The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-29
Bankers Express Opinion
that Conditions Will be
Changed by Spring.
CORTELYOU SAYS
CRISIS is OVER
His Action in Stopping sub-
scriptions to Certificates So
Construed Treasury and
Banks Both to Have
Good Supply of
y Currency.

s ~,
| an,,ourcen,e,,t hy secretary r,orta1vo,,
-, y. - -, =.
iass ' ''s, enas supscf y ''.iohs
| to the one-year treasury certificates
would not be received. lis regarded
h.r. as ,nd,ca,,ro t,a+ tho s.cret tarv
| - 90 S"e -
CONSIDERS the escrisls IN the money mar
kes, faH 20 De pract'ca',y over.
| O'tIEclal OtItElclalt .s1iBules nave ave not yeS pcc'l
given out at tue treasury oi ne
amount .,1 OF .she csrlih.salcs \ aliotteu'
ihc amount OF tne allotments mace.
noWeyer. u 20 pc apout s9o, 9o,ooo.ooo, amo
this is probably the limit. All indt-
% viduai su,ptscriptions havlng peen re-, re-
leclsd LIS ahs!cIpa1eo .hat near!y 1Me
m1,e - 1ne .so'vvv,vYv a,ol.aa s, M
pe USED USED .o. secure new issues OF pank
notes. 4as these issues VIII ne retired
Wltnln tiess tnan year. year. they VIII hos
constitute permanent IMITATION OF
the. Dank note clrcuialion.
lncfesse the balsnce.
a., ne s eaIect OF tns new loansl upon
@ sne slusure OF tne lreasuIy resources Us
ana OF lhe ..nonsy marKet rs alreads
recei!MS attention at thc treasury
ana IN panking circles. From present
| sources o1 in,o.Hatloh. the aniounl
tioi!ilhal!y Auoeu 70 lHe casn DaiaHce
OF OF the Ireasury VIII pc ABOUT *so.ooo,-
wv, wv OF OF when $oV.Voo.ooo VIII represent
| nne, ane per Gent. Fanaha ponds, ana @3e.-
ovo.oeo VIII represent the ome.year GER
1a.es a,,as Mn,cn .a,s, nave peen atlottea Ihls
aulouHt Wouio increase ~ tne present
nominal oalance from about $2il.393,-
~, ~. Where ~ $1,000 yesterday. to a
/! niue more .1nan *Sso.ooooo0. small
auall'vsai seu'.'l.a0 a.loIns VIII Dc derived
,sn'1., .aona me premium on me Panama
ponds. ,e.s but even II this should average
/ to only $2,50o.ooo. With a nominal
balance, ifewever. or more than saas.
4 0oo. 900 tho Treas,,rv will NOT have
anythinr iiies tbe =, o,,,
avaiia Me- a''so ''ss = ''.''s g '.ts =
i .ThtsSN. !. 80 80 =. .,..,.
d t!onal, lanxs 81, q cot her depesis Items.
rhiss ss1 sneunssd ySstsrasy e
mas art,ourced that 81, mar NJ eeene.Ars eens y
. the payments for Panama bonds viii
be lei. In the custody Of the national
.ne Donds, ana ooul Q,
20 per tcenl. -. 9. itne payments lor the
one-year certificates Will be left with
1 the banks. The effect OF these changes
i in the Treasury balance sheet. 1,non
the basis OF issues OF both classes OF
securities to the amount of sS5. f,0f1 oNo,
viii lie tn incressn M. o,o,,t rso,vSV'oyy -,
panks 70 about 100000, 600 and the
4 The increase of {14 100000 In the work
II Ing balance Will be due to the reten-
Il ttion In the Treasury OF 35l 10000 orr q
per cent. or the nrincinaig ~ tlr, pars
anna navn,anis M ~ ha,,t 90 mn onn,
~ a. ,a,inent -. .t s'.ovo;ovV' :oe'
100000 ii in TreasuFy ny eiea eertifiea.es = 's''-
This condition of the Treasury
4 finances will be changed materially in
\ the spring il the Secretary Is able to
carry out the program of retiring a
Iconstderable portion of the one-year
4 certificates before maturity. IF (3O.-
!, 100000 Of the certificates can then be
4 paid of the cash balance will go up
4 Ito about s295 100000, deposits In banks
Twill decline by three quarters OF the
. amount paid OF, or to S2775O0 900, and
'Etlle cash balance will fall to about
ance Will be due to taking from the
\ Treasury cash Is per cent. Of the
! certiacates. 1T seems probable. how.
evar. that MONEY naarket 'condttions
4 Will he such that the fSecretarys-wiil
j fsiiis inst Sed In nScail,nn nnGn. tha mts
4 yfor consider, hivs sn,nra . a &, IA cnn,.s
\ Ito then. in; pnyment for the treasury
4 certi asa tes a.h}ch arc ra,iaS ma s1,r.
q krsndArsS iAiss' - s''S1 i ~ 50 :
} III IN not &on,yf onsidare,,S hipbl,. Z, 8
4 sfrabie IA red,ce lienosits zjntthe hanks
/. }as soon q ,nonawsf mn ri.et fcnnflit i,,ns
/ nert,, ~ hntt 81 is heiievea that Athare
wiii'shet 1jttIe n ,fiic,,if
II the Urea s,iryS can reduce these deposits
y. to the eneiehborhood OF s. 400 900. 600 In
saye = asess 900 ;.