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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Jan 30, 1908
Page
4
Treasury action ended a period of distress by calling out a new circulation to relieve pressure. Nearly 300 million currency had been withdrawn. District deposits explained amid the bond issue and relief efforts for financial strain.
The Treasury announced new securities and Panama Canal bonds were awarded to banks to sustain bank note circulation. Private bids were speculative and excluded from the second issue, with bonds kept in Treasury plans. August deposits totaled 115 million, New York banks held 28.25 million. December deposits were 22.35 million, New York, New England, and the Midwest combined at 18 percent while Southern and Western banks showed near one percent. Withdrawals for taxes affect Washington banks, and Herald collections are directed to the Treasury.
Secretary Cortelyou sent to the Senate his twenty nine page reply to a resolution on Panama canal bonds and certificates. The document details bank depositories, deposit amounts, and securities, plus Treasury actions from 1907 amid market strain and the Panic era. It covers depository balances, note outstanding sums, and the shift to government bonds as bank security, with notes on clearinghouse activity and relief measures in New York.
Senate discussion centers on Cortelyou's testimony and the handling of currency relief measures after the financial panic. The House debates the urgent subsidy bill while considering canal bond issues and bank note circulation effects.
Senators report multiple measures binding the United States to international events and military health reform. A bill seeks US participation in the Tokyo exposition opening October 31, 1912 with a presidential commission and staff salaries. Other actions fund representation for the Pan American Congress in 1908 and an Ecuador exploration in 1909. Extensions for Washington Heights Traction tracks threaten forfeiture penalties. A bill reorganizes the dental corps with first lieutenant rank. A joint resolution proposes amending the Constitution to prohibit polygamy.
Democratic Senators criticize Secretary Cortelyou for delay in replying to a December resolution on Panama Canal bonds and 3 per cent certificates. When the reply was printed but the eighteen exhibits were not, a sharp Senate debate ensued. Tillman mocked the secretary’s formal printed transmission while Aldrich and Carter defended procedural propriety, and Cortelyou scored a political win by issuing a concise, widely distributed transmittal. The episode underscored partisan tenor and the press’s quick uptake of the issue.
An Ohio man describes severe prior health struggles including bilious attacks, constipation, vertigo, and weakness. After starting Grape-Nuts and Pustum, his appetite returns, sleep improves, digestion stabilizes, and he weighs more at sixty-two with energy for long walks. The testimonial concludes with thanks to the product and a cue to read The Road to Wellville.
A collection of notices announces the annual meeting of the Mutual Fire Insurance Company of the District of Columbia on February 4 at 9 am to elect seven managers and conduct routine business. Also listed are memorial notices for Sir Knight Arthur F. Bloomer, a special stockholders meeting for Firemer's Insurance Company, and a stockholders meeting for the Washington Gap Light Company, plus the Washington and Mount Vernon Railway annual meeting set for February 1 in Mount Vernon Va.
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