VOL. XIVI NO. 14,654.
PORTLAND, OREGON, TUESDAY, NOVEMBER 26, 1907.
PRICE FIVE CENTS.
KLEINSCHMIQT ft
SECOND DURRANI
Blanche Kerfoot Tells
Hideous Story.
ALMOST CRAZY ABOUT WRONGS
"She Says Young Athlete As
saulted Her Forcibly.
THEN DEFAMED CHARACTER
.Raving and Hysterical, Girl Relates
Events Which Preceded Bellows'
Death Poison Was Forced
Down Her Dover's Throat.
HAS FRANCISCO. Nov. 25. (Special.)
That Harry Klelnschmidt. the young Uni
versity of California student who Is
suspected of the murder of Frank Bel
lows, a fellow-student. Is a monster only
second to Theodore Durrant Is the con
clusion to be drawn from the statement
made to the officials by Blanche Kerfoot,
the girl for whose affections the men
were rivals. He Is accused by the police
of having repeatedly assaulted Miss
Kerfoot, blackened her character when
she turned against him and finally
poisoned Bellows.
Say Evidence Is Complete.
The Berkeley police today began the
work of binding together the bits of
evidence against Klelnschmidt and, when
they had completed the task tonight, they
announced that they regarded the ma
terial at hand as sufficient on which to
baso their case.
In tho next few days they will en
leavor to strengthen their case by the
examination of friends of Klelnschmidt.
Bellows and Miss Kerfoot. Many of the
friends of the three have left for dis
tant parts of the state, little dreaming
that the case would take the grave aspect
that the deposition of Miss Kerfoot gave
It, and hoping to remain away until the
matter had all blown over.
Blanch Kerfoot Nearly Insane.
Among thesu missing witnesses is a
roung college girl, a confidante of Miss
Kerfoot, to whom Miss Kerfoot had
related all her experiences with Kleln
schmidt. This will be the strongest
oorroborative evidence to be submitted.
This young woman in turn had written
lome confiding letters to Miss Ker
foot, which are still in the latter's pos
loii and which will give the scandal a
far wider scope.
Miss Kerfoot, District Attorney Ever
ett Brown, of Alameda County, an
nounced tonight, will be the chief wit
less for the state. She Is in an ex
tremely delicate condition at her home
m Sutter Creek and fear is expressed
that she may lose her mind. She Is
itlll in a hysterical condition and is
under the care of two physicians. It
was learned today that the young
woman had not willingly made her
itatement to Marshal Vollmer and
Deputy District Attorney Carey, who
made the trip to Sutter Creek from
Berkeley. For hours the young woman
maintained that she could throw no
light on the matter, dreading the
icandal that she knew would result.
Finally she broke down and told all.
Raves as She Tells Wrongs.
During the recital Miss Kerfoot went
from one fit of hysteria into another.
It was 8 o'clock in the evening when
she began to relate the hideous story
and It was 5- the next morning when
she had concluded. At the end she lay
weak and worn on her couch. Iater In
the day she began to rare, calling out
the name of Frank Bellows, to whom
she 'had been engaged. Tonight she Is
somewhat calmer, but at best It will
be several weeks before she can make
a statement before a jury.
Tried to Induce Her to Die.
From Miss Kerfoot's story, the Berke
ley police are working on the theory that
Klelnschmidt Is a second Theodore
Durr&nt. He Is large and muscular and
was a member of his class football team.
Miss Kerfoot Is slight and graceful. The
big athlete, she said, grasped her as a
monster In his powerful grip and she
was as helpless as a butterfly. Never,
she said, (lid she willingly become his
victim, but always was violently as
saulted. Miss Kerfoot said that on tho
day of Bellows' death Klelnschmidt tried
to Induce her to die. saying that he would
follow her to the grave. She says that
he proposed that they take cyanide of
potassium. It was this poison, say the
police, that caused Bellows' death. Even
on this tragic day, said Miss Kerfoot, was
she again made the victim of Kleln
schmldt's lust.
