The Birmingham age-herald., 1907-11-21
Use of Treasury Certificates Is Not Yet Very Deflnits-
 y Understood
NEW YORK BANKS ARE
 CALLING IN BIG LOANS
While It Is Expected That a Large Subscription To Bonds and Certifi-
 catcs Will Be Made ln New
 York Nothing Is Known.

New York, November 20.-The gov ernment's issue of s1O0, 900 ,oo0 in treas ury certificates of indebtedness con .tinued today to engross the attention of New York bankers who apparently have not reached a definite decision as to the course they shall pursue. The subscriptions so far received at the To- cal subtreasury seem to indicate that tfhe larger banks in this city are tenn porarily withholding their offers of purchases. The subtreasury offlcial Is are not disposed to make public the amount of subscriptions received there during the past three days, saving They are merely acting a transmitting agents for the treasury department at Washington, to which point the offers are being forwarded as fast as they come in.
 The fact that the banks are holding off for the time being has led to the more or less definite report that rhe heads of the larger banking institu- lions are desirous of obtaining some sort of assurance from Washington that the money paid out here for the purchase of new securities will be left on deposit in local institutions The currency premium varied between 2A and PA during most Of today's nego- 1iations with some transactions as high as per cent. With the price of cur rency ruling at these figures it was said the bankers could not see their way clear to purchasing the certifi- cates of indebtedness under any other arrangement than the retention of the purchase money on deposit in this city The money shipments from New York 10 the interior have been quite heavy recently, and the banks here are anx- 5ous to continue this means of assist ance to the general financial situation. The advance in the price of currency Today is attributed to the demands from the interior for payroll purposes.
 The calls for cash came yesterday drom New England, but today they were more general and came in from nearly every section of the country. The approach of the week end always enlivens the demand for ready money. There has been absolutely no indica- tion as yet of a syndicate bid for thu treasury certificates forthcoming from associated banks in this city, such as has been intimated since Monday, un- less it be in the fact that several large loans were called in today. If there should be joint subscription amount ing to $25,000,00 or more it undoubt- edly would be forwarded to the Secre- tary of the Treasury direct to be con- sfdered in connection with each issue of certificates which MT. Cortelyou may make subject to issuance at his personal discretion.
 The revival of the reports today of the possibility of favorable outcome to the negotiations for an American loan in France with the treasury cer- tificates as a basis has strengthened the rumor of an associated bid from New York bankers, the government se- curities when obtained to be so ar ranged that they may be considered as collateral for gold loans under the rules of the Bank of France. Some of the New York banks are said to be Jelding off in the matter of subscrip- tions so as to give the small investors with hoarded savings chance to put 1n their claims and thus draw into cir culation the money for which the cer- tificates were largely designed.