V°'- LXV 11....N 0 - 22,1!!):!.
PART OF THE CROWD WATCHING PENNSYLVANIA DEFEAT CORNELL ON FRANKLIN FIELD, PHILADELPHIA.
DISMAL DEFEAT FOR
PENNSYLVANIA WINS A
Monster Crowd Wat chest tl>c Spec
tarular Football Battle — -
Score Was 12 to /.
I By Tel'grar* to The Tribune 1
Philadelphia, Nov. 28.— The Quaker gray of
this staid city is rapidly assuming a red tinge
this evening, but for every red stripe there is
mi alternate one of blue, and the whole color
scheme spells Pennsylvania's victory over Cor
nell in the annual Thanksgiving- Day struggle
between these two old football rivals. The score
of 12 to 4 does not begin to tell the story of
l'enn's superiority over the "big red team" on
1-Yanklin Field this afternoon. Outplayed, out
generaled and all but outclassed, the lthacans
went down to a dismal defeat, their only con
solation being four small points earned by a
drop kick from the field made by Caldwell, the
substitute quarterback, in the last few minutes
of play. Victory was fairly and deservedly
earned by the Quakers, and their host of sup
porters rijzhtfuliy and mightfully own Philadel
It iva.s an unexpected and therefore a crush
ing defeat for Cornell, conqueror of Princeton,
Point and Swarthmore, and a logical fa
vorite for to-day's test of brawn, muscle and
brain. Before the game Cornell looked to be the
■up to rale: after the fight thou
passed over Pennsyl
••i without paying more attention.
way off form or Perm " is
100 r *.r nt better The game to-day was like
favorite tr.-iiiinc th
:; th- way, now and then drawing up
. rik ns dlstanw -^ d buoying up the
•- ■ upporters, but Invariably
. when the outsider was ' lel d
wh*-n ihe thousands of loyal K- -d and White
to their feel and, with heads
sang the old Cornell hymn, the "big red
I limped off tlir ti-M with Masted hopes
its. Buffering more mental than
4 ! pgtn. f.,r victory meant so much to
Even the thought that they had died
f defeat was doubly hard <his yea.
.i successful season in
. . - f the college. Bui there were many
lit a peer as her eleven played to-day,
fighting to the last was not consoling. The
Kirn Field, the scene of many a football
_• ■.-. resemb »«th <>f » volcano this
on. Th- side* of the crater were a brighi
red with just enough blue to offset the dazzling
. Every Cornell rooter had ■ red mega
phone, and there were probably B,«0fl Cornell
rollege men si the game. There was the roar
end crackle Incident t.. a volcanic eruption, fur
by 10.090 leather-lunged football en-
A d the smoke was there, too, for the
in the foundries and factories nearby
*<r< coins full Mast, as usual. The wind bU»w
r tl c southwest and lacked the sharp, biting
eul general!) eKpertenced at the tail-end of the
football season. The field Itself "as damp and
> |in sj...t «. But taken altogether the con
is were Ideal
SPECTACULAR PLAYS IN GAME.
Prom a spectacular point of view there have
keen few games this season which have equalled
and none that has surpassed the Perm Cornell
straggle. All the features which go to niako iip
the "revised" game were to be seen. There waa
the forward pass, with Its Innumerable varia
tions, Hi. onsidc kick, the quarterback kick,
long a favorite of Pennsylvania, and in addition
there was plenty of punting.
