The Washington herald., 1907-11-07
TREASURY HELP FOR ALL
Secretary Cortelyou Plans to Assist
Western Bankers.
New York Also Expected TO Furnish
Funds 10 Aid in Movement
of Crops.

From the standpoint of Treasury Of
hcials the financial outlook is very favor
able. The policy Of Secretary Cortelyou
is 70 care for the interests of the whole
country, and things are so shaping them
selves that relief will be afforded within
brief period to every community which
is short OF the necessary funds 20 conduct
its business. It. is understood that in
his conferences in New York with the
fnanciers who are handling the situation
in that city, Mr.. Cortelyou showed him
self 10 be heartily in favor Of the inten-
ton OF these fnanciers TO stick by the
trust companies through thick and thin
That policy, ii is believed in Official cir
cles here. Will bring quick Improvement
and Will place the New York bankers IN
a position where they will be able 20
extend aid to places in the West and
South where there is any money strin-
gency.
In response 10 the applications that are
being made TO the Treasury by banks in
Western cities, calling for deposits Of pub
| lie money TO tide over the crop-movlng
season, Secretary Cortelyou has said that
the banks must cooperate with the Treas
ury IN relieving the situation by additional
| issues of national bank notes. There ap-
pears 20 be a general disposition TO com
| ply with Mr.. Cortelyous wishes. The
most urgent call of all came from the
banks of Minneapolis and ST Paul The
Minnesota bankers who conferred with
the President and Secretary Cortelyou at
/ the White House on Monday night. met
Secretary Cortelyou in New York Tues
day, and the announcement was made
yesterday in general terms that Washing
ton and New York would come to the re-
lief of the Northwestern banks. Secre-
tary Cortelyou had another talk with the
| President at the White House yesterday.
and it was said afterward that the GOV
ernment would deposit 100000 with
| banks In Minneapolis and St Paul. the
understanding being that the banks there
/ Will Increase their issues Of circulating
notes up 10 the par value Of their capital
stock II necessary, government funds
already deposited with New York banks
to meet the recent crisis viii. by consent
/ Of the New York bankers concerned, be
/ transferred to the West 70 assist in the
/ crop moving.
| This arrangement and others that have
/ been proposed by the Treasury admins
/ tration within the last few days indicate
| that there is g. disposition among many
/ bankers and the Treasury Department to
! engage in general cooperation 10 meet
| the present needs of business throughout
/ the country. Nearly every banker who
/ indicates 10 the Treasury his intention Of
/ taking out additional circulation is being
/ urged by the Treasury officials 10 urge
/ other bankers of their acquaintance TO
! do the same thing. IN some Instances
/ banks which have already issued circulat-
/ ing notes up TO the fun par value OF
| their capital stock and who are the
/ owners Of government bonds on deposit
/ in the Treasury as security for govern
/ ment deposits, are being requested 10
! lend their bonds to other bankers who
may wish 10 take out circulation