The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1907-06-28
Ths Mitchell Capital
o.irs a gfstoisi, DREAMER.
rMapAx. 1rNE q, lae.

finances 81 the country Was ssad'
manifest recently IN the cali by tn
treasury department on the nA,ioaa
banks OF the country Tor 4 certain
amour of money. and with wha'
alacrity it was mes- The New Yors
Letter TO the Philadelphia Press cite:
the condition of the country in the
following:
whether the call made Thursday
by secretary OF the treasury upon the
national banks for ~S3o,00o,ooo OF
government funds now on deposit,
TIE money to be paid into the treas
ury by July 10, will tend to check
the export OF gold remains to be
learned. When France began. a
month ago., to call upon b United
States through London, for gold, the
disposition was somewhat strong to
persuade the secretary OF the treas
ury to draw upon the national banks
for a considerable portion OF the gov
eminent funds. For it was reasoned
that if deposits were thus reduced,
the rate Of interest would be affect
ed.
1.-The ~actuaries figured that a trif-
ling increase IN the prevailing rateTof
interest in New York would prevent
the export of gold, since there would
be no profit in the transaction. All
of the 100000 that have been eS-
ported since the movement began
and with which the Bank of France
has been Strengthening its resources
must have been carried across the
sea with a profit SO small as to make
the transactions inexpedient were it
moi that the Bank of France is es-
pecially DESTROYS of Strengthening its
position. How narrow the margin of
profit was is proved by the fact that
the French bankers were compelled
to allow interest upon the gold dur
ing the time that it is in transit
from New York to Paris.
ct so happened, however, that
while several of the larger national
U6uh uSDO61lOI1SS VI 1uAoS \ SAAo
city would have been pleased had
the secretary of the treasury made
q call in mid-May for government
funds, on the other hand, a majority
Of the banks elsewhere in the
try that are carrying government de-
posts, earnestly opposed the with
drawal of the funds. That opposition
was interpreted here as proving that
the banks elsewhere in the United
States are meeting with strenuous
demand for loans and are exerting
themselves so that they may carry,
without unduly straining their re-
sources, their customers.
Being interpreted in another
way, this simply means that the de-
mand for money capital all over the
United States not for speculative, but
for business purposes, continues to
be very great. In this city the bank
ers would have been glad to keep the
gold, since that would serve to
strengthen the legal reserve and to
make reasonable maintenance of
loans possible.
AT this time the banks here and
throughout the country are taking
preliminary steps easily to meet the
demands that are to be made in the
late summer and throughout she fall
SO that the crops can be brought to
market. But especially at this time
and in this city another and a more
immediate preparation is under way,
for on the first of July what is un-
doubtedly to be a record distribution
of dividends and interest represent
ing various earnings, industrial and
railroad, for the past three of six
months is to be made. 1t is not posi-
Bile to give an accurate estimate of
the amount-that is, to state within
a million dollars, what this aggre-
gate disbursement is to be. But it
is known that it. will approximate
about s1SO,O00,O 900. 49,.
1T is in sympathy with other re-
Gord-making statistics hat will tell
of what was done in Athes,6scal year
ending OF June 80. The government
itself has some high records to re.
port. Ta1e aggregate hnsjness done
by the national banks If the fiscal
yearahoW closing and, the total Of
-denositssin them and of loans made
Il 81 them are written In Figures" tEh b
have neVers been eaualed. So, too
the intefnational the re.
ceipts Q the treasury department
and probably. the entire movement q
domestic industry and transportation
have been greater in the fiscal yea,
now closing than ever before.
A dispatch from Atlanta, Ca, viii
now revive the talk Of Presiden