New-York tribune., 1907-11-20
TAKE US. CERTIFICATES
applications for Government Issues
Made Here.

Applications for the new United States one
year per cent certificates Of Indebtedness were
received in some volume at the local Sub-Treas-
! ury yesterday but the days total not made
public. and inquirers were advised that the in
! formation must be sought in Washington. Sub
! scriptons for the new Panama per cent bonds
! are being sent direct to the Treasury Depart
ment at Washington. AS was said in The Trib-
une yesterday, the great bulk of the per cent
certificates will probably be taken by the ma
tional banks. The certificates. it seems
clear. cannot be counted as part of the legal re-
serve of the banks but the fact that they are TO
be available as collateral for new circulation is
considered to make it certain that banks
throughout the country will subscribe heavily
for them, the probable demand from this source
being so large that the plan of forming syndi
cate for underwriting S25000000 to $30,0O0,O00
of the issue has been abandoned no longer
necessary.
That a considerable amount of boarded money
will be brought out and invested in the ) per
cent notes seems probab BILE, as the holders of this
cash get return their money and
have the chance of putting it into an absolutely
safe investment which will give them per cent
interest. Payment for the notes is TO be made
in currency, requirement which has caused re-
consideration the part of some prospective
buyers. who desired to make payment in certi-
fed checks.
Currency yesterday continued to command a
premium, which ruled at about Mondays fig
ures the demand being rather active all day,
and the closing rates being 11a per cent paid by
the money brokers for boarded money and 2K
per cent paid by purchasers from the brokers,
these purchasers being in the main financial in
stltutions in the interior. 1t is still believed
that the premium will disappear within a very
few days, however.
Large amounts of cash being transferred
daily by the banks through the Sub-Treasury,
more than two million dollars having been thus
transferred yesterday, this sum including $716,
600 10 San Francisco, S50O,000 to Cincinnati.
s3S7.OOO to Chicago, $4,000 to St. Louis and
smaller amounts to New Orleans Denver and
Philadelphia.
Gold engagements yesterday for import were
$100O,0O0 by HedeIbach, Ickelheimer & Co and
100000 by the Guaranty Trust Company bring
ing the grand total on the present movement up
TO S67925,000.
Although the money market showed signs Of
relaxation. the call money rate not advancing
higher than per cent and the ruling rate be-
ing : per cent, prices on the Stock Exchange
exhibited during the session a declining ten
dency. the close being weak and at net losses
throughout the list. The trading in the bond
department of the exchange furnished more
interest than the dealings in stocks, the feature
being the severe decline in Chicago. Rock Island
& Pacific collateral trust and per cent bonds.
The entire bond list weak. The selling was
attributed in some quarters largely TO the saw
ings banks, the theory being that these institu-
tions were disposing Of securities to strengthen
their supplies of cash, In anticipation Of the de-
mands which might be made upon them at the
expiration of the period during which the with
drawa notice issued by them several weeks ago
is operative II also said that some of the
selling of bonds. we'll of stocks. for
account Of the great life insurance companies.
which are having to meet heavy demands for
loans to policyhoders. and it is from these in
stitutions which, under the new insurance law
gradually disposing Of all of their stock
holdings. that the National Bank OF Commerce
stock which for weeks has been coming out IN
small quantities. yesterdays sales Of ten shares
at 125, establishing new low record for several
years, is reported to have come.