Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-11-04
CONFIDENCE IN THE
STOCK MARKET
No More Than Ordinary Re-
cession at Opening.
CONFERENCE AT MORGAN'S
Plans to Strengthen Credit and Re-
assure the Timid.
REORGANIZATION PROPOSED
Two Weak Trust Companies on
Which Runs Were Made
to Be Merged.


Special From a Staff Correspondent.
NEW YORK, November 4.-Splendid
courage. confidence in the ultimate sta
| bility of the financial institutions of the
country and determination to convince
the timid that finance and industry can
not be harmed characterizes the attitude
of the great financiers and financial in
stitutions of New York this morning.
Courage. hope and the ability to do
things are the three props which are
holding up the tremendous fiscal and IN
dustrial structure, and which 1t is con-
fidentiy predicted by leaders in the flnan-
cial world, will continue to stoutly per
form that service.
Conference in Morgan's Library.
All day Yesterday and until 4:45 this
morning groups of bankers and tinanciers
had been III conference in j. Pierpont
Morgan's library, making plans to
strengthen credit and to reassure the
timid 1t was knowledge of the steps
thus taken that pUoyed up the public and
which held the stock market from more
than ordinary recession at the opening
have it upon the authority of one OF
the men present at the conference that
one of the subjects of discussion was the
reorganization of the two weak trust
companies. which have been undergoing
run recently. The proposition which
was made by the tinanciers to the direc-
tors of those institutions involved their
merger with other concerns.
The terms of the merger. however pro-
posed the taking over of one of them,
involving the transfer of some eleven
million dollars worth of securities at
practically so cents on the dollar and
was not acceptable.
It. Is quite probable, however, that a
change in the presidency of both COM
panies will be made within q day OF
two.
One fact which has a reassuring tend
ency at this time is the understanding
well appreciated in financial circles. that
this crisis Is not alone due to financial
strlngency. out to another cause also
namely, contest between the national
contest can be settled. and when 1t is
satisfactorily ended there will be immedi-
ate Increase In public confidence.
Large Gold Importation.
The first two hours of business brought
forth another reassuring feature. an
nouncement of large importations of gold
AT that time the engagements had reach
ed total Of 33,OOO,OOO. The last bulle-
tin before noon reported the engagement
of two millions from South Africa A
idl &c part Vi ILLS SUN Will De ldQQeO IN
New York this week. the first consign-
ment coming tomorrow. 1t will not all be
kept here, but portion will go west.
Announcement was also made of the fur.
Their taking out of circulation by national
banks, which was comforting.
These conditions served to hold the
market during the forenoon, at a time
when many had thought there would be
heavy liquidation and consequent demon
alization Of prices. There was practically
forenoon, and this served favorable pur-
pose also.
The financial district was awaiting an
announcement from George w. Perkins
of the house Of J. P. Morgan & Co. as
to the reorganization of the two trust
to the staying powers of the district that
it could keep its head and withhold its
hand during period of anxiety.
No Symptom of Distress.
The clearing house committee was In
session all morning devising means to
insure the clearing house sheets going
through safely.
A member of the clearing house COM
mtttee said this afternoon that there Is
not the slightest bit of evidence that any
brokerage house is embarrassed. He
added that it is Obvious that the long
continued depression has been felt Sc
verely by members of the stock exchange
but that it is untrue that there is any
symptom of actual distress.
He went on to say that the positions
of the trust COMPANIES have been i'm
proved as a result of the action Of promi-
nent directors.
The report that the United States Steel
Company had taken over the Tennessee
Coal and Iron Company approximately
at 80 strengthened the market this after
noon. 1t was said that this was one of
the reasons of yesterdays conference of
bankers. and that it involved the placing
of S1oG0H,on with the Trust Company
of America by the steel interests: also
that the Trust Company of America will
clear from the clearing house hereafter
also that the Lincoln Trust Company
would be helped.
Toward the close of the afternoon there
was decidedly better feeling in the
financial district and everybody was cheer
ing UP. NOM