The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-11-05
CALLING EXTRA SESSION OF
CONGRESS DEEMED UNWISE
By Representative Fowler, Chairman Of the
House Committee on Banking and Cur
rency--FinaociaI Situation In Coun-
try at Large

New York, Nov. i-The buoyancy
Of the stock market today reflected
the ultimate decision of the large
bankers to support the Trust Com
pany Of America and the Lincoln
Trust company which have been sub
jected to the seyerest runs during the
last two weeks. The day was one
OF doubt and conflicting rumors, and
the fact that 1t passed without ad
verse development is evidence that
the worst of the situation is prob
ably over. An agreement was reach
cd early, largely through the infleunce
OF Morgan, by which the trust com
panies will cooperate in the future
for their mutual protection, and the
directors will lend the assistance of
their personal fortunes to meet the
immediate necessities, The assets Of
the two companies We're carefully
gone over By experts Saturday and
Sunday, and both were found solvent,
with a considerable surplus after pay
ing all claims and providing for eapi-
tai stock.
The achievement Of these results
today, 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 $780,
100000 cash by the clearing house
banks according to their aSturday
showing, in spite of the s3oo00,0a0
poured into their tills during the
week from the treasury. was expected
to have disturbing effect 1t was a
worse showing than will be possible
again in the face of the heavy arriv- |
ais of gold. Gold engagements since
the beginning of present movement
row amounts to $32,000,d00, which |
would more than bring the loss in the |
surplus reserve of last week.
The fact that the New York market |
bid sufficient premium for gold TOT
absorb 40C 900 pounds from the open
market and to withdraw an additional
amount of $4,000 pounds from the /
Bank of England, and the indicated
increase in the discount rate of the
Bank of England today before the
opening of the New York market, Of
from 51b to per cent, was not suffi-
cient to check the gold movement. /
Hence arose much talk in London
that the rate be advanced to I per
cent Thursday. This will be the high
est rate attained for many years, but
with $4,000 600 gold already on the
way TO New York, or engaged for
shipment. even a higher rate at the
Bank Of England probably could not
iniure materially the American cred
it.
Reports from Washington indicate
that the national banking situation
the country is sound ami
The efforts of the comptroller of the I
currency to get notes into circulation +;
are meeting with considerable sue Ii
ross. Calls for bank circulation are ,
so numerous that the mail can harl- a
" be handled promptly by the clerks i
In the comptroller's office. The /
price of United States bonds was t
irrner today than for some time. show a
ug an increase in several classes OF {
, half of one per cent, and indicating
hat the banks were in the market as ,
The factsthat tomorrow
s election day. and is a legal holiday
Nill afford time for the further per
Getting Of plans for mutual support, e
which were well under way today. +
II We stated today that elevators. Il
,oats and warehouses at Buffalo have il
coo. 600 bushels of grain and 500 6
ar loads Of merchandise and manu-
lac,ured goods. largely for export. f
against which drafts for bold could be
lrawn the moment it is loaded on yes 4
.els. waiting at the Atlantic ports for
.argoes. The magnitude Of this ac-
emulation OF American products is
Indicated by the fact that the rail
savs find thesnselves unable to move
I o the seaboard notwithstanding the {
uormous developments Of traffic IA :
uitirs within TIE last few years.