Four times was Pennsylvania denied before
Folwell finally crossed the Cornell goal line, for
the first touchdown long after the middle of the
first half. Twice before the ball had been over,
but each time there was holding in the. Penn
sylvania, line and the team was penalized. With
only a jarJ to .... twice the Quaker backs went
■stable to knife the Cornell line, and the N- a
Yorkers managed to stave off the impending
touchdown; but, nothing daunted, the Penn
sylvania team kept up its terrible attack, and
the fifth attempt proved successful. The pen
eltjfc*. come as they did, were enough to dis
fcearten any team, but there were plucky men
«n the Quaker eleven, and never for an in
etant did they show the least sign of losing
nerve and "rand." On the other hand .it was
a brave stand made by the Cornellians. and
they deserved great credit They never
showed the white feather. At this stage
brute force wsa matched against brute force,
sin Pennsylvania scored because it had thy
prtatcr power. The touchdown was mads
Coatinurd on MSB** BCg*
wh*, NEW-YORK. FRIDAY, NOVEMBER 21>, 1907.— TWELVE PAGES.— Th^^^-. h v,
ARABS INVADE ALGERIA.
Heavy Reinforcement* Ordered to
Conduct Punitive Expedition.
Pan?, Not. 2R — Official advices received hpi«
from Oran, Algeria, say that a portion of the
Moroccan army Invaded Algeria Wednesday.
The French were forced to retreat. In the fight
lne losing eleven men killed and fifteen mm
wounded. T^ater, however, they were reinforced
succeeded in driving- the Arabs back across
Yesterday's disaster has awakened Prance
to the fact that the. vexing: Moroccan probl< m,
far from being settled, has only assumed an
other perplexing phase. Although the trouble
in Western Morocco is confined now to native
strife between Abd-el-Azi», the Sultan of record.
and Mulai Hafiff. the Sultan of the south, the
powerful Rents Nassen tribe lias broken out In
tlip northeast, and even daringly invaded the
French colony in Algeria, several thousand
Arabs having crossed the frontier and attacked
the French at Bab-el-Ilm— .
Under a gallinc fire the French force, which
was totally Inadequate to cope with the enemy,
retreated slowly after a long and determined
Ftruffule. They w-r** reinforced finally by re
- that hail been ordered up from Oudja
and Nemours, and then immediately began a
vigorous assault upon the Arabs. who fell back
to the Moroccan hills.
Ex-Premier Rlbot. leader of the opposition ir >
the Chamber of Deputies, to-day questioned tha
government In the chamber relative to the sit
uatlon on the frontier. General Pic Quart. the
Minister of War, replied, saying thai heavy
reinforcements had heen ordered to conduct a
Oran. Nov. 28.— Iri the fieht v.ith the
French forces the Arabs left eighty dead on the
field at Bab-el-Rassa. According to reports
from natives, the tribesmen recrossed the fron
tier to-day, burned a large village and engaged
in a fierce hand to hand fight with the French,
many of whom -were killed an* wounded
MULAI HAFIG'S FORCES LOSE.
Great Slaughter in Battle with Adherents
of Caid Anfloos.
Mogador, Nov. There ha« b^f>n heavy, con
tinuous fighting between the force* or Oaid Anflooa
and th«» adherents of Mulal Hang, in which there
was -real slaughter. The result appears to have
h<»t»n favorable to the Caid;
LOSES FOOT ON WAY TO DINNER.
Masked Boys Thanksgiving Gayety Checked
at Railroad Crossing.
Hurrying home to bis Thanksgiving dinner in
and fantastic garb. George Neuburger.
Hrht years old. of the Shell Road and Hicks
avenue, Winfleld. Long Island, caught hi, fool In
the tracks of the Montauk division of the Long
Island Railroad at the Winfleld crossing and was
knocked oVer by an express train His left leg
WHS CUt <'ff. He Will recover.
Another sad Thanksgiving Day accident oc
, , re d in Manhattan, when, clutching In her
hand a paper falseface thai her mother had
given her a penny to buy. seven year old Mary
Coughlin. living with her parents at No. 'Ju;j
East 4:*.< l street, was taken from under. Uie for
ward truck of a Third avenue trolley car last
ni^ht near 42d street, with every bone in her
body broken. She died as she was being taken
lYniii the ambulan* c
FORTY-NINE CHILDREN KIDNAPPED
.\u-xj.-.> city, Nov. 28. An organized gang of
Kidnappers has been operating In this city tor
the last two months, according to the local
police. Forty-nine children, twenty-two hoys
and twenty-seven girls, have been stolon from
their homes. What is done with them or who
has taken them away and by what means is not
known The ages of the children vary between
two and seventeen years. The police are in
PRINCETON STUDENT DROWNED.