Wiped Ont Evidence or Murder.
Frank Bellows met his death on July
M of this year on the lawn In tue rear of
the Klelnschmidt home. In one hand
was a bottle of cyanide of potassium. At
the time the Coroner called It suicide, and
at the request of Klelnschmidt destroyed
ths bottle of acid. This Is now regarded
as a significant fact and will be used at
the trial.
The evidence in the hands at the police
shows that Miss Kerfoot had broken her
engagement with Klelnschmidt after he
had attacked her. Subsequently she be
came engaged to Frank Bellows. The
police say that Klelnschmidt tried to win
airl from Bellows and to do so rifled
her trunk of letters and spread stories
to injure her good name.
How Bellows Was Killed.
It was after Miss Kertoot had confessed
to Bellows her experience with Kleln
schmidt and informed him of the letters
In the latter's possession that the enmity
between the two men reached a cllmax.
On the night of July 26 Bellows called
upon Klelnschmidt to demand the le'ters.
Before going Bellows placed a pistol in
his pocket, telling a friend that he feared
for his life. The two men met at 9
o'clock that night on the Klelnschmidt
lawn. Klelnschmidt says he refused to
give up the letters and left Bellows. The
police say that a fight took place and
that Klelnschmidt, who, they say, had
armed himself with a bottle of cyanide
of potassium, poured the fluid down the
throat of his opponent.
Says He's Illegally Held.
m
Attorney Lin Church, -ounsel for Kleln
schmidt, said this morning he would sue
out a writ of habeas corpus. He declares
Harry Klelnschmidt, California Uni
versity Student, Accused of Murder
of Rival for Girl's Love.
Klelnschmidt is being held without due
legal process and says that if the local
courts refuse the writ he will apply to a
Federal tribunal.
Klelnschmidt still refuses to make any
statement. He passed a restless night In
his cell. His description and measure
ment In conformation with the Bertlllon
system were taken -by the authorities this
morning.
SUICIDE FROM DISGRACE
MINING MAN WILD NOT FACE
CHARGES AGAINST HIM.
Accused of Obtaining $5000 on
Forged Bill of Lading Family
Knew of His Trouble.
NEW YORK, Nov. 25. Bather than
face a charge of obtaining 15000 on a
forged bill of lading, Louis Straus, a
mining broker, swallowed a quantity of
poison at his home here tonight and died
a few minutes later. At the time two de
tectives were in the house and were
about to place Straus under arrest.
William Avis, of the firm of William
Avis & Co., charged the mining broker
with negotiating a loan of $6000 on a bill
of lading for ore said to be worth 7500
and supposedly shipped from the West.
Avis said that after the loan was nego
tiated he discovered the bill of lading
was worthless.
The Straus family said tonight that he
had lost about J200.000 In the recent de
cline In Wall street and had been much
depressed. The family said they knew
of his trouble over the loan from Avis.
TRY COLORADO THIEVES
Land-Fraud Cases Set Inquiry Into
Walker Murder.
DENVER, Nov. 25,-Judge Robert H.
Lewis in the I'nlted States District Court
today announced that trials of the Colo
rado land fraud cases would 'begin on De
cember 16 and ordered all defendants who
have not already pleaded to the indict
ments to appear In court next Monday.
December 11 has been set as the date for
the convening of another grand Jury,
whose work Is expected to be more far
reaching than that of the Jury which In
dicted ,3 men last Summer for alleged
land .frauds.
The killing of Joseph A. Walker, Fed
eral Secret Service Agent, at the Hes
perus mine, near Durango, recently, when
he was conducting an Inquiry In the line
of his duty, will probably be Investigated
by the grand Jury. Chief John EX Wllkie,
of the Secret Service, was In conference
here today with District Attorney Earl
M. Cranston and Luclen C. Wheeler, head
of the agents employed in the investiga
tion of land frauds. In reference to the
Walker case.
