Evening star., 1907-11-17
Less This Month Than for
Same Period Last Year.
SMALL WORKING BALANCE
Mr.. Cortelyou Conferring With
President How to Increase It.
MAY SELL PANAMA BONDS
That Would Relieve the Present
Stringency and Be a Convenience
to National Banks.

For two days Secretary Cortelyou has
locked himself in his office in the Treas
ury. denying himself to visitors Of all
grades and shades. When not thus en-
gagged he has put In the time conferring
with President Roosevelt as to the flnan-
cial situation and as to measures calcu-
lated to further relieve the money stEin-
gency. 1t has become necessary that he
do this to restore the working balance OF
the Treasury without calling upon ma
tional banks to return deposits made with
them.
When Mr.. Cortelyou rushed to the aid
of New York and poured millions Into
the banks there he had large amount OF
cash on hand. He put ort this cash down
to a certain point expecting that the daily
receipts of the government would supply
the necessary working funds for Uncle
Sam. But this has not proven so. Under
the scare of the present situation receipts
have dwindled; importations having Deen
decreased and internal revenue business
having fallen off At the close Of busi-
ness Yesterday the working balance OF
the great department was. in round num-
bers. only about $S,OO0OOO. In spite of
Withdrawals of about $3,OO.U0 OF depoS-
It's from New York banks. The total re-
cetpts from all sources for the present
month were $24.5453y7. against $2S. 740. .0O0
for the same period of the last fiscal year.
With receipts below expenditures It Is I'M
possible to maintain a working haiaEce,
and 1t is to provide FOR an increase OF
funds that Mr.. Cortelyou is giving sert-
Gus thought. This, together with tne
preparation Of has annual report to Con-
gress has taken his time for the last few
days
May Sell Panama Bonds.
It is known that nothing definite has
been decided upon by MT. Cortelyou. but
that he has several plans under considera-
ton. One Of these is the sale OF a large
block of Panama bonds. The Treasury
has been paying the expenses of work on
the Panama canal out of its regular cash.
while the law contemplates that the canai
shall be constructed from funds raised
from the sale Of bonds. 1t is easily within
the province of Mr.. Cortelyou to sell
whatever amount of bonds he thinks ad-
visable and use the money to replenish a
falling working balance or to deposit with
banks as he thinks best. The objection
to q bond sale. unless 1t could be manipu-
lated 80 as to draw boarded money, ID
that it would take money out OF circula-
tiOn at least until most of the funds de-
rived from the sale could be replaced In
banks as government deposits. On the
other hand, 1t Is pointed out that the plac-
ing of per cent bonds on the market now
would be great convenience to the ma
ttOnal banks seeking TO iIlCIedSc thch III
culatton as 1t would AFFORD an easier mar
ket as to government bonds. which have
been getting higher every day with the
demand for government securities for cir
culating notes.
It Is expected that within the next Few
days Mr.. Cortelyou will have an important
announcement to make.
Considering Financial Measures.
There was another important conference
at the White House last night On the
financial situation. Among those with the
President were Secretary Cortelyou, Post
master General Meyer, Secretary GARFIELD,
Secretary Loeb and Frank r. keuoss'
the Standard Oil expert of the Depart
ment of Justice Prior to this confer
ence, which began after o'clock and
lasted until nearly midnight. the President
had a conference in his Office with Secre-
taries Cortelyou and Root and Postmaster
General Meyer. 1t was not denied sInat
the question of financial relief measure
was under consideration at both confer
ences, but no details could be learned.
and Secretary Corteiyou said that there
would be no statement last night.
There Is every reason to believe that
early In the present week important ac-
ton will be taken by the administration.
whether in the sale Of Panama bonds or
some other plan is not now known. The
President has been urged by number OF
his advisers to use his great popularity
as q medium Of restoring confidence by
appe ealing to the people of the country for
a calm consideration OF the situation.
Il such a statement Is made 1t will prob
ably accompany any action that may be
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