New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-17
PRICE THREE CENTS.
STOCKS STILL TUMBLING.
MONEY REACHES HIGHER FIGURES.
THE DECLINE NOT CHECKED BY THE PosTPoNE'
MENT OF GOLD EXPORTS

and there was an increased feeling Of anxiety in
banking circles. The situation was somewhat re-
markable in that the gold engagements, the ex-
pectation Of which had started tie demoraliza-
tion, were not made But the postponement Of
the shipments was recognized as the result Of
notifications in the monetary position, which
failed 10 remove the original cause of alarm.
The stock market opened active and extremely
nervous. An eXclted crowd of brokers on the
floor of the Stock Exchange, and in the first hour
food of selling orders the transactions up
to more than 100000 shares. There were severe
declines IL the industrial shares, while the rail-
way stocks which had scored the severest losses
on Thursday we're sustained somewhat by pur-
chascs TO cover short contracts. A steadicr
feeling followed the announcement of a weakening
in the foreign exchange market, but for the rest
Of the Gay fluctuations continued unsettled and
prices in some instances lower. The liquidation
continued in tho industrial shares. Dstillers and
Cattle Feeders losing about per cent for tho
day, while National Lead lost nearly 3 per cent
and Chicago Gas and General Electric fell per
cent or over. National Cordage lost nearly per
cent. There was sharp fall in Delaware, Lack
awanna and Western, st. Paul and Union Pacific
lost about per cent net, and the only stocks In
the general list which failed to show important
declines were those in which the bear traders took
profits on a previous decline.
The market for call loans ruled at high figures.
The bulk of the borrowing was done at rates
ranging around 10 per cent, with frequent excep-
tions up to Is per cent, ard with one snarp
furry that carried the rate to 2j per cent The
threat of heavy engagement Of gold for exporo
was renewed by the free Offering OF bills drawn
by foreign bankers for the short account Tho
supply depressed the rates of foreign exchange
only a trine, but it prevented the shipment Oh
gold that had been contemplated by to-days
ENGLISH steamers The movement to supply loan
bills to the market is reported TO have been
begun by Drexel, Morgan & Co., and the amouns
put into circulation is estimated by the beso
authorities at about S?,50O,000. Nearly that
amount in gold had been practically determined
upon for shipment to-day. dispatch from Bos'
ton, however. said that Kidder, Peabody Il co.
had ordered 100000 gold from the Boston Sub
Treasury to be sent TO Liverpool by the steamer
Cephalonia, which sails from Boston to-day.
The closing of the Stock Exchange left the
Street still in a condition of anxiety as to the
monetary outlook. The bank statement to Dc
issued by the Clearing House to-day will be
awaited with interest The surplus reserve of the
associated banks on last Saturday was only
$500, 500. The shipments Of gold this week
have fallen little short Of Si,0o0,0OO. and 1t Is
generally feared that to-day's statement Will wipe
out this margin above legal requirements. In
discussing the situation yesterday bank presi-
dents agreed that there Lad been little reinforce
meut to the money supply by receipts from the
West, while the South still continues to demand
some currency to move the cotton crop. The
high rates for money have not ruled long enough
TO attract cash TO this centre, and bankers fear
that the construction of confidence may preveno
a normal movement of this SORT
There were rumors yesterday that the sudden
advance in money rates this week was due to
concerted calling in Of loans by the city banks.
Bank presidents denied that this was so, and
declared that if any one bank had made unusually
heavy calls it was simply for the purpose Oh pro.
tecting its reserves. The dread OF the eject OF
q continued accumulation OF silver bullion by the
monthly purchasers required by the so-called
Sherman law universally admitted TO DE at
tho root of the existing situation Of anxiety.
When asked why the banking community. did
not take formal steps TO effect suspension OF the
purchasers a repeal of the NV, the reply was
given tha, every effort mad already been n. made
nation without result. Bankers say that tho
recent demand for gold for Europe will throw the
ury. The Treasury in the last few weeks has
been able to strengthen lis gold reserves by
Offering inducements in the way of transporta-
tion to the. banks West that wanted currency to
facilitate tho crop Increment
Tho Newly banks were forced 10 deposit
gold in the Sub-Trcasury here in order TO supply
their Western correspond dents with currency.
Now that the demand for this source is dimn-
ished and there is renewal of the inquiry for
gold to be sent abroad, the city banks are indis-
posed to part with their gold and the Treasury
is unable to utilize the practices recently pre-
vailing TO hold its gold balance. The problem,
it is urged by the majority of bankers, could be
solved by the restoration of confidence, and Wall
Street has only ore opinion that this could be
best accomplished by action by Congress in re-
pealing the act of June, 1890, which compels
monthly purchases of 100000 ounces OF silver.