Daily press. [volume] (Newport News, Va.) 1896-current, 1907-11-06
Treasurer Laden ship Which Dock.
cd 10 HeW York YGststdlu
Had 100000 Abj9pd.
WILL Be usE0 70 AID BANKS
Secretary corselyOu Drops in City to
Have Conference WITH Morgan and
o.hers-Abaarption of tho Ten.
nessee Company BY the Steel Cor
poration Relieves the situation.
(ny AssocInted pressl


NEW YORK. Nov. 5.-Tho arrival
Of the first treasure shin laden viii,
gold for the relief OF the pregent
st'ingency was the feature of the n.
nnncial situation. The I5ronprlnz
Essin Ccciic soon after 10 o'clock
docked and was unloading s7l0G 900
IN The yellow metal, which will he
nseu 10 strengthen the New York
banking houses. The nav Ctnnrl
inner Lusitonia Will follow closely in
her wake with S10OOO,000 and sli
ooO,oOO will follow during the re.
niaindcr of the week and early next
week.
ihe additional Withdrawals of 7bO..
pounds from the Hank of England TO.
day for the United Statos, and 25.DDu
pounds FOR Canadn. tTinss M the To.
'ai gold engagements on the present.
movement TO about $4,000. OOv.
me news that the Bank OF France
bought today . 100000 pounds, IN, stnrIs
ing bills on. london, wis. regarded
here as an event OF. first importance.
ns Indicating that the French finan5
clers wego not only .anle INT wilifnGS
70 help london and thus Indirectly
10 help America by relieving the
strain on the Bank of England ca,ls.
ed by the heavy American demands
Tor gold. II is hoped that this aciion
OF the Bank of France will deter the
BANK OF England from raising its dis.
count rate to seven per cont Mt the
meeting of the directors on Thursday
ana the Imperial Bank of Germany
from raising its rate from six and a
nan 10 seven and n half per cent
Corte'you in New York.
me presence OF Secretary Cortel-
you IN the city on his way to vote.
gave an oppo. tunity for further con.
,ercnces with Mr., Morgan and other
iehuiilg bankers. The Secretary came
over from Washington with President
roosevelt to vote and ON his way
pack from his home at Hampstead.
-. - J.: dccided to stop and learn OF
me financial situation BESIDES Mr.
Morgan Secretary Cortetlvou snw
| George w Perkins and one or two
other bankers. who acquainted him
WIN the progress of events. He wns
tod that the situation in New YorE
was rapidly improving because OF The
Developments In the last twenty.four
hours. '-o"i
Those bankers who saw Secretary
corteiyon today are convinced maj
mere Is no Intention on the part OF
president Roosevelt to call nm extro
session OF Congress to pass any remn.
u'al financial legislation. as ii ia m.
ierstood the administration feels that
me situation should settle down to
lasls where proper Judgment can
ne TONED on the various proposed
changes in the present monetary
l,'ws. II was further understood that
! tne administration had not vet def
nitely shaped the plans of financial
legislation which 1t may desire 10
nave considered at the coming session
oof Congress.
conference at which the detnils
Tor taking over of the control Of tba
tennessee Coal and Iron COMPANY
by inc United States Steel Corpora
, non were discussed at Mr., Morgan's
library today and attended by Nh.
MORGAN George w Perkins Seere.
,ary frlmble OF the United States
Steel Corporation. Vice ptesident
Davidson. OF the First National RAM;
ana Grant b. Schley one of the n,e,n.
bers of the pool which held control
OF the Tennessee Company stock. No
statement was made following the
conference
Inc taking over of the stock of the
tennessee Company held. BY tho
trust Company of America MS a col
lateral for large loan. removes n
menace TO the Trust company of AM
erlsa's aairs. and 1t is regarded b.
bankers generally as a safeguard
against further financial trouble.