B*.videre.N.J..Nov. > Lewis Beall. a stud. ,nt
.., Princeton University, was drowned In the Dela-
W11 ... River :.: *oul Rlfl to-day- He wsa one of
Bis canoeists who we,e out for a da) on the river.
The six were In three canoes and arere on their
w v back to Princeton
-, i • third canoe was caught in a whirlpool and
overturned. Beall was carriod down by the current
and drowned. His companion, who was thrown Into
the water With him. was able to swim to th<
Beall lived at Iniontown, Perm. His Lody was not
CALEB POWERS JURY COMPLETE.
Georgetown. Ky.. Nov. 25.-The jury to try Caleb
Powers, Charged with the murder of William Ooe
1,1. was completed to-day. There are eight Demo
crats and f«;ur Republicans on tho Jury. Eleven
arc from Grant County and one is from Harrison
AFTER ALL. USHER'S THE SCOTCH
that node tte hignbail famous.— AJ.t.
PORTE R WITHOUT PARTY
EXCLUDED FROM CAUCUS.
Finds "Pete" Hepburn, Has \o f/se
for "Independent Republicans."
| From Tii" Tribune Bureau 1
Washington, Nov. 28. - Etepresentatlve Peter A.
Porter of the i'.lth l>:.-in>t of New York, who
defeated Representative James W. Wadsworth
by six thousand votes and rode ir.f>> Congress
on a cow, finds he can't pry his way Into the
Republican party a crowbar.
Representative "Pete" Hepburn, chairman of
the Republican caucus, repudiates Mr. Porter
and declares he is not a Republican. Mr. Por
tei declares he is nol a Democrat. .\t.<i so the
man who polled iT'.X-iT votes In a normally Re
publican district, which two years before gave
the Democratic candidate only 19,328, has come
to Washington to find himself a political out
oast. Mr. Hepburn hates an "Independent Re
publican." which in the tiile, Mr. J'orfcr gave
bhnwlf on the ballot which elected] him, and
thereby hangs a la c.
When "The Congressional Directory" was
printed, last January, i' contained the "unoffi
cial list" "f the rt»Hli Congress, the Republicans
being printed In Roman type and the Democrats
i- italics. To Mr. Porter 1 consternation be
found his name printed In italics. As soon ns he
came to Washington this fall he tooh -••
reined) whai ie assumed to '■ - or >i
bit of , heap humor on the part
predecessor, but he struck a snag. The clerk of
''■• Hous< told him that be would bs permitted
!•■ describe himself in any way h« please,) \, x
the brief biography which is printed In the.
• try, but that he could nol appear as i
Republican In other places In the directory
without the sanction or the rhalrman of th.-
Straightway *<• Colonel Hepburn dli Mr p©r
nd his way "Colonel Pete," who i^ a man
of long memory, especially for his enemli
his defeats, told Mr. Porter In emphatic terms
that hf was "no Republican. Jimmle' Wads
worth was th*» straighi Republican candidate.
H" was a fine gentleman and a man of high
standing in his party." said the colonel, "while
y.ij ran as an Independent and receive.) the ln
dorppinent nf the Democratic convention."
To this Mr. Porter replied that the figures of
>hf> last election In his district showed on th*Mr
fi- ■ thai hi must have received over 1,000 Re
publican votes; that as a matter of fact he was
elected almost entirely by Republican votes, a-.
while h" receive,) tin- Democratic Indorsement
and his name was printed under their emblem
on the ballot, it was also printed under the title
"Independent Republican." with the bovine em
blem, and his district was normally Republican
by a large majority; thai Wadsworth's attitude
toward, the meat inspection bill and his opposi
tion to President Roosevelt had made the Re
publicans considerably more anxious to defeat
Wadsworth than were the Democrats to elect
him. Porter, who had been a Republican all his
life, who bad ne\-»r cast a Democratic vote in
his life, who had hern a lifelong acquaintance
and admirer of President RooseveH and had en
tered the race with the. President's encourage
ment, and whose wife was a sister of Mrs
Hughes, wKe of the Republican Governor of
New Yorv. Mr. Porter's arguments fell on deaf
ears, however, for, despite his familiarity with
COWS, he didn't know the tale.