MAY BE EX-PORTLAND MAN
Body Found With Skull Battered In
Thought to He B. Jensen.
REDDING, Cal.. Nov. 26. Hundreds of
perrons have viewed the body of the
man found murdered by beating and gar
rotlng In the outskirts of Redding last
evening, but the face is so discolored and
the skull so badly battered as to make
Identification Impossible. Marks of seven
blows were found on the skull and the
neck was broken.
Several persons think the man was B.
Jensen, who worked until a Week ago In
a pumping plant 800 yards from where
the crime was committed. Jensen has
been missing since last Tuesday night.
He was not well known In Redding. For
merly he was a sailor and soldier in the
Philippines. He came here from Port
land. Or., three months ago and once
lived at St. John, near Portland. He
was quiet, sober and Industrious and al
ways had money. The officers have no
clew to work upon.
it DELAY
IN LAND TRIALS
Bonaparte Goaded to
Order Action.
WILL WAIT NO MORE FOR HENEY
Bristol to Proceed With Hall
and Hermann Cases.
HALL'S PROTEST HEEDED
Bristol Indignant at Being Hurried.
Delay Due to Legal Holidays,
Which Prevent Heney's
Completing Ford Trial.
OREGONIAN NEWS BUREAU, Wash
ington, Nov. 25. Further postponement of
the trial of the Oregon land-fraud cases
is not to be tolerated. Because of com
plaints and criticisms, the Department of
Justice has decided to take radical steps,
which will force trials at an early day,
and It Is expected that District Attorney
Bristol will soon receive instructions to
proceed.
Only recently John Hall, under indict
ment, wrote the President, asking for
trial. His request was transmitted to the
Attorney-General and thence to Mr. Bris
tol, who" replied that he could not pro
ceed, as that was one of F. J. Heney's
cases.
The Department says that, If Mr.
Heney cannot get away from San Fran
cisco long enough to prosecute Hall and
Blnger Hermann, some one else will be
found who can take up this work. In
fairness to those under indictment, the
Department believes these long-delayed
cases should be tried. It Is probable that
Mr. Bristol will be Instructed to prose
cute Hall and Hermann, as well as all
others under Indictment for land frauds.
"If John Hall is running the Depart
ment of Justice, the sooner the people of
Oregon find It out the better. Further
than this I have nothing to say."
This was the only statement that W.
C. Bristol. United States Attorney, wcjld
make when the above1 dispatch wan read
to him last night.
It is evident from the dispatch that
some one other than Attorney-General
Bonaparte did the talking, for some time
In September the Attorney -General, Mr.
Heney and Mr. Bristol reached an agree
ment as to when the Oregon land frauds
were to be taken up for trial. The un
derstanding was reached after Mr. Heney
and Mr. Bristol had made a joint report
to Mr. Bonaparte, setting forth at great
length the conditions regarding the land
fraud cases pending In Oregon. This
report was sent to the Department of
Justice on September 14 and a reply was
received by Mr. Heney In San Francisco
September 24, In which the Attorney
General concurred with the Joint state
ment. In this report Mr. Heney told of being
held In San Francisco on account of the
Tlrey L Ford trial, and promised that
Just as soon as he had finished with that 1
trial he would return to Oregon and
resume the land-fraud cases. This was
acceptable to the Attorney-General and
he so wrote Mr. Heney.
At the time the Joint report was writ
tenand it was not written until after
Mr. Heney and Mr. Bristol had visited
Seattle and held a conference with Sec
retary Taft, and after both Mr. Heney
and Mr. Bristol had held a conference
MO
T f
with Secretary ot fhe Interior Garfield
and United States Land Commissioner
Balllnger the legal holidays that have
been declared in California and else
where were not dreamed of. When the
holidays were declared In California Mr.
