Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-10-17
Shaw Buys That Many Bonds
at Market Price Releasing
Cash
IT SWEPT THE PLATTER CLEAN
Bond Houses Collected the Bonds and
Turned Them Over to the Govern.
ment at cost-No commissions-Be-
lieved That This Will Greatly Assist
Chicago Banks.

New York. Oct 17.-Exactly S20,65O,-
600 cash was turned into New York
today from the United States subtreas-
ury and the country viii welcome the
l,dynlent. For this greatly needed relief
Secretary Shaw is given unstinted
credit To present the view generally
secretary OF the treasury fearlessly has
risen to an emergency, and, not in
theory alone but in fact, relieved a
money situation which promised ma
tlonal distress.
The securities market is only an in
cidental phase, altho 1t is barometrlc
of a widespread lack of currency and
cash reserves in banks turnout the
country. Reports to the controller show
that Chicago national institutions are
below the legal reserve requirement OF
the national banking act. and Chicagos
situation is only an Indicative one.
Coca news, like bat:, will leak out,
got the government issues together to
tender 10 Sacl etary shaw, persistentiy
refuse to make pupllc any Information
effecting purchases, they nave told
he'll friends what was being done and
he latter have not been SO careful
abcuy guarding the attenuation.
While not pretending to state the
a Nvfs, f,,f1y fol
loving is presented as embracing the
principal features as silted from vari-
Gus rumors:
Secretary Shaw Vas offered this af-
telnoon thru his department at WASH
lngton Sl5,000,000 per cent bonds
which mature in 1925. The bonds, If
accepted by the secretary, will be taken
at approximately The following prices:
$5,OO0,0OO at 13S. s6,9O0,0OO; $l0,000,O 900
at 1874 plus interest, approximately
$l3. 10000.
Tie treasury department, 1t is ru-
moreti, Vas notified TINS afternoon that
of bonds mentioned had been
secured. Mr.. Shaw, who is out in IN
diana making campaign addresses, pre-
was wired by the treasury de-
partment.
The plan Of purchasing these bonds
was agreed upon, according to friends
of the bondnouses by the secretary at
= conference nWashingtonlastS Sunday
night. lie agreed TO take an amount
that he should pay he
actual cost only to the purchases.
With This understanding four bond
NJ ~ o
Sons. Farson, Leach & Co., and Fisk &
Robinson, began picking up bonds
wherever they could be found. BY Tues
lay night s310O,00O had been secured.
BY 5 o'clock this afternoon an additions
al $5.?00,O00 had been purchased. and
This amount was regarded as having
ice ned up about all the available regis
tered bonds.
There was collected 100000 out of
the total registered issue of $95.O00,0 900,
he bond houses charging nothing for
heir services. They, on the contrary.
experienced considerable expense in
sending representatives to different
,enters and thru liberal use of long
distance telephones and telegraph
Siies
The entire amount was gathered to-
sether without causing any advance
n the market for the bonds. This was
!, part of the understanding, it is said,
make the purchases.
The bonds We're secured In New Eng
and. New York, Pittspurg, Cleveland
which led Secretary Shaw to agree to
md ST. Louis. Not a single bond was
secured in Chicago.
II is believed that not more than a
ew hundred thousand dollars of bonds
'emain for sale to the treasury depart
nent. II was a part OF the agreement,
however. that until Saturday night any
me may offer bonds OIL the same terms
IS the s15,oO0,00O We're offered to the