Rensselaer Semi-Weekly Republican, Volume 39, Number 61, Rensselaer, Jasper County, 5 April 1907 — PROFIT IN NEW LAWS. CORTELYOU RELIEVES MARKET. [ARTICLE]

PROFIT IN NEW LAWS.

CORTELYOU RELIEVES MARKET.

Uses Three Methods to Pour Money Into NeW York Depositories. Secretary of the Treasury Cortelyou again came to the rescue of the financial situation in New York by a triple application of the resources of the Treasury Department to prevent a dangerous panic. He enlarged his recent instructions for the deposit of customs receipts in regular depositories to embrace the so-called subtreasury cities so that the public deposits in national banks iu New Y'ork City will be at once increased by about $15,000,900 from customs receipts alone. This action was taken to facilitate the redemption of 4 per cent bonds of 1907 and also io render available additional funds for the usnal disbursements of the first of tlie coming month. Secretary Cortelyou also ordered the anticipation of the quarter payments on registered bonds of the 2 per cent consols of 1930 and the 4 per cent funded loan of 1907, and instructed subtreasury officials to cash tlie checks sent out Wednesday on presentation, or to cash on presentation any April coupons belonging to the bonds of these two loans. This interest was not due until April and the order released approximately $4,000,000 in addition to the $15,000,000 released by .oiiotAmo mtooii>fc Secretary Cortelyou’s action with ref-

erence to the deposits of customs receipts and the anticipation of April interest resulted in immediately relieving the money market to the extent of about $16,900,000. Of this amount $15,000,000 was deposited in the depository banks in New York City, for which government, State, municipal, approved railroad, Hawaiian, Philippine and Porto Rican bonds were accepted as security. About $1,1100,000 has been paid in interest to April 1 on registered and coupon bonds.