The Washington herald., 1907-11-01
GOLD IS ON The Way
Engagements Bring Total
for Month to $4,000, 1000.
NO FAILURES ARE REPORTED
Domestic Exchange Has No UnfsvOr-
able Developments Apart from
Striugency-IiguidatiOn of Penn
syIVauia stock One of the Features
ON the Market Yesterday.

New York. Oct 3L-The foreign ex-
change situation was again extremely en-
c0uraging to-day, engagements of gold for
import being resumed with every indica-
ton of more 90 follow, but in domestic
The unpleasant features of the situation
were as pronounced as ever.
ia most of the largest commercial cities
of the country, high premiums were bid
for New York funds In Philadelphia bids
for New York funds were made at pre-
miums ranging from 81 10 $ per $1,000.
In the same city per cent was bid for
currency. and it was reported that ia
some cases d premium could be secured
for currency here.
In the opinion of conservative bankers,
the favorable elements in the foreign eX-
change situation far overbalanced the
unpleasant feature in domestic exchange.
The developments in the latter indicated
inconvenience rather than positive embaT-
rassment and the Increased ease In for
| eigu exchange was considered certain TO
remove the inconvenience in domestic eN-
change
/ failures and other unfavorable develop
ments brought the financial community
one day nearer to the time of the arrival
of the more than S200Oo.000 gold engaged
abroad
Millions ON the Way.
Tn this city engagements OF gold for
/ import were made by Heidelbach, Ickle-
heimer &, Co. TO the amount OF $l,0o.oo
land by Lazard Freers TO the amount Of
I $4,000. The First National Bank, Of
/ Chicago. booked S.COO00 abroad. and
the Illinois Savings Bank $5o0.o60 more, SO
/ that the two cities secured 10000 ht the
course of the day. The engagements
/ brought the total for the month up TO
/ S23.7z00l5 They We're accompanied by
but q slight advance in exchange rates.
! except in the case of cables which went
/ up very sharply toward the close. De
Imand sterling closed az fSf IA and asa l-2
an advance of hut IA cent over Wednes-
DAYS close.
/ With a premium on currency in various
cities of the country. it is profitable to
bring over gold at higher foreign eN-
Ichange rates than otherwise. since the
premium assures a substantial profit on
the arrival of the gold on this side. The
exchange outlook was further bright
ened by the progress of the negotiations
for placing the new issue OF city reve-
nue. bonds ID Paris.
The Bank of England, as had been eX-
/ pecteJ, advanced its minimum discount
4 rate from ~ TO 81 per cent The effect
/ Of the advance had been fully discounted
and il was accordingly OF little influence
/ on the foreign exchange situation be-
/ tween this city and London. 1t was be
/ ueved that the principal reason for the
/ advance was % prevent Withdrawals o,
/ gold FROM London for Paris. London was
/ believed 20 DE entirely willing to aid New
/ York i'm every way in its power
Money at , Per Cent.
Money on call at the New York stock
/ Exchange opened at % per cent. which
was the prevailing rate. and the rate at
/ which, renewals were made. In the
/ afternoon loans were made down TO 4
per cent The last loan was at per
cent The time money market was un-
] changed from tbe previous day. Foreign
/ money. i'm no very large amounts. was
I lpaIieu at - per cent A'i Hlll'tS N"3 -
! Very heavy liquidation in Pennsylvania
/ Railroad stock was the feature of the
/ stock market.
/ Haskus & Sells, accountants, We're pat
ON the books Of the assigned banking
/ house of Kessler & Co. to-day. The ac-
counJants VIII complete their work as
rapidly as possible, and there viii be
/ called a meeting of creditors. at which
an ofeT viii probably be made for the
/ compromise of claims