Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-11-18
APPROVE ACTION
OF CORTELY0U
New York Bankers, Capitalists
And Financiers Think il Bound
To Have Beneficial Result.
EFFECT IN LONDON is GOOD.
Henry Clews Condemns H.. Being
Against a Resort 60 War Measures
In Time Of Peace.

New York Nov, lN-Hankers, capl-
telists and fnauciers here generally APP
prove the action OF Secy. Cortelyou IN
issuing $50 000. 900 In Panama bonds and
$1,000 600 OF certificates OF indebted
ness for the relief ~ the financial
FtrinEency. The issue, # was gem
oral opinion. IS bound to have bene-
fetal results.
Tho issue OF treasury receipts "a is
said. VIII Immediately relieve the cur
rency scarcity and Danish the premium
ON cash. The putting out of this gov-
eminent security iu small dcuomina-
lions les a good movement. st. is believed.
as D. win attract from IT'S hiding p'aces
much 81 the currency which has been
taken out OF circulation hy timid bank
dcoositors
ono suggestion as TO the effective use
to which the now issue may be put was
made by an international banker. He
expressed the opinion that large proc
portion ~ the new bonds would dud
their way 90 France and iu exchange
we would get some of jhc millions of
French gold which the bank OF France
has already expressed its willingness
TO allow 20 float towards these shores
providing IL had some sort Of govern
ment guarantee OF its securities.
Some Of the favorable expressions re-
garding the governments action fol-
low.
Leslie NJ. Shaw. president Of the Car
nesie trust company, and ev-secretary
Of thl treasury Il thoroughly approve
OF both measures and expect most benz
ehcial results therefrom."
OF the National city bank:
u regard the action as admirable and
/ believe that it fully meets the ncccs-
stiles OF the present situation u otfrnt
10 cause an immediate dIsaDresrg,.-..
OF the premium on currency mo ma,
RELIEF will come from mo s,ort tar,,.
rotas "
psul Marion nregida,.t ~ Ga, 1-,,t,,
HE re- Ass,,,.,,,,,e s,.t,,,,.
"a 81, 49,, a., ,-,.,..,,.l,.. ,.-.,...,..,
-, J, ilNi
't,s,.--5. e,,...,..... ..-t,....
- , ~ " ~ -, o''N' pI'S'uD"l Oh
VIC oui ~ . "a t.i ual'A
~ can haraiy ran 20 pTlng a much
william A. Nash. president OF the
corn ENehanEe banH.
Inc aC'l'h OF oe'A- |oLteiyou Will
not Only 90 great oeal OF goou mere
IN tnt present iillaHClai sullsehcy' DIT
u VIII tehd 20 csldollsh American cred
u on hrmer basis IN England France
and Germany showing as it does, thai
we are willing and able 20 handle the
situation az home through our own
government
partially dissenting view was given
b. Henry Clews. He disapprOved the
issue Of certificates OF Indebtedness.
Mr. tleWs said
Inc issue or SoOVoO'oo0 OF Panama
bonds is a good measure Of restoration
or confidence. That with the S6b 900 600
we have imported IN gold. should give
us enough money and more, 1 question
the legality OF the certificates OF iu-
debtedness and ! believe their issue De-
il-advlsed and viii prove very iniuu-
Gus. We have money enough we viii
need more confidence. Tho Panama
bonds would have 20 be issued sooner
OF later, hut lhere ls no valid reason
peace Imitation az this time viii only
weaken the money the government IS
oaeHlhs ana mood OF certificates ls
.ieo'e 90 oll'' OUT the sola we nave lm-
EFFECT IN LONDON CO0D.
l-olluon, 10Y. Ie-Ihe Official an
..9.i..'-ll'' ll Iioiu Nashlngl'n that
49, ~ ~. &C., llncales 10 the amount of
sl.y'Vyo'uYo bearing interest at per
t ,sd doa an ma Panama bonds amounting 20
te''oyyuoo Nouia ne issued Immediately
gency In the United states, bad a1 Inn.
I.eolAJe eIoct on me market here to-
,SS a., .'.es pIoilPtly moved upward,
t. ~ ~ ,,..Ii' OF ine 'tock eA-
....'s. "gil'E lux lhat 0ec}. OF the
~ rf ia 800 S4rIe . action was bo'hd
In the money market. m was tbourbt
probable that a. would stop the drain ~
gold from this market ana obviata tbe
necessity FOR "a further increase lu the
hanA on england $ rate of discount
'nnsoif which had been adversely ar
iecied by the outflow N gold. Jumped
tI halt q point above Saturday clos
lhE price % s-a, and other British So
'uilu'r rose ln sympathy
h.' " N'NNAN" NNNNHt
Saturdays closing price and changed