The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1907-11-27

Washington, Nov. 24.-The events
of the past week in the financial sit
uation have conferred around the Of
fer by the government to receive bids
for $6o.o00,O00 in 2 per cent. bonds
for Panama canal construction and
offers at par for 800. 900. 900 in treas
ury certificates running one year at 3
per cent. The announcement Of this
project by President Roosevelt in
his letter to Secretary Cortelyou, pub
hshed on Monday. has done much to
restore normal conditions in the mon
ey market. The premium on curren-
cy. while somewhat obstinate. has
been gradually declining and the ral-
fy In the stock market on Saturday,
following the visit to Washington of
J. Pierpont Morgan and Geo. r. Ba-
ker. indicates that coincidence is being
restored by the manifest cooperation
between the government and big
financial interests In New York. Some
uncertainty prevailed early In the
week regarding the terms Of subscrip-
ton and aliotments for the new secu-
rifles. but doubtful points have been
cleared up from day to day by the
statements OF Secretary Cortelyou and
other officials, and the manner in
which offers are being received for the
new securities indicate that they will
probably be over subscribed. The
mail orders from national banks for
the Panama bonds are very heavy.
The envelopes will not be opened un-
I'll the time for receiving bids closes
on saturday next. but the number of
bids received and the declared pur-
pose Of some Of the large New York
and Chicago banks to subscribe with
the purpose Of increasing their note
issues. leaves little doubt in the
minds OF bankers and treasury Off
cials that he loan will be covered The
fact biat the one year certificates can
be availed OF to secure nevA bank note
circulation and that such circulation
can be retired within q year, iis ,huving
an effect In drawing offers for these
securities: indeed. Secretary Cortel-
you. In making allotments. Is rejecting
many offers which. he does not think,
will tend to materially benefit the
monetary situation. BY permitting
Issues OF bank notes to the full
amount OF the bonds and certificates
taken by national banks and then re-
depositing the proceeds of the sale
OF the securities to the amount Of Is
per cent. in the banks. there Is op-
portunity for increasing the amount
OF currency In circulation by a net
amount equal to three-quarters cf
the new security Issues 1t Is not
expected that the increase will, he SO
great as this. since some Of the short
term certificates wifi be taken by pri-
vate investors. There Is doubt also
whether any such increase will be
needed II the corner Is burned in the
monetary pressure when the bids sor
the Panama bonds arc opened and Of
fers for the certificates are CLOSED at
the end Of next week. The importa-
ton Of &1s,000,00o In gold, now ar
rived. on the way. or engaged. adds so
greatly to the monetary resources of
the country that It is anticipated that
there will soon be a plethora Of cir
culation rather than too little.
The fact that the gold which has
thus far arrived has not increased
permanently the New York reserves
Is declared by New York bankers to
be sufficient evidence that everything
Is being done which is possible by
New York to aid the banks through
out the country.
Reports from the South Indicate
that the cotton crop is moving with a
fair degree Of facility at the present
time and that the deadlock which
threatened at the outbreak OF the
crisis has been broken. It is hoped
that II will soon be possible to re-
sumo cash payments at all pricipal
centers. Bankers from Chicago, New
Orleans and other leading cities de-
clare that they arc ready to resume as
soon as New York will give the sig
nal.
Susan johnson has been arrested
In Chester county on the charge OF
killing her husband.