Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1907-11-30
CONTIGUOUS OFFER.
Makes Statement That 90 Percent OF
Bond Money Remain on Deposit.


Bond Money Remain on Deposit.
Washington-There were several
important developments Tuesday in
the plans of the treasury department
for affording relief in the money mar
ket by the issue of new securities.
Secretary Cortelyou stated that of
the amount paid for the Panama canal
bonds 80 percent would be deposited
with national banks purchasing such
bonds.
The large syndicate subscriptions
are usually withheld until the last mo-
ment and nothing is yet known as to
the money value of the bids that have
been received, but the belief was con-
fidently expressed at the cabinet meet
ing today that the loan would be talk
en- several times over and that the an
nouncement of this fact would have
most stimulating influence in restor-
ing confidence. The bids for the bonds
will be received up to 4.30 O'Clock Sat
urday afternoon and the opening and
classification will be begun immediate
ly 1t is not expected that the result
will be known Saturday evening, or
perhaps before Sunday evening or
Monday.
Secretary Cortelyou will pass upon
the bids after they have been classified
according to the prices bid and will re-
serve the right to reject any bid ap-
parently not made in good faith, or
t., l,, L., h,vf ~ 1,sH
ders.
An important fact relating to the
one-year treasury certificates Is that
already the amount allotted approx
mates $25, 100000. OF this sum only
about $3,5OO,OOO has yet been pledged
as security for circulation, but the
certificates are being transferred to
the custody of the United States treas
urer almost as rapidly as the banks
are notified of their allotments, Sec
retary Cortelyou is taking great care
with the allotments and is making
them as far as possible in such way
as to relieve the money market situa-
ton and afford basis for the issue
of new note circulation where the sit
uation is most acute.
1t is the general belief in banking
circles here that it will not be neces-
sary to issue the full amount of $780,
100000 authorized
The advices sent to Philadelphia to
return to subscribers cash paid by
them for certificates, indictes that pri-
vate individuals making subscription
will not receive the full amounts sub
scribed for, and may not receive any
certificates at all. If the banks of the
country generally resume cash pay
ments next week, as is strongly expect
ed since the visits of Mr.. Morgan and
Mr.. Forgan, 1t is anticipated that
there will not be much further hoard
ing of currency, and therefore not
much further necessity for increasing
the circulation. Already the amount
of new bank note circulation put out
in November slightly exceeds 100000
600, which is beyond the estimations
| of the treasury department three
weeks ago.
The recommendations to be made
NY Tic SSCIeIdly vi Ine treasury III re-
gard to the financial legislation are
still the subject of many rumors and
questionable reports. 1t is not expect
| ed, however, in well-informed circles
| that the secretary will go into great
detail in presenting a currency plan.
Consultations are going on between
members of the cabinet, Speaker Can
non and other leading members of
congress as to what Legislation is de-
| sirable and what is obtainable.