The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-18
Another BugabOO Arises to
Brighten the Financiers.
They Fear the Yellow Tide Will
Set i'm Toward Europe.
A BID FOR 100000.
I'D. R. Francis the First Man to
Apply for Treasury Notes.
Already They Are Quoted at a
Premium on the Curb.

New York, Nov. 1S.-The announce
nnent of the issue of $5O,000,000 in Pan
anna bonds and s100, 900 of one yea
treasury certificates bearing per cen
interest was the chief topic in hnancia
circles today. The short term certln
Gates were most talked Of because Of
their novelty.
1t is the general opinion that the two
and especially the certificates VIII dra"
much money from small boards as was
the case with the popular loan Of 1895
Some bankers here believe that the Is
sue of the certificates will make 1t un-
necessary to obtain more gold. If the
premium on currency Is once broken II
will change conditions of foreign ex-
change so that the profit on gold i'm
ports will be reduced or wiped out
Some bankers believe that this will not
be an unmixed evil, because we already
have drawn so much gold from Europe.
They fear that this gold will be taken
back soon. under the pressure of high
discount rates and the monetary str1n-
gency at London, Paris and Berlin and
they believe that the American market
should cease to disturb European mar
kets when it is found that further i'm
ports of gold are not required TO mann
tain the position. While the certificates
therefore undoubtedly would be an ac-
ken from the Bank of France and ne
gotiations to that end may be resumed,
they may have the effect of making
further imports unnecessary.
Explaining the uses to which the new
treasury certificates will be put Charles
A Conant an authority on currency
issues, said:
IT believe the action Is a wise one.
The issue of short term certificates to
the amount of 500 900, 900 might be crit
icized on the ground that it is more
than the occasion requires. but In my
opinion it is better in such emergen-
cfes to take excessive precautions rath-
er than inadequate ones. In 1893 while
the measures taken were sound they
were nearly always delayed until the
situation was desperate ana thus SER
Iously aggravating the evil The new
certificates will not. OF course, circu-
late as money, because they bear in
terest. They represent very different
financial policy from the issue Of legal
tender notes, which would have inflat-
ed currency without any arrangement
for their retirement.
ID. r. Francis Was First.
ST. Louis, Nov. 18.-F'ormer Governor
D. R. Francis was the first subscriber
for a portion of the per cent treasury
certificates at the ST. Louis subtreasury
today. He subscribed for $500, 900 aa
soon as the subtreasury was opened and
other financiers followed with subscrtp-
tions of various amounts. United States
Subtreasurer Atkins stated his belief
that of the issue of 800, ,000, 900 treasury
certificates to relieve the financial de-
preston at least SIS, ZOO. 900 will be SUBJ
scribed for in St Louis.
Americans Buy More Gold.
London, Nov. 1S.-Following the re-
ceipts of New York's opening prices
there was temporary hesitation but un-
der renewed support the market closed
strong a fraction below the best of the
day The United States today pur-
chased lis, 900 pounds in American eagles
from the Bank of England.
Prices Strengthen I'm Berlin.
Berlin, Nov. 1S.-Prices on the bourse
today were very strong owing to the
steps which was announced will be ia
ken by the United States treasury to
relieve the American financial situation
Americans were very strong.