Daily press. [volume] (Newport News, Va.) 1896-current, 1907-11-07
SITUATION WILL SOON Be NORMAL
Arrival of sa7ooo,ooo in Gold Which
Win Soon BE Dumped Into the New
York Banks, viii Remove the Last
Vcstige Of Money strinsency-stock
Market Seen It's Worst Days.
Cny Associated pressl

NEW YORK Nov. 1.-THE general
conditions OF the financial situation
We're favorable today. The runs OF
The trust companies had practically
ceased under the encouraging innu-
ncec OF the support of the trust com
pany committee. gold engagements
were further increased and the stock
market rose buoyantly in recognition
OF these conditions.
The announcement by Mr.. King
president OF the Union Trust company
early IN the morning that an agree
inrnt had at last been reached By
winch the Trust Company of America
and the Lincoln Trust company were
10 deposit their stocks in the hands
OF committee of trust company presi-
dents and in consideration of this.
We're To receive all the support re.
CURED finally cleared the air in re.
gard to The trust company situation.
Grave apprehension existed MS to
me termination OF the conference, mt
Mr.. Morgan's house AT 3 O'Clock this
morning that an agreement in re-.
gard to the two trust companies wonld
not be reached and that they might
40 subjected TO Il run too strong for
'hcir impaired resources. Now that
lnls danger is removed. ii is believed
mat me situation will gradually sim.
hier down. with the continuous arri-
val of gold until the stringency is
converted into the plethora of re.
serve money in banks which usually
iollows crisis. Additional gold on
Sagcmenis were announced today of
Sl,VVOooO on account OF Lazard Fracza
ana $4,000 for Montreal. This brings
up the total gold engagement for Am
erica on the recent movement of s37
'oo0OO, which would afford the am
cunt required for legal reserve against
deposits OF Sl50,00O,000 The gold
winch arrived yesterday was deposited
Today and that by the Lustiania will
soon In the vaults of the banks.
While there is still some appre-
hension regarding the possible efforts
OF the Bank of England to check the
overflow OF gold from London. nv
raising its discount rate on Thurs
day, there is n strong feeling among
conservative financiers here that the
directors OF the Bank OF England will
Do very reluctant to fix n rate of dis
count which has not been reached
since 1873. 1t might have been found
necessary to overcome this reluctance
u me Bank of France had not
EN- ''"SiN uippeu INTO It's immense
reserves, under the enlightened mol.
icy of Governor Palm by the purch.
acc OF sterling bills to the amount Of
e3,OOO.00O TO relieve the london mar.
ket ''"'
The strength of the stock market
was the reflex of improved feeling
throughout the financial community
II Is believed that the stock market
has pretty well discounted the worst
ana that prices are not likely to 90
much lower. even in case of new dis.
tirbances. II is understood that the
arrangement by which the committee
OF the trust company presidents takes
control of the majority of the stocls
Of The Trust Company OF America ana
me Lincoln Trust company is ONLY \
temporary device to re.cstnblis,. con-
hdrnce- What will he the ultimate dis.
position of this stock has not vet been
seriously considered. but it is certain
mat the trust company committee
ana the Clearing House committee
VIII insist that these companies mr..
sue IN future n policy of The sirictcst
conservatism ana shall not cmbar,;
IN any underwritings which arc moi
capable OF being converted readily in.
10 cash.