Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1907-11-04
TALK Of EXTRA
SESSION CONGRESS
To Provide Need
ed Currency Re-
Leading Financiers Hold
Conference With President
Results Unknown.

New York, Nov. 4.--Leading finan-
ciers of New York today hold oppos-
ing views regarding the suggestion
that President Roosevelt should call
an extra session Of Congress at once
in order to provide for needed curren-
cy reform Half dozen members Of
Congress, prominent in the House OF
Representatives oppose it. The finan-
ciers who oppose special session,
generally favor currency reform, but
hold that the regular session is time
enough. Leslie M Shaw, former sec,
retary of the United States treasury,
is one of those who favor immediate
action. Among those prominently op-
posing such a movement are E. H.
Hartman, James Stillman and Henry
w. Clews.
Trust Companies Still Doing Business.
The Trust Company of America and
the Lincoln Trust Company on which
heavy runs were made last week,
opened for business at the usual hour
this morning. Only a small NUMBER
of people were in line when the com
panies opened for business. The open
Ing of both institutions brought about
a distinct feeling of relief and was the
result of conferences Saturday and
Yesterday at the home Of ]. P Nor
gan. At the Stock Exchange the open
ing showed early declines, followed by
a rally, and then general falling on
of prices.
Situation Well Under Control.
The general financial situation was
still tense today but the banks and
trust companies felt confident that
conditions were well under control
The raising of the Bank of Englands
discount rate to per cent, was not
unexpected. The engagements or
gold in london now total over $780,
100000 of which about $720O,OOO will
arrive Wednesday and $10,O0O,Oo0 on
Friday Crops are short in Europe and
the first half year showed trade bal
ance of $3.50, 100000 In favor of the
United States, thus creating a sltua-
ton which would make it difficult for
Europe to withhold it's gold even by
high discount rates. 1t was announced
today that arrangements had been al.
ready made by which the Twelfth
Ward bank which closed it's doors sev.
eral days ago, will reopen again for
business on Monday, November llth,
Financers Confer With Roosevelt.
Washington, Nov. 4.--E. H. Garry,
chairman of the United States steel
corporation and Henry Phipps, were in
consultation with President Roosevelt
more than an hour today, the confer
ence being participated in by Secre'
tary of State Elihu Root. While no de-
tails of the meeting were obtainable,
it is understood the meeting related to
the financial situation.
Later the statement was given out
at the White House, that the confer
ence dealt solely with the financial sit
uation. Aside from that, nothing
further could be learned except that
the President contemplates making no
statement at the present time.
Labor Unions Stand BY Chicago
Banks.
Chicago, Nov. 4.-By almost unaninl.
GUS vote the Chicago Federation OF La
bor yesterday voted it's confidence and
that of the Trades Unions, which 1t
represents in the stability of the Chi
cago banks and their ability to cope
with the present financial difficulty.
BY the same vote the Federation re.
fused to become a party to efforts to
embarrass the local banks. Only two
votes were cast in opposition.
Bank Of England Advances Discount
Rate to Six Per Cent.
London, Nov. 4.--The persistent de.
mands from America for gold despite
the recently increased discount rate
of the Bank of England and in face of
the continued raise in the cable trans
fer rate, caused the Bank of England
this morning to raise its rate from
5h to per cent. The announcement
Of the rise occasioned somewhat Of
furry locally. 1t is considered, howev.
er in local financial circles to be the
natural outcome of the unfavorable
New York bank statement. Since last
Thursday the United States has drawn
daily from the Bank of England sub.
stantial sums, already aggregating
$57,O00,000 and Egypt has also recon-
menced withdrawing its gold. Finan-
cial circles here now incline to be.
lieve that six per cent will suffice and