New-York tribune., 1907-11-12
CANCEL GOLD ORDERS.
TWO LOCAL BANKS ACT.
Belief Grops That Enough Has
Arriued for Present Needs.

The National City Bank has cancelled an en-
zagernent Of 81. 900 900 gold. arranged in Lon
don last week, this action being taken in defer
epce 10 the feeling IN banking circles IN LONDON
and also because & was judged that sufficient
gold had already been obtained to meet the re-
auireuents of the situation here. The Bank Of
New York, n. B. a. also has cancelled pend
ing engagement. its reason being the same as
that Of the National City Bank.
At least one Of the large foreign banking
houses in this city has decided to import no
more Of the metal on the current movement, Its
view being that the premium currency can
not be expected to diminish while fresh gold is
being brought in, enough Of the metal being al
ready here under engagement to supply all
the needs OF the country.
Several new engagements. on the other hand
were announced yesterday, aggregating nearly
S5oo0.OO0. Lazard F'reres arranged to bring in
S2.b0OOo0 gold: Heidelbach, Ickeiheimer Co,
81. 10000: the Guaranty Trust Company. $780,
600. of which S2.0O0O is for account of the
riauatin National Bank; the Mercantile Trust
Company OF st. Louis. S500000 and the Illinois
Trust and Savings Bank OF Chicago, S2OooOo
These engagements bring the total UP TO S02-
10000 from which must be deducted. however
the s.. 100000 cancelled by the National City
Bank and the smaller amount, which the Bank
OF New York has now decided not 10 import. 1t
IS probable that further cancellations will he
announced within the next day or so. In Lon
don the price Of bar gold declined, and the stock
market WAS strong on The prospect OF the les
ssning OF the American demand for gold. Both
Paris and Berlin exchange On London we're
lower.
A report was current In the late afternoon
that negotiations were in progress for the direct
NM
from Paris; but inquiry az the offices of insti-
,utjons and banking firms which have taken a
leading part in the engagement of gold since the
present movement has been under way failed TO
bring any confirmation OF the ruraor
An active business in currency was done IN
this city yesterday, the premiums showing III
tie change from the figures ruling on SATURDAY
MANY out of town bankers were visitors al the
banking offices OF their local correspondents
their mission being 10 try TO get supplies OF
currency; the most urgent requests coming
from bankers OF the Southwest. 1t was esu-
mated that about S1.000O00 IN currency was
brought out of safe deposit boxes yesterday ana
turned over 10 money dealers. who palc for II
premiums ranging from to 2Ia per cent selilng
she currency again to bankers and to mercantile
houses AT an advance Of about per cent. which
represented their commission. Large amounts
were sent TO the West and South hy the express
companies.
The stock market was strong, on n limited
volume OF trading. the majority OF the active
issues closing at net advances for the day. The
primarily favorable factor the easing OF
Of the rate for call money. which opened at ID
Per cent and did not advance beyond that fig
ure, touching per cent IN the course OF the
session and closing at II. Time money is still
practically unobtainabIe