Heney was within a week of closing up
the Ford trial. The closing of the courts
naturally stopped the Ford trial. But
for this Mr. Heney would have been In
Portland and both he and Mr. Bristol
would have been busy trying some of
the defendants that are clamoring so
loudly for trial.
CONFER ON LAND GRANT CASE
Government Attorneys Busy, but
Townsend's Report Kept Secret.
OREGONIAN NEWS BUREAU, Wash
ington, Nov. 25. The Attorney-General to
day had a long conference with Messrs.
Townsend. McBlair and Becker, regard
lag the Oregon & California land grant
case. No statement of Mr. Townsend's
findings or recommendations will be made
BIO WHITE HOUSE TURKEY.
WESTERLY. R. L, .Nov. 35, The
Thanksgiving turkey which Horace
Voae annually sends to the President
of the Unitod States was shipped by
him to Mr. Roosevelt today. This
year's bird, however, was raised by
J. H. Brown. It wclshs 28 pounds.
public until the department has actually
decided upon Its line of action against the
railroad. So far Senators Bourne and
Fulton have been unable to ascertain the
nature of Mr. Townsend's report.
Bouquet lor an Oregonian.
OREGONIAN NEWS BUREAU, Wash
ington. Nov. 25. W. E. Pulllam, of Ore
gon, who Is collecting customs In Santo
Domingo under our treaty, saw the Presi
dent today and was warmly congratulated
on the manner in which he Is handling
the Republic's revenues.
CONTENTS TODAY'S PAPER
The Weather.
YESTERDAY'S Maximum temperature, 59
degrees; minimum, 55.
TODAY'S Rain and cooler; high south
westerly winds.
Foreign.
Moors nttack French and are routed with
great slaughter. Page 3.
National.
Cortelyou assured banks will resume cash
payment this week. Page 1.
Oregon land-fraud trials to be resumed at
once without Heney. Page 1.
Politics.
Cortelj ou's ambition ,to be President. Page
Domestic. ""ETOTSUH
Vengeful Italians .enement with 13
fellow countrymen. Page 5.
Walsh wins one point, but flamaffioj evi
dence Is Introduced. Page S.
Expert testifies Mrs.' Bradley was Insane
when she shot Brown. Page I.
Maniac runs amuck in Colorado and Is killed
by Marshal. Page 2.
Fish yields one point In Illinois Central In
junction case. Page 4.
New Yorker commits suicide to avoid arrest
for forgery. Page L
Charify.i o prejudice nlmltted by talesmsa
In Caleb Ponrs cass. Page 5c
Robbet loot bank In Illinois after lo
clerks In vault. Page 3.
Riot caused by Louisville car strike. Page
4.
pacific Coast.
Graft trials In San Francisco to be resumed
In few days. Page 4.
Blanche Kerfoot tells story which presents
Klelnschmidt as monster like Durrant.
Page 1.
Woman's dream reveals murder at San
Francisco. Page 5.
Adams will be given liberty under $20,000
ball; will be tried next In Colorado.
Page 0.
State Land Board and Irrigation companies
agree on rules for settlers. Page 6.
Commercial and Marine.
Slump in wholesale turkey market. Page 17.
Wheat advances sharply In Chicago. Page IT
Advance In stock prices checked Page IT.
Steamship City of Panama is smashed In by
a heavy sea. Page 16.
Portland and Vicinity.
New clearing-house certificates look like
real money. Page 13.
Council committee will recommend purchase
of new city Jail tomorrow. Page 10. ,
Crematory will be built in North Portland,
despite protests. Page IO.
Methodist pastors table resolution urging
reduction of expenses. Page 10.
Good government nominee comes out favoring-
gambling; in Mllwaukle. Page 11.
Turkeys not so expensive In local markets
this Thanksgiving. Page 11.
Multnomah County teachers' Institute opens.
Page 12.
Rain causes freshet In Willamette River.
Page 13.
