Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-11-23
HAS HAD GOOD EFFECT
Accepted Significance of Mr..
Morgan's Visit.
HIS REMARKS REASSURING
Regards the Financial Situation as
Satisfactory.
CONFERENCE WITH CORTELYOU
Calls on President by Appointment
and Has Over an Hours
Talk.
HIS REMARKS REAssURING
CONFERENCE WITH C0RTELYOU

]. Pierpont Morgan and George F.
Baker. the latter president of the First
National Bank of New York city. arrived
here yesterday afternoon for a conference
with Secretary Cortelyou of the Treasury.
At 10 o'clock last night Messrs Morgan
and Baker, accompanied by A. sistant Sec
retary Robert Bacon Of the State Depart
ment, went to the White House to see
the President by appointment. The OBJ
ject of their visit was not divulged, but it
was believed to be in rela ton to the IMAM
cial situation Mr.. Morgan said the Presi-
dent had sent for him. =.
Upon leaving the White House at II :25,
after being with the President an hour
and a half. Mr.. Morgan. on being asked
in regard to any developments, replied
that conditions in New York were reas-
suring. He said everything possible was
being done to relieve the money strin-
gency. and that the situation was salts
factory. Mr.. Morgan said also that his
object in coming to Washington was to
see Secretary Corte!you in furtherance of
the conference he had with the Secretary
in New York last week. at which time
means were discussed for the further re-
lief of the situation. He saw Secretary
Cortelyou before going to the White
House, he said. and called on President
Roosevelt to pay his respects.
Significance of the Visit.
The visit of Mr. Morgan to Secretary
Cortelyou and the President last night
was generally accepted here today as evil
dence that the financial leaders in New
York intend to cooperate with the Treas
ury Department in making a success of
the Mr nc
advice have commanded much attention,
because of his detachment in a large
measure from recent speculative banking
enterprises in New York and the breadth
of view which his friends declare he has
always brought to conditions Ike the
present. 1t is known that his influence
was great in saving the trust company
situation in New York when it was ex-
ceedingly critical three weeks ago as the
result OF lack of cooperation among the
trust companies.
Mr.. Morgan has long favored some
modification of the existing currency sys-
tenn, but has not. so far as his friends are
informed. undertaken to prepare any de-
tailed plan of his own. He found Secre-
tary Cortelyou In agreement with him
that several steps should be taken to
give greater elasticity to circulation and
to restore confidence. but did not insist
strongly upon any one of the several
measures which are now the subject of
popular discussion.
Danger Corner Turned.
The assurances brought by Mr. Nor
gan in regard to the improvement in con-
dltions in New York, with the subscrip-
tions which are still coming in for the
new loans, encourage the belief here that
the corner has been turned in the
monetary situation, and that the
banks throughout the country will
soon be able to resume currency pay
ments without restriction. The enormous
amount of gold which has arrived or
has been engaged is felt to be rather
more than sufficient to restore the New
York bank reserves to a point of safety,
and it Is believed that after the open
ing of the bids for the Panama bonds. the
situation will be such that further gold
imports will not be required.
Few Callers Received.
Practically during the entire morning
Mr.. Morgan remained at the Arlington
Hotel. He received only two or three
callers, but was communicated with by