New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-11-03

sihle the importation of gold at the present hlgh
rates of exchange continued yesterday from =
20 So per cent being charged. one OF the pflh-
ctpal houses engaged in the purchase OF cur
rency for the accommodation Of employers nara
pressed to find actual cash for meeuhS IheH
payrolIs reported that twenty persons had yes
teraay brought in sealed packages containing
money, these packages having obviously oeeh
withdrawn from safe deposit boxes But the
money which has thus far been coaxed out of
hiding by the inducement Of handsome pre-
MUM is only a small part Of the aggregate
amount which is being boarded.
PAYING BY CHECKS
The executive committee of the United States
Steel CORPORATION announced yesterday that all
local subsidiary companies had been advised
that in meeting the weekly payrolls. which
total 100000 20 per cent OF each employees
wages should be paid in cash and the balance
IN certified checks of small denomination. This
action is taken because of the scarcity or cur
rency due TO the recent uneasiness in the imam
cial world. Reports from various parts or the
country indicate that the system of meeting
payrolls by checks, instead Of large amounts IN
currency, is being largely adopted without any
essential inconvenience to wage earners
,r,,. tho situation will soon show material
,,,,-over,ent is commonly believed in the finan-
o,.I dietrict In the course of this week ABOUT
s9ooooONO I'm gold will arrive here, almost all
If which will go into the cash reserves of the
local institutions; and the receipt Of this great
s,,m in specie. in addition to improving vastly
tho cash item in the bank statement at the emo
of this week. will mean also a large reduction IN
the loan item. The banks are responding gen.
orally to the suggestion Of the Controller or the
Currency that they take out more circulation
and the Treasury Department is eXerting ltsei
20 the utmost to provide an adequate supply OF
notes for the purpose. These notes although OF
course, not counted part of a banks reserve
can 90 highly efficient service in supplying the
demand for currency, a demand which is still
heavy.
From the South coming requests for cur
rency for which the bankers in that region are
prepared TO pay a premium, if required as it is
urgently needed for moving the cotton CROP
while a similar famine exists in the Northwest
James j. HILL who is now in New York, is en-
deavoring to arrange for the shipment of large
sum in currency to the Northwest TO faclltate
the purchase of grain, as this is the season at
which the farmers accustomed 10 Sell their
crops. With the removal of the blockade on
cotton and and wheat purchases arising
from the currency stringency, these commod-
tiles may be expected to come forward in such
heavy volume for export as to depress foreign
NANidliSe idtts dSdi-i - AlIo HOIlldl Sotu mn
port level
A considerable part OF the decline in the cash
holdings or the local banks, in the face of heavy
deposits Of government funds. has been due TO
the Withdrawals of currency by out-of-town
banks having deposits here; but 1t is believed
that tie drain from this source will be les
sened in The present week boarding has Writ
ually beEn stopped. a result Of the measures
adopteG by the banks and trust companies. With
/fhe restoration of confidence, which may be eX-
pected 20 follow the arrival of gold in heavy
volume the boarded millions also will come out,
and in the opinion of bankers it will not be
many weeks before money will be drug on
the market.
SUPERINTENDENT WILLIAMS HERE.
Clark Williams, state Superintendent of
Banks had a conference yesterday afternoon
s>ith officials Of the ten banking institutions in
this city and Brooklyn which suspended during
The late panic The condition OF these banks
and the prospect of their resuming business was
thoroughly discussed
He said he wanted time to think things
before making any statement. Asked whether
eny of them would open within week, ne
repIied that it might be less time than that