Evening star., 1907-11-18
PRAISE PANAMA BO.D ISSUE
NEW YORK FINANcIERS GEN
ERALLT APPROVE MEASURE.
Statements by Shaw, Norton and
Vanderlip-Henry Clews Il Not
Altogether Satisfied.

| NEW YORK, November 1s-Bankers,
capitalists and financiers here generally
| approve the action of Secretary Cortel-
you in issuing $50 o0oO.e0O Of Panama
bonds and $i0o. 600 900 of certificates OF
Indebtedness for the relief Of the financial
stringency- The issue, it was the general
opinion, is found to have beneficial re-
suits
The issue of temporary receipts, 1t is
expected. will Immediately relieve the
currency scarcity and Danish the pre-
MUM on GOSH The putting out Of this
government security in small denomina-
will attract from its hiding places much
Of the currency which has been taken out
Of circulation by timid bank deposlters.
One suggestion as to the effective use
| to which the new issue may be put was
made by an International banker. He
expressed the opinion that q large pro-
portion Of the new bonds would find their
| way to France. and in exchange we would
get some OF the millions Of French gold
which the Bank Of France has already
expressed its willingness to allow to dow
toward these shores, provided it has some
sort of government guarantee Of ita Sc
curity.
Favorable Comment.
Some OF the favorable expressions re-
garding the governments action follow:
Leslie N. Shaw. president OF the Car
negie Trust Company and ex,Secretary
Of the Treasury:
II thoroughly approve Of both measures
and expect most beneficial results there
from
Frank A. Vanderlip. vice president of
the National City Bank:
Il regard the action as admirable. and /
believe that II fully meets the necessities
of the present situation. 1t ought to cause
an immediate disappearance of the pre-
MUM on currency. The main relief will
come from the short term notes.
Paul Morton, president of the Equitable
Life Assurance Society:
"It will have a very healthful effect
j. Edward Simmons, president Of the
Fourth National Bank:
ut can hardly fail to bring a much
needed financial relief"
William A. Nash president of the Corn
Exchange Bank:
1.-THE action OF Secretary Cortelyou viii
not only do a great deal of good here Ia
the present financial stringency. but 1t viii
tend to estab biish American credit upon a
f1rmer basis in England, France and Ger
many, showing as it does that we are will
Ing and able to handle the situation here
at home through our own government" -
View of Henry Clews. 80
A partially dissenting view was given by
Henry Clews. He disapproves the issue Of
the certificates of Indebtedness. Mr.
Clews said:
"The issue of $5OeO0.G0O Of Panama
bonds Is q good measure for restoration of
confidence. That, with the $650o0,0 eco We
have imported in gold. should give us
enough money and more. l question the
legality OF the certificates OF Indebted
ness. and believe their issue Is i'll advised
and may prove very Injurious We have
money enough; what we need Is more
confidence. The Panama bonds would have
to be issued sooner or later, but there Is
no valid excuse for the resort to war
measure In time of peace. Imitation at
this tiTne will only weaken the money the
government Is backing. and a f1eod of GER
tificates is liable to drive out the gold we
have impOrted.''