The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1907-11-14
boarded CURRENCY
Being BROUGHT OUT
HIGH PREMIUM RATEs eNTIcE IT
FROM HIDING PLAcHs IN
SAFETY VAULTS.
Sold to Money Broksrs-eurs Sign Of
Returning Confidence - Foreign
Banks Put UP Discount Rate to Re.
tain Their Gold Reserves.

pOSltOTS IN bJeei VdultS anu stTOuB
boxes, and within the last two days
over $4,000 900 has been entieed from
its hiding places and sold for pre-
MUM to money brokers.
The placing Of these large amounts
Of boarded currency In circulation Is
performing its important work in les
sening the monetary stringency and
brokers are confident that more cur
rency will soon find It's way into cir
culation from safe deposit vaults, the
as to the financial future, are anxious
to take advantage of the large pre-
MUM rates.
The falling off of the premium rate
for currency Thursday from 3h to
per cent. was brought about by the
large amount of gold and silver that
was taken from safe deposit vaults
and offered for sale.
Foreign Discount Goes Up.
The contest of the European money
markets to retain their gold reserves
was indicated by the simultaneous ac-
tion Thursday of three of the large
central banks of Europe and call for
meeting Friday Of the governing
hoard of fourth.
The Bank Of England advanced It's
rate Of discount from six to seven per
cent, a rate which has not before
been reached since 1873. The Bank of
France advanced its regular discount
rate from 31k per cent. to 4 per cent.
and fixed the rate for loans on securi-
ties at Az per cent. The National
Bank of Belgium advanced its rate Of
discount from 5h to 8 per cent, and
DR.. Koch, the governor Of the Imperial
Bank Of Germany, called meeting Of
the governing board for Friday, which
is expected to advance the discount
rate of the bank from to per cent.
% Won't Stop Gold Importation.
Even these high discount rates,
however, are regarded as insufficient
to prevent the further importation of
gold into this country, In view of the
large credits which are being created
by the shipment of wheat and cotton.
The stock market reflected the pres,
sure for money by considerable de.
clines Thursday, but these declines
generally were expected by bankers,
who looked upon the rapid advance in
lotations OF Wednesday as hardly
titled by the situation.
fhe engagements of gold Thursday
brought up the total importation on
the present movement to $40,425, 900.
Money Moves Northwest.
New York, Nov. Now that the
monetary strain has been lessened To-
cally, the New York banks began
preparations Wednesday to ship all
available currency to the northwest
to aid the movement of crops.
While there is concerted action
among the city's banking institutions
to meet the demands for currency
now being made by banks in the crop
country. the individual banks will
send all funds that can possibly be
spared for the purposes.
Estimates Of the combined amounts
that the New York banks will send to
the northwest within the next six
weeks vary. The Chase National bank
and the First National bank have com
menced to ship daily sums ranging
from $25, 900 to $50. 900 to banks along
the route of the Great Northern and
Northern Pacific railroads.
Arrival Of yellow Metal Heips.
The bringing In Wednesday of gold
from abroad has already proved help
full in expedtting the movement ol
currency to the western wheat fields
The premium for currency became
lower and this enabled several bank,
to ship larger amounts Of currency
than would have otherwise proved pos
sible to their correspondents west o
the Mississippi river.
II was learned here that the amour
OF the government deposits directe'
by Secretary Cortelyou to be PLACED
In st. Paul and Minneapolis is 5000
900, and that this sum will be for
warded from Washington. The loca
subtre4sury. II was ascertained. IL pre-
pared to ship funds west should Sec
rstary Corteiyou deem II expedient.
| General cerditIons Improved. =.
The general conditions OF the finar
cial situation were favorable Wedne,
day. The runs on the trust companie
had practically ceased under the er
couraging influence Of the support q
the trust company committee; gol
engagements were further increased
and the stock market rose buoyantl
In recognition OF these conditions
| Portland con-srn In Trouble,
Portland. Ore. Nov THE Tit
Guarantee q Trust company Of tn
city Wednesday Afternoon passed in,
the hands Of . receiver. Judge Charl.
E, Wolvsrton. In the United Stat,
circuit court for the district Of Or
.gon. appointed George H. Hill. VI,
president Of the institution. % its I
ceiver. and hxed his bond ct e100.00