The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1907-11-23
Talked Financial Situation Ov-
err With the President Aft
err He Had First Seen Sec
rotary COrteIyou.
ACCOMPANIED BY HEAD
OF A NEW YORK BANK.
An important Announcement
Of Policy Has Been Made
BY CorteIyou in Regard to
Allotment of Certificates.

Washington, Nov. 23.-J. Pierpolt
Morgan and George F. Baker, the lat
ter president of the First National
bank of New York city. arrived here
yesterday afternoon for a conference
with Secretary Cortelyou of the treas
nry donartnl. n, AT 10 o'clock last
night Messrs. Moran and Baker, &C
companied by Assistant Secretary
Robert Pacon Of the state department,
went to the White House to see the
president by appointment.
The object of their visit was not d.
vulged, but it was believed to be in
relation to the financial situation.
Upon leaving the White House at
11:25, after being with the president
an hour and a half Mr.. Morgan on
being asked in regard to the develop
ments, replied that conditions in New
York were reassuring. He said that
everything possible was being done to
relieve the money stringency and that
the situation was satisfactory. Mr.,
Morgan said also that his object in
coming to Washington was to see Sec
rotary Cortelyou in furtherance Of the
conference he had with the secretary
in New York last week, at which time
means were discussed for the further
relief of the situation. He saw Secre-
tary Cortelyou before going to the
White House, and he called on Presi-
dent Roosevelt to pay his respects.
An important announcement OF pol
icy has been made by Secretary Cor
telyou in regard to the allotment OF
the new one-year treasury certificates,
which indicates that the secretary is
prepared to cut red tape as far as pos
sible and place the proceeds of the
sale of the certificates promptly at
the disposal OF the money market. He
proposes to return to national banks
subscribing for the certificates as a
deposit Of public money rs per cent
of the cash paid for them. The remain
ing rs per cent will go for the time
being to strengthen the cash balance
of the treasury. The banks surrender
ing this % per cent will not, however,
suffer a deduction in their supply OF
currency, for they will be entitled to
receive the par value Of the certifi-
Gates purchased in new bank-note cir.
CulaLlOn. IN Order TO make InlS CrAnS-
action Immediately effective the treas
ury will retain the certificates pur
chased by each bank, If 1t desires that
they be deposited with the United
States treasury as surety for circula-
ton and will ship the notes at once.
Secretary Cortelyou is studying the
applications for certificates carefully
in order to make the allotments in the
manner which will be the most bene-
fetal to the monetary situation. The
secretary continued to receive calls
today from prominent bankers, and
letters from various points in regard
to the new issues.
The bids for the Panama per cent
bonds are being kept sealed VI. til the
time for closing the receipts of bids,
which is a week from today. This pre-
vents any calculation as to the amount
subscribed for or the prices offered.
The number Of offers is already sufii.
cient to indicate quite general re-
spouse from the banks OF the country.