New-York tribune., 1907-11-24
BANKERS AID TREASURY
SEE CORTELYOU AGAIN.
MessrS. Morgan and Baker Return
from Washin gton.

Washington. Nov. 25-J. P. Morgan had
short conference with Secretary Cortelyou Just
before o'clock this afternoon. and Immediately
afterward left the city for New York Nothing
was disclosed in regard to the object OF his
visit and It did not last more than fifteen min
utes. Mr.. Morgan seemed to be in the best Of
spirits He remained in his rooms at the Ar
lington Hotel most OF the morning. and received
only a few callers. Postmaster General Meyer
called late in the forenoon with his automobile.
and Mr.. Morgan left the hotel for time with
him. George F. Baker. president Of the First
National Bank OF New York. at the Treas
ury in the morning and had conference with
Secretary Corteyou.
The feeling of confidence in the success cf the
loans which prevails at the Treasury De-
partment was apparently heightened by the
surauces given by Mr. Morgan Of the improve
ment in the situation at New York The rally
in the stock market and the loss OF less than
S50O,OOO in the bank reserves strengthened the
belief that confidence returning and would
be reflected in the offers for the new securities
received next week
The visit of Mt. Morgan generally
cepted among bankers here as evidence that
New York fnancieTs intend to cooperate with
the Treasury Department in making success
of the new loans MIR. Morgan's views and ad
vice have commanded much attention here be-
| cause of his detachnent in a large measures
frora speculative banking enterprises in New
York and the breadth of view which his friends
declare he has always brought TO conditions like
the present 1t is recognized here that his in
1uence in saving the trust company situation
in New York when il was exceedingly critical
three weeks ago was great
Nrr Morgan has long favored some modifica-
ton of the currency laws. but has not, so far
as his friends know. undertaken 10 prepare any
detailed plan of his own He found that Secre
tary Cortelyou agreed with him that steps
should be taken 70 give greater elasticity to the
currency but did not insist strongly on any one
of the measures which are under discussion.
The assurances brought by Mr.. Morgan in re-
gard 10 the improved conditions in New York
and the subscriptions which coming in for
the new loans encourage the belief here that
the banks throughout the country will soon be
able to resume currency payments without re-
strtcton. The enormous amount Of gold which
has arrived or been engaged is thought 20 be
rather more than sufficient to restore the New
York bank reserves to the point OF safety, and it
is believed that after the opening OF the bids
for the Panama bonds no further gold imports
will be required.
The new certificates have already appeared IN
the Treasury as security for circulation. Add
tional national bank notes 10 the amount OF
100000. based on the certificates. were
shipped TO New York this afternoon. and other
large sums in sight for shipment early next
week Among the engagements is one OF 81 200
600 made by Vice-President Wexler of the
Whitney-Central National Bank Of New Or
leans. acting for several other New Orleans
banks. The total additional circulation taken
out since November is now about S36,OOO,OOO
" is understood that Secretary Cortelyou is
making allotments OF the new certificates TO ma
tional banks in New York. and this fact Is sup
posed 10 mean that the Secretary and the banks
favored that plan rather than action through
syndicate. In any event. no allotrents have
been made to a syndicate. and IL is said that
none are contemplated.