Daily press. [volume] (Newport News, Va.) 1896-current, 1907-11-19
HALL and Broad Streets Entertain
High Hopes that Currency
Will be Less Stringent.
QUALIFICATION PREVAILING TopE
Believed That Panama Bonds and
Ono Year Certificates win Bring
Out Much of the Money That Is
Being Hoarded-situation Compared
With That Of 1896.
tBv Associated Prcssl

tBy Associated Prcss)
NEW YORK. Nov. Standardization
was the prevailing tone In banking
sirclcg today over the government
plan OF relief TO the money market
by the ISSUE OF Si0,000 QUO in Panama
bonds and $l00.0O0.0oO In one year
treaSuary certificates Tho issue oil
nar bonds has been COUNTED upon rs
4 probability since It was first refer
SGD TO some ten days ago. The issue
OF snort term certificates was more
W a novelty ana should attract moro
discussion. Tho general opinion In
banking circles is that both measures
would tond TO draw idle money from
private boards and thereby to break
ne premium on currency and restore
norman conditions In the money mnr.
ke' so strong was this feeling that
u was understood that gold engage.
meits would probably cease.
New York bankers declare tho gold
'iready engaged is as much as New
YORK can justly take under tie strain.
ed conditions and TO take more viii
my cohpel its return at a later date.
Inc amount already taken or cngag.
I'd approaches S70000,0OO. which Isl
much more than the most sangulpe
predicted at the beginning of tho
movement about three weeks ago. II
not considered desirable 10 force
INC bank OF England to raise its dis.
cunt rate TO- per cent, 40 has been
LIKED oil ID London. nor TO force thr
German rate any higher tnan 7i1 ncr
Get. which is already reached.
Looking for Popular Subscriptions.
II more gold were desired the Issue
81 snort term certificates would afford
lu"t inc sort Of security which the
pank OF Franco has been disposed 10
luSist upon in the recent negotiation
nrongh j. r. Morgan. The gold to
Jew ork against the deposit of such
cerlihcates would parallel very close.
tne shipment OF Sl5,000.OOO to Lon
tipn nj the time of the Earrings I'm
S9o, The response from the public
10 the offer of new securities is ev.
nected to center largely on one year
cernhcates. The Panama bonds. nav.
ing only two per cent. ana selling NJ
premium. are expected to 70 chiefly
20 the national banks to be used &C n
basis for circulation If tho nynori-
! nnce of tho popular loan of 1896 "a
repeated, in respect 10 the certificates
thcy Will be oversubscribed several
| times. Secretary Carlisle on that oc.
rasion invited subscriptions for 500.
oo0.OOO OF four per cent. bonds navablc
after 30 years. There was grave
doubt under the conditions prevailing
NJ that time both in the money mar
Sct and i'll the political situation
whether the subscriptions would be
suiiicient 10 permanently restore the
| gold reserve. In anticipation Of this
n'Hicuity Mr.. Morgan organized a
syndicate TO bid for the entire amount
OF the bonds. and eventually obtain
ed about onethird at his price. OF
the Issue. The number of subscrip.
| tionS OF n bona fide character was
i'o9u, and the amount subscribed to
cover the A$l00.000,000 offered was
Da62,2b9.S5O. Subscriptions ut higher
figures than Mr.. Morgans were sub.
mitted for $G6.7SS.650. and barring de-
lault for triiiing sums bonds for this
/ amount were distributed in small lots
throughout the country.
VIII Draw Out Hoardcd Capital.
H. IS deciai cd by bankers that fin.
nncial and political conditions arc in.
imfely more favorable at the present
time than they were when the gol1
reserve was almost wrecked and tho
possibility OF a change OF money stan
GARD was confronting the country
~ their belief that subscriptions
10 tho financial conditions are likely
TO be large and to draw on mucl
boarded capital. Secretary CortcIyor
is counted upon to deposit the pro
ceedS Of both classes OF slbsccnri
Ties at once in Tho national banks
whore they will be available for IN,
purposes of general circulation. Tn.
premium on currency showed signs o
weakening today. being quoted at from
Il "a to 21s por cont.
Morgan's Name Mixed Up In Deal
I bankers declared that 1t Will d!sap
: near before the bids close for tn,
: treasury certificates and that III,
money phase of the crisis will ten,
20 pass away. Throughout the da,
reports circulated were more or les
definite that the banking house o
: j. r. Morgan was organizing a syn
r dicate for the purpose OF taking ovo
considerable block of the now treas
r urF issue, tho amount being yarious
stated FROM s25.000.0D0 to slOJ 600 .0oC
l'ato In the day . member OF The FRI