New-York tribune., 1910-11-02
GOVERNMENT FINANCES
A Deficit of S3,293, 1892 Shown
in October.
NO ANXIETY AT TREASURY
Officials Satisfied with Situation
Panama Bond Issue Not
Expected.

Washington, Nov. 1.-The governments &
finances took a downward turn in the last
three days of October and deceived the ex-
perts who had been predicting a surplus
for the month and hoping for an even
break at the worst.
Exclusive of the Panama Canal charges
the receipts for the month were S55. .2S6 AL
and the expenditures were $5S, sec. .322 which
left a deficit in ordinary operations of S3.-
293, $50. Adding the months cost Of work
on the canal and S5.295,002 stands on the
wrong side Of the ledger. The close of
September showed a surplus of more than
81, 100000. and it was the first time in the
present fiscal year the government took in
more than it paid out.
While the operations Of the month bring
the total Treasury deficit for the fiscal
year to more than $4,000 600 and the close
of September saw it down to 81. 5.0QO coo, the
situation is not considered unusual
Panama Canal expenditures in October
were nearly s.. 900 600, which brings the sum
spent this year 70 more than $4,000 900, as
against S11000.0o0 al the same time last
year. Even though the total deficit does
stand at $210c0.00o it was more than $27-
0G0O00 q the same time last year, and in
the difference Treasury officials see re-
fected the policy of economy in all the
government departments. The civil ex-
penditures for october We're s.. .O00 coo great
er than in September and interest pay
ments on the public debt took another
S. 100000 II can be seen that the deficit
for the month. Treasury officials say, is
easily accounted for by expenditures out
of the ordinary. In the face of growing
receipts, which now are more than $225 900,
coo for this year. Treasury officials appear
satisfied with the show ing of the month
and expect a gradual movement from
now on
The amount in the general fund was 4
little more than $500 ,oO0 to-day. as against
S9O,00O0OO on October 1. but the working
balance sticks close to 2o.O00 COO and while
it continues to remain anywhere near that
figure there need be no expectation of any
new financing unless something Unforeseen
should happen.
MacVeagh's Position Unchanged.
Secretary Macyeagh seems perfectly sat
isfed with the ability of the Treasury to
maintain itself until the coming session of
Congress and what may happen then is
more or less Of d guess, Mr.. MacVeagh is
not known to have changed his position on
the question of issuing Panama bonds be-
fore the circulation tax is equalized De-
posits in the postal savings banks may be
converted into bonds bearing 2l2 per cent
interest The possibility Of revenues from
this source. however. depends on the
promptness with which the banks are es-
tablished in large numbers and the way de-
posits come in
Applications to organize twenty-six new
national banks were received last month by
the Controller Of the Currency. OF the ap-
plications pending at the beginning Of the
month eleven were approved and eighteen
rejected. Twenty-Five banks, with a total
capital of =, 4S0, zoe. We're authorized 10 he
gin business, of which thirteen had an in
dividuaI capital Of less than $1,000 and nine
an individual capital Of $4,000 or more. The
total number Of national banks organized
IS 9SS9 of which 800 have discontinued
business, leaving in existerSe 7.2l8 with au-
thorized capital of Sf,015.S37. .125. and circula-
tion outstanding. secured by bonds, of 1891
.Si5. The total amount of national bank
circulation outstanding is $72LS74S0S, OF
which $33,5 463 is covered by lawful money
deposited with the Treasurer Of the United
States on account os Iiquidating and in
solvent banks and associations which have
TeduCed fhpir circulation