The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-04-22
NO EVIL RESULTS.
The Financial World Not Shaken Because Il
Reserve Was Touched-yiews Of Bankers

The Financial World Not Shaken Because the
Reserve Was Touched-views of Bankers.
NEW YORK, APRIL 21.-The upper crust of
the hundred million gold reserve has been
removed, the financial world has stood by
and witnessed the doing of it, ana yet to-
night. in this financial center. no qua kin gs
most interested are wondering why there
has been no crash of worlds nor wreck of
spheres. Indeed. some financiers are look
ing each other in the faces and calculating 4
as to whether they have been. fanatic or
unoannily superstitious. The entire situa-
tion has seemed turning on the golden
pivot. and here's the way tho matter stood
here as the sun went down behind the Jer.
sey chimneys across the river. The en- gage
ments of gold Tor EXPORT on the cleaners
sailing tomorrow and on Tuesday are as
follows: Lazard Freres. 5000 ,OO0s Heidel-
bach. Yekelbeimer X Co., $4,000; Kuhn.
d Co.. $500, 900; Canadian Bank of Com
merce, S500.0OO, Bank of British North
America, $500. 600: Haskier, Wood & Co..
800. 600; Nesslage. Colgate d Co. S25 600; in
petty lots. $4,000. making total of SO. 175..
Kidder Peabody & Co. had engaged there.
for direct shipment to Barring Bros. in
London, $3.50, 600 more of gold. There is
the ply steal situation. So much dumb. yet
richly clinkey metal, about to be trans
ferred in wooden buckets from here to
there. and yet the deductions from this
fact are as many and as wise as the people
who became excited over 1t to-day, and
who discuss it more calmly tonight.
There was much diversity of opinion in
the financial community during the day
over Secretary Cariisle's statement. In the
main the Judgment was unfavorable. and
this to no small extent. because of the
statements ambiguity. On the stock mar
ket the accumnIating bull runors' from
Washington diverted, practically, ell at
fention from the Secretary's circular, but
the sterling exchange market opened in
utter confusion, rejecting that very un-
usual occurrence. scare among the regu-
lar remitters against foreign credits. The
demand for sterling bills: this time pro.
ceeding from bankers doubtful about the
gold pay yment for their treasury notes, and
anxious to anticipate their payments. was
so heavy as TO force MP sterling rates 70 the
highest figure touched since the panic Of
1884. Over S6.00000O in gold was thus en-.
gagged for export by to-morrow's steamer,
with the orders unusually widely distrib.
uted.
MONEY RATES WENT UP.
In the midst of this turmoil, foreign lend
ers of money called in numerous loans and
these notes being drawn with the gold
clause, payment IN specie was in at least
one case demanded end obtained. Not un-
naturally the call money market frightened
under the Withdrawals and stock market
operators lending their usual assistance.
money rates were bid mp on the exchange.
So far as all this was O result of sim pie
fright ii had Its reassuring eide. The
treasury notes presented at the subtreas-
ury were promptly redeemed in gold. In
the face of the exceptional demand for
bills one or more conservative foreign
banks drew exchange in large amounts sell
ing at the market. and announcing their in.
tention not 20 cover their bills by gold
shipment The course Of the money mar
ket encouraged this policy, which amount
ed necessarily to q transfer to this side of
foreign gold credits. There WAS. moreover.
O clear statements. in several quarters. Of
the vexed question of the gold clause in time
notes. The older trust companies. and many
banks which are to some extent lendere on
time. made positive statements day that
they are making no stipulations OF gold
payment The foreign bankers. with one
or two banks and trust companies. are
steadily insisting on the clause, and are
resisted by borTowera Borrowers on call
to-day were able to secure accommodations s
early in the day at 5 10 o per cent. but
those bo DELAYED supplying their wants
were forced TO pay 10 TO l2 per cent The
posted rates on sterling exchange were
raised to s4sSla and si.e0l8. and there was
little disposition 10 draw.
The situation improved late In the day.
Sterling exchange essed mp because OF the