The Birmingham age-herald., 1907-11-30
Secretary C0rte|yOu Has finally Closed AIOtmsnts on the
 Treasury Issue
COST ID GOVERNMENT
 WILL BE VERY LIGHT
Subsc riptons to the Panama Bonds Will Be Greatly Beyond Necessary Amount and Fair Premium
 Is Expected on Them.

Washington. November 29.-The final closing of allotments of the 3 per cent one-year certificates was definitely ans nounced by Secretary Cortelyou today He declares that no allotments had been made or would be made after his an- nouncement of Wednesday night that no further subscriptions would be considered. The point was not quite clear until his statement today that some few allotments might not be made from subscriptions already in hand on Wednesday. As the matter stands. practically all tho allot- ments are to national banks, which have agreed to take out circulation, and in the majority of cases have indicated will lngnoss to surrender the certificates be- fore maturity upon payment of accrued interest to the date of redemption. h. formation was still withheld at the treas ury as to the amount of the allotments made, hut such information as Is obtain able indicated that the total will not ma- terially exceed s25. coo.
 There appears to be no doubt that prob- ably three-fifths of the amount allotted is subject to redemption with accrued ln- terest within three months. On the basis of an issue of s25,0N0000 this would amount to the redemption of S15 5000, GOO. with interest to the amount of 1ts per cent. whleh would require S225,000 for tho interest payments. 1t is said that if sip, 100nf0 uf fie arttlaafes lgeis the. fuu period Of one year, the interest payments at I per cent would consume So0,10o. These two sums, therefore, make a total of s525 900. which would represent the en- tire cost of the issue of the certificates to the treasury, outside the triiling incl dental expenses of issue. This would bo at the rate of about two-thirds of Q cent per capita for the population of the United States.
 The offers of the Panama ? per cent bonds are still reaching the treasury in large numbers. They will remain un- opened until tomorrow afternoon. when the receipt of subscriptions close. The numbers of bids closely approximate the number of the loan of July 9, 1906, when an offer of s30000.0 0g0 was subscribed to the amount Of S446,000 000. or about fifteen times the amount offered Nothing Is known yet Tin regard to the amount of bids, which may differ greatly from the amount in 1906, as the result of greater or less number of large syndicate bids. lt is hardly expected that the price ob- tained will equal that of 1906. which was 1O403 per cent, but in view of the value of the bonds as security for circulation, 1t Is expected that fair premium will be paid.
 Ine ll1nltdtlOn or the Issue or One-SedF certificates to $25 900, 600 less Is regarded by bankers here as wise step, in view of It's influence fin preventing an unusuar expansion of bank note circulation.
 The treasury working balance, accord-
 ing to the terms of deposit which have been officially announced, will be in- i creased about Si1 .250,000. when all the new securities are delivered. The sum reprc-l sents the amount of Panama bonds. and one-quarter of the amount of the one-yeari certificates. The balance today was rel duced to less than s5.5o0,000. but this ig-i nores the large fund of cash held againstt outstanding checks and other similar lla- bitles.
 Internal revenue receipts have falleni off this month as compared with the same month a year ago by about $4065, GOO. and customs receipts by about s3.0o00o0. A part Of this decrease Is due to the diff culty of obtaining currency for making payments which would otherwise be made. Secretary Cortelyou continues to lsten attentively to representations in regard to the currency measures. but does not com- init himself beyond the general necessity for intelligent legislation.