The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1907-11-04

New York, Nov. 4.-The general
day, but the banks and trust compa-
nies are all confident that conditions
are we'll under control. The raising of
the Bank of England discount rate to
six per cent was not unexpected. The
engagements of gold in London alone
now total over $4,000, 900, of which
about $7,2oo,o 900 will arrive Wednes-
day, and ten millions Friday. Crops
are short in Europe and the first half
of the year showed a trade balance of
100000 in favor of the United
States, creating a situation which will
make it difficult for Europe to with
hold gold even by a high discount rate
New York, Nov. 4.-The Trust Com
pany of America and the Lincoln
Trust Company, on which there were
heavy runs last week, opened for bust
ness at the usual hour this morning.
There were only small number of
people in line when the companies op-
ened tor business. The opening of
both institutions brought a distinct
feeling of relief, and was the result
of a conference Saturday and yester-
day at the home of ]. P Morgan. The
stock exchange opening showed an
early decline, followed by a rally and
then a falling off of prices.
Financfers of New York hold op-
posing views regarding the suggestion
that the President should call an ex-
ira session of congress at once to pro-
vide for currency reform. A half doz-
en- members of congress, prominent
in the house, oppose the financiers
who oppose a special session generally
favor currency reform, but hold that
the regular session will be soon
enough Leslie NJ. Shaw, folmer sec
retary of the treasury, is one of those
who favor immediate action. E. H.
Clews are against it.
Prime mercantile paper today was
71A DO; money on call 1920, the rul-
ing rate being 20, with closing bid
of per cent.
A Conference at Washington.
Washington, Nov. Al. Gary, chair
man of the L. S. Steel Corporation,
and Henry Pnipps were in consulta
tion with President Roosevelt more
than al hour today. Afterward the
statement was given out at the White
House that the conference dealt sole
ly with the financial situation. Moth
ing further was given out except that
lott
statement at this time.
Still Purchasing Gold.
London, Eng, Nov. America to-
day purchased $4,O00,OOO of gold in
the open market for shipment.
The persistent demands from Amer
ica for gold, in spite of the recently
increased discount rate of the Bank
of England, and in face of the cable
transfer rate, caused the Bank of Eng
land this morning to raise its rate
from 55s to 6 per cent. The announce
ment of the raise occasioned some
what furry. 1t is locally considered,
however, in financial circles to be the
natural oposome of unfavorable New
York bank statements& Since Thurs
day the United States has been daily
drawing from the bank substantial
sums, already aggregati1g sixty-seven
million dollars, and Egypt has also
recommended Withdrawing gold. The
financial barons here now incline to
believe that six per cent will suffice,
and that no further advance will be
necessary.
The raise in the Bank of England
rate of discount, coupled with the un-
satisfactory condition in New York
as revealed by Saturdays bank state
ments, caused depressing effect on
the stock exchange today. The condi-
tion here, however. is regarded as very
sound, and the advance of the bank
rate is regarded as purely measure
to prevent New York City six per
cent bonds from being placed here.
Labor Vote of Confidence.
Chicago. Nov 4-By an almost
unanimous vote the Chicago Fedora
ton of Labor yesterday its confidence
and that or the trades unions Il rep