As "Colonel Pete's* 1 word goes, the clerk or
the House was obliged to enumerate Peter A
Toner in the official list of the House, and this
despite the fact that Representative Sherman.
chairman of the Congressional committee,
listed porter's election as a Republican victory.
There have been previous Congresses In which
there were several variations in the description
of members, including: Prohibitionists, Social
Democrats. Populists, etc., but this year there
is but one "maverick," and that is tho Hon.
Peter A Porter. Representative of the :;4'h
New York Congress l>lstri<*t.
As poop as John Sharp Williams, chairman of
the Democratic caucus, learned of Mr. Porter's
predicament, he wrote a nice note t<> the new
member, Inviting him to .join the Democratic
caw us. but Mr. Porter replied that he was a
Republican first, lasi and all tho time, and that
even the decision or "the omnipotent gentle
man from lona" could not make him Demo
cratic, although he appreciated Mr. Wllliams's
WHAT PORTER DIDN'T KNOW.
And now for the tale which Mr. Porter should
Colonel "Pete" Hepburn is a little sensitive
on the subject of "Independent-Republicans."
nnd. a* has been said before, he has a long
lsa.-!% In ISM, there was an Inde
ptr.dent-Republican in the Colonel's district.
TJk colonel laughed him to scorn and assured
hi.-' friends thai the Republicans of his district
Cualiiiued ou *c<uad BBSJBi
KILLS WIFE AND JUMPS
HIS BODY IX BROADWAY
John Whittetf Enacts Double Trag
edy at the R ell eclair c.
Hia mind weakened by n lone nervous Illness,
John Whitley killed his wife as she slept early
yesterday morning and then flum; himself from
-ith floor of the Hotel Relleclaire to the
sidewalk. I*o one heard the shots which killed
the woman, and his body was ror found until a
wandering nightbawk cabby saw- tho shapeless
mass on the stone flak'stine* in 77th -tree.
Although Whitley and his wife have lived at
t 1 ■ Belleclsira since the Brut of the month, tin
hotel management told the police that he could
urn ii« one of its guests. The police at Brsi ac
cepted the word of a cie,k thai Mr Whitley
w.-ix not a n'l- st. and to aid the hotel people
refused to allow a reporter to enter the hotel
That murder also had been committed was not
known until Corona* Harburger reached fh»>
hotel and went to the tenth floor. There, In the
Whitley suite, nearly three hours alter the tind
ins of Mr. Whttley'B body, that of the murdered
woman was found
Tt was at flrsi reported that Mr. Whitley had
inch noney recently, bui his friends and
relatives all agreed yesterdaj that he was in no
financial straits. His health had been BO poor
f, ir pome t] ni that several month's ago he had
to Ki\c up his buslnes i• • summer he spent
.-oine time in a Pennsylvania sanatorium, and
since then his wife, who had been .< nurse, ha I
kept n careful watch or him. The last few days
1 been more nervous than ever before.
Mr. Wbitley*a business interests were exten
sive, nnd. so far as known, all prosperous. With
hia broth) r I ■ ' !nil ■* big ventil itii .
heatini? plant In Brooklyn; oui of this ;
mode his reputatii n as an expert in ventilation
and a, considerable fortune. He was also t di
rector in Uh Reliance Bali-Bearing Door H
Company, in the John W. Wallace Company and
In the North Carolina Granite Corporation.
MB UHITI.F.Y MUCH OLDEF THAN WIFB.
