New-York tribune., 1907-11-10
GOLD STREAM lessons.
URGENT DEN AND PASSING
Country Drain Expected to Slacken
This Week.

Il NtS ~ tChs
Nearly S2.OOO.OOO additional gold was engaged
yesterday for import into this country Lazard
Freres taking S1.OO0OOO. the National Bank of
Commerce S375.OOO and the National Bank Of
the Republic. of Chicago. 100000. These en-
gagements bring the grand total thus far OBJ
tanned TO $4715O.OO0. That further engagements
will be announced this week is probable but they
are expected to be comparatively small IN
amount, and bankers do not believe that the
total will run much above S5O.OOO.OOO
More or less Uneasiness is still felt over the
continuance of the heavy demand for currency
in the interior. Shipments through the Sub
Treasury yesterday amounted TO S615.OOO. OF
which 100000 went to Chicago. $235.OOO TO San
Francisco and s1SO.OOO to other points among
them Philadelphia and Cincinnati Other large
shipments are made from day to day by the
banks directly. which send the money to their
correspondents by express. SO that the drain
cannot be estimated with accuracy.
A good deal OF the currency transferred in the
last few days probably represented the shifting
Of gold which had been brought In for account
OF banks in the interior. Money has been sent
West and South so heavy a scale that II Is
now believed by leading bankers that another
week Dr so will see the end OF the urgent de-
mand from these points. The slackening OF that
den2nd. it is expected will tend TO restore the
taken by them from the banks when the fnan-
cial situation began to assume serious phasc
Money brokers continued yesterday to do a
large business in the purchase and sale OF cur
rency with the prevailing quotation around 2
per cent At the close of the market IL per
cent was offered for sums OF $1,000 and over
while the premium charged those who needed
currency for pay rolls was per cent. The large
brokers reported offerings in abundance but at
the rate at about Fridays figures Most OF the
money purchased was sent out OF the city. the
local banks having no trouble In taking care OF
the requirements Of customers. This was 2
marked Improvement. as last week many large
local firms were unable to get enough cash for
pay roll purposes. 1t was the prevailing opinion
that the premium currency would continue at
about the prevailing rates during the coming
week. but that by the weeks end the demand
would have been satisfied.
Owing to the system OF averages on which
the weekly bank statement is made Up. the gold
arriving here in the last week. more than S2O.-
100000 in amount. figured to only a small ex-
tent in the cash item OF yesterdays statement
Taking into account the various demands upon
the associated banks during the week 1usr
ended. that statement not considered in
Wall Street yesterday afternoon as conspicu-
Ously unfavorable, although IL would not be de-
scribed as particularly reassurlng; for, although
the deficit increased to the record breaking fig
uIe of S51.924,625. the percentage of reserve is
only trihe under that Of a week ago. standing
at 2O.22. against 2OSO on November 2
Loans increased $3S.s63,sOO and deposits sS5-
Os1 200 but the decrease in cash was only s4s1s-
900, comparing with loss Of S3O6O1. 500 in the
preceding week. As result OF the decrease in
cash and the increase in required reserve aris-
ing from the heavy increase in deposits. the
deficit increased S1SOS5 500, the total deficit in
reserve now being. as already noted, s51. .924625
AS the bank statement. according TO the new
ruling of the Clearing House, now adopted as a
settled policy. was not issued until after noon Il
had no influence the course OF trading In the
stock market. Dulness prevailed in that mar
ket. only about eighty-eight thousand shares
being dealt in during the two hours OF business
and at the close irregular small net price
changes were shown
The French liner La Touraine. arriving yes
terday afternoon from Havre. brought sss5,6sT
in gold. purchased from Paris bankers by six
New York banking houses.
\ financial force that will furnish big up-
lift to the monetary situation throughout the
United States may be reckoned to make itself
felt within the near future, when European In
vestors. according to views expressed yesterday
by international banking houses. are expected
to come into the New York market and pur-
chase standard securities whose prices have
been forced TO low levels by urgent Iiquida-
ton.
Purchases of American securities on large
scale for foreign investment mean further
big gold imports. and the opinion freely
expressed that millions would soon be poured
into New York in payment for securities pur-
chased at the present levels. Arbitrage houses
already report purchases OF an investment char
acter by English houses. and the situation
clears these purchasers will increase.
England and the Continent bought largely OF
American securities last March. when the local
market was suffering from a severe decline and
arbitrage brokers say that bargain hunters
abroad are again nibbling at good American
securities