New-York tribune., 1907-11-14
NO TREASURY CALL.
ONLY FEW WITHDRAWALS
Secretary Cortclyou Here to Speab;
at Merchants Luncheon.

J
In a few cases Secretary Cortelyou has with
| drawn small amounts of government denossts
from some of the strongest New York banks 20
increase the working balance in the Treasury
Whlch stood before these withdrawals at ap-
proXlmately 100000. The sum total of these
Withdrawals however. is understood not N OK
ceed S2.OO0000. and the whole transaction ts nor
or suf1cent magnitude to have any bearing on
the local situation. which continues TO show
daily Improvement
secretary Cortelyou contemplates no further
| Withdrawals from the local banks or from anv
other institutions where there is eovarnr,ort
money on deposit
secretary Cortelyou's reason for making these
small Withdrawals from New York banks was
simply to give the government a larger work
ing balance In the Treasury with which IN rom
der assistance to interior points which are feel
ing the nndncial pinch. BY having larger BAL
ahce secretary Cortelyou is able to allow the
banks at points where customs and internal
revenue receipts are especially heavy to keen
these receipts for several days. instead of turn
ing them In at once to the government
In thlS way the banks are able to make use
OF this money 10 help out their customers The
Treasury meanwhile must do without It. Hence
the need for larger balance
bor the first half of the present month the
receipts from customs and internal revenue have
NO0oNeu tle expenditures by over S5,0O0OOO
which is considered most excellent showing
secretary CortelyOu arrived here last night
rrom Washington and went at once to the Man
haitian Hotel where he received several care-s
during the evening. including Frank A. Vander-
mp vice-president of the National CITY Bank
ana "A. Il. Hepburn president of the Chase Ma
tonal Bank. There were no formal conferences
and Secretary Cortelyou said no significance
whatever attached to his visit. Indeed, he said
he would not have come at all at this time had
ne not promised months ago to deliver a speecb
at the luncheon of the Merchants Association
NEGOTIATIONS FOR MORE GOLD.
Negotiations are still going on for the direct
importation of from $15.OOOOOO to S2OOO0 900
gold from Paris. According TO one version the
Bank of France has indirectly offered to pro-
Vlde that amount of the metal for this country
II the United States government would guar
antee that certain tariff schedules would he
modified, but the bankers TO whom the sugges-
ton was made promptly replied that such an
arrangement would be an utter impossibiitv
more commonly accepted report was that the
offer of the Bank Of France was conditioned
upon payment for the gold in direct exports
The Paris ftnanciers, 1t Is understood are vIIlinr,
to release a large amount Of the metal n the
United States shall buy exchange on Paris
based principally upon exports .of products A
good deal of French exchange will probably, he
created also, It is pointed out hv the placing in
France of a large block Of the recent S30OOO-
600 issue of New York city revenue bonds
Stiil another explanation of the reported offer
OF inc Bank OF France yesterday was that that |
offer had been made as a suggestion that tho |
institution would be willing TO lend the gold to |
the United states Treasury. upon proper gov |
ernnent securities, an operation which could he |
arranged If there in the United States q |
central IA nf
France was recently able to advance $4,000 ooO |
TO the Bank of England
Several additional engagements of gold ,rera
made yesterday. Heidelbach IclleIheimer & co
securing $l,30O000, two New Orleans banks get |
ting SloOooOo. the First National Bank of Chi |
cago taking 100000. and the illinois Trust and
Savings Bank engaging 100000 This makes a |
total Of SS6o0,0OO and brings the grand total
Of gold thus far engaged for import up to $50
$4,000
n the strong room of the White Star liner
Oceanic which arrived here yesterday there
were 10 boxes. containing gold bars and coin ~
the value of $3.50, 900. consigned 10 local hanks
large business continued yesterday 70 he
done in the buying and selling of currency a1
though as already noted. the demand WAS Iaes
than on the preceding day. Premiums paid n
persons who brought their boarded cash 70 tho
money dealers ranged from to per cent while
those desirous of obtaining currency for their
payrols and for other purposes paid about 81
per cent premium. little business being done
at a rate as high per cent Most of tba |
inquiries for currency are now coming from
banks in the interior where acute strinpenc,,
still prevails. despite the heavy shipnents for |
many days from this city. There was trans
ferred through the Sub Treasury vesterda,, |
S1.90O000, large part of which went IN San
Francisco, and considerable sums are daily
being sent by express to points in the West
and South. In Pittsburg the demand for cur
rency is especially urgent. and a premium of
5 per cent was reported paid yesterday In that |
city. The many brewing companies and dis
tillers in and around Pttsburg are sore1v
pressed for cash, the government demands
money for its revenue stamps and declines to
accept certified checks. as in ordinary times
PHILADELPHIANs COMING HERE
House Association are coming to this citv N
try to effect an arrangement under which their
loan certificates and those OF the New YORK;
Clearing House Association shall be made inter
the New York banks nov, refuse
to accept checks on Philadelphia banks excent
for collection. It is understood that the New
York Clearing House Association will not ac
cede to this proposition .
The stock market again yesterday movad
within narrow price range, with transactions
much restricted In volume. Call money touched
II per cent, but most OF the days loans were ar
rarged at 10 per cent. With no time money to
he had, with call money still ruling high and
with the bankers discouraging speculative ac-
tivity. marginal trading has dwindled to very
small proportions and the return of activity on