THE JOYS OF HOARDING
1
- . ...4
RENDERED INSANE
BY BROWN'S ACTS
Expert's Opinion on
Mrs. Bradley's Case.
PRISONER GREATLY AGITATED
Operations and Heredity Unite
to Unhinge Mind.
INSANE MONTHS AFTER
Long Hypothetical Question Tells
Whole History or Case Absorp
tion of Poison Destroys Mind.
Evidence of Deliberation.
WASHINGTON. Nov. 25. That Mrs.
Annie M. Bradley was Insane when she
shot ex-Senator Brown, of Utah, in this
city on December 8, last, was the opinion
of Dr. 'William Barton, of the medical
department of Georgetown University,
a specialist in nervous diseases, expressed
at the trial of Mrs. Bradley today. Dr.
Barton's testimony followed the reading
to him of a hypothetical question of 13,
000 words covering the history of Mrs.
Bradley's relations with Brown from
the day she met him to the day of the
tragedy.
Dr. Barton diagnosed Mrs. Bradley's
aliment as puerperal Insanity, caused by
what he described as the continued as
saults upon her nervous system due to
the Illegal operations which she had had
performed upon her. In explaining why
he looked upon her as an abnormal wom
an, he said she was Interested in things
that do not usually attract women, and
Instanced the fact that she was secretary
of a political club as an evidence of her
abnormality.
Good Witness for Defense.
Dr. Barton was on the stand practically
the entire day and was subjected to a
svere cross-examination by the District
Attorney, aided by the Government's In
sanity experts. Dr. Smith Eiy Jelliffe, of
New York, and Dr. Edward S. Brush, of
'. Barton' proved to e a
good witness for the defense. His testi
mony showed his conclusions as to Mrs.
Bradley's insanity and was unshaken by
the cross-examination.
The defendant came into court today
looking pale and haggard, evidently
realizing that after all, the question of
her sanity or insanity at the time of the
commission of the act was the para
mount Issue In the case. While today
she shed no tears, she frequently bowed
her head and closed her eyes for long
periods, apparently oblivious to all that
was going on around her. When the
session of the day was over, her face
had a distinct expression of sadness.
More Experts to Come.
Dr. Brltton, D. Evans, medical director
of the New Jersey State Hospital for
the Insane, will go on the stand tomor
row, and later Dr. Charles D. Hill, of
Baltimore, medical officer of the Mount
Hope Retreat and 6t. Joseph's Sani
tarium, will be called. They will both
testify for the defense. For the prose
cution Dr. Smith Ely Jelliffe, of New
York, and Dr. Edward S. Brush, of
Baltimore, will give testimony later. Dr.
Evans and Dr. Jelliffe, were for the de
dm in the Thaw case, but they are on
opposite sides of the Bradley case.
Detective Charles Mullen identified
some scraps of torn letters found in
Mrs. Bradley's room at the hotel where
she shot Brown. One of these, referring
to other letters, says:
"Will you kindly keep these? I have
written you. I may need them, and in
case there Is need for any defense for my
rashness publish them. Mrs. Lufton. 25
South Second street, or Mrs. Can-, could
see that they were published."
Everett L. Phillips, of the police de
partment, identified the letters, which he
had pasted together.
Dr. Barton was then called, and after
telling of his experience in treating ner
voua and mental diseases and diseases of
women, he declared that without any
doubt such operations as Mrs. Bradley
had endured were sufficient to cause a
mental derangement they had a tre
mendous effect. The hypothetical ques
tion was then asked, occupying all the
rest of the morning session, and 25 min
utes of the afternoon.
Insane AVhen She Shot Brown.
Dr. Barton declared that at the time
the fatal shot was fired Mrs. Bradley
i
K W Carlo, of Fortural. Whom
Throne is Tottering.
did not understand the nature of her act
nor was she able to distinguish right
from wrong. He described her disease
as puerperal insanity. Cross-examined,
he said he was unable to say when Mrs.
