Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1907-11-07
CALL NOW is UNNEC ESSARI
AND WOULD BE MOST
UNWISE.
CHAIRMAN OF HOUSE FINANCIAL
COMMITTEE AGAINST LEGlS-
LATlVE CURE.
NEW YORK CONDITION INoI.
GATES THAI CRISIS IN MON
EY SCARE HAS GONE.

New York, Nov. Sit would De
most unwise to call an extra session
# congress now to consider currency
legislation and federal control OF
corporations, in the opinion OF
Charles Fowler Of New Jersey, chair
man of the banking and currency
committee of the house of represen-
tatives.
What the country needs more
than anything else" said Mr.. Fowler,
rs rest, recuperdtiOn and revival OF
.aith and hope in American man
hood; not unrest, apprehension and
obstruction of confidence and credit
n American business.
"The banks Of the United States
with the very rarest exceptions, are
managed by honest ana able men,
and considered from the standpoint
Of assets are sounder and stronger
,oday than they have ever been al
2ny time in the history of the @oun
try, although owing to the want II
wise and proper currency system.
ley are temporarily short of suhi,
lent currency to transact daily bus:
LESS.
Just four weeks from today coll-
gress will meet i'll regular session
ind nothing could be gained by
special session, as no currency legis-
iaton could be passed to meet the
present exigency, which is now full
upon us and is being bravely, wisely
and fully met"
Stock Market Buoyant.
The buoyancy of the stock market
yesterday reflected the ultimate de-
cision OF large bankers to support
the Trust Company of America and
the Lincoln Trust company, which
had been subjected to the severest
runs during the last two weeks. The
day was one of doubt and conflicting
rumors and the fact that it passed
without adverse development is evil
dence that the worst Of the situation
is probably over. An agreement was
reached early, largely through the
influence of ]. P. Morgan, by which
,ne trust companies will cooperate in
The future for their mutual protec-
lion and the directors Will lehu Iue
assistance of their personal fortunes
% meet immediate necessities.
The assets Of the two companies
were carefully gone over by experts
Saturday and Sunday ana Doth were
found solvent, with considerable sur
plus after paying all claims and pro
viding for the capital stock.
The achievement OF these results
with steady upward movement or
the stock market I'LL near the close
Is believed to mark the TURN OF the
crisis. me loss OF S5OOooO VO OF
cash by clearing mousse banks accoru-
'ng to their saturday showing III
spite of $3O,OOO,OO0 poured into their
'iits during the week from the treas
lng effect 1t was worse showing
than Will be possible again ID 'he
'ace OF heaVy arrivals u soio'
London sooEts Kate
Gold engagements since Ihe peslh-
ming of the present movement now
amount to $32000O00, which would
more than bridge the iUos in the sur
plus reserve last week. The fact
that the New York market bid a sui
fcient premium for gold to absorb
400 900 pounds from the open market
and to withdraw an additional amount
of $4,000 pounds from the Bank OF
England vas indicated by an in
crease in the discount rate Of the
Bank Of England yesterday, before
the opening Of the New York market
from 51a 20 6 per cent, was not sui
fcient to check the gold movement.
Hence arose much talk in London
that the rate be advanced to Z per
cent. Thursday This will be the
highest rate attained for many years,
out WITH SoZ,OOO,OUO IN gold aireauy
on the way TO New York or engaged
for Shipment even a hlgher rate at
the Bank Of England probably would
not inJure materially American credtt.
Bankers Increase Circulation.
Ranorts from Washington indicate
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