New-York tribune., 1907-11-21
REPORT ON PLAN TO-DAY
CorteIyou Expected to announce
allotment of ThreeS.

II was expected in Wall Street yesterday
afternoon that Secretary Cortelyou wouIo last
night or to-day announce the allotment OF 'ie
governments 3 per cent one-year certincdtes VI
Indebtedness, of which about S3oOOoOoO nave
been subscribed for. according to unofficial estl-
mates from Washington. Further subscriptions
from individual investors were received yester-
day at the Sub-Treasury, but not in large
amount
Subscriptions aggregating about $25.OOOOOo
have been sent to Washington by several ma
tional banks Of this city. among them the Ma
tional City and the First National; these insti-
tutions. already explained. planning TO uss
the notes as security for additional circuIatloh'
How payment is to be made by the banks has
not yet been authoritatively announced. 1t can
be said that the operation will not result in de-
pleting the reserve Of the banks. however. and
II is the general impression that the funds to
be paid by the banks for the new notes will be
allowed to remain with those institutions in the
form of special government deposits as COL
lateral for which the banks will of course have
to deposit bonds with the Treasury. these Sc
curities being approved bonds other than gov
ernment issues; and that the cash deposited
Will he drawn upon by the Treasury Department,
need may develop for transmission to banks
in the interior. to relieve the money stringency
at various points.
The rumOr of negotiations for obtaining from
the Bank of France gold to the amount Of $50,
100000 to 10000 600, using the new Treasury
notes as collateral, with repayment TO be made
within few months through the medium of
bills drawn against exports of commodities, was
revived yesterday, but il is understood from ex-
Cellent sources that no such negotiations are al
present in progress.
The premium on currency advanced little In
the late afternoon on the demand from the in
terror and probably also on account of bidding
by employers arranging for meeting payroIls
and at the close OF the day the rate paid by the
money dealers for boarded money was 1% per
cent, while as high Pa asked from those
desiring to purchase currency. on the curb
there were transactions In currency for the first
time since the stringency developed, and about
S15oo00 changed hands at rates slightly above
those quoted by the firms which have been active
in this business during the last two or three
weeks
The stock market dull and steady until
the last hour when an advance in the rate FOL
call money from : 10 Is per cent caused a sharI
break I'm prices. in the course OF which some
new low records for the year were made. II
the bond department there was again exceed
ingly heavy liquidation OF Chicago, Rock Island
& Pacific collateral trust As, the price. how
over. not yielding the preceding day The
United States Steel sinking fund IS also were
dealt in largely.
one engagement OF gold FOR import was an
nounced, Goldman. Sachs & Co. taking 81 500 900
which brings the total engagements up 10 $69,-
495. 900. The foreign exchange market was
strong. rates for cable transfers advancing
cent and for demand sterling - cent.