The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1907-11-08
VESSEL BRINGS GOLD
German Ship Unloads Yellow
Metal at New York.
AND MORE is ON THE WAY
rive With Ten Million Dollars.
England-Situation Is Improving.

experimentation is Improving.
New York, Nov. 6-The arrival Of
the first treasure ship laden with gold
for the relief of the present stringency
is the latest feature of the financial
situation. The Kron PrinZessin Cece-
lie unloaded $7,1OO,OOO in the yellow
metal which will go to strengthen
New York bank reserves. The new
Cunard liner Lusitania will follow
closely in her wake with $10,O00,000,
and $14,000,0O0 more will follow dur
ing the remainder Of the week and
early next week.
The additional Withdrawals of
8750,000 from the Bank of England
for the United States and e25,000 for
Canada bring up the total gold engage
ments on the present movement to
about $36,600,000. The news that the
Bank Of France bought 6 3,000,000 in
sterling bills on London was regarded
here as an event of the first import
ance, as indicating that French inan-
SiSIS "SlS uOI Ohly dUlS puI w
to help London, and thus indirectly
to help America by relieving the
strain on the Bank of England caused
by the heavy American demands for
gold. 1t is hoped that this action Of
the Bank of France will deter the
Bank of England from raising its dis
count rate to per cent at the next
- 4 4loa
perial Bank of Germany from raising
its rate from 61a to 71a per cent. The
inference is drawn that it is likely to
have this effect.
Measures for Strengthening the trust
companies upon which runs have been
going on are again under considera-
ton, but thus far it has not been clear
how sufficient assistance could be rem
dered by the other institutions and
bankers without taking over assets
which they do not consider absolute
ly "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 Tennessee company's securi-
ties much more acceptable at the
banks The situation is still far from
being solved, however, and it's diff
culties are increased by the lack Of a
well-knit and responsible organization
on the part Of the trust companies,
capable of entering into definite rela-
lions with the clearing house banks.
Conference in Morsan's Library.
A conference at which the details
for taking over the control of the Ten
nessee Coal and Iron company by the
United States Steel corporation were
discussed was held at Mr.. Morgan's
library and attended by Mr. Morgan,
George w. Perkins, Secretary Trimble
of the United States Steel corporation,
Vice President Davidson of the First
National bank and Grant B. Schley,
one of the members of the pool which
held control of the Tennessee Coal
and Iron company stock. No state
ment was made following the confer
ence.
That the corner in the recent mon
etary difficulties has been turned was
evidenced when at a conference of J.
Pierpont Morgan, Levi H. Morton,
George w. Perkins, together with sew
eral other well known financial men,
attention was chiefly directed to the
situation in other financial centers
throughout the country to ascertain
if the strain of the past two weeks had
disclosed any weak spots. With the
situation cleared here the bankers
feel that they are now in position to
render such aid as they can to other
points should it prove necessary. Mr.
Perkins said after one of a series of
conferences held here at the library
Of j. Pierpont Morgan:
Things are sharing themselves
very satisfactorily and we compared
notes on the situation throughout the
country This was DONE not because
we felt any apprehension of difficulty
anywhere else, but to learn of the
general situation