New-York tribune., 1907-11-19
APPROVED BY BANKERS
Opinion IN Outside Cities on $780,
900, 900 Issue Al One Way.

Chicago Nov. 1s.-The decision of the national
government to issue s15O,OOOOO0 in bonds and
certificates of indebtedness met with general
approval throughout the West. The benefits ex-
pected TO result from the move were anticipated
in the higher grain markets both here and in
other grain centres of the West. Bulls were more
disposed to buy than for some time past and
shorts took TO cover hastily soon as the plan
announced.
In this city some of the leading bankers an
nounced that preparations were under way for
the resumption of business on a normal cash
basis. 1t was believed they said, that inside of
ten days at the most the Clearing House checks
would be withdrawn from circulation.
Leading business men here agreed with the
bankers that the issue OF the bonds and short
term notes will be of great force in bringing the
affairs of the country back 20 the conditions
prevailing three months ago. All Of them were
OF the opinion that the issue of s15000O,O00
would be subscribed several times over. The
report from St. Louis that one man there was
anxious to take one three-hundredth OF the total
issue was cited as proof of the accuracy of this
opinion.
Railroad men, particularly those connected
with lines running to the West and Southwest.
greatly pleased with the decision at wash
ingtOn. They asserted that it would supply the
ready money which is needed at once to move
the crops. The opportunity to obtain govern
ment securities. they declared would at
unlock large amounts of currency now in vaults,
and with the addition TO the funds of the banks
which would inevitably follow there would be
an end to the scarcity of funds.
Not in Chicago nor in any other large city of
the West has any banker or prominent business
man been reported entertaining other than a
favorable view of the decision of the govern
L
mercial National Bank and former Director of
the Mint, said "It will afford great relief and
the relief should be evident within ten days
from issue"
Boston. Nov. 1S.-Leading bank officials Of
New England express general approval to-day
of the latest steps taken by the Treasury De-
partment to relieve the financial strngency. The
issue OF Panama bonds was commented
favorably, but bankers were less ready TO dis
the probable effect Of the issue of govern
ment certificates of indebtedness 1t Is the gem
eral opinion among New England bankers that
the circulation of currency will be considerably
increased as a result of the action of the Treas
ury Department.
Francis B. Sears vice-president of the Ma
tional Shawmut Bank of this city said the issue
of S50000,O00 Of Panama bonds, he believed,
met with the approval of Boston bankers. but
ment certificates of Indebtedness somewhat
probematical He said the Panama bonds would
undoubtedly be taken by the banks and used
for the purpose Of increasing the circulation Of
currency. The object of the S100O00OO0 certif-
Gates of indebtedness. he said. was TO attract
boarded money. 1t was possible however. he
added that the bonds might be taken by per-
sons having money in the savings banks. which
would defeat the idea OF the government
ST. Louis Nov. 1S.-Ex- Governor Francis
subscribed to-day for the per cent treasury
certificates of Indebtedness to the amount of
10000 as soon as the Sub-Treasury was
opened Other fnanciers followed with sub
scriptions Of various amounts. Mr.. Atkins, the
Sub-Treasurer, stated his belief that at least
s5,O0o0G0 Of the total issue OF s1O0OO0.OO0 will
be subscribed for IN St. Louis.
Pittsburg. Nov. 1S.--Promnent bankers Of this
city are in accord, generally with the opinion
expressed to-day by New York bankers that
the issuance by the government Of SI50OO0000
In bonds and certificates OF indebtedness will
materially aid the present financial situation
throughout the country.
San Francisco, Nov. 1S-The San Francisco
money market is responding rapidly to the ac-
tion taken by the Secretary of the Treasury to
relieve the strain on The financial condition of
the country. Bankers and inanciers expressed
great satisfaction to-day at the method resorted
to by President Roosevelt and Secretary Cor
teyou to put money IN circulation. President
Wilson, of the American National Bank said
the reassuring words of the President empha-
sizing the fact of the sound business situation
in this country will be almost as important in
restoring confidence the actual relief meas
ures taken by the Secretary of the Treasury.