The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1907-11-14
COMING our OF
IT'S HIDING PLACES
Hoardsd Money Enticed By 0ffsrs
Of Premiums.
SENT IN THE INDUSTRIAL CENTtRy
Three Million Dollars Of Cash Brought
to the Brokers From Vaults and
Strong Boxes Within Two Dsys-Ihe
Steady Stream Has Caused a Falling
on Ia the Premium Rate.

New York Especially The magnet
Of high premium rates for currency
is attracting the money boarded by
deposltors In steel vaults and strong
boxes, and within the last two days
over $3.000,000 has been enticed
from its hiding-Dlaces and sold for
2 premium to money brokers. The
placing OF these large amount OF
boarded currency into circulation is
performing its important part in les-
sening the monetary stringency, and
money brokers are confident that
more currency will soon find Its any
into circulation from safe-deposit
vaults. the owners of which. now
being assured as to the financial fu-
ture. are anxious to take advantage
of the large premium rates.
The falling of the premium rate
for currency Thursday from 3 " to
3 per cent. was brought about by
the large amount OF gold and silver
that was taken from safe-deposit
vaults and offered for sale. Purchases
of currency made were generally for
out-of-town account, and brokers
state that currency bought here Is
being dispatched to agricultural and
industrial centers where 1t is most
needed. The reappearancee OF gold,
hidden away In the hour of apprehen-
sion, is a sure sign of returning con-
fidence and belief that the storm has
passed, according to money brokers,
who likened the present situation to
1893. when advancing premiums for
currency when money was tightest
called for a perfect flood from the
vaults where It had lain hidden, and
brought about a state of financial
equilibrium.
over a million dollars was drawn
from repositories and sold to money
brokers. Safe deposit companies re-
port steady stream OF people visit
ing the wants to withdraw funds. A
money broker, in speaking of the
source of the currency now being
offered for sale, related the following
incident:
"Our firm was concluding the pur-
chase of 100000 in gold certificates
and after the rates had been agreed
upon the seller plunged his hand
In his pocket and then asked IL we
would defer the sale until he could
l6lepHOue MS WIG W pIluS hlo SstiO
deposit key down town, as he had
left his key at home. While we
never inquire from the sellers. 1t Is
not difficult to tell whether tho cur
rency has been taken from hiding
places. Premium rates have been
as high as por cent, but under the
increasing outpour OF money from
safe deposit vaults and the arrival OF
gold from Europe the rate has fallen
to per cent"
New York banks are not likoly to
follow the action of Chicago in de-
Gliding to use bank scrip and local
bankers are OF the opinion that the
situation does not warrant their issu-
ance in this city. A member Of the
clearing house committee said
THE matter of issuing bank scrip
has not been formally discussed al
though that doubtless has been
thought of. The bankers feol that
the clearinghouse certificates will
prove adequate in preventing a severe
money strain here, and that there
will be no need for bank scrip"