New-York tribune., 1907-11-30
ALL ALLOTMENTS MADE
CERTIFICATES TO BANKS.
Issue Not Likely To Be Much AboUe
$50 900 900.

so~C ,OOO,OOO
Washington. Nov 29-Tke final closing of al
lotments of the per cent one year Treasury
certificates was announced by Secretary Cortel-
you to-day. He declared that no alotments had
been made or would be made after his an
nouncement of Wednesday night that no further
subscriptions would be considered. Appllca-
tions for certificates accompanied by the cur
rency received after the Secretary's statement
will be returned TO the senders. Practically all
the allotnents are to national banks which have
agreed TO take out circulation and in the ma
jorty of cases have indicated willingness to sur
render the certificates before maturity on pay
ment Of interest 10 the date Of redemption Ihe
amount Of aIlotnents was not made public, but
such information can be obtained indicates
that the total will not materially exceed SO
600 600. If this proves to be the case, and
considerab bic portion of the certificates are de-
livered on the condition that they shall be sur
rendered in six months with interest TO that
time or even for a shorter period, il becomes
possible 10 calculate roughly the cost of the Is
sue in interest. There appears TO be no doubt
that by far the larger part OF the amount al
lotted probably at least three-ffths, is subject
to redemption within three months On the
basis of an issue of $2J 100000 this would
amount to the redemption of $19OO0o0O with
interest ~ per cent, which would require
the full period of one year. the interest at
per cent would be S3O0O00 These two sums.
therefore making a total of $525, 900, would rep
resent the entire cost of the issue of certificates
10 the Treasury, besides trifiing incidental
penses. This would be at the rate OF about two
thirds Of a cent per capita for the population Of
the United States
The offers for Panama per cent bonds are
still reaching the Treasury in large numbers
They will be opened until tomorrow afternoon
when the receipt of subscription closes The
number of bids closely approximates those re-
ceived for the loan of July 20, 1906. when an
offer of S30OO0OOO was subscribed for to the
amount of $446,0OO.OOO. or about fifteen times
the amount Offered. Nothing ia known yet in
regard TO the amount OF the bids, which may
differ greatly from the amount in 1909 as the
result of a greater or less number Of large syn
dicate bids. 1t is hardly expected that the price
obtained will equal that of 1906 which was
1o4.036. but I'm view of the value of the bonds
as security for circulation 1t is believed that a
fair premium will be paid
The limitation of the issue of certificates to
S25.060000 or less is regarded by bankers as a
wise step in view Of its influence in preventing
an unnecessary expansion of banknote circula-
ton. The maximum expansion on the negy is
sues will stand at S75O00.0O0 instead of $3.50
100000. as would have been possible if the en-
tire amount first suggested had been allotted
and it is not believed that anything like this
maximum will be reached. If S2OOO0oOO in
new banknote circulation is secured by certih-
Gates. subject to call next spring, this amount
easily be retired.
The Treasury working balance will be in
creased about s11,250000 when all the new Sc
curities are delivered. The balance to-day was
reduced to less than $500, 600 Internal revenue
baxya off@t,
with the same month a year ago. by about s4-
065,000. and customs receipts By about So 100000
a part of this decrease is due 10 the difficulty
of obtaining currency for making payments.
but It is believed that considerable part is
due TO actual decline In business
Secretary Cortelyou continues to listen atten-
lively 10 representations in regard to currency
measures, but does not commit himself beyond
recognizing the necessity for intelligent iesisIa
ton. The project of central bank of issue
seems to have many supporters among bankers
and members of Congress- and several compre-
hensive bills on the subject will be introduced
One will probably embody the views of George
F. Roberts. president of the Commercial Ma
tionsl Bank of Chicago who, with Controller
Ridgely. is among those who have recently be-
come convinced that such measure is the best
cure for monetary difficulties.
A report reached the Treasury Department
to-day that the Chicago banks would resume
currency payment next Monday. In commenting
on this report Secretary Cortelyou said that his
information was that the New York banks were
daily increasing their cash payments and that
the banks in all the great money centres were
gradually getting back to normal conditions as
TO currency In nearly all parts of the country
reserve banks vera meeting drafts sent by their
interior correspondents on account of internal
revenue and other government receipts, evidence
of which is given in to-day's Treasury state
ment, which shows customs receipts TO have
been sI,336459 and internal revenue receipts
s1.657.251 larger amounts than even under nor
NAL conditions.
The Boston banks were Mr.. Cortelyou said
materially assisting in this movement. It is the
opinion of Treasury officials that conditions are