The Montgomery advertiser., 1907-11-06
MILLIONS OF
 GOLD ARRIVE Gives Relief to Financial
 Stress. cORTELY0U IN NEW YORK Holds Conference With Morgan and
 Other Financiers. Those Bankers Who Saw CorteIyou, Are Now Convinced That There VIII Be No Extra Session of
 Congress.

the first treasure ship laden with gold for the relief of the present stringency was the feature of the financial situa- ton today.
 The Kronprinzessen Cecilie was re- ported off Fire Island at 6 o'clock in the morning and soon after 10 o'clock. sailed up to her dock and unloaded $7.l00.000 of the yellow metal which will go to strengthen New York bank reserves. The Cunard Liner Lusitania will follow closely in her wake with SIG. .ooo.Ooo and s14.o0O.oo0 more will follow during the remainder of the week and early next week.
 The additional withdrawal of 76,000 pounds sterling for the United States and 25.000 pounds sterling for Canada, brings up the total gold engagements on the present movement to about S3s, ,60o,000. The news that the Bank of France had shipped s.000.oo0 pounds in sterling bills to London was re- ceived here as an event of importance as indicating that French financiers were not only able but willing to help London and the United States indirect ly by relieving the strain on the Bank of England caused by the heavy American demands for gold.
 It is hoped that this action of the Bank of France will deter the Bank of England from raising it's discount rate to seven per cent. at the meeting of the directors Thursday and the Im- periaI Bank of Germany from raising its rate from six and one-half to seven and one-half per cent. The in- ference is drawn that it is likely to have this effect, because not since 1873 has the Bank of Englands rate been above six per cent and only for twelve days in each of the years 1899 and 1900. has the German rate been above six per cent since 1870.
 Morgan and GorteiyOu.
 The presence of Secretary Corte1you in the city on his way home to vote. gave an opportunity for further con ferences with Mir. Morgan and other leading bankers. The secretary came over from Washington with President Roosevelt to yotes and on his way back from his home at Hampstead, decided to stop off and learn of the financial
 sesTde MT Morgan. Secretary Cor telyou saw George, W. Perkins and one or two other bankers. who ac- quainted him with the progress of events He was told that the situation in New York was rapidly improving because of the developments in the last twenty-four hours. Those bankers who saw Secretary Corteivou today, are convinced that there is no intention on the part of the President to call an ex- tra session of Congress to pass reme- dial legislation, as 1t Is understood the administration feels that the situation should settle down to a basis where a proper judgment can be formed on the various proposed changes in the pres ent monetary laws. It was further un- derstood that the administration has not yet definitely shaped the plans of a financial legislation, which it may desire to have considered at the coming session of Congress.
 Measures Considered.
 Measures for strengthening the trust companies, upon which runs have been going on, were under further consid- eration today, but so far 1t has not been clear how sufficient assistance could be rendered by other institutions and bankers without taking over as- sets which they do not consider abso- lutely "gilt edged" The project for the acquisition of the Tennessee Coal and Iron Company by the United States Steel Corporation, has improved the situation somewhat by making loans on the trust companies securities more acceptable at the banks. The situation is still far from solved, however, and its difficulties are increased by the lack of a we'll known and responsible or sanitation on the part of the trust companies, capable of entering into def mite relations with the Clearing House banks.
 A conference. at which the details for taking over of the control of the Tennessee Coal and Iron Company by the United States Steel Corporation were discussed, was held at Mir. Nor Ran'a library today and attended by MT Morgan, George W. Perkins, Secre- tary Trimble of the United States Steel Corporation; Vice President Davison. of the First National Bank, and Grant B. Schley, one of the members of sthe pool which held control of the Ten nessee stock.
 Menace Is Removed.
 No statement was made following the conferences. The taking over of the stock of the Tennessee Company held by the Trust Company of America, as collateral for large loan. removes menace to the Trust Company of Amer ica's affairs and is regarded by bankers generally as a safeguard against fur ther financial troubles. The directors of the Trust Company of America were in session for some time discussing plans for the deal
 That inc corner in the recent mon- etary difficulties has been turned was evidenced today when at a conference oS I. P Morgan, Levi P. Morton. Geo. w, Perkins, together with several oth- CT we'll known financial men, attentlon was chiefly directed to the situation in other financial centers throughout the country to ascertain if the strain Of the last two weeks had disclosed any week anots. With the situation clear ad here. the bankers feel that they are now fin position to render such aid as thy can to either point should 1t become necessary. MT Porkins said after one of a series of conferences held today at the library of J. P. Nor gan:
 "Things are shaping themselves very satisfactorily locally and we spent most of today comparing notes on the sit- uation throughout the country. This was done not because we felt any ap- preh ensIon of difficulties anywhere else, but to learn of the general situation"
 Cash Balance Reduced.
 The treasury has much reduced the cash balance which was nominally available for deposit In the banks. but still actually holds about S130,000.00O in various forms of currency against