New-York tribune., 1907-11-26
BANKS GAIN CURRENCY
REPORTS TO CORTELYOU.
Treasury Officials Look for Resump-
tioH of Cash Payments Soon.
80 rhe Tr.tune -. ]

IFroua The Tribune Bireaul
Washington Nov. 25-Secretary CorteIyOu
said to-day that in the last twenty-four hours
he had been in communication with New York
Philadelphia, Chicago. st. Louis and other hnan-
cial centres and that the assurances from, all
quarters were so satisfactory that he confdeutly
expected resumption of currency payments in
the immediate future. probably before the end
Of the week The banks gene. ally say that they
are i'm a position TO resume now, but are post
poning resumption in order 70 reach an under
standing with their correspondents so that the
drain on them viii not be too heavy to begin
with.
It is learned further that New York banks and
those in Eastern cities are shipping West guam
titles of currency with which 10 move the crops
President Baker of the First National Bank OF
New York is said to have convinced the Treas
ury officials that his bank alone had shipped
S19OO00OO to the interior within the last week
Reports from the South indicate that there Is
ample money 70 move the cotton and tobacco
crops-a surprisingly large supply OF currency
In fact This situation is attributed in large
part 70 the liberal mana cement Of the New Or
leans banks. which have done everything pos
sible for their local correspondents resisting all
temptations TO make profits cut Of the money
shortage.
The announcement Of the Secretary OF tire
Treasury regarding the issue OF Treasury certif-
Gates and the conditions attending the issue will
result in placing not less than SJOOOOO0o OF
additional currency in circulation this week.
according to to-day's estimate OF the Controller
of the Currency. There viii be two forms Of the
Treasury certificates. The form issued to prl-
vate individuals. or unregistered. will resemble
bills or gold silver certificates. hut those
issued IN large amounts and registered which
are being made the basis OF circulation, ars
being printed on white paper and are about eight
by nine inches in size. The unregistered certi6-
Gates are being issued In denominations of $50
but the registered class will be in denominations
Of $1,000 and multiples thereof, according to the
size Of the purchase.
Now that the currency shortage In the West
is being relieved. the Secretary Of the Treasrrv
is selling quantities Of the new certificates 10
the New York banks and the deposits of fed
eral revenues in those banks will also continue
SUPERVISION OF TRUST COMPANIES
Treasury officials believe that, largely as A
result of the visit of ]. P. Morgan and Mr..
Baker to President Roosevelt and Secretary
Cortelyou. the President will urge Congress, il
not In his message at least personally to ex-
tend the supervision which the Treasury now
exercises over national banks to the trust com
panies and larger savings banks Mr.. Morgan
told the President that, while the national banks
were all right. it only the combined efforts
of the Clearing House and certain large hnan-
cial interests which saved the trust companies
from disaster, and urged that. as the law pro-
viding for federal supervision OF national banks
had worked so well. 1t ought to be extended 70
include trust companies and savings banks In
the District OF Columbia the Controller of the
Currency exercises the same supervision over
the trust companies that he does over national
banks. The results have been satisfactory to
the government and the banks. and the law
which governs this matter in the District would
it is believed, be excellent model for a law
affecting the entire country
James B. Forgan. president of the First Ma
tional Bank OF Chicago. saw the President Sec
retary Cortelyou and Treasurer Treat to-day
and expressed his belief that the banks through
out the country would soon be able to resume
currency payments. His visit made for
the purpose of learning the views of the Treas
ury officials this hubject. He said that the
Chicago banks would be able to resume an
understanding with the banks in other cities
within the next week or ten days at the latest.
Minneapolis and St Paul banks. he said. were
ready to resume at any time. and might take
the initiative Mr.. Forgan left tangible
evidence Of his visit in q subscription by the
Chicago Clearing House banks for $2,5OOOOO
OF the new one-year certificates
Additional amounts Of these certificates are
steadily coming to the Treasury as security
for banknote circulation. They represent anot-
ments made by Secretary COrtelyOu about the
middle OF last week. Subscriptions for the
Panama bonds also arriving in large mum
bers They are so numerous that II probably
will not be possible to open, schedule and class
ify the bids before the closing Of the Treasury
Department on Saturday night. after the time
for subscriptions expires at noon. 1t may re-
ouire more than one day to complete the classi-
hcation and comparison OF bids. IN order 20 de-
ternnine which are the highest