Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-04-01
At THE WHITE HOUSE
Cabinet Satisfied With Canal
Prospects.
READY FOR PAYMENT
SECRETARY SHAW HAS FUNDS
SUFFICIENT FOR THE AMOUNT.
Pennsylvania Judgeship settled-Ad-
journment Of Congress Expected
Soon-Wan Street Sentiment.

| There was satisfaction among the menu
| bers of the cabinet when they assembled
| today at the prospect that the Panama
| canal will pass to the United States within
short time, and that there will be no fur
| ther delay. Dispatches from Paris as fore
| shadowed in The Star yesterday, indicated
| that the Panama Canal Company has called
| meeting of it's stockholders for April %
to dissolve the company and to transfer
| all property to the United States. A careful
inventory will be made of the assets of the
| company, and this will pass to this country
i so that the things that have been purchased
| may be identified
So soon as the Panama company is in
position to transfer the property to the
United States the officials of this govern
ment Will be prepared to make the payment
| OF S4oOo0OoO and the $10,O00.000 to Panama.
Secretary Shaw some time ago withdrew
from national bank depositares $50 600 Cox;
or government funds placed with them
When the government had more funds on
hand than ii knew what to do with This
sum is now on deposit in New York subject
| 10 the order of Secretary Shaw. The other
s2o,ooo,ooo Will be paid out of the treasury
AS the receipts are each month exceeding
| the expenditures now the cash balance of
the treasury is getting in better shane to
meet an outlay of $20,O00,O00, such as will
clude that the available cash balance in the
| treasury proper should not bear a deduc-
+, ton Of this amount he might call upon
national bank depositaries for more govern
ment funds deposited with them. The fact
is that another call is reasonably certain
| before great while, anyhow.
Some Financial Statements.
| The banks still hold $123. 7s2, 153 independ-
| ent of the $30.000,O0O that was recently
Withdrawn from banks all over the country.
but is still in New York depositaries SUBJ
| Ject to treasury check. The treas
ury has something like SJ6OO0Ooo
Immediately in its vaults that Is available
for use, but to pay $50 900 out of this
would reduce the working cash balance be-
low the traditional amount that ought to
be In the treasury. BY the end of this
month the working balance ought to be
ABOUT x5000oO00. so that If $50 900 900 is
paid out the remainder would be $40 O0o0O
This is about SO 900 below the tratli-
tional limit, but most financiers see no rea-
son why the balance should be kent at
Seo,oOooV. Secretary Shaw will determine
when the canal and Panama payments are
to be made and how he will meet them IL
he does not object to the cash balance going
below s5O,OO0,0o0 he will not find it neces-
sary to drawn upon the banks. If he pre-
fers to keep the balance at something like
S0oWOOoo he may make another call of
10 per cent on the banks. As stated he
likely to nave for many years the big sur
pluses of the past seven years, and Secre-
! tary Shaw may fit to take in some of
the government money that he may have it
on hand to meet money stringencies next
| fall. If he so desired he could then make
deposits with the banks to increase the
money in circulation. In the last few years
| the funds of government money with the
banks have been Swelled at each indica-
ton of money stringency. The govern
ment actually had much unused cash
that it accepted security other than gov-
ernment bonds for its dollars. But the sit
uation this fiscal year doesn't look the
same as heretofore. The surplus this year
will be small compared with other years,
and the big cash payment of $J0,000,000 will
greatly reduce the plethora of cash lat the
! hands of Secretary Shaw. BY withdrawing
some money from the banks about this
time, when money is easy, Secretary Shaw
will have some on hand when there is a
stringency that he can use for relief pur-
poses.
A Pennsylvania Judgeship.
Senator Penrose called on the President
today to submit a recommendation for
judge of the eastern district of Pennsyl-
vania, the new position just created by Con-
gress- Senator Penrose apd Senator Quay
have agreed upon James p Holland of Phil
adelphia for the judgeship. Mr.. Holland is
the United States attorney at Philadelphia.
and is able lawyer 1t is said that there
can De no VdllQ ODJectiOn 10 MIN ana that
he will be nominated by the President.
Senator PenroSe also added his fndorse-
ment to that of Senator Quay for the nomi-
nation of Fred. p. Vincent as appraiser or
merchandise at Philadelphia, to fill a
vacancy that has existed for a long time.
Senator Penrose said he had no idea who
would present the name of President Roose-
welt to the Chicago convention "All L
know" said the Pennsylvania, "is that
his name will be presented, that he will be
| nominated, and that he will be elected"
A number of suggestions as to the orator
who will present President Roosevsrs
name to the convention have been made.
and even the honor of seconding the nomi-
| nation is being eagerly sought
Thinks Adjournment Soon Here.
Speaker Cannon conferred with the Presi-
dent today. When asked about the pro5a-
bility of adjournment, he said that the pos
sibilities could not be fully considered, but
that everything now looks to him as II
Congress will get away from here before
May /. He was asked about the Swayne
case, but said that he had no Idea what
disposition would be made of ii. Ii the
House did not desire to carry the consider
alton of the case to completion now, there
Were several ways open for postponement.
he said, in answer to questions
Senator Frye, Senator Cullom. Senator
McCumber and a number of others saw the
President before the cabinet meeting, but
most of them presented friends and had no
business to take up.
The Sentiment is Changing.
William d. Murphy of New York, close
personal friend of the President, was a Wis.,
itor today. and discussed conditions
in New York with the President.
THE outlook in New York is grow
ing more favorable to the President
every day." said Mr.. Murphy. las have
some interests in Wall street. and know the
sentiment there am in position to know
that there is a distinctly better feel ns
among business interests to the President,
For some time the Wall street people were
rabid toward him, but they are beginning
to realize that he is fair. honest and able,
and that he is not hostile to the business
and corporate interests Of the United
States as long they work within the
laws of the country. The decision in the
Northern Securities case has had really
good effect even in Wall street. l believe
that when the November election comes
around the opinion of the President will
have mace him one Of the most populx