| Show I r MONETARY CRISIS ii fy j PRACTICALLY Y OVER I Ik k Announcement About Aboul J 1 t Tak Taken r on en to Mean That mat matI I it i la ONLY 0 ALLOTTED In National l HI I Uny Mn III Ig I on nil f rill fur M I 11 of nr Their ICHI 1 I IWi Wi a hin ton Nn S 2 Th Tho Thu an at nam h by 4 1 Hii i Cor m u last lad night Hint her uh i ithe In the he 01 treasur hIU eI IIII ab s V U not b bo rd nel it Is r here hn us Il in rn dialing thit Ihl the tl s r tury the th rids rl I In III th Ih the niom n y m ni tn In l Inc he o u H y over urr 1 iiI a hay lias I Inot not yet tl 0 h eu Rice Kl n out l ul nt th Ir asur ur nf Dr the Ih amount lOr f til al Hi allotted not nor hm has ha It II hei I l h further it would h IK he made mack for lor forI I t 11 already received d Ih amount mOunt of the Ih allotment made how howver Woo liver ver In I mid said to be bc b about aboul f uhl ui l in Is J probably bl t the h limit unless u strung bank hauka fa measures m measurer ur err art presented from r which hm hu hire niU Imul 81 why should l b bd made to All AU Individual subs i I lug been n l U II 11 Is l I that Iha li rl tin 1111 whole h ili of nf the II allotted will wll be It used und to m url ure n now new w la te i E aue of bunk note 1101 A All Au lh these M ill w it ill II 11 b be b retired lee Ie than Ihan a year tiey will not nut a hi m I of or the Ih lunik k nolo OF OK NV NJ W LOANS LOAtI The effect Ift of or lh Ih the i in Ill w upon upun Jn tl lh t iv future of thi Iho lOUI and nd a u money moy market mark I Is I already Indy receiving ut at att t t HI ut the Ih Ii and In circle circles From Iron our oune e Uv th amount mount nominally ll added to the ush balance belan of the Ih will be tae I ab abt uT at of hl h will wll nl the th S 2 per ter tent lent Panama IK bOR B III and will the th theone ono one on onee i jr ear ar have ha been Ien e wl ih I Io Iou Thin ThIM amount would In 11 me Ise I II nt nominal a from Crom about where when It stood m od to a little more mor than A t small mall RIta additional amount will be derive 1 from the premium on the Panama but even It Ir thU IM should hould vera uvera average u ua a ss high u WI as 6 per Jr cent It II t would woul to te only two and a half million With a nominal balance however of or taste more IDO than 3 OO the th If treasury t will not have he anything like that th l amount k Immediately available Thuu U to l of et deposit In national na hank banks and allot oner r H Item Itma Thew The Item amounted to tu leaving an ana actual a U l 1 working balance t uI J 4 3 J TJ rn II lw ha announced that M per r cent of the payment for Panama lanOI bond fond will be bt left In the custody dv of or th National s ional hank bank u ln the lh bents slid about bout 7 E I 1 pier T rent cent nt of the tho th payments nt for tM th o ate will be bt l left fi with the th banka The rb eft feet eel of these thu change In the treasury balance sheet bet upon the ine bal bala balor t or ot blue of both 01 of to tb 1245 amount of wUl will be to In InI the I h amount In bank to about and the working o oto to about aboul The tune In of U In the th working balance will willIn willbe In lot due dIM to the tile retention In the treasury Of or I M OM or 10 per lent cent nt of th the prin prill principal cipal of ot the Panama payments payment arid and nd bout about or 16 15 i per 11 er cent of UK the principal of ut In III treasury t ury 8 CONDITION C 1 The he condition of the treasury will be tw b Changed hed materially in Uw Uta spring If 8 lI cy Cortelyou la Is I able ably H to carry out the program of retiring a oble portion of the before maturity lie will 4 no In doing this and saving a proportion or of the Interest ct to 10 be paid on un th thru nI If the agreement mad with ith banks banka to this t effect can nil he la I i reined urle l out under the th con of r the mn money market In th the spring PI In If of or the er rim ran be I h thou then pall paid off nt the th i an ass Ii balance balan will 11 full fall to tout df OMIt In lu banks will IHn in i line by hr three thre quarters of lOr f th Iho paid 1 1 off iff rr or ur 11 o 1 1 lh th i ash h ho will I fall fell to 10 about boul I The Tile fuse I K In the th rah cash hulas blen will b I Idue he heI I due duo tu toJ t tuk log rn the Iho Ih Ira i a ih h Sf ff per Ir ill 11 of or the Ih II UI Auld fl fr e rho q