Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1907-11-07
NEW YORK TURNS ATTENTION
TO HELP FINANCiERS OF
OTHER PLACES.
SECURITIES OF GOTHAM TRUST
COMPANIES LOOKED UPON
AS SHAkY.

stringency was the feature Of the
financial situation yesterday. The
Kronprinzess Cecilie was reported
off Fire Island at o'clock yesterday
morning and soon after 10 had locked
and was unloading $7,100,C00 of gold
which will go to strengthen the New
York bank reserves. The Lusitania
will follow closely in her wake with
$10,0G0,000, and s14,000,000 more will
| follow during the remainder or the
week and early next week.
| The additional withdrawals of $50,
! 900 pounds from the Bank Of Eng
land yesterday for the United States
Up the total of gold engagements OF
! the present movement to $50, 500, 900.
News that the bank Of France bought
yesterday 100000 pounds of ster
| ling bills in London was regarded
! here as an event of first Importance
as indicating that French fnanciers
are not only able but willing to help
London and thus indirectly to help
America by relieving the strain on
the Bank of England caused by the
heavy American demands for gold.
Rapid Improvement.
The presence of Secretary Cortal-
you in the city on his way to vote
gave an opportunity for further con-
ferences with Mr.. Morgan and other
leading bankers. The secretary came
over from Washington with Presi-
dent Roosevelt to vote and on his
way back from his home at Hemp
stead, L. l., decided to stop off and
learn of the financial situation. Be-
sides Morgan, Coftelyou saw other
bankers, who acquainted him with
the progress of events. He was sold
that the situation in New York was
rapidly improving because of deyeN
opments in the last "a hours.
No Extra Session.
The bankers who saw Cortelyou
yesterday are convinced that there is
no intention on the part of the pres
ident to call an extra session Of CON
gress to pass any remedial fnanciGI
! legislation, as it is understood that
| the administration feels the situation
should be brought down to a basis
where proper judgment can be
formed on various proposed changes
in the present monetary laws. 1t
was further understood that the ad-
ministration has not yet definitely
shaped the plans of the financial leg
islation which it may desire to have
considered at the coming session OF
congress.
Charry Of Trusts Assets.
Measures for strengthening the
trust companies upon which runs
have been gong on were under fur
Their consideration yesterday, but
thus far it has not been clear how
sufficient assistance could be rem
dered by other institutions and bank
ers without taking over assets which
they do not consider absolutely gill
edged" The project for the acqui-
sition Of the Tennessee Coal and
Iron company by the United States
Steel corporation has improved the
situation somewhat by making loans
on the Tennessee company's secu :
tiles more acceptable at the banks.
That the corner in the recent mon
ely difficulties has been turned was
evidenced yesterday when at a con,
| ference of J. Pierpont Morgan with
several other well known financial
men attention was chiefly directed to
the situation in other financial cen.
tiers throughout the country to ascer-
tain whether the strain of the. last
two weeks had disclosed any weak
spots. With the situation cleared
here bankers feel that they are now
in a position to render such aid as
they can to either points should it
prove necessary.
Treasury Balance Reduced.
The treasury has much reduced
the cash balance which was nominal
ly available for deposit in banks, but
still actually holds about $3.50 100000
in various forms of currency against
outstanding checks and other demand
obligations, which never fall below
S1A0,000,000 as the amount outstand-
ing.
Aid for Trust Companies.
New York, Nov. ga. Barton Hep
burn, president of the Chase Nation
al bank, made the following state
ment late last night, following a gen
eral conference of directors of the
Trust Company of America and the
Lincoln Trust company and ]. Pier
pont Morgan and other fnanciers:
A decision has been reached where
by every ass stance viii be given the
Trust Company Of America and the
Lincoln Trust company. Everything
has been arranged except few min
, or details which will necessarily
take some time to arrange. The
situation is now clear"
Helping in the Northwest.
New York, Nov. 6.-Before leaving
for Washington last night Secretary
Cortelyou said:
I'm helping out the situation in
ST. Paul and Minneapolis in connec-
ton with the grain interests, also in
St Louis, New Orleans and in other
sections.
In ordinary times the revenue col