Bradley's insanity began.
The District Attorney asked:
"Will you make any positive statement as
to when her. insanity ended?
Tes. Toxic or puerperal Insanity usually
lasts anywhere from a few weeks to several
months.
So that, If this woman was Insane at the
time the fatal shot was fired, according; to
your opinion, she ought to have remained
Insane for several months I
I wouldn't say that. Sometimes It lasts
on an average only a few months, sometimes
longer.
At least she ought to be Insane for a few
days or a few weeks?
"Yes said Dr. Barton, adding that in
the hypothetical r-uestion there was
strong evidence of hereditary Insanity, as
shs had two aunts who were Insane and
one grandmother was insane, but he
based his opinion largely upon Mrs.
Bradley's having been pregnant several
times and having had several criminal
operations performed. She had been
made to suffer much mental anguish and
had suffered symptoms of septic Infec
tion, he said, and added:
Evidence of Premeditation.
My conclusion is that the woman was
suffering from toxic Insanity.
If a person declared that she intended to
commit such an act, does commit the act
and then says she committed the act. Is that
a confused condition?
It does not Indicate a confused condition.
Does It Indicate an Insane condition?
I should not say that.
Suppose a person carrying out a threat
made on two occasions before; what would
that have to do with It?
I don't think the making of threats would
have anything- to do with It. Women make
threats of all sorts.
During the giving of this expert testi
mony Mrs. Bradley covered her face
with her gloved hand and her head shook,
convulsively. The courtroom was hushed
to silence. Dr. Barton was then asked:
When did this insanity occur?
I cannot say, except that It occurred pre
vious to this act.
ifid she have memory?
Yes. she might have had memory for
some things. Her mind might not have
been completely paralyzed. In this hypo
thetical question she gave some description
of the occurrence, but I see nothing yet to
make me doubt her insanity.
If she gave a clear statement of her move
ments In Utah and Journey East, and said
she finally killed him because he would not
carry out his promise to marry her, would
that affect your opinion as to her sanity?
The witness replied that It would not.
"The disease," he said, referring to epi
lepsy In the aunt of the prisoner, "Is not
Inherited. The tendency to the disease
Is inherited."
Is an Abnormal Woman.
Dr. Barton said Mrs. Bradley belonged
to an abnormal type. He added she was
an Intellectual woman, yet she Included
In her duties things that we do not ex
pect women to be Interested in. "She
was Interested In politics, and I think
that was an evidence of abnormal con
dition." While nothing was alleged to show the
connection between the insane aunts and
the prisoner, the witness said there was
a connection in view of her acts. Speak
ing of the connection between the illegal
operations and insanity, he said a woman
of stable nervous organization would not
become Insane and the hereditary taint
became important In showing the condi
tion. He had observed the results of
abortion In 500 cases and definitely knew
of two of them that had resulted in in
sanity. He was thoroughly convinced
that Mrs. Bradley was Insane at the time
of her act.
"Is It not a fact that your testimony is
mere speculation?" asked Mr. Baker.
"No," replied the witness: "not any
more than any of your opinions are
speculations."
Mrs. Bradley's conduct seemed to be
that of an insane person, referring to htr
arrival in "Washington City.
Subpena for Tr. Vtter.
DENVER, Nov. 25. In compliance wth
a subpena served today, Usv. Davlil
Utter, pastor of the Unitarian Church of
this city, left here on an afternoon train
for Washington, D. C, where he will be a
witness In the trial of Mrs. Bradley.
Mrs. Bradley told Dr. Utter when he was
located In Salt Lake City of her relations
with Senator B'uwn and ho will testify
regarding; the statements made to him at
various Interviews by both the woman
and Senator Brown.
TURN CASH LOOSE
ERE WEEK ENDS
Eastern Banks Agree to
Pay Currency.
