Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-10-28
President Roosevelt Holds Con-
ference With Secretary Of
Treasury
TREAsuRYs RESERVE is Low
Reduced by Deposits Made in Gotham
Banks - Plenty Of Money in coun.
try - Secretary Wilson Says Farm
is Real Barometer of Prosperity -
Washington News.

Washington, Oct. 28.--The financial
situation was the subject Of two
hours conference at the White house
between President Roosevelt and Sec
rotary Of the Treasury Cortelyou. me
policy to be pursued, it was determined,
will be merely a continuance of that
which was followed during the last
week.
More cities are expected to authorize
the issue Of clearing house certificates
today in order to strengthen the con-
dition of their banks The working
balance Of the treasury has been re-
duced to $20,00O,O00 as result of the
action of Secretary Cortelyou in de-
posting $44,000,000 in the national
banks OF New York and Pittsburg.
About $120000O0 of government funds
are in the hands of the disbursing
officers. Probably Secretary Cortelyou
can, with safety take s15,00O,000 to
meet the emergencies during the COM
ing week,
II there should be another string
ency reliance will have to be placed
in the New York fananciers who have
done SO much in the last few days for
the credit Of the country.
According to what Secretary Cor
telyou told the president there is plen-
ty OF money in New York, as there is
everywhere, II people will only leave
IN ho nj In Aactorod ~ iS "a
safer there than it can possibly be in
their homes. The president Is Of the
same opinion.
1t is the purpose Of the administra-
ton to facilitate the moving and sale
OF crops in order that the money
which will be obtained from this
source may be secured by the farmers
and used by them to meet their obi
cations.
Secretary Of Agriculture Wilson said
that the farmers will get more money
for their crops this year than they
got for those Of last year. The total
value Of all farm products in 1905
was $6,794,0O0,000. This enormous sum
not only will mean that there will be
no hard times for the country. but that
the prosperity which has blessed it
for dozen years will continue
Secretary Wilson is unable to see
any danger in the financial situation,
believing it is entirely confined to the
speculative element in New York, and
he is confident that the next few weeks
will show that the farm and not Wall
street is the real barometer of our
financial welfare
Secretary Wilson'S confidence that
the total wealth produced this year
form farm products will be greater
than that of last year is based partly
upon the fact that there is scarcity
OF wheat and other crops abroad and
this has contributed to the increase of
prices. Crops at home will not be as
large probably as those Of 1906 except
cotton. AS Secretary Wilson said
everybody, knows the price of meat
has gone up, while the output of the
packing house products has increased
With view of rendering practical
aid to the commercial and Industrial
interests of the United States and to
the promoting of foreign commerce of
this country, Secretary Straus of the
department of commerce and labor
has caused to be prepared pamphlet
by N. I. Stone, the tariff expert of the
bureau of manufactures.
The pamphlet contains a study of
the commercial situation and condi-
tons, together with aEstatement Of the
results already achieved by the depart
ment of commerce and labor in
promoting Americas foreign COM
merce. 1t urged that congress be
brought to realization Of the magni-
tude and the Importance of this task"
and give it's support with funds com
mensurate with the work to be done
With the view of developing the
most practical plan for rendering the