New-York tribune., 1907-11-28
CORTELYOU STOPS BIDS
CLOSING OF NOTE ISSUE.
Ends Certificate Subscriptions Be-
cause of Better Conditions.

Washington. Nov. 2T.-Owing to the large
amount of subscriptions received the Secretary
OF the Treasury announced late to-day that the
subscription to the 3 per cent certificates OF in
debtedness OF the act of June 13. 1893. invited
by the circular OF November Is. 1901. is closed
and that subscription received after the close
Of business to-day will be considered. The vari-
Gus assistant treasurers Of the United states
have been instructed not 20 accept any further
offers
The decided improvement in business condi-
tions throughout the country makes it quits
possible that Secretary CorteIyou win not ex-
tend his anotments further than those already
made.
The Treasury will be Justified in the opinion
Of the officials. In adding to it's working balance
money market conditions permit
About S17OO0OOO will probably be added ~
this balance by the proportions retained from
the sale of bonds and certificates next week but
the exact amount depends upon the amount and
terms of the allotment Of the one-year certif-
Gates If the certificates are generally used ~
increase banknote circulation this alone will
result in addition of from SSOOOOOOO to So
100000 to the currency outside the 7ast1ry.
and with the gold imports and the new bank
circulation already issued. will make an addition
OF more than S1JOO00OOO 10 the new currency
recently placed at the disposition OF the market
The nominal cash balance OF the Treasury
to-day was s241.Ss3. .217. but this was subject tn
the deduction OF 1924, ,sS95s9 in banks and else
where. leaving only S646362s as The apparepr
working balance. The cash actually held In the,
Treasury stands at s11943SO OIL but this is Offset
by outstanding checks and other demand Habili-
ties amounting to s112.sS4,sss. Receipts con-
ttnue to fall below the average OF a year ago.
but were little better to-day than for the
corresponding day last year The month or
November thus far has shown surplus of re-
ceipts Of S2,s31,s45. against surplus In No
vember. 1905. OF s4,7ss147, but this compara-
lively favorable result has been obtained bv
keeping down expenditures by moro than
s6,OOO,ooO during the month. although for the
fiscal year beginning July 1 there has been an
Increase in expenditures Of more than Sts.-
100000
Mr. Cortelyou is making arrangements for
opening bids for the Panama Canal bonds which
were invited by the circular OF November Is.
and which TO be received until the close Of
business on November so. At 4:3O D m on that
day force OF Treasury employees Will begin the
opening and the work viii be continued until
all the bids are sufficiently classified to enable
the Secretary 10 determine approximately the
amount of bids received and. so far practica-
Bile. the names Of the bidders who appear to b<s
entitled to allotment.
II will not be feasible admit the public ~
the offices where the bids will be opened. but
suf1cient number Of representatives OF the press
will be admitted so that due publicity may be
given to any Information he Secretary may de-
sire to furnish. As already announced IN the
case Of any alIotnIents made to national banks.
the Secretary viii redeposit temporarily 80 per
cent of the purchase price. and will also make
such arrangements with other bidders to whom
aIIotuents are made as will not disturb general
business conditions.
A committee OF the Trades League of Phtla-
delphia. representing the business and financial
interests Of that city. called upon Mr.. COrtelyoU
to-day. He explained what the Treasury De-
partment had done during the last month TO
give relief and assured the visitors that he
would do everything in his power to cO-operats
with them in the resumptin OF currency pay
ments and IN the restoration Of confidence.
He stated that reports from various sections
Of the country during the last forty-eight hours
were of the most encouraging character. and
that a number of other large centres were al
ready gradually resuming currency payments.
He stated also that he provided yesterday for
increased banknote circulation in Philadelphia
10 the extent of S75O,OOO. and that the prospects
were excellent for a much larger increase in
currency.
Controller Ridgely has returned 70 Washing
ton. after few days absence at his home in
Illinois. He reports currency conditions in the
Middle West rapidly approaching the normal.
and says that with the exception Of a small
number of institutions further West the banks
practically ready to resume full currency
payments. In Springfield his home city,
there never has been any embarrassment as to
the currency supply. and there have been no
delays in cash payments.