New-York tribune., 1907-11-02
MORE GOLD ENGAGED.
FOREIGN RATES HIGH.
Trading on Stock Exchange Re-
Stricted IN VOlume.

rates almost to the level at which normally the
metal might prOftably be exported. The ex-
PLANTATION of these transactions il was said by
foreign exchange experts. lies principally in
the fact that currency is now at a premium
The gold engagements yesterday were $1,000
600 each by Lazard Freres and Kuhn Loeb &
Co., S0c0OO by the National Bank of the Re-
public Chicago. and 100000 by the Second
National Bank Boston. bringing the total
gagements to date up to S26.550OOO The
Kronprinzessin Cecilie. which sailed for this
city from Plymouth on Wednesday has on
board STJO0OOO gold. and the Lusitania which
sails from Liverpool to-day. will bring $1O.-
100000. record single shipment. which the
insurance premium is % per cent. or eight
times the usual figure n. W. Harris & Co. are
importing between 100000 and $4,000 by the
Lusitania. engagement not hitherto reported
The National City Bank has in the last two
days engaged S1OOOOO0 in American gold coin
in Cuba. for which it has been obliged to pay
| an average Of q per cent premium. ii is un-
derstOOd. The especial desirability OF this form
of specie is that the gold coin can Immediately
upon arrival here be placed in circulation. Eff
forts making in other directions 10 obtain
additional supplies of gold coin.
On the Stock Exchange the trading was In
greatly restricted volume. the close being irreg-
ular with small net price changes. Money
again advanced to % per cent. with most OF th,,
| days loans made at 20 per cent. and declined
| 10 per cent at the close. There was a pro-
nounced absence Of speculative animation. the
| houses which had been Inclined 10 ignore the
| bankers warning against encouraging marginal
| trading having apparently learned their lesson
/ from the disciplinary treatment given them be-
| cause of their lapse: and the bulk OF the busi-
| ness done was strictly for cash. the most m
portant part OF the days transactions being once
| more the purchase of odd lots OF stock. EsYe-
| cial interest was taken in the course of Penn
| syvania, the declaration OF the regular semi
| annual dividend which caused the stock to
| advance and strengthened the entire list: while
| the statement Of President McCrea. later in the
| day, that measures of economy would be car
| ried into effect was followed by weakness in
| Pennsylvania and had a restraining influence
on the general market.
DEMAND FOR FOREIGN BILLS.
Foreign bills were in only small supply YES
| terday, while the demand seemed unusually
| heavy. arising in part, it was said from the ef-
| forts of bankers who were bringing in gold to
| cover their engag agements. although probably for
| the larger part the engagements had already
been covered at the lower rates ruling earlier IN
| the week. Demand sterling. which closed on
| Thursday at 4s21s advanced yesterday TO ass.
or practically the export point. falling at the
NAe~AA1AN-
rose to 4S9. with some transactions at 49O
cash. the highest price for several years
| The premium on currency in this city is at
| least . per cent and there were instances Of 3
| and even 3Is per cent being asked yesterday.
| .Bolognesi. Hartfeld & Co. reported a large in
| quiry for currency at the > per cent premium
| rate and said that they had arranged to make
the necessary provision for a number of en-
| poyers who had found it hard to get currency
for their payrons. The demand is chiefly from
out-of-town firms and corporations. but not
| few employers in New York City also have been
having much difficulty in securing cash in suf-
fcent amounts to meet their payrons. and some
have been obliged TO make partial payment in
| checks while others are using checks alone.
CHECKS FOR N Y. c. EMPLOYEES
The New York Central s Hudson River
Railroad Company yesterday paid or its en-
ployes in this city with checks as a conse-
| quence of the shortage of small bills. The
| company obliged to send the small bills
| CS1. 81. So SO and SOD upstate to pay
/ off the employees there. II was found that
the plan was agreeable TO the local employees. as
| many have bank accounts and can readily cash
| their checks. 1t was declared the West had cor
| nered the small bill market and left the East
little in the way of bills of smaller denomina-,
Il
nies. There found to be a surpIusage OF
bills of the larger denominations-SJO S1eO $500
and 81 900
The clerk and other attaches Of the magis-
trates' court in Long Island City received their
pay checks yesterday morning but when they
went TO the local banks to have them cashed
they found that there was no money forthcom-
ing. II has always been customary in the past
for the banks holding city deposits TO cash
checks for the city employees although drawn on
other banks At the Corn Exchange Bank
branch. where many OF the city employees have
been accustomed TO cash their checks. the man
ager said that the bank was simply acting under
the advice of the Controller and was protecting
its depOsitOrs. Most Of the pay checks
were drawn on Brooklyn banks.
In New Jersey the banks in several cities have
within the last few days been advising their
customers that no checks for more than S1OO
each will be cashed. any sum In excess OF that
amount being payable in New York drafts. The
local trust companies several days ago adopted
the policy of making their checks payable
through the Clearing House and not paying out
cash except In small amounts for actual necessi-
ties, and the banks are following the same
plan Several of the large banks have sent to
their customers rubber stamps bearing the
words. Payable through the New York Clearing
House and have asked the depOsitors 10 stamp
this notice all checks drawn by them. IN
others words. every effort is being made by the
banking institutions to conserve their cash re-
sources until, with the arrival of the heavy i'm
portatiOns of gold and the issuing of the many
millions of new bank circulation now being ar
ranged. the currency supply will be shown 10 be
so large to give reinsurance TO the great body
of alarmed depositors. whose Withdrawals OF