| Show SMALL AMOUNT mm WILL BE BENot ISSUED Not Over of the Certificates of Indebtedness t to Be Allotted RAISES PER CAPITA COST CORTELYOU FIGURING HIMSELF OUT OF THE HOLE Washington Nov 29 The final anal clos closing closIng closIng ing of o allotments of the one year certificates was definitely an announced announced by Secretary Cortelyou today He declared that no allotments had been made or would be made after his announcement of Wednesday night that no further subscriptions would be considered The point was not quite clear dear until his statement today that some Homo allotments might ml ht not be made from subscriptions already alread in hand on Wednesday As the matter stands practically all the allotments are to national banks which have agreed to take out circulation and in the ma majority majority majority of or cases have indicated a will willingness willingness to surrender the tho certificates before maturity upon payment of ac accrued accrued accrued interest on un the date tion Information was still withheld at tile the treasury as to the amount of the allotments made but such Information information Information mation aa RI is obtainable indicates that thai the fetal will not materially exceed Calculating the Cost If this proves to be the case and a considerable portion of the certificates are aro delivered on n the condition that they shall be surrendered In six months with interest to that time or even for a shorter period it becomes possible to calculate roughly the cost of he lie issue in interest There appears to be no doubt that by far the larg largest large largest est e t par of the amount allotted probably probably ably at nt least Is subject to redemption with accrued interest within three months On the basis of an au Issue of this would to the redemption of with interest to the amount of 1 per percent rent cent which would require 2 0 for forthe forthe forthe the interest payments If of the certificates ran the full period of one year ear the Interest payments at 3 per tent dent ent would consume These two sums therefore making a total of would represent the entire cost of the Issue of certificates to the treas treasury treasury treasury ury outside the trifling incidental expenses ex expenses pen of issue This would be at the rate of about 2 23 cents per capita for the population of the United States Panama Bond Subscriptions The offers otters for the Panama bonds are still tUl reaching the treasury treasur In large numbers They will wUl remain un unopened unopened unopened opened until tomorrow afternoon when the receipt of subscriptions closes The number of bids closely ap approximates approximates approximates the tho number received for forthe forthe forthe the loan of July 20 1906 when an offer of was subscribed to the amount of or about fifteen times timos the amount offered Nothing Is known yet In regard to the amount of bids which may differ greatly from the amount In 1906 as the result of a greater or less number of large syndicate bids It is hardly expected ex expected expected that the price obtained will equal that of 1906 which was 1040 per percent percent cent but In view of the value of ot the bonds as security for circulation it Is expected that a fair premium will be paid Trying to Prevent Expansion The limitation of the certificates certificates certificates to or less leas is regard el by b bankers hero here as a wise step in view of its Influence In do preventing an unnecessary expansion of bank note circulation The maximum ma mum possible upon the new Issues will stand at 75 instead of as was as possible r if IT tho the amount amo nt first sug suggested suggested had been allotted and it is Ie not believed that anything like this maxi maximum maximum maximum mum will be attained If in new bank note circulation is secured by b certificates subject to call next spring this amount can easily be re retired retired retired tired without imposing so I serious a burden upon the banks as if the amount dealt with were larger The treasury working balance ac according according according cording to the terms of deposit which have boen been officially announced will he be increased about when all the new securities are delivered This rep represents represents represents resents 10 per cent of the amount of the Panama bonds and of the amount of the certificates The balance today was reduced to less than titan but this ignores the large fund of cash held against out outstanding outstanding standing cheeks checks clu and other similar lia liabilities Internal revenue receipts have fallen off of this month as a compared with the same month a year ago apo by about and customs receipts by about A part of this decrease Is due to the difficulty of obtaining cur currency currency rency for making payments which would otherwise be made but it is an anticipated anticipated that a considerable part Is due to actual decline in business s Listens and Looks Wise Secretary Cortelyou continues to lis lie listen listen lieten ten attentively to representations In re regard regard regard gard to the currency measures but does doest t not commit himself beyond the general necessity for Intelligent legislation The project of a central bank of issue seems to have many supporters among bank bankers bankers bankers ers and members of congress arriving here and it is already certain that sev several several several eral comprehensive bills on the subject will foe bg b introduced One of these will probably embody the views of George GeorgeE E Roberts president of the Commer Commercial Commercial cial dal National bank of ot Chicago who with Comptroller RIdgely is among those who have recently became con convinced convinced vinced that such a measure is the best beet cure for monetary difficulties Chicago Ready to Resume A report reached the treasury de do department department today that the tho Chicago banks would resume currency payment next Monday In commenting on this fact Secretary Cortelyou said that his in information Information information formation was that the New York banks were dally daily Increasing their cash payments and that the banks In all aU aUthe the great money centers were gradually getting back to normal conditions In nearly all aU sections of the tho country re reserve reserve reserve serve banks were meeting drafts sent by their Interior correspondents on ac account account account count of internal revenue and other government receipts evidence of ot which is shown in treasury statement which shows customs receipts to have been and Internal revenue re receipts receipts which are larger than ever eer under normal conditions The Boston banks were he said ma materially assisting in this movement It Il Is s the opinion of treasury officials that conditions are rapidly approaching nor normal normal normal mal and that the critical stage In n the situation everywhere seems to o havo been fully passed Tho The secre secretary secretary secretary tary has hac not made any allotments of certificates since his announcement last Wednesday W norvill nor will he make any The applications for them accompanied by bythe bythe the he currency received after the secre arys statement will be bo returned to the he senders I II I |
