The Montgomery advertiser., 1907-11-30
BANKS ALLOTMENTS
BIDS CLOSED ON THREE PER CENT.
 CERTIFICATES. k
National Banks Have Agreed to Take { Out Clrcstlation and to SurPen- ss der Certificates Before Ma. .
 turity 1T Necessay.

Washington. Nov. 2s.-The final clos- ing of allotments of the 3 per cent. one-year certificates was definitely am nounced by Secretary Cortelyou today. He declares that no allotments had been made or would be made after his announcement of Wednesday night that no further subscriptions would be con- sidered.
 The point was not quite clear until his statement today that some few al- lotments might not be made from sub- scriptions already in hand on. wednes- day. As the matter stands, practical ly all the aliotments are to national banks which have agreed to take out circulation and in the majority of cases have indicated a willingness to sur render the certificates before maturity upon payment of accrued interest to the date of redemption.N
 Information was still withheld at the Treasury as to the amount of the af- lotments made. but such information as is obtainable indicated that the to- tai will not materially exceed t25,- 900 900.
 There appears to be no doubt that probably three-ff of the amount all iotted Is subject to redemption with accrued interest within three months. On the basis of an< <1asue of .$25,000, 900. this would amount to the redemption of S15.000.00o with interest to the amount of one and one-half per cent. which would require $225.ooo for the interest payments.
 If S10.000.000 of the certificates ran the full period of one year. the inter- est payments at 3 per cent. would cons sume $300,000. These two-sums there fore make total of $525.000 which would represent the entire cost of the issue of certificates to the Treasury, outside the trifiing incidental expenses of issue. z 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 number of kids closely approximate the number received for the loan of July 9, 1906, when an offer of $30,000.000 was subscribed to the aomunr of s44S.000.- 900 or about fifteen times the amount offered. Nothing lis known yet in re- gard to the amount of bids. which may differ greatly from the amount in 1908, as the result of greater or less number of the large syndicate bids It is hardly expected that the price obtained will equal that of 1906 which was l04.03' per cent, putin view of the value of the bonds as security for circulation. it is expected that fair premium will be paid.
 The limitation of the issue of one year certificates to t25,000.000 or less Is regarded by bankers here as wise step in view of it's influence In pre- Venting an unnecessary expansion of bank note circulation.
 The treasudy working balance. &C., cording to the terms of deposit which have been officially announced will be increased about $11.250.006 when all the new securities are delivered. This represents 10 per cent of the amount of the Panama bonds and one quarter of the amount of the one-year certifi- cates. The balance today was reduced to les sthan $5.500,000, but this ig- notes the large fund of cash held against outstanding checks and other similar liabilities. Internal revenue receipts have fallen off this month as compared with the same month year ago by about $4,065, ,000, and customs receipts by about $3,0o0,o00.
 A part of this decrease is due to the difficulty of obtaining currency for making payments which would other wise be made. Secretary Cortelyou continues to listen attentively to rop- resentations in regard to currency measures. but does not commit him. self beyond the general necessity for intelligent Legislation.