Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-11-28
Decided improvement in Bust
ness Conditions Render Fur
ther Sale of Certificates I'm
necessary, Cotelyou Decides
CHEAP MEANS TO AVERT
FINANCIAL DISASTER
Treasury Calculates Cost to
People of Certificates At
About One and One Half Cent
Per Capita,


IBy Morning journal Special Leased Wire
Washington, Nov. 27.---Owlng to the
large amount Of subscriptions received
the secretary of the treasury late to-
day announced that the subscription
to the three per cent certificates OF
Indebtedness of the act OF June 49,
1898. invited by the circular OF No
vember Is, 1907, is closed, and that
no subscription received after the
close Of business November 81 will be
considered. The several assistant
treasurers OF the United states have
been instructed not to accept any fur
ther offers.
The decided Improvement In busi-
ness conditions throughout the coun-
try makes II quite possible that the
secretary will not extend his allot-
ments further than those already
made
Calculations are already being made
as to the probable conditions In the
money market next spring, and the
ability to call in part of the eertifi-
Gates. IL the amount issued should
be only $4,000. 900. and half Of this
should be paid off in six months, the
interest charges would fall materially
below the S3.000.000 dollars originally
calculated upon the full issue for one
year. The sum of $4,000. zoe Cor six
months would draw intefsss tie
amount of 1876. .000, and an additional
amount of $4,000. 900 for one year
would draw S750.0O0. making a total
of s1,125,000. This would be at the
rate of less than one cent and half
per capita for the people Of the coun-
try, and 1t is argued that this would
be cheap means of escape from diff
ficulty even for the humblest citizen.
whose labor might be affected by the
continuance of the crisis. II Is pos
sible that some OF the certificates
could be called for payment within
even a shorter period than six months.
II Will probably be the policy at that
time, II conditions permit to withdraw
some money from the banks in addi-
tlon to the amount required TO pay off
the certificates. but this will only he
done in case the accumulated effect Of
gold imports. additional bank note
the deposit OF public
moneys and liberation of boards.
creates a plethora Of money i'm circu-
lation which calls for rectiflcation.
The treasury will be justified. I'm the
opinion of the officials, In adding 10
It's working balance as soon as money
market conditions permit About
100000 dollars will probably he
added to this balance by the proper
tions retained from the sale Of bonds
and certificates next week. but the ex-
act amount and terms OF the allot-
ment Of the one-year certificates. II
the certificates are generally used to
increase bank circulation this alone
viii result in an addition OF from
$50. 900. 900 to S40,0OO.0O0 to the cur
rency outside the treasury. and with
the gold imports and the new bank
already Issued will make
an addition OF more than si35,00O, 900
to the new currency recently placed
at the disposition OF the market. The
cash balance Of the treasury
today was $241 .393.2i7. but this was
subject TO the deduction Of S234,9 ,939.-
$50 in banks and elsewhere, leaving
only S6.46S,62S as the apparent work
ing balance. The cash actually held
in the treasury stands at sii9.43s,011
but this is offset by outstanding
checks and other demand liabilities
TO Sl12.9S4.3S3. Receipts
continue to fall below the average OF
a year ago. but were little better to-
day than for the corresponding day
last year. The month Of November
thus far has shown a surplus Of re-
ceipts Of S2,93l .645. as against sur
plus in November, 1906. Of S4.799,147,
nut this paratively favorable re-
suit has been obtained by keeping
down expenditures by~ more than six
million during the month. although
for the fiscal year beginning July I,
there has been an Increase in eXpendi-
lures OF more than Sl3.5O0.00O. The
at the treasury was so far
relaxed this afternoon that Secretary
COrtelyou was able 90 leave early to
attend the wedding Of Miss Root to
Lieutenant Grant.