Mr Whitley was sixty years old about twen
1 years older than his wife. He was a widower
when he met her first, in a Brooklyn hospital.
r ,.. than four years ago, and later married h< r.
It Is said that because of the disparity In their
»._. j neither family liked the marriage, but the
couple were always devoted to each other. Mrs.
Whitley was Miss Elisabeth .T. Logan.
From the scene of Urn crimp it was found
pos iiOe to reconstruct tho whole tragedy. <>n
the dressing table was the Jewelry which Mrs.
Whitley had worn the evening before Both
hud retired, but pome time between 2 and o
o'clock Mr. Whitley arose. I" the bureau
drawer were h new revolver find a new box of
cartridges which he had purchased a few days
ago When he shot his sleeping Wife he press, d
the muzzle close to h.r forehead just above the
I ft eye, the bullet tearing across Urn top of
her brain. He fired again, the bullet entering
the mouth and travelling upward. The woman
After he phot her Whitley threw out the
empty shells from his revolve;- and tried to
write a note. The note, crumpled and blood
stained, was found by the or-mcr. The trem
bling, nervous scrawl read: "I can't- John."
H< had tried to write some explanation, but had
After that it is evident that he started to
shoot himself. Picking up a small hand mirror
and a towel, he went to the bathroom, but ap
parently fearful that he would nol kill himself
be put down the. mirror in the bathroom and
carried the revolver, freshly charged as it was,
back to the dresser In the room where bis wife
lay dead. He covered her body with his bath
robe and then opened tlw window of the room,
which iooks out into 77th stre>-t. Clad only in
hi. pajamas, ho climbed out on to the st>>no
coping and then flung himself forward.
CABMAN KINDS MUTILATED BODY.
Perhaps half an hour later George W. I'reston.
ri cabman returning from a fare, found the
mutilated body on trie sidewalk. Preston ran
Into the BeltecJaire and called our Albert Keene,
th>- manager, and William Blackburn, tbe nipht
clerk.' but both professed iuiioran. c of the man's
identity. As they atood about the body. Patml
mnn Cavanaugh, of the Weal 88th street sta
tion, came up and at once informed Police
Headquarters and the coroners' office. The
body was tal o to the station house. On one
finger was a plain gold ring with Urn inscrip
tion. "J. K. W. to A. E. N* "
When the coroner arrived he at once ordered
a room-to-room search until finally suite No.
I\2 was reached. The Whitleys had occupied
that suite for only a day. having previously oc
cupied one on a lower floor. Mr. Whitley ashed
( ontinuwl on second page.
Kalif* Restaurant * Venetian <;.inl- us. FbMWt down
town. 14-19 I'urk Place, Open 7:30 A. M. to i: M. Music.
BAXTER STAYS IX FIGHT.
Says Wadsicorth's Vote for Smith
Does Xoi Decide Clerkship.
The following communication regarding the
contest •• r the clerkship of the state Assem
bly was re, oj-pd by Th*» Tribune yesterday:
Kimira. X. V . Nov. 2S.
To Thf Tribune:
The statement of Speaker Wndswr>rth that hi.-*
vote is for Smith has liot rrtired me from the
contest. I am still in the race, as earnest and
active as before. A. K. BAXTER.
SWEARIXG IX DEPUTIES.
Bitter Contest Anticipated oh Ala
bama Railroad Question.
Montgomery, Ala., Nov. °,S. The United State.*
marshal here was busy to-day swearing in depu
ties to enforce the injunction suits of the rail
way lines against the state laws. Governor
Comer is still on his hunting trio and cannot be
communicated with. It is well known that the
additional deputies are being sworn in to be
ready for any violation of the federal court's
order, as well as to serve the papers.
The court Is determined fnere shall be the most
absolute observance of its order, which, it is
anticipated here, v, ill be disobeyed, the senti
ment being that a test case is desirable.
CORNELL'S EXD HURT.
Van Or man Taken to Hospital—
Will Soon Recover.
