Waterbury evening Democrat., 1907-11-23
VISITS WHITE HOUSE
J. Pierpont Morgan Calls on
 Roosevelt by Appointment.
RESULT OF C0NFAB UNKNOWN
But Believed to Be In Relation to the Financial Situation-one Year Treas
 ury Certificates As to Currency Legislation.

TnanCidi oNuatioH-Sne Year iTeas- .ury Certificates As to Currency Legislation. Washington, Nov. 23.-J. Pierpont
 Morgan and George F. Baker, the lat
 ter president of the First National
 bank of New York city, arrived here
 for conference with Secretary Cor
 telyou of the treasury. At 10 o'clock
 last night Messrs. Morgan and Baker,
 accompanied by Assistant Secretary
 Robert Bacon of the state department,
 went to the White House to see the
 president by appointment. The ob-
 ject of their visit was not divulged,
 but 1t was believed to be in relation
 to the financial situation. Upon leav-
 ing the White House at 11:25, after
 being with the president an hour and a half, MT. Morgan on being asked in regard to the developments replied that conditions in New York were reassur- ing. He said everything possible was
 being done to relieve the money strin- gency and that the situation was sat, isfactory.
 MT. Morgan said also that his ob- ject in coming to Washington was to see Secretary Cortelyou in furtherance of the conference he had with the sec retary in New York last week, at which time means were discussed for the further relief of the situation. He saw Secretary Cortelyou before going to the White House and called on President Roosevelt to pay his re- spects. MT. Morgan probably will re- turn to New York today He could not say whether he would again see the president before leaving for New York.
 An important announcement of poli- cy was made by Secretary Cortelyou in regard to the allotment of the new one year treasury certificates which in- dicates that the secretary is prepared to cut red tape as far as possible 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 deposit of pub lie money 75 per cent of the cash paid for them. The remaining 9 per cent will go for the time being to strength en the cash balance of the treasury.
 The banks surrendering this 25 per cent will not, however, suffer a re- duction in their supply of currency, for they will be entitled to receive the par value of the certificates purchased in new bank circulation. In order to | make this transaction immediately ef- | fective the treasury will retain the cer- tificates purchased by each bank if it | desires that they be deposited with the United States treasury as security for circulation and will ship the notes at once.
 Secretary Cortelyou is studying the applications for certificates carefully fin order to make the allotments in the to the monetary situation.
 A great variety of rumors are in cir in regard to the purposes of  he president and Secretary Cortelyou n regard 10 currency legislation. Sug- yestions such as the insuring of depos- ts in national banks, which MT. Bryan las just indorsed; the issue of addI- ional bank notes against state and bonds and the requirement if interest on government deposits in he banks are reported to have been presented to members of the admins ration and to have been favorably re- eived. The fact appears to be. how 'ver, that the president and secretary if the treasury are simply assuming a eceptive attitude and are listening to Il suggestions which are made to them without committing themselves to any.
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