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Show REDEEM BONDS TO $75,000,000 Cortelyou Announces Also That BanKs May Retain Increased Circulation; Would Avert Fanic. WASHINGTON, March 15. Secretary Secre-tary of the Treasury, Cortelyou has made the following announcement: "The Secretary of the Treasury has this day announced that any bank that increased its circulation under the terms of the department announcement of October 22, 1906, and was required thereby to retire the sameduring the months of March and August, may retain re-tain said additional circulation upon due notification to the Comptroller of the Currency" of its desires so to do, without change as to security for public pub-lic deposits until further notice. But those banks desiring to retire their additional ad-ditional circulation obtained in this way will be required to withdraw the state, municipal and railroad bonds now lodged with the treasurer of the United States as security for public deposits and substitute the bonds released by reason of their additional circulation. "The amendment to section 5153 of the revised statutes to the act approved ap-proved March 4, 1907, eliminates the words 'except receipts from customs and the Secretary of the Treasury is now instructing collectors of customs at places where it is found to be desirable desir-able to deposit their receipts with national na-tional bank depositories already established estab-lished in the same cities as the custom .houses. "The Secretary of the Treasury has also issued a circular announcing that he will redeem, with interest to July 1, the date of their maturity, any registered regis-tered and coupon bonds of the four per cent funded loan of 1907 to sn amount not exceeding $75,000,000. The bonds may be presented at once for redemption, re-demption, nad registered bonds should be diilv assigned to the Secretary of the Treasury. A copy of this circular will be mailed to each owner of registered regis-tered bonds. 'The circular of February 11, 1907, providing for the purchase of these bonds at lOl1, has been rescinded." Under these announcements and that which was made Wednesday, about $48,-000,000 $48,-000,000 will be allowed to remain in circulation that otherwise would have been called into the treasury. Of this amount, $30,000,000 represents public deposits temporarily placed with the banks last fall under agreement that they should be returned to the treasury treas-ury subsequent to February 1. 1907. and $16,000,000 represents additional circulation engaged for retirement. These amounts, together with the $25,-000,000 $25,-000,000 United States four per cent bonds which the Secretary today offered to redeem, make a total, of $71,000,000 either left with the banks or offered to be placed with them as the result of the redemption of the four per cent bonds. . |