Philadelphia. Nov. 2S.— Ray C. Van Orman,
the Cornel] right end, is in the University of
Pennsylvania Hospital to-night suffering from
a slighi concussion of the brain. He was hurt
in a scrimmage in the game here to-day, and!
after being partly revived was carried to th*
Cornell dressing room in i}>.- Pennsylvania
gymnasium, where he fully recovered conscious
n^ss. itHtfr he became worse and was removed
to the hospital. Physicians at the hospital say
he Is in no danger and will soon he discharged.
DROPS DEAD AT FOOTBALL GAME.
Well Known Philadelphian Expires —
Wounded on Way to Field.
Philadelphia, Nov. 2S.— Thomas P. McCut
rheon, a graduate of the University of Penn
sylvania and .i well known manufacturer of this
city, dropped dead to-day in the grandstand at
Franklin field while witnessing the Pennsyl
vania-Cornell football game. Mr. McCutcheon
was accompanied by his son, l>r. Thomas P..
also a graduate of the university.
John S. Beamish, a broker, while on his way
to the game, was Strut in the head by a bullet
from a Flobert rifle Bred by a ten-year-old boy.
who was shooting at a target. He was severely
though not fatally wounded,
FREE FOOTBALL IN PITTSBURG.
Pittsburgh Nov. 38.— Andrew Carnegie's Idea of
free football for the masses seemed to strike a.
popular chord in Pittsburg to-day, .i twenty thou
sand persons saw the Carnegie Technical School
defeated by Lehigh University on Scbenley Oval
by a aeon of a to <*. It was a game absolutely
free to tho people of Plttsburij. th. expenses of the
Visiting college team being defrayal by tho sa!o of
programmes to those who wishes to buy.
Tin; crowd was the largest that ever wttasi a
sporting event in Western. Pennsylvania, number
ing almost twice an many as ever saw a football
game here before. •
FOUR HUPT IN FOOTBALL GAMES.
Philadelphia. Nov. 2S.— Three men are in a hos
pital Mere tootighi suffering fro:n severe Injuries
received In a football game to-day between White
hall and Bridesburg. suburban teams. Walter Kck
ley suffered concussion of the brain; F. W. Swartz,
dislocated shoulder and collarbone, ami Hu«ii
I.uckman. dislocated collarbone.
At Uoyersfcrd. near » ■> i*. E. Buss sustained a
broken teg while playing football.
FOOTBALL INJURY MAY BE FATAL.
Tvpeka, Kt»n.. Nov. &— Alpbeus Stothbwer. half
back on the Wellington (Kan.) football team, ran
Into a buggy on the side line ho a gam.- in his
home town to-day and suffered concussion of the
brain. T' •• injury may prove fatal.
NO CAUSE FOR THANKS; SUICIDE.
Appleton. Wis.. Nov. Zi.—"l have lived thirty
six Thanksgivings and have never had anything
t.i 11.1 1. thankful lor, M here goes nothing." was a
note lett by Joseph Meislin. proprietor of a hotel,
who blew off the top of his head with a shotgun
PITTSBURG FEATURE. 300 WEDDINGS.
Pittsburg. Nov. ;s.— In addition to numerous other
features of Thanksgiving Day. it Is estimated that
over 300 marriage ceremonies were solemnized
throughout this city.
HAANS RESTAURANT, PARK ROW BLO3
Uoag tamous for its cuisine and service. Music —
PRICK THREE CENTS.
/rtiotnirr^pTi 1»T Tfrtjrfal N>ws Company.)
NEW NOTE ALLOTMENTS.
