The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-20
New York Bankers Raise Fund
of $25, 100000
To Invest i'm the New Govern
ment Securities.
is READY.
Cash Payments Whenever New
York Says the Word.
Money for Bonds Will Be Sent
to Western Banks.

New York, Nov. 2o.-N%v York bank
ers Will lead off in the purchase of the
new threes offered by the government.
announcement is made by the Sun that
the First National bank, ]. p. Morgan
q Co., the City bank and one or two
other national banks have raised SIS
OOO,OOO In cash which will be turned
over to the United States treasury to-
day to pay for an equivalent amount in
the new per cent certificates. Tenn
porary receipts will be issued to the
banks In return and the money it is
understood, will be sent to western
cities by the government.
Inc banks here, 1t is stated have
tnelr reserves in such shape that they
can spare it.
The banks expect to get the certifi-
Gates In about two weeks. These GER
tincates, or even the receipts can pass
DelWeen the banks as money, and IL
they are so used corresponding
amount OF loan certificates can be re-
tlred. 1t is thought to be probable
also that the certificates will to some
extent pass from hand to hand as cur-
rency outside of the banks.
Chicago Ready to Resume.
o Chicago, Nov. 20.-The banks in this
city are ready to resume a cash basis
business at anytime. The Chicago
Clearing House association has sent
word to New York that it is ready
whenever New York is willing to take
similar action
Washington, Nov. 20.-The communi-
cations which have come to the treas
ury department approving the financial
policy adopted by the president and
Secretary Cortelyou and the subscrip-
tions which were received for the Pan
anna bonds and one year certificates
were the subject of discussion at the
meeting of the cabinet and afforded
general qualification. While details
regarding subscriptions are not yet be-
ing made public, it seems to be the
feeling at the treasury department that
both loans will be over subscribed as
was the case of the popular loan oil
$10o, ,00o, 900 issued by the Cleveland ad-
ministration. ra4t
The decline i'm the stock market is
regarded as only a symptom of hesita-
ton until the effect of the failure OF
success of the measures are proved BY
the opening of the bids.
Several important questions are be-
ing raised in communications address
ed to the treasury but the treasury Of
ficials are exercising much care in. de-
fining their position.
Money Flows West.
San Francisco, Nov. 20.-The United
States subtreasury in this city today re-
ceived by telegraph $432, 900 for three
local banks. Subtreasurer Ralston has
been authorized to receive offers Of
subscriptions to the per cent certifi-
able on and after November 90 1905
In banking circles great confidence is
expressed in the present and future
situation. Satisfaction with the finan-
cial outlook is also expressed on the
stock exchange, the market already
showing much improvement.
Million and u Half More Gold.
New York, Nov. 2O.-Goldman,
Sachs & Co., announced the engage
ment of $1,500,000 in gold in London
today. This brings the total gold en-
gagements on the present movement
to $73, 100000.
U. S. Buys Bar Gold.
London, Nov. 20.-The United
States purchased f262.000 pounds in
bar gold from the Bank of England
today.
Bringing $7,OOO,0OO in Gold.
Southampton, Nov. 20.-The steam
er Kron Prinz Wilhelm which sailed
for New York today, carried nearly
$7,0OO,000 in specie.