New-York tribune., 1907-11-08
GOLD IMPORTS SUBSIDE
TRUST RUNS NOW OYER.
Ill DepOSitOrs Paid Prom pity
Stock Prices Decline.


raising its minimum discount rate for the third
time in little than week. and the cor
responding action of the Bank of France. fur
ther engagements of gold for Importation into
the United States were arranged yesterday.
Goldman, Sachs & Co securing =. 625 900 for
several banks for which they are acting. Kuhn,
Loeb & Co. engaging an additional $j0O,O0O.
the National City Bank $7JO.0OO and the Illinois
Trust and Savings Bank. of Chicago. taking
S5o0ooO and announcing that it was in negOtia-
tion for 100000 more of the metal
These engagements bring the total thus far
arranged TO be brought in on the current move
ment up to $4O3T5.OOO That a Iuu will now
occur in the import movement Is the opinion OF
the most prominent bankers OF this city. who
said, however. that if possible developments
here within the next few weeks should make
desirable the Importation of more gold 1t could
readily be obtained. But with the financial
situation. so acute for the last few weeks. nov
rapidly clearing. and with the currency strin-
gency showing signs of relaxation. it is felt 10
be unwise TO continue efforts TO bring in gold
in the face of the manifested disinclination OF
the great European banks to allow a cOntinu-
ance of the drain on their stocks OF the metal
LUsITANIA BRINGS S1OOOOO0O.
The White Star liner Teutonic. from South
ampton. brought to port S1,6OO,OOO in gold bars
and coin The consignment was in ffty-eigh.
boxes and all the gold with the exception OF
S5OOOOO which went to Heidelbach. lckei-
heimer & Co. Of this city. was shipped by train
TO Montreal The Lusitania has S1OOOoOOO
gold on board which is due at the banks here
to-day and several other vessels TO arrive with
in the next week have board Consignments
Of the metal.
The marking up of the discount rates OF the
Bank of England and the Bank of France was
followed by a sharp advance in the foreign mar
ket here demand sterling rising about q per
cent from Wednesdays last figure to ass and
cable transfers rising to ASS At the close the
demand rate was STA and cables were quoted
at 4S9 to 4s91s
on the Stock Exchange prices we1s weak at
the opening on the lower range from London.
following the advance in the banks rate Thers
was heavy selling for foreign account and tow
ard the close the market. which had developed
little strength in the middle of the session, broke
sharply on rumors of trouble in the commercial
field. final prices showing as rule considerable
net declines. among the more noticeable OF which
were "a points in Canadian Pacific. in AmerI-
can Smelling and Refining common. "a IN
Amalgamated Copper and Atchison. "a in Bal
timore & Ohio and IA in United States Steel
common.
The ruling rate for call money was 20 per
cent Trading on the exchange was in de-
creased volume. the total sales being only about
$4,000 shares
TRUST COMPANY RUNS OVER.
Normal conditions prevailed yesterday at the
Trust Company of Americas main Office in Wall
street and at its Colonial Branch. at Ann stree:
and Broadway. There was no line of depositOrs
waiting to withdraw money at either place. and
such Withdrawals as were made were only those
needed for current business Deposits were
heavy at the main office and at the branch
Among bankers many words of commendati0n
were heard for the splendid fight made by thu
company and its president, Oakleigh ThOrne.
which had resulted in its coming out victorious
from the severest strain ever stood by bank
ing institution.
The main office of the Lincoln Trust Company.
at No POS Fifth avenue. remained open for
business until $50 o'clock yesterday afternoon,
and every depositor in the line paid When
the windows of the paying tellers We're finally
closed every demand had been satisfied and the
long run was declared over. separate line
was formed yesterday for the bank messengers.
and most all of these were paid before business
hours closed The officers of the company an
nounced that the deposits were fully up to the
normal figure 1t was unofficiaIly announced
that upward of $13OO0OOO had been paid out
to frightened depostors while the run lasted.
JENKINS TRUST TO REOPEN.
The directors of the Jenkins Trust Company.
OF Brooklyn. which suspended more than two
weeks ago. issued the following statement
THE State Bank Examiner and committee
OF the board of directors having reported the
Jenkins Trust Company solvent. the board
of directors are taking measures which will in
sure the reopening Of the institution at an
early date"
Within the last two days. It is estimated by
active money dealers. between 100000 and
100000 Of boarded cash has been withdrawn
from safe deposit boxes and exchanged for GER
titled checks representing the amount of the
currency delivered plus the premium. The
premium asked by money dealers is still from
314 TO 3a4 per cent most of the money bought
yesterday by firms and corporations anxious TO
secure actual cash costing them 31s per cent:
but some transactions were reported at 8 per
cent and the stringency seems undoubtedly
easing.
Purchases Of currency made were generally
for out-of-town account and brokers said that
currency bought here was being dispatched to
agricultural and industrial points where il was
most needed
Not little of the demand. however. was in
preparation for weekly payrolIs. but. with this
demand satisfied, the dealers think that the
premium will next week shrink materially. as
the betterment of the banking situation and the
arrival Of gold in heavy volume are expected to
do much toward relieving the fears which have
induced the boarding of many millions Of cash
and bringing those millions once more into the
banks and into general circulation
As said yesterday. arrangements have been
made by local banks for furnishing a consider
able amount of currency daily to the Northwest
for the purpose of facilitating the movement OF
grain TO the seaboard for expOrt 10 F,urOpe