TO BE ABOUT $35,000jMHK
Treasury Providing Against Possi'
blr Inflation of Currency,
Washington, Nov. '_' x — Secretary «~'ortelyou'j
announcement last night that further subscrip
tions t«» the one-year Treasury certificates
would not be received is regarded here as in
dicating thai the Secretary considers the crisi«
in the money market practically over. Official
figure- <>f the amount of certificates allotted
have not yet bt»u siven at the Treasury, nor
has it been stated whether further allotments
would be made for subscriptions already re
ceived. The amount of allotments made, how
fver. is to be about .<".:..••• "••.•»»>. and this •.
probably the limit, unless strong reasons are
given by banks which have already sent in sub
scriptions why allotments should i- made to
them. All individual subscriptions having bt-en
rejected, it is expected that nearly the whoje of
the |3?kO0D,CIO0 allotted will be used to secure
new issues of bank notes. As these ?ssn*«» will
be retired within lesa than a y*»ar. they will
not constitute a permanent Inflation of the bunli
The effect of the new loans on the future of
the Treasury resources and the money market
is already receiving attention at the Treasury
■Department and in banking circles. From pres
ent sources of Information, the amount nominal
ly added t> the cash balance of ••. Treasury
will be about $85,000,000. of which $50,000,000
will represent th^ Panama bonds and 135.600
»*:<» the certificates. Thia amount would in
crease the present nominal balance from about
$241,303,217. where M stood yesterday, to a
little more than 5325,000,000. A small additional
oti'-h will b*» derived from the premium "i
Panama b^nds. but this will not exceed 52.500,
THE TREASURY'S BALANCE.
With a nominal balance, however, of mwat
th^n $333,000,000 th» Trp^sury will not >, a; «
anytli lik«"» that amount immediately avail
able, rvposits in national banks and other
iteraa amounted yesterday to - • l»av
ing an actual working balance of $fi,4tv!.fi2S.
Th« Secretary has announced that 00 r^r cent
of the payments for Panama bonds and about
7.". per cent of the payments for certificates ■will
be left on deposit with the banks. The effect
of these changes in the Treasury balance sheet.
■ •'i the basis Of issues of both classes of se
curities to the amount of $55.000,000 i will be to
increase th^ deposits in banks to about $3»X>.
(100,000 and the working balance t<> about $*J^.«
< » n>* m * ».
This condition of the Treasury finances will
be changed materially in the spring if Secretary
Cortelyou is able to *a»ry out the programn.t*
of retiring a considerable portion of the certifi
cates before maturity. He will have no diffi
culty in doing this and saving a considerabl*
proportion of the interest on them if agree
ments made with the banks can be carried out.
It seems probable that money market condi
tions will be such that the Secretary will feel
justified in calling on the banks for more cash,
than comes to them in payment for IBM certifi
cates which are called and surrendered.
MAY REDUCE DEPOSITS IN BANKS.
It is considered highly desirable to reduce de
posits in tho banks as soon as money market
conditions permit, and it la believed that there
w 111 be little difficulty in doing -". If the Treas
ury can reduce these deposits to the neighbor
hood of « mx» '.' » * in the spring it will have
at command about $100,000,000 as a working
balance, from which deposits could be mad*»
from time to time to aid in the crop movement
in tbe fall if they should be required.
The policy of the Treasury in providing for
redemption of the certificates •■ less than ona
year will involve the elimination of the bank
note circulation based on these certificate.? and
a considerable withdrawal of cash from tlv*
'L inks into the Treasury. The fact that the
limit of fWMHMWfi ■ month imposed on the re
tirement of banknote circulation does not apply
to notes based on securities called for redemp
tion removes any obstacle to the prompt retire
ment of excessive banknote issues by th. pay
ment of lawful money into th*- Treasury as soon
as the securities are called in.
The estimates made in regard to the Treasury
cash, balance are based on the assumption that
receipts for the remainder of the fiscal year will
equal expenditures. Last year the corresponding
period showed a surplus of about $72,«*"0.00O.
but this surplus promises to be nearly wiped oat
by the increase of expenditures and by th fall
ing off of receipts as the result of relaxation <n
business activity. The payments for Panama
Canal con truction go into ordinary expendi
tures under the head of public works, although
the money for meeting them is obtained by spe
cial bond issues. From present indications,
therefore, the Treasury will not only have urup'e
cash at command in the spring, but it is be-
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