The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-01-29

and note your suggestions as 20 a confer
ence with Mr.. Morgan In relation to the
Treasury deposits in the natiOna, bank
depositaries OF New York"
In this connection Mr.. Gage says:
There are no letters. communications.
agreements, papers. or documents on fle in
the Treasury Department. between the Sec
cretary OF the Treasury or his subordinate
officers OF officials and the afhcials OF the
National City Bank OF New York. or c
officials OF the National City Bank and the
Secretary OF the Treasury or his subOrdi-
mates. IL reference 10 a letter from the
Secretary OF the Treasury to James still
man. President of the National City Bank
OF New York, OF December - 1891. in
which the Secretary wrote. Il nave yOlls
of the 10Th instant and note your suggSS-
lions as to a conference win Mr.. Morgan
in relation 10 the Treasury deposits IN the
nstionsl-bank dcpositarics Of New York.
other than were transmitted with my COM
NunicatiCn to the President pro tcmpoTe
of the Senate under date Of January 10,
1900. Nor can 1t be recalled that there
was over auy conversation had be Ween the
Secretary of the Treasury and .dr. Still
man. or between the Secretary ot the
Treasury and any other man. concerning
the said letter.
Il transmitted 10 the Senate. January 10.
1900, copies OF all correspondence at ny
command, as directed by Senate resolution
OF January I, 1900. and, perhaps. should
be required TO give no more than 1 have,
yet, to leave no possible room for uncer-
tainties. have secured from the National
City Bank a copy Of the letter of Deem
Der 20, 1897, from Mr.. Sullmsn to me.
The stiIIman Letter.
The Stillman letter is as follows:
December 90 1897.
Ny Dear Mr. Secretary: In comforting with Mr..
J. =. Morgan and Mr. Schif, Of Messrs. Kuhn,
Loeb & Co. TO-DAY they both express some con-
Germ as 10 the condition Of the money market
during the winter and spring months, unless
very considerable portion Of the Government
money now on deposit with the New York banks
T. LETT here during that time In this connection l
know that Mr.. Morgan would appreciate having
conference with you, but is rather loath 20 go
% Washington without receiving some intmaiion
from YOU
would suggest therefore ycur sending me q
telegram upon the receipt OF this If your engage
menjs on thursday morning viii permit your see-
Ing him st that time, as / think he arrange
90 leave here Wednesday evening.
In view of his recent stay OF two months in
Europe ard tie large Sis per cent loan which he
ptd other prominent bankers are ende3v0ring to
place among investors. / trust an interchange OF
view, and information would be mutually agree
JAS. STILLNAN.
The Secretary then goes on to say that
The suggested conference never took place.
letter from Stillman dated December %
ence is outlined, is quoted at length II
says i'm part;
l feel tina, ! ought. perhaps to explain a little
IN detail the object sought 90 Doe accomplished
ly the interview mentioned In my letter of re-
cent Gate. and what thr consensus OF opinion
here seems Co De- with reference 10 the course 90
be pursued o. the special deposits with hanks
ON account o, the proceeds OF the Union Pacific
Railroad
Alter the needs of Che Government are supplied
.sIF.i Of. l.. UflHH
ourl-l.gIJtiOu~-It is. IN the opinion az leading
huautiur-, very desirable that a~ much oi the
Union Pacific money be lett i'm banks here where
10 Wl. us available Tor commercial uses. a. --
possible. AIT Of the securities Of the reprgaU-
izai Union Pacific Railroad must he absorbed and
a~-utIJird by th0 public, and az the same time
tbc Ne. Work Central. Lake Shore Chicago and
Northwestern. Chicago and Rock Island and
other pr"Uaft~- -e-hluZ reiuudiUg 81 their o.
legations upon very low interest basis The
success of these organization plans wil be 90
place those pruUsriir- on hrn,r financial foot
ing. with fixed charges materially reduced
The leading financial interest, BOO this city aro
working earnestly ard In uuiou tn accomplish
tde above results ana we'll knowing Your pre-
disposition q. aid within an proper limits.
wished l1 place before You the subicg. iH The
same light vI -b wc. through daily Jusfue.-
contact with tbgs- matters, see IL
since such assumed conference never
took place says the Secretary, lit is not
possible for the Secretary OF the Treasury
10 comply with that portion of the resolu-
tion on this subject relative to copies Of
letters, etc"
NJ Record Of Conversations.
Regarding that part Of the resolution
saliiuS Tor an correspondence, tele-
graphic. or. telephone. or otherwise. or
any agreements. documents. papers. OF con-
versation with the officials OF the National
city Bank. Of New York, between the pc
Rod embrrCed from April 2S, 1898.
to J inc .. 1855; September 49, 1888. to Oc-
tObe- %. 1855; August 90, 1899, to Deem
Der H. 1898" the report says:
1t has not been the practice Of the Sec
Tetaries Of the Treasury to preserve con-
versatious. IL may be said. in general.
however. that in the transaction Of the
business of this department with the Ma
ti0nal City Bank or with any other bank,
no conversation has been had. either by
telephone or face To face. which has rad
reference 70 any relations. official or Bri-
vate otherwise than as fully set forth I'm
my communication TO the Senate dated
January 10. 1909. No agreement past
present, or IN contemplation, has ever
been had with the National City Bank 9TH
erwise than is literally set forth in my
communication t. the President pro tenn
pore Of the Senate of January 10 1900"
The report then takes up this clause in
The resolution
directed tD inform the senate Of the amount ~
United states bonds held in trust 10y The Treas
Urr Department for the Standard OIL Company,
al tHc CITY of New York, 70 secure Government
deposits for the National City Bank Of New York
and upon what dates these bonds were assigned
and the amount thereof now or at any ti-c I'D
by the Government of the United States tog the
Standard OU COMPANY"
The report then continues:
THE question indicates msconception,
induced. doubt, by the requests found
in several letters from the National City
SANK to the Treasurer Of the United
States for the transfer to the Standard Oil
Company and other parties OF certain lots
Of bonds These requests are found on
pages III. 19S. 1919. 200. 2O2 POS, zoe. 2O7,
POS. 2lO. 211, PIP. and 1874 of my cOmmuni-
cation Of the 10th instant to the President
pro tempOre of the Senate.
when coupon bonds are deposited with
the Treasurer as security FOR deposits the
title, OF course. passes to him by the mere
delivery. ana they are held by him in trust
for the depOsiting bank. When registered
bonds are thus deposited they having
been duly assigned 10 him, transferred
on the books Of the Register OF the Treas
ury the deposited bonds cancelled and
new certificates or bonds issued 20 the
Treasurer, in his name. in trust for the
depositing bank. When such bonds are
surrendered by the Treasurer they are
assigned 10 the depositing bank. New Ger
l.. 81 IA FHaH