Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-11-04
EUROPE TRYING TO STEM
TIDE OF GOLD TO AMERICA

States was clearing satisfactorily, but
continued engagements of gold at 4
loss of 2 to ) per cent on eXchang
rates caused a recrudescence of ner-
VousnesS and the discount market rate
was put up from 57s to per cent in
an endeavor to assist the bank to pro.
tect its reserve, but the futility of the
efforts is shown by the fact since
Thursday the United States has drawn
daily from the bank substantial sum5,
already aggregating $5,000,000 Egypt
has also recommended withdrawing
gold
Believe Step Will Suffice.
Financial circles here now incline tn
the belief the per cent rate will SUI
flee and that no further advance will
be necessary, particularly if the Bank
of France renders its promised aid.
All depends, however, on the absence
of demands of alarming proportions
from America. On the stock exchange
consols dropped three-eights and Ame :
leans were offered in many cases at a
point below parity without finding
buyers.
Position Regarded Sound.
The position here. however, is re-
garded as being very sound, and the
declines registered today were more
in the nature of a sentimental mark
selling.
Open as Usual.
New York, Nov. 4.-The Trust Com
pany of America and Lincoln Trust
company, on which there were heavy
runs last week, opened for business at
the usual hour this morning.
Brought Feeling of Relief.
The opening of both institutions
brought distinct feeling of relief as
it was taken as indicating the con
ference held last night had exertei
beneficial effects. During the confe
ences the board of directors of the two
trust companies were in session, while
number of financiers were assemble
at MorSan's house, both bodies bein5 :
in touch with each other The commit
tee of experts appointed Saturday had
gone over the affairs of the Trust Com
pany of America and had pronounced
it solvent. But 35 persons were il.
line when the Trust Company of
America opened.
Call Upon President.
Washington, Nov. 4.-E. H. Gary,
chairman of the United States Steel
corporation, and Henry Phipps we.4
| in consultation with President Roos =
welt for more than an hour today, the
conference being participated in also
| by Secretary Root. While no details
were obtainabIe it is understood th-
meeting related solely to the financia
situation
| Conferences Are Held.
| New York, Nov 4.-The second OF
| three conferences between tinancier.
was held at J. r. Morgans library last
night Seventeen were present, includ
ing J. p. Morgan. George w. Perkins
and Charles Steele of Morgan & Co.;
James Stillman, National City bank
George F. Baker, First National bank;
Thomas F. Ryan, Henry c. Frick, E
II. Gary and Richard Trimble, of tht
United States Steel corporation.
Most of those present last night at
tended an all-day conference at th'
library Saturday.
Trust Company's Directors Meet.
At midnight William Soloman, Isaa
Seligman and four others joined tn
party in the library. These men cam'
from the Waldorf-AstoTia, where th
directors of the Trust Company }
America were in session several hours
President o. Horn of the Trust CON
pany presided, and it was said h
might make a statement later. In a
adjoining room the directors of tn
Lincoln Trust company were meeting
All three conferences continued unit
after midnight, when nothing concerr
ing any of them were given out.
: Hamburg Firm Goes Under.
Hamburg, Nov. 4.-The banking an
brokerage firm of F. Lappenberg SUI
lpended payments today owing to losse
sustained through customers.
YNCH a NFERn MIjRDERE