The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-28
BOOKS ARE CLOSED.
No More Subscriptions to the United
States Loan Certificates.

States Loan Certificates.
Washington, Nov. 2S.-Owing to the
large amount of subscriptions received
the secretary of the treasury has an
nounced that the subscription to the
per cent certificates of Indebtedness OF
the act of June 10, 1898, invited by the
circular Of November Is, 1907, is closed
and that no subscription received after
the close of business November q will
be considered. The several assistant
treasurers of the United States have
been instructed not to accept any fur
Their offers.
The decided improvement in business
conditions throughout the country
makes it quite possible that the secre-
tary will not extend his allotments
further than those already made.
Calculations are already being made
as to the probable conditions in the
money market next spring and the
ability to call in part of the certificates.
If the amount issued should be only so
million dollars and half of these should
be paid off in sixe months, interest
charges would fall materially below the
8 million dollars originally calculated
upon the full issue for one year.
The sum of rs million dollars for six
months would draw interest to the
amount of 1915, 900, and an additional
amount of % million dollars for one
year would draw $3.50 900, making a to-
rate of less than one cent and a half
per capita for the people of the country
and it is argued that this would be a
cheap means of escape from difficulty
even for the humblest citizen whose
labor might be affected by the continu-
ance of the crisis. 1t is possible that
some of the certificates could be called
for payment within even a shorter per-
Tod than six months. 1t will probably
be the policy at about that time, if con-
ditions permit, to withdraw some mon
ey from the banks in addition to the
amount required to pay off the certifi-
hut hi will only Hod IN,
the accumulated effect of gold imports,
additional bank note circulation, the
deposits of public moneys and the lib
Grafton of boards, creates a plethora of
money in circulation which calls for
identification. The treasury will be
justified, in the opinion of the officials
in adding to its working balance as
soon as the money market makes it
permissible.
About IT million dollars will prob
ably be added to this balance by the
proportions retained from the sale of
bonds and certificates next week, but
the exact amount depends upon the
amount and terms of the allotment of
the one year certificates. If the GER
tif1cates are generally used to increase
bank note circulation this alone will
result in an addition of from 30,000,-
900 to 100000 dollars to the cur
rency outside the treasury and with
the gold imports and the new bank
circulation already issued will make
dollars to the new currency recently
placed at the disposition of the mar
ket. The nominal cash balance of the
treasury today was 241,000,217, but
was subject to the deduction OF
1924, 1000 in banks and elsewhere,
leaving only $6,463.623 as the APP
parent working balance. The cash
actually held in the treasury stands at
$119.43S, oil, but this is offset by out
standing checks and other demand
liabilities amounting to $112,9S4,3S3.
Receipts continue to fall below the
average of a year ago, but were a lit
tie better yesterday than for the cor
responding day last year. The month
of November thus far has shown a
surplus of receipts of $2,931,645, as
against surplus in November, 1906,
of $4.79e,147, but this comparatively
favorable result has been obtained by
keeping down expenditures by more
than six million during the month, al
though for the fiscal year beginning
July L. there has been an increase in
expenditures of more than S135OO,-
900.
The situation at the treasury was