Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1907-11-27
WANT ASSURANCE THAT PuR,
CHASE MONEY WILL REMAIN
ON DEPOSIT.
MANY OFFERS RECEIVED FOR
FEDERAL BONDS BUT NO FIG
uREs ANNOUNCED.

Jury certificates of indebtedness con
ltinued yesterday to engross the at
ltentica of New York bankers. who
apparently have not reached a def.
nike decision as to the course they
lshsil pursue. Subscriptions so far
received at the local sub-treasury
seem to indicate that the larger banks
of this city are temporarily with
holding their offers OF purchases.
The fact that the banks are holding
OF for the time being has led to a
more or less definite report that the
heads of the larger banking institu.
lions are DESTROYS OF obtaining some
sort of assurance from Washington
that the money paid out here for me
! purchase of the new securities will
be left in the local institutions.
The currency premium varied be
tween "a and "a during most OF
yesterdays negotiations, with some
transactions as high as three. With
the price of currency ruling at these
figures it was said the bankers could
not see their way clear to purchasing
certificates of Indebtedness under any
other arrangement than the retention
of the purchase money on deposit in
this city.
Money shipments from New York
to the interior have been quite heavy
recently and the banks here are anx-
ious to continue this means of assist
ance to the general financial situa-
ton. The advance in the price of cur
rency is attributed to demands from
the interior for payroll purposes.
/ No Syndicate Bid.
There has geen absolutely no ihdi-
cation as yet of a syndicate bid for
The treasury certificates forthcoming
from the associated banks OF this
city, such as has been intimated since
Monday, unless it be in the fact that
several large loans were called in. II
there should be a joint subscription
amounting to $25,000,000 or more it
undoubtedly would be forwarded 10
the secretary of the treasury direct,
to be considered in connection with
the $50, 100000 of certificates which
Cortelyou has subject 81 issuance at
his personal discretion.
Some New York banks are said to
be holding off in the matter of sub.
scriptions so as to give small invest
ors with boarded savings a chance to
put in their claims and thus draw III
to circulation the money for whicL
the certificates were largely designed
Nearly all the larger banks here haF,
received orders from customers t.
make purchases of certificates fol
their account. These purchases ar
20 be made out OF deposits already il
hand. however, and are not br Agine
new money into the market.
Still After European Gold.
Washington, Nov 2...-offers for
the new Panama bonds and one-IeaI
treasury certificates continued TO
come to the treasury yesterday bal nc
official announcement was made re
garding the amount. Reports from
Paris, that negotiations are still going
on for a large shipment OF gold from
the Bank OF France, were received
here with interest. No doubt is felt
by the bankers that the one-year Ger
tificates can be employed directly OF
indirectly as security for the ship
ment of gold if the details can be ar
ranged in a manner acceptable to
both parties. Reports We're received
yesterday from United States assist
ant treasurers at New York, Phila.
Idelphia. Baltimore, Boston, Chicago
iCincinati, st. Louis, New Orleans and
San Francisco of the amount OF ep
plications for certificates received at
each point. The figures were not
| made public, but were said to be sat
lisfactory to the treasury officials.
Few Banks Have Failed.
Daily reports from bank examiners
and others regarding the condition OF
national banks are being received
here. The number of failures thus faI
has been less than dozen, which
compares favorably with the condi-
tions of 1898, when over 100 institu-
tons closed. The fear which has pre-
vailed in some quarters that the ere
lation of banks with capital of $4,000
to $4,000, which was first authorized
| in 1900. would prove a source Of weak.
mess TO the bank system in a period
of strain, have not up to this time
been justified The small banks ap
pear to be holding their own as well
as the larger ones and the number OF
suspensions Of either class has been
a neglible quantity.
Big Drop in Deposits.
| Chicago, Nov. 21.--Reports made by
the state banks in Chicago yesterday
in response to call from the auditor
of public accounts showed that at the
beginning Of business Monday morn.
ling s3O,000000 Of deposit liabilities
had been dropped since August 20
when the last PREVIOUS figures were
published. It was further indicated
that loans had been reduced by nearly
1.-THE same amount and that the banks
! had added s3000.000 TO their tOta
. cash resources. In other words
4 while The deposit liabilities W. e De
( creased about 8 per cent. cash 70
! sources were swelIed more than
3 per cent. The bankers Of the citl
10 3 b.