The Birmingham age-herald., 1910-10-09

| Washington, October S.-(Special.) )-Ac- cording to an optimistic view of federal treasury officials, money will be plentiful throughout the country during the con- ing winter months. Although no partic- ular person in the big financial depart ment of the government wished to go on record as saying that there will not be "tightness'' in the money market, 1t is predicted that the country will be fairly prosperous and without the slightest in- dication of panic. Secretary Mac veagh. as well as his assistant secreta- ries, are keeping hand on the pulse of the nations financial and business life, and are circumventing any slanting move that might portend financial depression All danger marks that were prevalent during the early part of the summer | they declare have faded away until to- day all evidences that even a slight tremor of calamity exists has disap- peared.
 When large banks in the reserve cities New York, Chicago and St. Louis-saw that a financial panic was on its way and was liable to engulf the country early In the summer, they knew that no help could be expected from the treasury de- partment, such as was extended several years ago. The working balance of the department Is too low; hundreds of mill lions of dollars of bonds are outstanding and large drains for public improvement made 1t imperative upon the federal gov ernment to keep a tight hand on It's cash drawers.
 1 Consequently the banks generally throughout the country prepared for
 what seemed to be the inevitable. Gold has been piled up, reserves strengthened, risky loans cut down and bonds and other securities which might not be easy to sell quickly have been turned into money and held in vaults. Recently large shipments of money have been sent from these reserve cities to smaller banks, thereby forestalling any possible | "panicky' movement which might crop up unexpectedly, or nipping an incipient money stringency that might follow wild | trading on the Chicago and New York boards of trade and stock exchanges. From reports received by experts of the treasury department, information has been obtained that money Is very plenti- | full in England and on the continent of Europe. In this country. statistics pre- pared by the department of agriculture show that nearly every crop is a bumper" Corn set @ new record, as well as some of the other staple grains. F our-hfths of the corn crop has been l gathered. so the chances of loss from | frost are small. The oat crop Is the greatest in years, while the cotton crop will be 100000 bales greater this year than last Tn every way possible optim-
 ists point out that a money panic or
 stringency Is long way off.
 | Other reports that have tended to sub
 stantiate the opinion held by treasury | x1,a ,,p,,c,1o f1v f,rozperOna con-
 dition of the commercial and industrial | h,,siness concerns of the country.
 l From estimates received 1t Is pointed
 o,rt that within the next few weeks in-
 yestors all over the country will receive nearly N7o,oo0,0o0 in dividend checks
 Europe will be selling material to Amer lea. but not to the extent that 1t did a
 year ago, hence the deduction that Euro
 peans will owe America money or m
 other words, the balance of trade will be in favor of this country. Bars of golo
 will be shipped to this country from
 abroad to make up this balance. They will be stored in the hints and sub-treas- uries of the United States and these oer- tifcates issued and placed in circulation
 Thus many millions of dollars will be
 placed in circulation. The equalization of Panama bonds and the issuance of Philippine bonds will add great many more dollars to the circulation.
 Thus bankers all over the country have
 become imbued with optimistic opinions of the treasury officials and freely
 placed loans on good security.
 Three years ago when money panic
 prevailed in this country and finally
 spread throughout Europe. every in-
 vestor and each individual felt the strain of "tight money" At that time the