Waterbury evening Democrat., 1907-11-20
NOTES ISSUED TODAY
Treasury Certificates For $100,-
 100000 Will Be Out.
GOTHAM BANKS TO SUBSCRIBE
Further lmportatons of Gold Bring Total Shipments Up to $74,5oo, 900, Record Movement Between Europe and America-Stocks Weaken.

New Ork, NOV. 2O.-N0 announce ment was made of the formation of a $25,000,000 syndicate to buy an equal amount of treasury certificates of in debtedness running one year, such as had been planned on Monday by J. P. Morgan and his associates.
 It is understood that New York ma. tional banks will subscribe individual ly for a large amount of the treasury one year notes and that the notes will be used as a basis for additional bank note circulation to be retired probably next year.
 New York bankers expect there will be surfelt of bank funds piled up in New York next summer and that the treasury notes, which can be used as a basis of taking out circulation, may prove more attractive than the Pan anna bonds in this emergency despite the increased tax of per cent a year.
 Inasmuch as the treasury notes will be issued today fair estimate of their reception by the country will be ob- tained, bankers said. Bids for the Pan- anna bonds will not be opened until Nov. 30, and meantime bankers in this city are actively figuring on the com parative merits of the two offerings as basis for circulation.
 Fear lnroads on Cash.
 1t was learned that New York banks at the moment are not desirous of pay ing q large amount of their lawful money into the treasuy to obtain the treasury one year notes. They point out that If the transaction were com pleted today or tomorrow 1t would re- suit in heavy lnroad upon their cash holdings or lawful reserves. all of which would be reflected in next weeks bank statement. The cash pay ment would come at a time when the reserves of the associated banks of the city are $J2.OO0OO0 below the legal re- quirements. and the loss of S25. 900. 900 of cash would tend to concentrate the attention of the financial markets of the world upon the local position.
 On this account each bank was al- lowed to act on its own initiative in subscribing for the treasury notes. In Secretary Cortelyou's announcement bearing upon the 1O0,OOOOOO issue of certificates of Indebtedness the state ment is made that S50.OOO.OOO will be allotted by the secretary fin his discre- tion upon offers of subscription, and the remaining s50.OO0.oo0 will be al- lotted through the assistant treasurers at the chief banking cities. It wns as- certained at the subtreasury that the bidding of New York for the notes was verg limited.
 Drcp In Panama Yves.
 At the office of J. P. Morgan & Co. it was pointed out that the decision to make the notes available for circuIa- tiOn purposes did away with the ne cessity of a plan for forming a syn dicate to buy s25.OO0.OOO. In other quarters it was said the banks would act according to their demands for and their ability to assist points in the. interior where cash is greatly wanted.
 Panama 2s dropped to 1O9 and the Consolidated Zs of 1990 eased to 1O41z bid as a result of the treasury plans. \ few days ago interior banks were paying as high as 1U9 for the bonds as a means of taking out new circula- ton The decline has been due to the pending issues. It was ascertafnee In government bond circles that there is s9oooo000 additional hank note vhich can be taken cut if the banks of the eountry wish to do @ and possess the means to bay the nee sssary securit5ss- As s1s0oOoooo o<