New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-22
DISCUSSING GOLD EXPORTS.
FURTHER STRENGTH OF THE FOREIGN EX.
CHANGES.
FEARING A REVIVAL OF THE AUSTRIAN DEMAND
HEAVY CANCELLATION OF CLEARING
HOUSE LOAN OBSERVATION-DISCLOSURES
DULL AND IRREGULAR.

DULL AND IRREGULAR.
The condition OF the foreign exchanges presents
the most interesting feature OF the financial situa-
ton at the moment The possibility OF a renewal
OF exports OF gold is daily becoming more of
topic of discussion in Wall Street. The reduction
in the Bank OF Englands discount rate TO ~ per
cent yesterday exerted influence upon sterling
exchange. The market strong and posted
rates were advanced further cent for sight
drafts and Y cent to the for sixty-day bills.
The quotations for reichmarks German exchanged
are dangerously near the point which gold
might be shipped to Germany. Bankers think that
II an outward flow of the yellow metal should be
started It will be this direction first In London
money conditions are not favorable to gold ex-
ports because discounts in the open market are
down to 2is per cent and the reserve OF the Bank
Of England is SO high that relnforcements OF
specie are needed in themselves But at Berlin
the open market rate for money is up to the rate
OF the Imperial Bank OF Germany per cent.
Berlin Is already buying gold in London. where
the price OF bar gold has risen TO us. lOd. an
ounce
The German demand for gold is believed to be
intended ultimately for Austria. The precious
metal Is at a substantial premium in Vienna ana
the Austrian Government has yet supplied
all its needs involved in the carrying ont Of the
currency reforms A revival Of inquiry from this
source might speedily cause a drain OF gold from
America. unless other conditions change here.
Bankers in discussing this subject point out that
the sums OF gold drawn from Europe In the sum
mer were commanded only by the payment OF n
premium, caused by the currency famine ana
financial crisis In America Commercial conditions
have not been sufficiently favorable TO assure per
manency in the Judgment here OF the foreign goId.
As money rates in New-York are drifting toward
greater ease and the supply OF currency is ncreas
ing the yellow metal is in position to 20 where
it may be badly wanted. Commercial bills are ex-
IN, fba exchange market
bills against increased exports have already been
sold in advance
The New-York banks yesterday cancelled 81
$4,000 Clearing House certificates. The retirements
this week have amounted to s5.775,ooo The total
amount OF certificates now outstanding is wv
csoc oc Notices were given for the calling in Of
81 10000 certificates for cancellation to-day. III
Boston there were s. 10000 certificates cancelled
leaving the total amount outstanding at &o5ooU
The stock market extremely dull yesterday
sta ruling times. The trading WIS en-
trey OF a professional nature between room ueai
ers Curious irrcgulaiity marked the ouSln'SS
Among the Changers Chicago Milwaukee anu -
PAM and Rock Island closed fractionally higher
while AtchsOn and ST. Paul ana Omaha Wer"
shade lower and Chicago, burlington ana quincy
and Chicago and Northwestern ended unchanged
dropped over per cent on rumors Of an impending
strike The coal stocks were decldcdly STRONG on
reports Of Improvement In trade Among me IN
dustrial stocks American sugar lteIlhs I'li 10
General Electric to 49, but ended with a net
loss of s. per cent at 49,. Distlling ana Cattie
Feeding was advanced to "a. and at Zils ended j. :
Der cent above Wednesdays final price me
that the plans OF the Administration contemplated
an increase in the tax on distilled spirits.