The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1907-11-18

New York, Nov. 1S.-Bankers, capi
talists and financiers aere approv'
the action of Secretary Cortelyou il
issuing $50, ,00O, 900 bonds and $50, 700,
900 certificates of Indebtedness fol
the relief of the financial stringency
The issue, in the general opinion, i:
bound to have a beneficial result. The
issue of temporary certificates it is
expected will Immediately relieve the
currency strain and Danish the prem
ium on cash. The putting out of this
government security in small demon
nations is considered a good move
as it is believed it will attract from
its hiding places much currency that
has been taken out of circulation by
timid bank depositors. 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 a large proportion of
the new bonds would find their way
to France.
Frank A. Vanderlip. vice president
of the National City Bank, said: 81
regard the action advisable, and be-
lieye it will fully meet the needs of
the present situation. 1t ought to
cause immediate disappearance of
the premium on currency. The main
relief will come from. snort term
notes.
Paul Morton, president of tae Equi-
table Life Insurance Co, said: 1T
should have q very healthful effect
on exchange. We shall get some mill
ions of French gold which the Bank
of France has already expressed will
ingness to let flow towards these
shores provided some sort of govern
ment security was issued
A variety of expressions regard
ing the government action follow:
Leslie NJ. Shaw, president of the
Carnegie Trust Co. and ex-secretary
approve of both measures, and expect
most beneficial results from the issue
sooner or later; but there is no valid
reason for a war measure in time of
peace. Imitation at this time will only
weaken the power of government
backing, aad the flood of certificates
is likely to drive out the gold we
have already imported"
]. o. Simmons, president of the
Fourth National Bank: 1T can hardly
fail to bring much needed relief"
VIM. A. Mash, president of the Corn
Nro%
ton of Secretary Cortelyou will not
oaly do a great deal of good here in
the present financial stringency, but
it tends to establish American credit
upon a firmer basis in England, Ger
many and France, showing as it does
die the situation here at home thru
our own government
A partially dissenting view is Civ
en- by Henry Clews. He disapproves
the issue of certificates of indebted
ness. Mr. Clews says. THE issue of
measure for the restoration of conf
dence That with the sixty-sevel mill
ionssof gold we have imported should
give us enough money and more.
question the legality of the certificates
of Indebtedness, and believe the issue
fll-advised. and that it may prove in
furious. We have money enough What
we need is more confidence"
Good Effect in London.
London, Nov 1S.@The official an
nouncement from Washington that
treasury certificates to the amount of
one hundred million dollars, bearing
interest at three per cent, and that
Panama fonds to the amount of fifty
million dollars would be issued imme-
diately in order to relieve the financial
stringency in the United States, had
an immediate effect on the market
here today. Prices promptly went up
ward, finaciers and members of the
stock exchange believing that Secre-
tary Gortelyou's action is bound in
great measure to relieve tae stringen-
o. In the money market t is thought
probable that 1t will stop the drain OF
gold from this market and obviafe the
necessity for another increase In the
Bank CT England's rate OF discount.
conao1s, which had been adversely
nffectad hy &c nuttloW or gold. jump