The Washington herald., 1907-11-24
TAKECHEERFULY VIEW
Mr.. MOrgan's Visit Inspires
Financial Optimism.
BELIEVE WORST NOW OVER
White House Conference Mainly to
Devise Means for Distributing Cur
Treasury Department Busy Issuing
Assignments of the Certificates.

J. F. Morgan and George F. Baker,
president of the First National Bank Of
New York, who had conference with
President Roosevelt and Secretary of the
Treasury Cortelyou Friday night, return
ed to New York last night. leaving Wash
ington at 3 o'clock on a Baltimore and
Ohio Railroad train.
Just before leaving Mr.. Morgan called
at the office OF Secretary Cortelyou in the
Treasury building and had a long conver-
sation with him. Earlier in the day Mr..
Baker saw Mr.. Cortelyou and Comptroller
of the Currency Ridgely. Senator Elkins.
Of West Virginia. called on Mr.. Baker
yesterday morning. and said afterward
that his visit was TO compliment Mr. Ba-
ker on the great work done by Mr.. Nor
gan and himself in the financial crisis.
They are both convinced that the worst
has passed" said Senator Elkins.
No authoritative account Of what occur
red at the interviews between the Presi-
dent and Mr.. Morgan and Mr.. Baker and
between Secretary Cortelyou and the New
York bankers was given out. but il was
explained in a reputable quarter that the
conference had to do mainly with the ef-
forts TO distribute currency I'm the sec
tions of the country where there are not
enough funds 10 move the crops
Some New York banks, it was said.
were showing a disposition TO be OF as
sistance in this connection and consid-
cradle money had been sent from New
York to the West and South. Mr.. Nor
gan and Mr.. Baker had done much 10
aid the country generally, it was ex-
plained. and there was a feeling Of
qualification IN the administration over
their course.
II Is said in administration circles that
the visit Of Mr.. Morgan and Mr. Baker
had produced a good effect. and there
was decided feeling Of optimism in re-
gard 10 the financial situation since the
Administration had learned what they
had done and intended to do to relieve
conditions.
Treasury Certificate Assignments.
The Treasury Department yesterday
continued its assignments to subscribers
of the new per cent certificates Of in
debtedness. and simultaneously with the
actual shipment of the certificates ar
rangements were made for the subscrib-
ing banks 10 retain % per cent of the
purchase price as deposits Of Federal
money. Secretary Cortelyou is exercis-
ing particular care to see that suitable
arrangements are made in advance. so
that the banks purchasing the new Ger
tif1cates may issue corresponding
amount OF bank currency with az little
delay as possible
As nearly as can be learned. the trans
actions looking 10 the floating Of the
certificates and the practically stimuli
taneous issue of new bank currency. arc
proceeding rather slowly. but on the
whole with entire satisfaction TO the
Treasury authorities. Immediately after
the plan OF the relief. through the
medium Of certificates OF Indebtedness
and Panama Canal bonds, was announced
by President Roosevelt and Secretary
Cortelyou. the opinion was expressed in
several quarters that the success Of the
plan would depend very largely upon the
facility with which it was executed Il
has been found in actual experience that
the transactions between the Treasury
and the banks are necessarily rather slow.
but the Treasury officials are satisfied
that a great deal Of good has been ac-
complished. and that the scheme Of relief
Will accomplish all that was expected
OF il.