hi I I rel III l r to in in rI t of f th t l t c Sat lna u la c It II 1 t wm m probable however howver that money mone market will be such u h that thaI the seen Mere tary Lary lar will feel fee justified In calling upon the banks bank for considerably more moro cash than Ihan cf come me to thrum them In payment for tor the tb treasury certificate which are ar railed called and surrendered d Under these thee the tan while the general balance balanco will remain the cum in bank banks woOl be reduced educed and nd the th actual work workIng lag Ing balance would be b Increased It I Is R L only considered highly de desirable to reduce In the baRk bank an as soon noon money mone market permit but i It 11 a 1 believed thAt there then the will willbe be little difficulty In doing ao RO o If It the treasury can caa reduce these theoe th d In tn Inthe the th neighborhood of In tt t life course of ot the th spring It will then have at art t It Its command about bout a aa as asa I a working balance from which deposits I could be made from time to time to I aid tn to the crop movement In the autumn au autumn autumn If It they were war required The ht hta 11 Tory lory of ot previous cities has ha shown hown that tends tend to accumulate rapidly In Inthe inthe the th banks bank after the worst wort of ot a crisis crl Is I over In Ole Uie specie Ie In national banks tell fell from on May day 4 f im 1898 to 10 on July 12 1 IMS 1 WORST BREAK OV 0 STOCK The n worst wont break weak In the tM stock tock ex exchange change Chang ehn occurred on July M when whon elf alt n money mo ey wept went w t to 76 1 per cent Notwithstanding Notwithstanding standing bust bun nee depression was waR still un acute Reute and the contest contact over the Sherman Sher Sherman man Inan act was w raging In Congress Cong at the beginning of oC October the r relaxation relaxation laxa tion lion of ot business bun activity led fo to the de dM decline II cline cUne of loan loann on Oct Oat 3 IBM 1192 by bout about and this had hd Us Its It logical Pc N e In the accumulation of speele p cle cleIn In national tanks bank to the IIII amount of ot WO or an en Increase of about bout from the low point shown hown by the bank reports In Lt six nix Ix week more mor or by the Ih of ot Dec Dc U 1 1 93 sped pd le in national nation I banks bank lad h l In Increased Ins creased to or by nearly t IR r over the low point The banking community deals deal now with wit h n much urh larger aggregates the specie pe peIn etc cie In to national banks bank by b the th mi nt of ol Aug 22 2 1807 1907 having braving reached 1511 10 On Aug 22 VI 1907 the bunks hud had hu Inc Ini reused then their ap I le holding by ft dl In I e Nov So 12 i 1906 end and had ht hid i uio d hIt thili I th b Ugal Lyal tender holdings from IU Ull to t 1 They thus thu II I fur rr 1 r II to the thet theIon x Ion tm I of 1 f u I t 1100 Aug list met c i il 1 IH i sit hue ha risen liv by 16 I c tl 1 I hrs h i Into IntoN N w t y H I u tin tI I l of fir f about t e MI ne e and nd bunk bank I note not Ir h 11 hea been barn ht fn Increased by b approximately St ON Thus thou from various u the th Ih iatt k knave ke nave had at not st say ny one on time n 5 l oe oO nIH fhi It le rn re n 1 Sul K It TIlH amount will bf Ile I still HII r r In by b tie II of f l 1001 from the IMn els of the Iha Ih new nev lie I liui an Vinn Fr ill 11 I th IK of or i dr I Ir it th tI will also I be b an Ini nr d liml hlll oiT III he be II If It nil all Ih lh now evv w were wen w d t In it uie u bunk bank iii au te c dru Various sus u in Ins I likely In fn l hut but It II reduce thin the i tv rV con nn would no not I 1 e If t 0 H 0 IO HI In new w Hn u n n r out eat ul In Inthe inthe the Ih n nat it l I In o a k ku ter the Ih allotment allot allotment ment of fOr Ih ti II I w I III nr 11 I If r rii f or ii tin lit II im I ii i t in nl Io In alt II OH Iho rut put at ath th h n 11 u I r t Hi Ihn h banks within If n R nr pro r f nut nl i Ill ll II i I l l Ments n ii lion llon In t h the th i illation in II r It ha has 1 vl 1 fh the IhO hen h nd le or of f tin tb hanks bank nt rut different end n 1 of or It II wa was ii In tulle i l re Sac The rh nIl net Increase In ho hear eer will not 01 be bf l 1 than han 1200 and nn thi Ihl l I is helle c 1 by bv banker hankers a Mil he hr and nd un net lII bv iy I pling nil |
