New-York tribune., 1907-11-13
GOLD STILL FLOWING IN
STOCK M4RKET UE4K.
Heory Demand for Currency from
Other Cities.

Additional engagements Of gold for import
bringing the total on the current movement TO
more than S5300o.O0O; weakness in the stock
market and heavy demand for currency for
out OF town and local account were the chief
features yesterday in the financial situation III
New York. The demand for currency was as
active If not more than on any day since
money began to command premium, and large
transactions We're made, with the selling price
from 81 TO 4 per cent, the highest quotations
50 far recorded, the rate becoming firmer in the
afternoon in response to increased inquiry
for funds Through the Sub-Treasury there was
shipped interior points 81, 1,357 600 for account
Of banks. while on direct shipments the move
rnent was as heavy, with the chief demand COM
Ing from banks in other cities which in
pressing need of small currency. The strong
demand for money in the face of actual arrivals
IF gold Of more than $4,000 OO0 it was thought,
would be only temporary, much Of the in
quiry represented the necessities Of payrols
which are made up on the 10th of the month
Heideibach Ickelheirner & Co. engaged
S17J0000 gold for import, making the total Of
that firms engagements on the current move
rnent SS.T0oo00. while Chicago took 100000
from the Bank Of England, but in some well in
formed circles it was thought these shipments
would mark the end of the inflow of the precious
ion was expressed that just long pre-
MUM was quoted on currency at this centre
gold would continue 10 come to this side of the
ocean. though il was pointed out that
sagements might be offset by cancellations Of
previous engagements by banks which believe
that with the gold already arrived, on ship
board and about 10 be shipped there will be
enough money in the country TO meet the urgent
requirements Of the general situation.
Reports from all interior cities, rule, are
to the effect that the money situation is improv-
ing, that there is In some places & disposition on
the part of banks to pay out currency on
checks, and that in other cities the cashiers
check plan is being accepted by retail mer-
chants. The West for several years forgot Wall
Street could go through a financial panic with
out the effect being felt IN all quarters Of the
country but most impressive object lesson'is
now being learned by the out of town people.
Many presidents and cashiers of out of town in
stitutions are in this city practically begging for
funds, and New York is meeting their demands
most generously.
II was rumored that money brokers had OBJ
tained from certain trust companies the names
OF cash hoarders; also from safe deposit COM
panies the names Of people who had placed
funds in their vaults, and that agents Of the
brokers were scurrying about town 20 buy up
currency from hoarders at IL TO per cent pre-
mium. which they would subsequently offer o.
the Street ar from 81 to per cent. There IS
no corroboration of the rumor II is estimated
that more than 100000 changed hands be
fore the close of business, and IL reported
10y the brokers that no trouble was experienced
in getting 3st and PER cent where large blocks
of currency were offered in small bills IN
silver dollars.
The afternoons high premium money in
creased the profits for the gold importers. and
the bidding for the foreign gold that will arrive
tomorrow was active, a portion of it being sold
at premium of 3al per cent.
4 prominent banker said TO a Tribune repre-
tentative yesterday that in his opinion the local
situation was in far better shape than it had
been at any time since Improvement began. but
that he was not satisfied with the position of af
fairs at Chicago, Pittsburg 81. Louis and other
interior cities. He thought the Bank of Eng
lands Z per cent rate would be effective in
drawing gold to that point from other foreign
capitals, and that further shipments of the
metal coald be made to New York without be
ing followed by wholesale liquidation Of Ameri-
can securities held abroad. He believed, how
ever that the necessity no longer existed for
gold imports, but that they would continue
long as the premium currency continued. He
believed stocks cheap at present prices, but sug-
Throughout lie day weakness prevailed on
the Stock Exchange, sharp declines being re-
ported III many issues, with net losses in most
shares at tho close. \ decline Of points in
American Smelling exerted an adverse influence
upon all other stocks, it was believed the
selling in the issue named foreshadoWed a cut
IN the dividend, though interests connected with
the company would not affirm the idea The
fact that the Parrot Silver and Copper Company
directors decided TO defer action the dividend
following so closely on the passing OF the North
American and American Cotton Oil companies
dividends. created the impression in speculative
quarters that general reduction in dividends
on Industrial shares might be looked for, and
~ a consequence sentiment among the floor
raiders on the exchange was decidedly against
advancing prices Stocks presented no ralying
power at any time. There was no evidence OF
support from substantial interests, and one Of
:he DAYS disturbing rumors on the exchange
vas that the big men" no longer were cooper
ating TO advance prices AS matter of fact the
big men at no time have co-operated to ad-
vance prices THEY are distinctly opposed to
aggressive bull speculation at this period.
Western houses sold in the last half hour on
the news of the failure of big bank in Port
land. Ore, and sentiment as rule was inclined
in be pessirnistic over the situation outside the
Street There was a disposition to lay more
stress on the indications Of a general recession
in business throughout the country as shown by
;he DISPATCHES from many quarters telling Of the