The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-05
IS PASSED
IN MONEY FURRY
Agreement Reached by Which
Trust Companies Will Co
operate Now.
Mr.. MORGAN ENGINEERS 1T

NEW YORK, November 4.--The
buoyancy OF the stock market to-
day reflected tho ultimate decision of
large bankers to support the w In
s~titutions--the Trust Company OF
America and the Lincoln 1'rtist COM
Dany-which have been subjected to
the most v runs during the last
two weeks. The day was one of doubt
and conflicting rumors. and the fact
that 1t passed without adverse de-
%vcropments is an evidence that the
worst OF the situation is probably
over. At a late hour this morning an
INCREMENT was reached, largely
through the Influence OF Mr.. Morgan,
by which the trust companies will CO.
operate In future for their mutual
protection, and the directors will lend
the assistance OF their personal for
tunes to meet Immediate necessities.
The assets of the two threatened COM
panies were carefully gone over by
experts on Saturday and Sunday. and
both of them were found to be SOL
vent. With n considerable surplus, at
ter paying all claims and providing
for the capital stock. Under these cir
cumstances 1T was thought advisable
by the big men to support them cor
daily, IL they would adhere to thor
oughly conservative methods and di-
Jection in future.
Lnrgc Gold Engagements.
The achievement of these results to-
day. with the steady upward move
ment OF the stock market till near the
close. is believed to mark the turn
OF the crisis. The loss OF 100000 In
cash by the clearinghouse banks, ac-
cordins to their Saturday statement.
in spite of 100000. 900. which had
been poured into their tills during
the week from the Treasury, was ex-
pected to have "A disturbing effect. 1t
was a worse showing, than will he
possible again In the face of the heavy.
arrivals OF gold. Gold engagements
since the beginning OF the present
movement now amount to s32,150. 600,
which you'd more than bridge the loss
In surplus reserve last week.
The disturbances which are sweep
Ing over the exchange market and
arousing concern In foreign markets
We're Indicated to-day by the rise OF
foreign exchange In New York con-
siderably above the point at which
gold could probably be imported. The
fact that 1t is still coming his way
Indicates the determination OF New
WI y w ". Nlbtti ~ W.
sition yer at a loss. The high rate
Tor bills was caused by the demand
for exchange to cover the arrivals ~
gold. The cotton bills are not yet fully
available, because shipments are
slow and the bills themselves are sut-
jected 10 considerable scrutiny before
they are taken.
May AgaIn Increase Rate.
- S.t - - - Xt-E. - -
bid sufficient premium for gold TO alb.
sorb f460, 900 from the open marke'
snd to withdraw AIN additional ainoun'
pf EiS3,0 600 from tile Bank of England
Indicated that the increase in the dis
our rate of the Bank OF England
made at a special meeting to-day he.
fore the opening OF the New York mar
ket. from 11-gto -g per cent. vas nc
suficient TO check tire gold movement,
Hence arose much talk in London tina
the rate would be advanced to Z PEI
cent. at the regular meeting OF TIL
board of governors IN Thursday. Thi
will be the highest rate attained TO
many years, but with s32.750.000 ii
gold already on the way TO New Yori
or engaged for shipments. ever
higher rate at the Bank Of EnglaH,
would probably not injure MATERIAL,
American credit. 1t Is still believe,
that the Bank OF France would AID IN
Bank OF England by loans in sterlin!
bills at Paris II he situation re
quired 1t.
Reports from Washington indicat
that the national banking Situation
throughout the country is sound. an,
that the efforts of the Comptroller o
the Currency to get notes into circula
tion is meeting with great success
The price OF United States bond wa
tirmer to-day than for some tim,
showing an increase in several classe
of a half of 1 per cent. and indicatin
that the banks were in the market q
purchasers. The fact that to-morroM
election day. Is a legal holiday in Ne,
York will afford time for further per
fecting plans for mutual support
which were we'll under way to-day.
Enormous Export Movement.
It was stated to-day that the ele
vators. boats and warehouses at But
falo have 5000, 900 bushels of graf
and 500 carloads OF merchandise an
"SWY NS-S-