Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-11-06
YELLOW METAL
ARRIVES IN
NEW YORK
FIRST TREASURE SHIP
BRINGS IN 81, 100000
Shipments Now AfIoat or En-
gagged for import Expected
to Swell Total to Fhirty-Six
Millions,

lBy MOrainG journal Special Leased WireI
New York, Nov. 5--The arrival of
the first treasure ship laden with gold
for the relief Of the present stringency
was the feature of the financial sit
uation today The Kron PRINCESS Ce-
ellie was reported off Fire Island al
O'Clock in the morning, and soon after
10 O'Clock had dockA and was un-
loading $7,100,000 Of the yellow metal
which will go TO strengthen the New
York reserves. The new Cunard
liner Lusitania will follow closely
with $10,000000. and $14,00O,OO0
more win follow during the remain
der of The week and early next week.
The additional Withdrawals from
the Bank of England for the United
states and E25,000 for Canada brings
up the total gold engagements Sn the
present movement to about sac 600,-
600. The news that the Bank of
France bought three million pounds
in sterling bills on London .was re-
garded here as an event of the first
Importance as indicating that French
financiers were not only able but
willing to help London and thus indi-
rectly help America by relieving the
strain on the Bank of England
caused by the heavy American de-
mands for gold. II is hoped that this |
action of the Bank OF France will de-
ter the Bank of England from raising |
its discount rate to Z per cent at the !
meeting OF the directors on Thursday, /
and the Imperial Bank of Germany |
from raising its rate from 1-2 to /
Z IL per cent The inference is |
drawn that IL Is likely to have this |
effect because not since 1873 has the |
Or 20 Oh /
per cent and only for twelve days in 4
each Of the years 1899 and 1900 has
the German rate been above 6 per
cent since 1870. 4
The presence OF Secretary Cortel-
you in the city on his way to vote
gave an opportunity for further con-
ference with Mr.. Morgan and )ther
leading bankers. The secretary came
over from Washington with Presiden'
Roosevelt To vote and on his way back
from his home at Hampstead. J.. l..
decided to stop off and learn of the
financial situation. Besides Mr.. Nor
gan, Secretary Cortelyou saw George
w. Perkins and one or two other
bankers, who acquainted him with
the situation. HE was told that the
situation i'm New York was rapidly
improving because of the develop
mems In the last twenty-four hours.
those bankers who saw Secretary
Cortelyou today are convinced that
there is no Niention of President
Roosevelt to can an extra session Of
congress to pass any remedial finah-
cial legislation, as II is understood the
feels that the situa-
tion should settle down to a basis
where a proper judgment can be
formed on the various supposed con-
ditions in the present monetary laws.
10 was further understood that the
administration has not yet definitely 4,
shaped the plans Of financial legisla-
tion which IL may desire to have con-
sidered az the coming session of con-
grcss.
Measures TO strengthen the tr'st
upon which runs have 'an
going on was under further cor De !
GRAFTON today. but thus far ID has not {
been made clear how sufficient As- /
gistance could be rendered by q, her &
and bankers, with 1ut Z,
taking over assets which they do NOT
absolutely gilt edged h
Tho project for the acquisition Of
the Tennessee Coal and Iron company I
BY the United states steel Corpora I
tion has improved the situation some S
what by making loans on the Tennes-
see companys securities more accept ,
able al the banks The situation Is {
still far from solved. however, and its !
difficulties are increased by the lack {
NJ "A well knit and responsible organ {
ization on tho part Of the trust COM !
panics. capable OF entering into deii- ,
mite relations with the clearing house
banks =
A conference at which the details
for taking over the control OF the Ten
ncssee Coal and Iron company by the I.
United states steel Corporation were
discussed was held at Mr.. Morgan's
library today and WAS attended by
Mr.. Morgan. George W. Perkins, Sec
rotary Trimblc ~ the United states
steel Corporation; Vice President Da-
yison. Of the First National bank. and
Grant r. Schley. one ~ the mernhcrs
M the pool which held rontrol uf the
Tennessee Coal and Iron stock. No
statement was made following the
That the corner in the recent none
.ary difficulties has been turned was
evidenced TODAY when az q conference
Df J. p. Morgan. Levi II. Morton.
seorge w. Perkins and with several
pthe- well known financial men, at
.entipn was directed to the situation
u other financial circles throughout Z
he country 90 ascertain ~ the strain
VI the last two weeks had disclosed 4
any weak spots with the situation "a
-lesred here the bankers feel that 4
hey are now In position % render + ;
'uch alo af tnc1 can 70 otner points q
should Il prove necessary Mr.. Per- I
Sins said after one ~ series of con- :
'erences held today at the library of =
J ?. Morgan. n
Things are shaping themselves 4
.ery satisfactorily locally. and We n
rDcnf most of today comparing notes 4
1n-fhe situation throughout the cou1- Z
nv. This was done not because we s.
'eif any apprehension OF difficulty q
iuyU here else. but 90 learn of the gen
sral situation" .f
The treasury has reduced the cash c
balance which was nominaiiy avail q
lble for deposit in the banks but siil z
actually holds about &l3o.oe0.00o in d
'arious forms % currency against out a
sanding checks. dishursing officers. @
la alauces and other demand ohliga- (
SONS. which never fan below s1e0 00a. I 81
Doe fn the amount outstanding. How g
'Hr Secret rE rurtailnu ui1l feel fu. Q