SHRINKAGE ?N THE REVENUE
Distillers and Brewers Cannot
Buy Stamps:
SENDING MONEY TO WEST
Increase of Funds Released to Move
Crops Subscriptions for Bonds
and Certificates Used to In
crease Bank Circulation.
WASHINGTON. Nov. IS. A more con
fident tone In regard to the success of
the new loans prevailed at the Treasury
Department today than at any time since
the announcement of the loans a week
ago. The visits of J. P. Morgan on Fri
day and Saturday were followed toduy
by a visit from James B. Forgan. presi
dent of the First National Bank of Chi
cago. Mr. Forgan saw the President.
Secretary Cortelyou and Treasurer Treat
and expressed his belief that the banks
throughout the country would soon be
In a position to resume cash payments.
The subject Is of particular Interest to
the Treasury officials, because for nearly
a month Government receipts have been
declining as a direct result of the
scarcity ot currency. Distillers, brewers
and others who are required to purchase
Internal revenue stampa have not been
able to secure currency In sufficient quan
tities from the banks with which to
purchase these stamps and, as the col
lectors are not allowed under the law to
receive certified checks or anything but
lawful money except at their personal
risk, the resul. has been that even a
sufficient amount of stamps to cover im
mediate needs has been difficult to ob
tain. Resume Cash Payments This Week.
The Government Is Insisting that de
pository banks shall, as soon as' possible,
meet the demands for currency in this
respect. There seems to be a general de
sire among the bankers In Tv'ew York.
Chicago and other sub-Treasury cities
and financial centers to resume currency'
payments at the earliest possible mo
ment, and Mr. Forgan's visit was made
with a view to learning the views of the
Treasury officials on this particular sub
ject. It is believed among the Treasury offi
cials that a complete understanding was
arrived at among the banks of New York.
Philadelphia, Baltimore. Cincinnati. Cbi
cago, St. Louis, New Orleans and San
Francisco by which there will be a gen
eral resumption of currency payments
within the next few days, and possibly
before the close of the present week.
Money to Move Crops.
The reports received at the Treasury
Department today from New York. Chi
cago and Boston are that currency pay
ments by the banks are on the Increase
and that the situation at those cities,
and in fact at all other points. Is rapidly
Improving. It is learned that New York
and Chicago are at present making dally
shipments of large sums to the crop
moving centers of the West and South,
and It Is confidently believed that these
shipments will be continued in Increas
ing amounts until normal conditions are
again reached or until the necessity for
them has passed.
In addition to the discussion of cash
resumption, Mr. Morgan left tangible
evidence of his visit In a subscription
by th Chicago clearing-house banks
for $2,500,000 of the new one-year cer
tificates. Additional amounts of these
certificates are steadily coming to the
Treasury as security for banknote cir
culation. These represent allotments
made by Secretary Cortelyou about the
middle of last week.
Many Bids for Bonds.
Subscriptions for the Panama 2 per
cent bonds are also arriving in large
numbers. These subscriptions are so
numerous that it is not expected that
It will be possible to open, schedule
and classify the bids before closing
the Treasury Department on Saturday
night, after the time for subscriptions
expires at noon.
The daily cash statement of the
Treasury does not yet show the effect
of any considerable payments for the
new certificates. This is partly because
only 25 per cent of the face value of
the amount sold Is paid into the Treas
ury in cash, while the remaining 75
per cent is left with the banks on de
posit. It Is also due in a considerable
measure to the time required for ad
vices from the office to authorize the
transfer of funds.
I
Promote More Note Issues.
Although applications and cash de
posits for the new Treasury certificates
are being received at the Treasury in
Increasing numbers from individuals
as well as from National hanks, no
allotments have thus far been made,
except to banks that desire to use them
as a basis for circulation. All appli
cations received from Individuals and
from banks whose limit under the law
has been reached, are being laid aside
for the time being and, if allotments
(Coneludad on Pac S)
i