Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-11-30
NO MORE CERTIFICATES
Uncle Sam Will Not Make Further A.
lotments to Subscribers.

Washington, Nov. 29.-The final clos
ing of allotments of the per cent l.
year certificates was definitely an
nounced By Secretary Cortelyou today.
He declared that no allotmcnts had
been made or would be made after his
announcement of Wednesday night and
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 the allotments are to
national banks. which have agreed to
take out circulation. and in the ma
jority of cases have indicated will
ingness to surrender the certificates be-
fore maturity upon payment of accured
interest on the date of redemption.
Information is still withheld at the
treasury as to the amount Of the allot-
ments made but this information as
Obtainable indicates that the total Will
not exceed S25.0O0.O0O. If this proves
to be the case and considerable por-
ton of the certificates are delivered
on the condition that they shall be sur
rendered in six months. with interest
to that time, Or even for shorter
period. il becomes possible to calculate
roughly the cost of the issue in inter-
est. There appears to be no doubt that
by far the larger part of the amount
allotted. probably at least three-fifths,
is subject to redemption with accrued
interest within three months.
On the basis of an issue of S2J,OOOOW
this would amount to the redemption of
SIS. GOO. Geo. with interest to the amount of
~ per cent; which would require s225.OO0
for the interest payment. If $lO00O.OOc of
the certificates ran the full period OF one
year the interest payments at 3 per cent
| would consume 100000 These two SUMS
therefore, making a total of $523. o00
would represent the entire cost of the
issue of certificates to the treasury. out
side the trifling incidental expense of is
sue This would be at the rate of about
wc-thirds of a cent per capita for the
population of the United States.
The offers of the Panama 2 per cent.
| bonds are still reaching the treasury in
large numbers. They will remain unopen-
ed until tomorrow afternoon. when the
| receipts OF subscription closes. Nothing
| is known yet regarding the amount of
| the lids. but it is expected that fair
premium will be made.
| The limitation of the issue of 1-year
certificates to So, 900 00c or less is regarded
| hv bankers here as a wise step in view
of its influence in preventing an unneces-
sary expansion of bank notes circulation.
The maximum expansion possible upon
the new issues will stand at $75.0o00O0 in
stead of $l5000O,00O as was possible if the
| entire amount first suggested had been
thing like this maximum will be at
tanned.
| The treasury working balance. accord
| ing to the terms of deposit. which have
been officially announced, will! be increas-
cd about s11. 10000. when all the new Sc
curitics are delivered. This represents 10
per cent of the amount of the Panama
| bonds, and oEe-quarter Of the amount of
| the 1-year certificates.
/ a report reached the treasury depart
ment today that the Chicago banks would
resume currency payments next Monday.
Commenting on this. Secretary Cortelyou
| said that his information was that the
| New York banks were t;aily increasing
the cash payments and that the banks in
] all the great money centers were grad
to currency. The Boston banks were. he
said. materially assisting in this move
ment.