The Washington herald., 1907-11-08

- New York, Nov l--Engagements Of gold
made to-day bring the total for the move
ment up 10 more than S40,0o0O00, Of which
about $s,o09000 has been received. The
Lusitania viii unload 100000 more when
she docks tomorrow. To-day's engage
ments amounted TO $4,000 They were
made by the following bankers: Illinois
Trust and Savings Bank. 10000, kuhn,
Loeb & Co, $4,000; National City Bank,
$40 90; Goldman. Sachs & Co. s.. .625, ,000.
TO-day's engagements were all the more
extraordinary for the reason that the
Bank OF England increased its minimum
discount rate 10 per cent, the highest
rate since 1879. and that the banks in the
principal financial csnters or the cOnti-
nent also advanced their rates
The Bank Of France rate went up from
Sllz TO ~ per cent. and that Of the Bank
of Belgium from 81 90 . per cent From
Berlin II was reported that a special meet
ing OF the committee Of the Imperial Bank
OF Germany had been called for tO-mor-
row morning fer the purpose, probably. of
the rate Of that Institution
from 6la 10 ~ per cent.
No More TO BE sent.
Bankers construed the action Of the
Bank OF England and Continental banks
as warning that England had spared as
much gold 10 this country as could be
spared under the present circumstances.
some Of them expressed warning
against further enga agements Of gold as
likely 70 do more harm than good in in
ducing more stringent money conditions
abroad. and as a natural consequences
liquidation Of American securities
London to-day placed american securi-
ties on the New York stock market in
rather large amounts As q result Of the
Bank OF England's action and this sell
ing Of securities. there was an advance OF
. cents IN demand sterling bills and OF ~
cents in cables. Demand closed al ASIA
and cables a. 4.S9 and 4Sslz-
While there may be no considerable
further Improvement from impOrtatiOns
OF gold. the premium on currency to-day
continued 10 draw more and more money
from the strong boxes. More money was
offered than on any previous DAY since
currency began 70 sell at premium. ana
there was a slight easing IN the rates
No sharp break in the rates is expected.
Notwithstanding the fact that Slo.@oco
more gold Is 10 be Unloaded tomorrow,
until the weekly payTOlls are made up
Most Of the arrangements FOR the pay
rolls viii be completed tomorrow
send Money 10 Interior.
The banks gave up q large amount OF
money TO the interior. They transferred
through the Subtreasury SlS7. 600 20 Phila-
delphia. $4,000 10 san Francisco. $1Oa.o00
10 Denver. and S50oe4 TO New Orleans,
a total Of Sl.1S7.000. The time money mar
ket was stiU stagnant with only few
small offerings Of foreign money al L 10
= per cent for sixty and ninety days
Nothing at all was doing in the longer
maturities.
Stocks sold OF rather sharply. pTinci-
paTy. il was thought. on account Of the
foreign offerings and because Of the Of
ferings Of United States Steel sinking
fund bonds in consequence OF the compile
ton OF the transaction for the transfer Of
control Of the Tennessee Coal and Iron
Company 10 the United States Steel Coz
poration. The transfer department OF J.
p Morgan * Co., after the formal sign
ing OF the papers in the morning. was
busy all day in exchanging the SeCUTi-
ties John A. Topping. chairman OF the
board Of the Tennessee Coal and Iron.
urged all stockholders 10 exchange their
stock.