Daily press. [volume] (Newport News, Va.) 1896-current, 1907-11-05
NOHIEO MEN WILL
STAND BEHIND BANKS
FInaRclers Agree 10 Lend Their
Individual Fortunes 10 Iasll'u-
lions In Distress.
BANK OF ENGLAND REIjEs RATE
Puts It Up to Six Per Cent. But Re-
port From London says That 1t
viii be Boosted to Seven If the De.
mand for Gold con,inues-ss2,o oo,.
900 in Gold Coming.
(By Associatcd pressl

(By Associated Press)
NEW YORK. Nov. 4-The buoyan-
cy of the stock market today -efect-
cd the ultimate decision of large bank
ers to support the two Institutions
the Trust Company OF America and
the Lincoln Trust company which
nave been subjected TO most severe
runs during the last two weeks. The
day was one OF doubt and conflicting
rumors and the fact that ii passed
without adverse developments is an
evidence that the worst of the situn-
ton is probably over. At late hour
this morning an agreement was reach.
ed largely through the influence OF
Mr.. Morgan by which the trust com
panies will cooperate in future for
their mutual protection and the di.
rectors will lend the assistance OF
their personal fortunes to meet I'M
mediate necessities. The assets of
the two threatened companies were
carefully gone over by experts on Sat.
urday and both were found To be sol.
vent with a considerable surplus al
Ter paying all claims and providing
FOR the capital stock. Under these
circumstances 1t was thought advia-
able by the big men TO support them
results today were the steady upward
movement of the stock market I'm
near the close is believed To mark
the turn of the crisis. me loss of
S3OOOO,0O0 in cash by the Clearing
House banks according to their Sat.
uiuay statement in spite of $50 600
oUo which had been poured into their
tiils during the week from the Treas.
rry was expected 20 have n disturb.
ing effect. 1t was worse showing
IMAM Will be possible again in the face
OF heavy arrivals of gold.
s32.ooo,oo0 in Gold Comma.
Gold engagements since the begin.
ning oil the present movement now
amounts to $32,050,000. which would
bridge the loss of surplus reserve last
week. The disturbances which are
sweeping over the exchange market
are arousing concern in foreign mar.
kets were indicated today by the rise
OF foreign exchange in New York con
siderably advance the point at which
gold could be profitably imported. THE
fact that II is still coming this wav
indicates the determination of New
York bankers to strengthen their no
sitions even at loss. The high rato
Tor bills was caused by the demand
lor exchange to cover the arrivals of
gold. W
The cotton bills are not vet fully
available because shipments are slow
ana the bills themselves are subiect
TO considerable scrutiny before they
are taken. The fact that the New
iork market bid sufficient premium
nor gold TO absorb 100000 pounds
from the open market and to with.
draw an additional amount of 4S3 .0O0
pounds from the bank of England. in
ulcated that the increase in the dis.
count rate OF the Bank of England
niaae AT special meeting today be.
lore the opening of the New York
market. from az TO six per cent. was
ment. sou
Bank of England eoueine.
Hence arose much talk in London
that the rate would be advanced IN
seven per cent. at the regular meet.
ing of the board of governors Thurs.
day. This will be the highest rate
attained for many years. but win
SSZ.0OO, 900 in gold already on the wa
70 New York or engaged for shipment
Even higher rate at the Bank of
England would probably not iniure ma.
.erialiy American credit. II is stiII
peneved that the Bank of France would
aid the Bank of England by loans in
sterling bills at Paris if the situation
required it. '''''
Reports from Washington indicate
ma. .,l the national banking situation
tnronghout the country is sound and
that the efforts of the comptroller of
currency to get notes into circulation
is meeting with great success.
me price of United states bonds
was lrmer today showing an increase
IN several classes of half of one Der
cent. and Indicating that the banks
were In market as purchasers.
VIII Take Advantage of Holiday.
The fact that tomorrow. election
Day is legal holiday in New York.
VIII afford time for further perfecting
pans for mutual support which were
well under way today.
IL was stated today that the elevn.
tors. boats and warehouses at Buffalo
nave 100000 bushels of grain and
500 car loads of merchandise and many
manufactured goods, very largely for