Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-11-20
READY TO RESUME
CASH PAYMENTS
Chicago Clearing House Associa-
ton Notifies New York
II Waits on Her
CONTIGUOUS PLAN APPROVED
Treasury Department Believes That
Bonds and Certificates VIII
BE OvcrSubscribcd.

Chicago. Sov. 1s.-The banks in this
city are ready TO resume a cash basis
business az any time. The Chicago
Clearing House association has sent TO
New York announcing that this city
ls ready whenever New York IS ready
90 take similar action
coRTELYoU's PLAN APPROVED.
Washington. Nov, ls.-The coumu-
nicatlons which came 20 the treasury
department today approving the nnan-
cial policy adopted by the president and
Secy Cortclyou, and the subscriptions
which were received for the Panama
bonds and one-yc3r certificates were
tho sui '~t ~ discussion az the meet
ing Of the cabinet and Afforded general
gratitcntion. While details regard nF
subscriptions are not yet being madH
public. IL seems % be the feeling az
the treasury department that both
loans VIII bC oycr-su subscribed, gs was
the case ~ the popular loan of 500
600 900 Issued 10y thc Cleveland admin
istration boz 1895. The decline in tho
stock market today is regarded as only
% symptom Of hesitation until Che eff
Feet Of The failure or success of Oh,
measures Us proved by the opening Of
tho bids.
Several important questions arc be-
Ing raised In communications address
"a 90 the treasury but the treasury
officials are exercising care iD donn-
inr their position. one OF these ques-
lions is whether the new oue-year GER
uhcates viii bc available for bank re-
serves The law on the subject seems
20 b. sufficiently clear that they are
not available FOR this purpose but 10 is
possible that tho presence OF few of
them in reserves nrHnF. rIraenrf critical
conditions would bo winked at just as
foo the case Of clearing house Certid-
Gates.
The possibility that the issue OF the
one-yC0r certificates win be criticized
in Congress In much the same manner
az the sale or bonds 90 the Morgan
syndicate to protect The gold reserve
In 1895, is attracting some attention.
The fact that a Republican member ~
tho house committee on banking Mr.
Prince OF Illinois WAS quoted today as
declaring the issue mot iustidaila UNI
der existing conditions Is considered
symptom OF the attitude which may
BE- taken by q few members of CON.
gross. Tho criticism Of President
Cleyeland's measures in 1895 went so
far that a committee was appointed 10
investigate the contract with J. p.
Morgan g. Co. A certain part OF the
criticism al that time was directed
contract. and this criticism win not lie
against the present offer OF securities
10 the public, unless something occurs
In making the awards which may az
ford an opportunity 90 the critics on tho
administration.
LONDON PRESS COMMENT.
London. Nov. 20.-The measures TAX
on by Secy, C0rtelyou 10 deal with the
financial crisis IN the United states
were discussed at length In the editor
ial and financial columns Of the Lon
don newspapers today. and various
opinions are vcntured on their probable
efficiency. Almost all the writer's con-
slider Il too early % predict success.
and caution the British public against
believing that the crisis II over.
The Daily Mail says that even II the
financial crisis is used. IL has left
commercial depression in It's wake.
The telegraph declares that IN the
present plight Of America. q is no
slight success 20 create a favorable
impression, and this Secy. Cortelvou
certainly has done.
The Times In an editorial article saws
Il thinks the measures taken bv tn
government should induce hoardars 10
renewed confidence Tn the stability OF
the banks. and that the fanrle into
which affairs have been allowed 10
drift may ne Strengthened out n there
Us n general determination on the part
Of tho banks and tho people % work
unanimously 10 that end.