The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1907-11-05
EXPORTS
EL.AYEED
RAILROADS UNABLE 70 HAUL Ac.
cuMlLATloM OF PRODUCTS
To THE HARBoRs.
GOLD G is COMING i Il
Thirty-two Million Dollars Engaged
for Shipment From Europe to New
Yorses-Arrangements Completed TO
Run New York Trust Companies on
Conservative Methods-situation
Normal.

nUH sYSW 40FR bE0Ss companies on
Conservative Methods-Situation
Normal.
New York, Nov. A..Jt was stated
today that the elevators, boats and
warehouses at Buffalo have 5000 900
bushels Of grain and 500 carloads OF
merchandise and manufactured goods
very largely for export, against which
drafts for gold could be drawn \, the
moment 1t is loaded on vessels that
are waiting at Atlantic ports for car
goes. JILL
The magnitude Of this accumulation
of American products is indicated by
the fact that the railways and them
selves unable to move 1t to the sea
board, notwithstanding the enormous
development Of trahac facilities with
lin the last few years. The New YORK
Central tines have increased the niilns
ber Of locomotives 81 per cent within
the last few years and the freight en-
that road has been. increased IL per
cent at an expenditure Of over $140,
900; 1000 Other lines have made large
increases, but their combined facili-
ties are subjected to severe strain in
getting these accumulated products
from the central west to the seaboard.
The buoyancy Of the stock market
today reflected the ultimate decision
of large bankers to support the two
institutions, the Trust Company of
America and the Line Trust COM
Trhich; have been subjected to
tlle ostt severe runs during the last,
two weeks. ''st e Y saftE-
The day was one Of doubt and con-
ficting rumors and the fact that it
passed without adverse development
is an evidence that the worst of the
situation is probably over. ,s
Support for Trust Companies.
Alta late hour this morning an agree
ment was reached largely through
the influence of Mr.. Morgan, by which
the trust companies will cooperate in
the future for their mutual protection
and the directors will lend the assist
ance of their personal fortunes to
meet immediate necessities. The as
sets Of the two threatened companies
were carefully gone over by experts
on Saturday and Sunday, and both Of
them were found to be solvent with a
considerable surplus after paying all
claims and providing for the capital
stock. Under the circumstances, it
was thought advisable for the big
men to support them cordially If they
would adhere to thoroughly conserve
tive methods and direction in the fu-
ture.
Gold engagements since the begin
ming of the present movement now
amount to $32,Oo0,o0o, which would
more than bridge the loss in surplus
reserve the last week.
The disturbances which are sweep
ing over the exchange market and
arousing concern in foreign markets,
were indicated today by the rise of for
eign exchange in New York. The fact
that it is still coming this way indi-
Gates the determination of New York
bankers to strengthen the position
even at a loss. The high nete for
bills was caused by the demand for ex-
change to cover the arrivals of gold.
Cotton Shipments Slow.
The cotton bills are not yet fully
available because shipments are slow
and the bills themselves are subjected
to considerable scrutiny before they
, are taken The fact that the New
York market bid sufficient premium
for gold to absorb 100000 from the
open market and to withdraw an ad-
ditional amount of G4S3,000 from the
Bank of England, indicated that the
increase in the discount rate of the
1 btllh o1 GAsaAe2ASl, AA0AG a. q oPSSAeha
meeting today by the opening of the
New York market from SIX to 6 per
| cent, was not sufficient to check the
gold movement. Hence arose much
| talk in London that the rate would be
| advanced to per cent at the regular
meeting of the board of governors on
Thursday This will be the highest
rate attained for many years, but
with s32.00O,oo0 in gold already on
the way to New York or engaged for
shipment, even a higher rate at the
Bank of England would probably not
injure materially American CONNER
cial interests.
Representatives from Washington
indicate that the national institutions
throughout the country are sound and
the efforts of the comptroller OF the
currency. to get notes into circulation
are meeting with considerable sue
cess. The calls for bank circulation