The Bridgeport evening farmer., 1912-06-13
GOVERNMENT
 MILLIONS FOR WALL STREET
George B. Cortelyou Tells How US. Treasury Advanced M0n- ey at Morgan's Behest
CASH FOR STOCK GAMBLERS
Deal Settled in Night Confer ence Between Morgan, Perk ins, Cannon, Vanderbilt. Her. burn and Others

New York. June 13-Testifying. b. day. before the Pujo s.ongressiona. committee Investigating thc rnoney trust. George B. Cortelyou, whc was secretary of the treasury q. the tine of the 1907 panic told how the go, . ernment loaned J. Pierpon: Morgan the s25,ooo.oO0 which Morgan. in t,i;rl. loaned to the banks shd shrs broTe the backbone of the panic gn 29ctolie- 24 1907, sending call fnoI1eyT dow.r from 125 to S percent
 It was the first time that the .detai $ of how the treasury came to the reg cue of the stock exchange was eve- told by an authority as high as fbe ex-treasurer. and the brokers a.. spectators who packed the room lis tened with breathless interest ss tfe real inside story of those days Of par ic, about as sinister as Black Fridsy was unfolded ss.s e.z fs, .1.s.s
 rs.s ss1's'ss ss sIa s iaa ss ',,rs..;. Ss gate. conditions and that night held with Morgan, Perkins. vanderbil-. :. Cannon, Hepburn, Stillman and otis- CT bankers. He denied that he 1a told them of his coming but explain ed that Hamilton Fish. then sub : ucdSuIeT III ~NeW Ofk, kueW4 OJ (OT> telyou's intended visit and infornler him that the Morgan crowd wou. I like to confer with him.
 At that time he obtained from each financier, he said. his views on tts. panic situation but did not make any specific promise of aid from the goy- ernment. There was no formal con- ference the next day, C0rteIyou as- serted. but he believed he talked to Morgan and Perkins again that nissu-
 As the result of these confereuces. Cortelyou said. he decided to advise 50. recommendsng that &y.ooo.eQo be leaned for thes purpose. The money was deposited With sevefaf New York banks the 2nA4t dsy.
 Asked by Samuel UntermyE tEstberw what banks should be den6aifcries Of the $25. .O0O, ,000. Cortelyou said:
 NO. I told the confereeS that not one dollar would be deposited except to relieve the situation generally"
 DO you mean relief to the stock exchange?" asked Untermyer. NO. the exchange was only one detail of the general situation" was the ans swer.
 q Cortelyou said that before he left Washington it was agreed that the government should deposit S6,0Oo,oo m New York cQlnmerciaI banks The ex-secretary "did not recollect wheth- CT the effect of government aid on the stock exchange was discussed in any of the Morgan conferences" Pressed by Untermyer for direct yes or no answer, Cortelyouf said there were some questions which could not be answered categorically.
 E Cortelyou said that Morgan repre- sented no particular bank in the pan- ic conferences but was the '1eadipe spirit among the businessmen seek. ing to relieve the situation. The wit. ness admitted that he knew the $2S.-s 100000 was loaned to New York banks under the direct supervision Of MOT. gan.
 Asked what banks got the money. Cortelyou said he did not know but thought they were such banks as the National Bank of Commerce. the Han- over National, National City and First National, bank" r