The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1907-12-05
NO bLLOVMENTS
TO INDIVIDUALS
National Banks to Get All the
Certificates.
ONLY s35,o0O,ooO WILL Be ALLOWED.
Secretary CorieIyou Considers the Cri-
sis in the Money Market Over and Be-
leives The Additional Circulation, Bas-
ed en- the Certificates and Panama Ca
nal Bonds, Will Give What Is Needed.

Washington, d. c. Especially The
announcement by Secretary Cortel-
you that further subscriptions to the
one-year Treasury certificates would
not be received is regarded here as
indicating that the Secretary consid-
ers the crisis in the money market
to be practically over. OfIlcial fig
ures have not yet been given out
at the Treasury of the amount of the
certificates allotted
The amount of the allotments
made, however, is known to be about
$35, 900, 700, and this is probably the
limit unless strong reasons are pre-
sented from banks which have al
ready made subscriptions why allot-
ments should be made to them. All
individual subscriptions having been
rejected, It is anticipated that nearly
the whole of the 100000 allotted
will be used to secure new issues
of banknotes.
AS these issues will be retired
within less than a year, they will
not constitute a permanent imitation
of the bank-note circulation.
The effect Of the new loans upon
the future cf the Treasury resources
and of the m -ney market is already
receiving attention at the Treasury
and in banking circles. From present
sources of information the amount
nominally added to the cash balances
of the Treasury will be about $751;
100000, of which S5O,00O,000 will
represent the 2 per cent. Panama
bonds and $35, 100000 will represent
the one-year certificates which have
been allotted.
This amount would increase the
present nominal balance from about
$241,393,21 where It stood Thurs.
day, TO little more than 1925, 900.
900. A small additional amount will
be derived from the premium on the
Panama bonds, but even II this
should average as high as five pei
cent, it would amount TO only 81
100000
With q nominal balance, however,
of more than 1926, 900 900 the Treas
ury will not have anything like that
amount Immediately available. This
Is because of desposits in national
banks and other deposit items. These
items amounted to $234,939, $50.
leaving an actual working balance of
$6.463,628. The Secretary has an
nounced that ninety per cent. of the
payments for Panama bonds will be
left in the custody OF the national
banks purchasing the bonds, and
about 10 per cent. OF the payments
for the one-year certificates will be
left with tho banks. The effect OF
these changes in the Treasury bal
ance sheet upon the basis of issues
of both classes of securities, TO the
amount of $S5, 100000. will be to
increase the amount in banks to
about $300.000,000, and the work
ing balance to about S22.000,000.
This condition of the Treasury
finances will be changed materially
in the spring if Secretary Cortelyou
is able to carry out the program of
retiring considerable portion of
the one-year certificates before ma
turity. He will have no difficulty in
doing this and saving considerable
proportion of the interest to be paid
on them if the agreements made with
banks to this effect can be carried
out under the conditions of the
money market existing in the spring