Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-16
Little Improvement in
This Respect Shown at
New York as Yet.
BOND ISSUE SOON
Certelyou Planning to Put Out
$4,000, 900 for Building
of the Panama Canal.

New York. Nov. 16- The weekly
hold s53.G67 goo less than requirements
of % per cent reserve rule.
Loans increased s4.694. 600.
Deposits increased s2426,OOO.
I Reserve decreased s1,136.OOO
Deficit increased SLAP 600.
EN. L. S. deposits increased 1926
| 900
| Finds Evidence of Crime.
New York. Nov. 16.-Attorney Gen
eral Jackson gave out a statement this
afternoon 10 the effect in his opinion
evidence of both criminal and civil
| liability had been unearthed in the
| Investigation of the Borough Bank of
Brooklyn and the Jenkins Trust COM
pany of Brooklyn.
| Receivers for Six Failed Banks.
Kingston, y. Y, Nov 1G.-Tempor-
airy receivers We're appointed today for
six New York banks which recently
suspended payment. They are: The
Hamilton. New York and Brooklyn
banks. Borough Bank of Brooklyn.
Jenkins of Brooklyn, and International
of New York. Application was made
in behalf of the attorney general of
tie state.
Factories Affected.
Easton. Pa, Nov. 16-The Free
mansburg plant of the American Nov-
Ielty company will close tonight until
after the first of next year The COM
ipany owns 80 plants in the United
States. and it is stated all will be af-
Ifected by the suspension
The wages OF employees of the Ando-
yer furnace of Phillipsburg and the
Empire Iron works of Oxford. y. J..
have been reduced 10 per cent
| silk Wills Close.
. York, Pa. Nov 16.-Three silk mills
of this city. owned by the American
Silk company. closed at noon today
Between 500 and 1000 employees were
thrown out of work. The closing was
because of lack of orders The hands
were not paid the management an
noUncing its inability to secure cur
Tency.
Way Issue Canal Bonds.
Washington. ID. c.. Nov. 16.-Pana-
ma canal bonds 10 the amount of $50
= 0C0, 900 probably will be issued by Sec
retary of the Treasury Cortelyou
When the secretary was in New York
Thursday he consulted with a number
of bankers as to the advisability of
, this action. and. finding that the bonds
would be subscribed for at least at
: par he has practically decided to make
the issue.
, II developed that the president and
his cabinet have given considerable
i, thought to this matter When Leslie
NJ Shaw was secretary of the treas
ury he sold s30,000.000 worth of canal
I bonds. On account of the large sur.
plus in the treasury during his admin.
!. istration he declined TO sell additional
bonds, although congress had author
:, lied a total issue of $135. .000, 900. but
n paid the expenses of canal work from
?. the available cash balance. The need
{ of government bonds by national banks
r TO increase their issue of bank notes
a has impressed itself strongly upon Sec
f. lretary Cortelyou for several weeks
q past.
Bonds Available Are High.
The bonds now available are quoted
at such a high figure as to make them
lalmost prohibitive. United States 2s,
e for example. rising from 102 to los.
(. During the last session of congress 4
e bill was passed removing certain re.
4 strictions as to taxation which made
D. the Panama canal bonds available as a
basis for bank note issues.
Some doubt is expressed as to the
E! wisdom of the secretary's policy in
II making an issue of bonds at this time
I 1t is claimed the effect would be to
y withdraw C.000.000 from the market
which eventually would go back in the
form of bank notes. Ii is understood
% Ito be the secretary's purpose, how
"a ever, to make the subscription popular
N in form in order to attract the invest
ment of money which has been with
drawn from banks and is being hoard
ed in safe deposit boxes or other recep
J. tacles where it is unavailable for cir
le culation.