Rensselaer Semi-Weekly Republican, Volume 35, Number 8, Rensselaer, Jasper County, 26 September 1902 — TO RELIEVE PRESSUE. [ARTICLE]

TO RELIEVE PRESSUE.

Secretary Shaw to Release $8,200,000 of Treasury Holdin**. Yielding to the demands of the New York banks, Secretary Shaw announced a plan whereby a total of $8,200,000 of the treasury holdings will be thrown into immediate circulation. This amount will, it is thought at the Treasury Department, ease the present Wall street situation and tide over the crop-moving season stringency; Four million of this amount will be re-

leased to national banks not government depositories, but which are to be temporarily made such, on the depositing by them in the treasury of what are known as “free” bonds which they may have in their vaults. This amount will be distributed in sums of $50,000 and over. The additional $4,200,000 will be put into circulation through anticipating the October interest. This latter plan is not an unusual proceeding on the part of the treasury securities. In addition to these two plans Secretary Shaw says that he is well satisfied with the result of his bond deposit scheme announced some weeks ago, and that treasury presses are now busy printing national bank circulation for something like $15,000,000 in bonds already deposited. In a statement Issued on the subject of the money stringency in New York the Secretary *aya that he sees no immediate cause for alarm. Be emphasizes th* principle that he doe* not want to force any bank into the market to bny bonds at the present high rates.