New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-23
roREIGN EXCHANGE HIGHER
ANOTHER ADVANCE TOWARD THE GOLD
EXPORTING POINT.
RAPID RETIREMENT OF CLEARING HOUSE LOAN
OBSERVATION-DISCLOSURES EXCELLENT BANK
STATEMENT ExPECTED-SHARP BREAK
IN NATIONAL LEAD UNSETTLES
THE STOCK MARKET


The forecasts Of the bank statement, due to-day.
commanded comparatively little interest in Wall
street yesterday. There Is only opinion to
the character Of the showing; the question Is to
the extent of the gains In cash and reserve which
the banks will report. There has been heavy in
AUX of currency all the week and sjOOO.00 is the
,cvest estimate OF the increase that will be shown
IN cash. An increase of double that amount would
cause surprise There Is expected to be large
increase in deposits. although a considerable part
AZ the gain in cash will come from the paying off
Of loans II deposits increase materially the gain
IN surplus reserve may be only moderate. but in
any circumstance II is expected in the banking
community that the statement will in all respects
he a most favorable one.
The cancellation of Clearing House loan certif-
Gates yesterday amounted to s9sO.ooo/ leaving the
amount outstanding at $29, 100000. Notices
were received to call in $4,000 additional certifi-
Gates. At Boston there were $.O55Oo certificates
retired, leaving sS.3sOOOO now outstanding.
FOREIGN EXCHANGE STRONGER
The feature of the foreign exchange market was
Increased strength. There an advance Of V
cent TO the In the posted rates of sterling drafts
10 ASds4 S7I2. The actual rates of sterling ex
change are within about cent per OF the gold
exporting point. The rates on German reichmarks
have risen to within 3l6 of the gold shipping point
No shipments are. expected In the near future but
foreign bankers admit that continuation of ex-
isting conditions will. in the absence of favorable
action silver repeal in the United States Senate.
probably lead 10 an outflow of the precious metal.
In the stock speculation the fear Of exports of
gold Influences operations only slightly The chief
effect is to hold in restraint all outside demand for
securities In spite of its dulness yesterday how
aver the stock market presented increased irregu-
Iartes The feature of interest lay in the group
Of industrial shares. National Lead common was
unusually active and broke to 25l2Q2o's. against
2ei. at Thursdays close The preferred stock fell
from III. TO 6sss. The transactions in the common
stock amounted to 2jO6S shares, record much
larger than that of any other individual stock The
Street learned for the first time that meeting OF
the Board of Directors which ii had been expected
would be held on Thursday to discuss the question
of a dividend on the common stock had not taken
place Colonel W. z. Thompson. president of the
National Lead Company. explained that the meet
ing had not been held because of his absence from
the city. He also declared that there was no set
period for declaring or paying dividend on the
common stock and said "A special meeting may
be called TO act the matter. but when it VIII
be held / cannot say" Wall Street however ac-
cepted the naction of the directors as proof that
the dividend would be omitted and some operators
asserted that ''inside points to this effect had
been given out.
DROP IN lNDUSTH1ALS
The break in the National Lead shares had
sympathetic influence upon the other Industrial
stocks There much discussion, too OF the
resolution to be introduced in Congress TO inquire
into trusts and combinations and the prospect
of the effect of a radical tariff revision was talked
Of American Sugar Refining. after rising early
10 ST., declined to S63saS6as. Chicago Gas fell from
beIs 10 5sd5s5s. National Cordage dropped TO 2ia
2p. against 25i: Tuesday American Cotton OH
fell from Sa7s TO 49, and closed at "a. General Flee
,rc opened at 472s, but declined to 45s,0i5's The
new bull pool in Distilling and Cattle Feeding adj
vanced the price nearly l per cent to PAS on the
talk of an increased distilled spirits, but
the closing price was 23ls
4 good deal of interest was excited In Louisville
and Nashville because of a squeeze" Of the
bears" In order 10 borrow, the stock brokers
had to pay as high IA per cent a day ana
sales OF cash stock made at l@s per cent
above the regular way" delivery. The opening
transactions were made al 561s. ana while the
last price was 81. it showed net gain OF per
cent The bears assert that the scarcity OF The
stock for borrowing purposes is temporary ana
say that the stringency will be broken when Tor
een certificates on the way from Europe are
delivered here. ,, .
The number OF failures reported by telegraph 10
r &; Dun AZ Co numbered 3ly in the lnitru
and in Canada, total for the week OF
3f4 last week and I'll Tor the CORE
sponding week of 1892. The weekly reriew makes
a fairly sangune report Of the business situation.
The bank clearances outside of NeW-Nork are %
per cent below last year, against a decline Oh, -
'all conditions. except a. Washington. favor grad