The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-26
BETTER TONE AT WASHINGTON
Leading Ffnanciers Consult With
Treasury Officials.


washington Nov. ga more conf
dent tone in regard to the success of
the new loans prevailed at the treasury
department today than at any time
since the announcement or the Ioans Al
week ago The visits of Mr.. Morgan
on Friday and Saturday were followed
today by a visit from James b. F'organ.
president of the First National bank OF
Chicago. Mr.. Forgan saw the president,
Secretary Cortelyou ana Treasurer
Treat and expressed his belief that the
banks throughout the country would De
soon in a position to resume cash pay
ments. The subject Is or peculiar IN
terest to the treasury OFFICIALS because
for nearly a month government recelpts
have been declining as direct result
of the scarcity of currency DlstlHers
brewers and others who are required
to purchase internal revenue stamps
have not been able to secure currency
in sufficient quantities from the banks
with which to purchase these stamps
and as the collectors are not alioWSo
under the law to receive ceftiheo cheoAs
or ANYTHING but lawful money, except
at their pesona1 risk the result has
been that even a sufficient amount or
stamps to cover immediate neeos mas
been difficult to obtain. The govern
mert is insisting that depository banks
shall as soon as possible meet the de-
mands for currency in this respect
There seems to be a general desire
among the bankers in New York, Chi
OC6eT
financial centers to resume currency
paynents at the earliest possible mo-
ment and Mr.. Forgan's visit was maze
with a view of learning the views OF the
treasury officials on this particular sub
ject
Mr ForRan REPRESENTED that the Chi
caRo hanks would be able to resume.
upon an understanding with the banks
in other cities. within the next week
or ten days at the latest Minneapolis
orrJ said
ready to resume at any time, ana
might take the initiative In this re-
spect very soon. 1t Is believed among
the treasury officials that complete
understanding was arrived at between
the hanks of New York, Philadelphia,
Baltimore, Cincinnati, Chicago, New
Orleans and San Francisco by which
there will be general resumption OF
CURRENCY payments within the next few
days and possibly before the close OF
the present week
The reports received at the treasury
department today from New York, Chi
caeo and Boston are that currency
Dayments by the banks are on the in
crease and that the situation at those
cities and in fact at all other points, Is
rapidly improving. 1t Is learned that
New York and Chicago are at present
making daily shipments of large sums
TO the crop moving centers of the west
and southwest and 1t is confidently be-
lieyed that these shipments will be con-
tipnod in increasing amounts unlll nor
NAL conditions are again reached or
until the necessity for them has pass
ed.
In addition to the discussion Of cash
resumption Mr.. Forgan left tangible
evidence of his visit in subscription
by the Chicago clearing house banks
for ~ million of the new one year
certificates. Additional amounts Of
these certificates are steadily coming
to the treasury as surety for bank note
Iaf II
ments made by Secretary Cortelyou
about the middle of last week.
Subscriptions for the Panama per
cent bonds are also arriving in large
numbers. These subscriptions are so
numerous that it is not expected that
II will be possible to open, schedule and
classify the bids before closing the
treasury department on Saturday night
after the time for subscription expires
at noon. 1t may indeed require more
than one day to complete the classifica-
tion and comparison of bids in order
to determine which bids are the high
est.
The daily cash statement of tbe
treasury does not yet show the effect
of any considerable payments for the
new certificates. This is partly because
only 25 per cent of the face value of
the amount sold is paid into the treas
ury in cash, while the remaining rs
per cent is left with the banks on de-
posit. 1t is also due in a considera BILE |
meaSuTe 10 lne llIne required Tor ad- |
vices from one office to another of the
transfer of funds.
Although applications and cash de-
posits for the new treasury certificates
are being received at the treasury in |
increasing numbers from individuals
as well as from national banks. it is |
learned that no allotments have thus
far been made except to banks that
desire to use them as a basis for cir
culation. All applications received
from individuals and from hapLS
whose limit under the law has been !
reached are being laid aside FOR the
time being and II allotments are made
to them at all. 1t is believed, 1t will
not be as long as the present strong
demand continues for them from