The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-19
PLAN APPROVED
IN WALL STREET
Continued from Page

tai. Secretary Cortelyou is counted
upon to deposit the proceeds of botf
! classes of securities at once i'm the ma
tional banks. where they will be avail
able for the purpose of general circu-
/ lation.
The premium on currency showed
signs of weakening today being quot
! ed Ut from one and a half to two and
a half per cent. Bankers declared that
| it will disappear before bids close foI
the treasury certificates. and that che
monetary phase of the crisis will then
/ tend to pass away.
Throughout the day reports circuIat-
ed with more Or less definiteness that
| the banking house of ]. p. Morgan was
organizing a syndicate for the purpose
| of taking over a considerable block of
new treasury issue, the amount being
variOusly stated from SIS 000, coo To
| 800, 900. Late in the day a member
| of the firm gave a specific denial to
! these reports saying that he knew of
| no such syndicate either as to the Pan
anna canal bonds or the treasury certif-
icates. He added that no further nego-
| tiations We're contemplated for secur-
| ing gold from the Bank of France.
Notwithstanding this specific denial,
the reports continued to circulate that
an organization of financiers was con-
templated to take up a portion of the
proposed issues. but no confirmation of
the reports could be secured.
Expressions of Opinion.
Some of the favora Dle expressions re-
garding the governments action fol-
low:
Leslie NJ. Shaw. president of the Car
negie Trust company, and ex-secre-
tary of the treasury: Il thoroughly
approve of both measures and expect
most beneficial results therefrom."
Frank A. Vanderlip, vice president
of the National City bank: 4 regard
the action as admirable and I believe
that il fully meets the necessities of
the present situation. 1t ought to cause
an immediate disappearance of the
premium on currency. The main re-
lief will come from the short term
notes
Paul Morton, president of the Equit-
able Life Assurance society: 1T will
have an unusually healthful effect"
j. Edwards Simmons, president of
the Fourth National bnak: Tt can
hardly fall TO bring a much needed
financial relief"
William A. Nash. president of the
Corn Exchange bank: 1.-THE action of
Secretary COrtelYou will not only do
ent financial StTingency, but il will
tend to establish American credit on
firmer basis in England, France and
Germany, showing, as it does, that we
are willing and able to handle the sit
uation at home through our own gov
eminent
A dissenting view was given by Hen
~ Clews. He disapproved the issue of
certificates of Indebtedness. Mr.. Clews
said: The issue of $50, 900 of Pan
anna bends is a good measure of res
toration of confidence. That with the
s65,OOO,0G0 we have imported in gold,
should give US enough money and more.
l question the legality of the certif-
icates of Indebtedness and I believe
their issue is ill-advised and will prove
very injurious. We have money
enough; We will need more confidence.
The Panama bonds would have to be
issued sooner or later, but there is no
valid reason for the resort to war
measures in time of peace. Imitation at
this time will only weaken the money
the government is backing and a
flood OF certificates is liable to drive out
the gold we have imported