The Washington herald., 1907-10-30
Held Up BY STEAMER
MiShap Delays Payment of
Foreign Accounts.
AFFECTS NEW YORK MARKET
Late Arrival of the Kaiser Wilhelm
der Crosse in Liverpool Makes Pur-
chase of Cable Transfers Necessary
TO Meet ObligRtiOns-Sharp Advance
in Coin Exchange Results.

New York. October 2S.-The steamer
Kaiser Wilhelm der Crosse, carrying a
very large number OF remittances from
the New York bankers to bankers in Lon
don, arrived fourteen hours late in Liver
pool to-day owing TO an accident to the
rudder, As a result of this mishap. bills
due in London to-day could not be paid
by remittances sent by the steamer. and
many bankers here We're obliged to buy
cable transfers Of money, in order prompt
ly to meet obligations abroad
Such purchases. together with other
causes, brought about one Of the sharpest
advances in coin exchange rates ever
witnessed IN the foreign exchange mar
ket in this city, and checked. temporar-
ily at least. the gold import movement
begun on Saturday.
The advance even resulted in the trans
formation OF a bulk OF one Of the en-
gagements of gold for import announced
on Monday. The Russo-Chinese Bank,
which had announced an engagement of
/ 81 0O0, 900, let It be known that only 800 900
/ Of this amount would be brought over
/ Prior To this announcement there had
/ been an advance Of more than 100 points
/ in sterling exchange bills. so that il was
/ possible for any institution which had
/ purchased bills on the previous day 70
! sell them out at a good profit. This was
/ not the cause assigned for revocation Of
/ the engagement. however. One of the
! bankers concerned IN it said that the ad-
I ditionaI million dollars was not needed
as much as a return Of confidence. All
Of the other engagements made on the
! preceding day were retained so that the
amount Of the gold actually TO be brought
over is only reduced from $lS.750000 70
/ S17S50000
Lively bidding for Cables.
The mishap to the Kaiser was known
before the opening Of the market here
There was. accordingly. lively bidding for
cables AT the opening OF the foreign ex-
change market Offerings were small. be-
cause Of the very heavy purchases OF
Saturday and Monday by bankers who
were making arrangements to import
gold.
London, which had bought stocks heav-
iIy i'm this market Saturday and Monday,
sold stocks to-day, thus further turning
exchange against New York. 1t was re-
ported that Germany, on account Of the
advance in the German bank rate had
forwarded selling orders on American
stocks to London, and that London. on
account OF this selling. the heavy en-
|gagemenJs OF gold for transfer to this
country and the probability Of an in
crease in the Bank of England rate. was
dsnclined 10 take on more American
stocks under the existing circumstance
At any rate London sales in this mar
ket were estimated nj 20OO0 shares a.
/ compared With purchases estimated as
made on the previous day 20 the amount
of 5000 shares.
The shift i'm London's position from
buyer 10 seller and the checking Of the
gold import movement were the only
unfavorable features Of the day, as faI
as the business relations between this
country and Europe were concerned
Other affairs were reported as progress
ing favOrably.