Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-11-18
APPROVE ACTION
Of CORTELY0U
New York Bankers. Capitalists
And FinancierS Think il Bound
To Have Beneficial Result.
EFFECT IN LONDON is GOOD.
Henry Clews Condemns a. Being
Against a Resort 60 War Measures
Ia Time Of Peace

New York. Nov. lS-Bankers. capi-
! talists and nnaucicrs here generally APP
prove the action OF Sccy Cortelyou IN
issuing $50. 900. 900 in Panama bonds and
Sl0o,00o.o0o Of certificates Of indebted
ness for the relief ~ the financial
Ftrineency. The issue, Il was gem
eral opinion. is bound to have bene-
dcim results.
The issue Of treasury receipts, % is
said. VIII Immediately relieve tho cur
rency scarcity. and Danish the premium
on cash. The putting out Of this gov
eminent security 90 small deuomina-
lions is good movement, &C. is believed
as it viii attract from its hiding places
much ~ the currency which has been
taken out OF circulation by umld bank
deDositors.
on9 suggestion as to the effective use
TO which the new issue may De put was
mude by an International banker He
expressed the opinion that large proc
portion OF the new bonds would fud
ihoir way 90 France and iu exchange
We would get some OF Che millions of
French gold which tho bank of Franco
has already expressed its willingness
Go allow 20 float towards these shores.
providing ~ had some sort Of govern
ment guarantee OF its securities.
Some of the favorable expressions rec
garding The government action fol-
low:
Leslie NJ. Shaw. president of the Car.
nesie Trust company. and cV-secretar.-
OF No treasury. I thoroughly approve
OF both measures and expect most bcu-
encial results thcrcfrum."
Frank A. Vanderbilt vice president
OF the National city bank.
Il regard the action as admirable and
! believe that % fully meets the noccs-
stiles Of the present situation. j. ought
10 cause an immediate Disappearance
Of the premium on currency. The maa
RELIEF will come from the short term
notes"
Paul Morton, president Of the Equlta-
bic Life Assurance society:
II VIII have an unusually healthru
effect"
J. Edwards Simmons. president of
the Fourth National bauk
1T can hardly fail TO bring a much
needed financial relief"
william A. Nash. president OF the
Corn Exchange bank.
The action Of Secy. Cortelyou will
not only do a great zeal OF good here
Ia the present financial stringenCy. but
It win tend 90 establish American cred
IL on q hrmer basis in England. France
and Germany. showing as b. does thar
We are willing and able 10 handle the
situation at home through our own
government"
A partially dissenting view was given
b. Henry C1ews. He disapproved the
issue Of certificates Of Indebtedness.
Mr. Clcws said
The issue Of $50 900 900 OF Panama
bonds is a good measure Of restoration
Of confidence. That with the sos 000 000
We have imported IN gold should give
Us enough money and more I question
the legality OF the certificates of lu-
dcbtednoss and ! believe their issue Is
ill-advised and viii prove very iuiur-
Gus. We have money enough. we will
need more confidence. The Panama
bonds would have Co be issued sooner
or later but there 81 no valid reason
Tor The resort 90 war measures iu time
peace. Imitation as this time win only
weaken the money the government Is
backing ana "a hood OF certificates is
liable 70 drive out the gold we have Inn
ported"
EFFECT ~ LONDON GOOD.
London Nov. ls-The official an.
nounooment from Washington that
treasury certificates TO thu amount 1f I
500 100000 bearing Interest 8f p.r I
cent ana Panama bonds amounting % |
10000 600 would be issued Immediately |
IN order 10 relieve the financial stfin- |
gcncy IN the United States. had am im-
mediate effect on the market here 40. |
day Prices promptly moved upward. |
we hrhs ana members OF the stock eN- |
chanEe believing that sccy OF the /
Treasury Cortely0u's action was bota15 |
10 ma a great measure remove Che strain /
Pm me money market 10 was fbou~1t i
probable that "a would stop the drain of /
Eoid from this market and obviafo fbr /
H'l ,'Slly Tor "a further Increase lu the /
1Anh or hngland.s rate of discount
'onsois which had been adversely ar
-eclel hN the outflow OF gold jumped i
ii half "a point above Saturday clos
.hg price 10 alis. ana other British fa-
'uritee rose iu sympathy
Americans started ! 90 3 points above
Saturdays CLOSING price and changed
hands in the forenoon az ndyan INK
prices
some N me Improvement subseouert.
- W-1fptl,cd. but at noon they Hlu |
'l'od hrm '' 20 points above paI-
Following the receipts OF New YorEs
Ir ouiur prices there WAS temu1rarv |
lesiiauou but under renewed Uppor |
.he market closed strong "a fraction |
below The best of tho day.
hN AhlitA Hlai'" To-Day purchased l
tll9ooo in American eagles from the
bank ofEHglaud.
GOLD FOR UNITED STATES.
London Not lS-Tho United STATES
secured about 100000 iu gold in tbe
lpeu marttt today at one-eirhlh ad-
aUrc.
PARIS DouRsE APPROVES.
Paris. Aov. la-Prlces ON the bou-ss
oda- were firm. The Announcement
n ihe Steps taken by the United states
treasury Orb relieve thc nuauc.aI stun.
lIu it America made good Impresri.u
cfe cttatlns me hope chat tley VA
Pad tQ 'he rrpld Improvement The
acc Chat .nr Pank of al gland d.d Md
alrc ls discount rate today also hrLrI
n thc Improvement
FORECAST OF EVENTS