New-York tribune., 1899-12-24
&" CONDITIONS REASSURLNG.' y
Mr.. CAGES SUMMING UP OF THE
SITUATION HERE.
THE SECRETARY AT THE OFFICE OF MR.
JORDAN. PIERPoNT MORGAN. JAMES
STILLMAN. A. B. HEPBURN AND
OTHERS CALL UPON HIM-wHY
THE NATIONAL CITY BANK
WAS SELECTED.

Secretary Gage. who spoke at the annual din
ner Of the New-England Society Of Orange
y. j., on Friday evening. was In this city yester-
day, spending several hours In the office or
Deputy United States Treasurer Conrad \.
Jordan, at the Sub Treasury. where he had talks
with several leading fnanciers and gave the re-
porters an informal interview. The bankers who
called upon the Secretary in the course OF the
day were ]. Pierpont Morgan. James Stman.
president Of the National City Bank; A B. Hep
burn. vice president Of the Chase National
Bank: John A. Stewart president Of the United
States Trust Company; William Sherer, man
ager Of the Clearing House and II. A. Smith
cashier Of the Western National Bank AT l
o'clock the Secretary took luncheon with MI
Jordan at Delmonico's downtown Mr.. Gage
said yesterday afternoon that he had sent word
in the morning 10 many bankers that he would
be ct the Sub-Treasury until o'clock. but tnat
he realized that Saturday was not a good day
to see men in the financial district and sup
posed that many of the bankers had gone home
before word Of his presence in the city reached
their offices He added that he would go TO
Washington later in the afternoon. Mt Morgan
and Mr. Stillman were among the Secretary's
earliest callers, and Mr.. Gage said. IN answer
to a question whether his talk with them fore
Treasury. mo. not at ALL" adding that they
had simply outlined the situation to him as 1t
appeared from their respective points Of view.
Continuing the Secretary said:
was over at East Orange last night, and
thought | would come here this morning TO
talk with Mr. Jordan the situation. While mere
/ have been looking up the evidences Of this panic
we hear so much about as they can be indicated
by the operations Of the last year Last CnIistInas
everybody happy. Money was easier ana 1reer
No conditions Of distress appeared anywhere IN
sight At the present time there is very dlnereht
Christmas feeling and have been LOOKING a. ,g tHe
facts TO see what changes have occurred 10 JUSTIFY
the change in feeling. -, ,..,.. -,
the Associated Banks Of New-York were $@oC(9OO;
the loans N@GO0Oo and the casn 2n o1 nas oS
was s2lSOOOO00. To-day the deposits are sI+oVy3"V sI
shrinkage of S66.OO0OOO loans show decrease & OK
s32 10000 and cash shows decrease si 6 Si M IN he
Perhaps at the lowest estimate SiVVVUv II. Sen ene
shrinkage in deposits is due 10 the fact tnat New
York charges for check collections, exc ooo mn and
The real shrinkage in deposits Is $oopDVp an an
the shrinkage in loans and cash Just oHsets ms
shrnkage The Clearing House stajemeht, "a Sd
shows increase In the surplus IeSeI'e -seS Ul ~
90 for the week, bringing the surplus reserves o.
the 6aTKS s n cox s cannot see. looking at It
from the outside. where the panic conditions are
Justified by the facts Of the case 49,, q,
The effect on my mind Of the conversatonss / /
have had here to-day is 70 convince me that whiie
there may De here ana mere Sea better than We
fuctuation OF the market The conditions as 'hey
exist to-day are very reassurlng
Asked IL he would say anything in regard to
charges published that partiality had oeen
shown certain banks in the distribution OF
deposits Of internal revenue receipts, the Secre-
tary answered: THAT is misapprehensfon' out
a natural one" He explained that there were
1856 internal revenue points ffty-one OF them
important and that II had been the practice for
all the internal revenue collectors to forward
their receipts to the NewYork Sub-Treasury'
When the decision was reached TO deposit these
rece ipts with the banks il was felt that cen
tral point was necessary just as the local SUB
Treasury had been the central point under the
former procedure and the National City Bank
was selected as that central point for the rea-
son that it's deposits Of bonds with the Treasury
were so large as 10 give the Government aDso-
lute security for the deposits OF internal reve-
nue. moneys Mr.. Gage also said that there
would be no further extension OF the time for
receiving United states bonds under MS oner
of a month or so ago that period expiring yes
terdaV afternoon.