The Mena weekly star., 1907-11-21
MORE GOVERNMENT RH|H
Treasury to Issue so Million in Pan- anna Bonds and 100 Million in
 Indebtedness Certificates.
TIE ACTION IS GENERALLY APPROVED


 are Generally of the Opinion That
 Move is Bound to Have Beneficial
 Results--New Currency Measure
 Promised by President Roosevelt. Washington, Nov. 19.--Secretary Cortelyou Sunday night made the i'm portant announcement that as q means of affording relief to the finan. cial situation, the treasury would is sue $50,000,vJo of Panama bonds and $1o0,0o0,00 certificates of indebted. ness, or so much thereof as may be necessary. The certificates will run for one year and will bear 3 per cent interest.
 The secretary's action, in coming to the relief of the financial situation meets with President Roosevelts hearty approval. and the plan Is the outcome of the several White house conferences which have been held within tue past few days when tn. financial situation was under consid eration
 In his letter to Secretary Cortel- you. approving the treasury plans. President Roosevelt states that he has been assured that the leaders in con gress have under consideration a cur rency measure which will meet in permanent fashion the needs of the situation, and which believe will be passed at an early date after congress convenes two weeks hence. The president also calls the atten- ton to what is needed most at this how fundamentally sound business conditions in this country are, and how absurd it Is to permit themselves to get into a panic and create a stringency by hoarding their savings instead of trusting perfectly sound banks"
 New York, Nov. 19.-Bankers, capi- talists and flnanciers generally ap- prove the action of Secretary CorteI you in issuing. $50.000.00 of Panama bonds and $100.0O0,00O of certificates of indebtedness for the relief of the financial stringency. The issue. it was the general opinion, is bound to have beneficial results.
 The issue of temporary receipts, 1t is said, will immediately relieve the currency scarcity and banish the pre- mium on cash. The putting out of the government security in small denom- nations is good move, it is be- l lieved. as it will attract from it's hsd- l ing places much of the currency which has been taken out of .circula- tion by timid bank depositors.
 One suggestion as to the effective use to which the new isue 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 and in exchange we would get some of the millions of French gold which the Bank of France has already expressed It's willingness to allow to flow to- | wards these. shores, providing 1t had some sort of government guarantee of its security.
 Some of the favorable expressions regarding the governments action fol low: Leslie M. Shaw, president of the Carnegie Trust company and ex-sec- retary of the treasury T thoroughly approve of both measures and expect more beneficial results therefrom."
 Frank A. Vanderlip, vice president of the National City bank: T re- I gard the action as admirable and believe that 1t fully meets the necessi- ties of the present situation. It ought to cause an immediate disappearance of the premium on currency. The main relief will come from the short term notes"
 Paul Morton, president of the Equitable Life Assurance society: Tt will have a very healthful effect" J. Edward Simons. president of the Fourth National bank: Tt can hard ly fail to bring much needed finan- cial relief"
 l A nominal bid of 101 for govern ment certificates of indebtedness which are to be issued to relieve the present financial situation, was made on the curb Monday.
 London. Nov. 19--The official an- nouncement from Washington that treasury certificates to the amount of $10.000.000. bearing interest at three per cent and Panama bonds, amount ing to $50.000.000 would be issued immediately in order to relieve the f. nancial stringency in the United States had an immediate effect on the market here Monday Prices prompt iy move upward, the firms and mem bers of the stock exchange believing that Secretary of the Treasury Cortel- you's action was bound to in a great measure remove the strain in the money market
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 K. U. Captain Is Better.