The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-11-08
GOLD INFLOW PAST $4O,OOO,OOO
EUROPE BUILDS DAMS, BUT THE
STREAM TOPS THEM.


Engagements Of gold made yesterday
bring the total for the movement up TO
more than 81 .OOO.O 900. OF which about
Ss.OOO.OOO has been received. The Luai-
tania will unload SlO .OOO.O 600 more when
she docks to-day Yesterdays engage
ments amounted to $685. 900. They we're
made by the following bankers: Illinois Trust
AMI Savings Bank. $500. 600; Kuhn. Loeb
r. Co.. 100000; National City Bank. $3.50. 900:
Goldman. Sachs n Co &i.G2E 600.
Yesterdays engagements we're all the
more e extraordinary, for the reason that the
Bank OF England had increased its minimum
discount rate to 7 per cent. the highest
rate since 1873. and that the banks in the
principal financial centres on the Continent
also advanced their rates. The Bank Of
France rate went up from 81 TO * per
cent. and that of tie Bank Of Belgium
reported that a special meeting Of the
committee OF the Imperial Bank OF Ger
many had baen called for this morning for
the urpOse probably OF advancing the
rate OF t! at institution from 81 t. IL per
ent.
Bankers construed the action OR the
Bank Of England and Continental banks
"a warning that England had spared as
much gold 10 this country a. could he
spared under the present circumstances
Some Of them expressed a warning against
further engagements " gold as li'Sely
to do more harm than good by bringing on
more stringent money conditions abroad
and as a natural consequence liquidation
Of American securities. London yesterday
placed American securities on the New
York stock market in rather large mounts.
A n result of the Bank Of E~ngland's action
and this selling Of securities there was
an advance Of . cents in demand sterling
bills and Of "a cents in cables. Demand
closed at i.s7i[ and cables at so and 1. Se%
While there may be no considerable
further Improvement from importations
OF gold. the premium on currency yester-
day continued to draw more and more
money from the strong boxes. More
money was offered than on any previous
day since currency began to sell at a pre-
MUM and there was a slight easing in the
rates. No sharp break in the rates is
expected until the weekly payrolls are
made out. notwithstanding the fact that
| $40. 900. 600 more gold is TO he unloaded
to-day. Most Of the arrangements for the
payrolls will be completed to-day.
The banks gave up a large amount o.
money to the interior. They transfsrre1
through the Sub-Treasury $l37. 900 to Phiia
delphia. $3.50. 600 TO San Francisco. 100000
to Denver and $4,000 to New Orleans. 3
total Of 81, 1890 The time money market
- -asH ~ -
offerings Of foreign money at II To IS per
cent. for sixty and ninety days. Nothing
at all was doing in the longer maturities.
Stocks sold of rather sharply. prinoi-
pally, il was Thought. ON acCount Of the
foreign offerings and because Of the offer
ings of United States Steel sinking fund
bonds in COnsequence OF the completion
Of the transaction for the transfer Of control
Of the Tennessee Goal and Iron Company
10 the United States Steel Corporation.
The transfer department Of j.. p. Morgan
h Co.. after the formal signing Of the papers
in the morning, was busy all day in ex-
changing the securities and received more
than a majority Of the T. &. ]. stock. John
A. Topping. chairman Of the board OF the
Tennessee COal and Iron. urged all stock
holders to exchange their stock in the
following letter:
a sale Of the ma jority interest Of the
capital stock Of the company has been con-
summated with the United States Steel
Corporation. the basis Of which IL that our
stockholders agree to accept United StatesN
Steel sinking fund Is at "a in exchange
for their stock at par. which will give you
approximately lI9 in bonds for 100 in stock.
An option is extended 10 yOu Of selling your
interest on this basis. the option expiring
November n. II YOU desire to participate
you should Immediately place o u stock
IN the hands of J. p. Morgan & Co., who
have been authorized to carry out the de-
tails OF the exchange Of securities
Tn Trust Company of America and the
Lincoln Trust Company continued yester-
day to pay on depositors and bank messen-
gers with rapidity. and oward the close
of the day the last traces Of the runs had
practically disappeared. The LincOln'spay-
ing tellers took care Of about $50 deposi-
tors and messengers in the course OF the
day. and the Trust Company of America.
Il was said. paid out between 81. 900. 600
and 81. 900. 900. There we're some deposits
made in both institutions.
President Oakleigh Thorno Of the Trust
Company of America does not intend TO
give up hope Of rehabilitatinE the company.
He has aiken an Office on one OF the uppor
floors Of the trust company building with
the intention of devoting himself from now
on TO the working out Of the enormous
loans which the company has had 10 make
from the trust companies committee
Mr.. Thorne will have practically nothing
to do with the actual management Of the
banking business until these loans have
been raised Other officers OF the COM
pany. under the direction Of the committee
Of six voting trustees. will take care OF that.
John f. Borne. the vice-president. has
already undertaken TO conduct negotiations
with many Of the large deposltors TO insure
the leaving Of the deposits in the company
Both Mr.. Thorne and Mr.. Borne have high
hopes Of rehabilitating the company. They
regard the run a. practically over.
The task which Mr.. Thorne has planned
for himself is a big one. He announced
the other day that the company had paid
out $34. OCO.O o to depOsitOrs Since that
statement was mad il IL estimated that
the company has paid out 81. 600. 900 more.
That would leave only about SIT. 900. 900 Of
the original t57, 900. 900 ~ deposits IL there
had been no increment. IL was learned
yesterday that one day when the run was
m he. Mr.. Thorne, opened the trust COM
pany's doors with only $500 600 in cash in