Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-09-14
BANKS RESERVE Low
MONEY CONDITIONS WE'RE FAVOR
ABLE AT END OF THE WEEK.
u. S. BONDS SHOW ADVANCE.
Yesterdays Sales of Stocks Assre-
gated Nearly 100000 shares-Ca1
Money Firm ut ca1o-ClosinE Was
Strong and Active.

WASHINGTON. Sept. 1s.-secretary
Shaw to-day issued the following state
naent:
neuts to release about 100000 OF the
treasury holdings. He has had list pre-
pared of those national banks throughout
the country which held free or unpledged
bonds at the date OF their last report. ana
has made inquiry for others. After max
ing allowance for changed conditions since
last report he expects this will release mt
least s4,0oo0oo. He has sent notice TO all
such that if they will send the bonds TO
the treasurer of the United States IN
sums of $4,000 or more. they will be de-
siEnated as temporary depositaries. ana
the face value of the bonds will be de-
posted with them to the credit OF treas
urer of the United States. He has pur-
sued this course In preference to desls-
mating repositories in the ordinary way,
which compels them to buy bonds IN the
market at a large premium, thus paying
out more Of the bonds than they get from
the government. The customs receipts
are exceptionally heavy at this partleu-
lar season of the year, and the cash bal
ance Of the treasurer has been gradually
increasing.
..He has also decided to anticipate the
October interest. amounting to about
81 20o, co., and with this in view orders
have been issued to the various SUD-
treasures to cash such coupons as may
be presented to them for payment ana
the treasurer of the United States has
b.en instructed to mail checks for inter
est on the registered bonds. All this was
decided upon some days ago and letters
and kilograms prepared for to-day.
NO CURRENCY FAMINE.
s"The secretary secs in present con-
ditions no occasion for alarm. He calls
attention to the fact that there Is no evil
dence of currency famine present or
prospective elsewhere than in New YORK,
and even there the rate Is not hlsn 1or
comm ercial paper. and for commercial
paper he has the greatest sohcltuoe. ne
Is we'll satisfied with his efforts to In
crease circulation which he decided upon
in the early summer when present con-
ditions were plainly visible and has the
presses busy preparing to meet an
emergency which he does not expect but
which he thinks it is wise to PROVIDE
arairst Thus far he has made requests
only OF such blanks as hold large deposits
and have very limited circulation, ana
he is not asking these to increase TO the
maximum not TO Increase at all TOT Tue
nressnt. He does not desire to force the
banks into the market to buy oonos
higher than the government is willing to
nav He does desire to make the best
possible use of the free bonds now held
by the banks.
incidentally he likes to encourage banks
TO hold free bonds during the dull months,
believing it is much better to hold bonds
that will yield 11s per cent. even than TO
make call loans at per cent. he IS tnere-5
eore giving the banks that hold these
free bonds an opportunity TO use them to
most excellent advantage. This method
II pursued by the banks, will give
slight element Of elasticity OF our other
wise inelastic currency system.
THE SECRETARY'S VIEWS.
His position as regards increasing cir
culatton is perhaps best expressed In
letter which he recently wrote bank
that had been already buying bonds. and