
1.-THE subject properly before congress. while
lpubiio opinion is aroused on the subject.
klIDsELEY;s PLAN DOES WE'LL.