New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-21
MONEY LEAVING THE CITY.
RENEWED DRAIN UPON NETWORK BANKS
FROM THE WEST
A SMALL CURRENT OF GOLD FROM ABROAD
GENERAL ELECTRIC'S EXCEPTIONAL BREAK
-cENIAL OF BEAR" RUMoRS-A
FAVORABLE LEGAL DECISION.

-CENIAL OF BEAR RCMORS-A
FAVORABLE LEGAL DECISION.
The situation in Wall Street showed a further TO-
covcrv in temper Yesterday. and the stock market
advanced in the face OF "a severe and unexplained
break In the shares Of the General Electric Company
The encouraging feature was the evidence OF bc'ter
resisting power in the values OF securities generally
indicating O subsistence OF the "pancky' 1ccing
which was almost developed on Tuesday. but In out
side financial conditions little Improvement. unfortu
natclv could he noted. The local situation Continues
to show admirable strength. regards the position
Of the banks and the absence OF Important dnerclh-
tile failures but there signs that the strain on
the country has by means been relaxed ana the
course of liquidation has not been arrested
The soiCitudc OF the financial community l. NJ
present fixed upon the West. The crisis In Denver
md at Kansas City appears TO have nncn. passed.
1t is true that like fire which burns dts* out 'he
result has been TO leave large partitions nf tue com
munlty ansolvent for tho tine being but rs inc pane
in Colorado and Kansas City has Etlsdet 10 leed "po'
the work of econ structon may now be pesuh P'ihi
end slow as the process NAV h. Bankers commehoe"
the attitude OF the Controller OF the Currency III an
nouncInr his intention to extend the utmost con-
sidera,ion 70 the Western banks which nave occh
carried down. not by Inherent weakness ""' ~ w
inability 10 realize upon assets or Wltnsahh ''' p'
dpitate withdrawal OF deposits. Bur II Is reoos"n"
that the effects OF the Colorado and MISSOURI s"Sp
SiOOc
and homo It is feared that the monetary strain may
no tran sferred 10 new quarters. no meet ih'S pos
,i,uiv tborc Is already a revival OF calls from 'c
interior OF New-York for funds and the shipments ~
currency are admitted now TO be III excess VI VIZ
receipts from nearby points. o
The sub.Treasury yesterday paid on aboni Foo.'
400 s,,ou notes In exchange for large ones and or
rold certificates and at least Sooo.ooo Is eS'i''u
have been intended for shipment ont OF town. hNu
,s vary as to the amount shipped directly rom
Tho Heu.yorl hanks but II Is believed That inc uI"
movement was larger than 1t has been III UNI VIZ
Tho principal call for currency comes from - '''
whore the banks have been assisting 'hFir hcis"ooe
correspondents The ST. Louis banks nave oren "''
~, In = manner IN receive the commendaon of New
work hanks Their course has been In sharp contrast
with that Of the Chicago institutions whose ma""s
have crdeayorcd 10 throw upon Newlork the bur"eh
~ helping places which would naturally looh 10
for any temporary assistance. The Now f'rh p''
are surendcrng balances due To Cmcago 'hsu'"i'"''
but evidences are multiplying that 'ha' CITY i o'.s
forced TO give up the cash which II has been !ealo"SN
Guarding The obstinate refusal OF the Chicago DahhS
IN resos 10 the issue Of Clearing l0ns9 loan cerih'
.otcs while gratifying 10 what New-Iork bankers con
slider Is false sense o. local pride. has crippled inc
ability of the Chicago institutions to extend accom-
mediation TO correspondents caueh' III 'he 'no"c'"''
pinch The methods Of the Philadelphia bahhs', 'o',
are exciting considerable criticism here' or IL u sun
vi difficulty mat many new l"Ih D"h"7 ~"
their credit balances from the Philadelphia INSTRUCTIONS.
=, ,.r., Instances II IS said that there have been
actual dellnouencies on the part Of some Philadelphia
hapks The trouble is so embarrassing thar 'hr'a'S
are heard that the New-York banks may charge
commission of one per cent on all philadelphia checks
received for collection.
The situation in the New-England States has not
developed weakness, but there Is feeling OF ahNcN
as 10 the effect Of tile threatened suspension OF co''oh
in that the county. Inc SUI
son however IL The one least likely u be follower
by unfortunate results from the ideness oil oper"
lives as II covers the vacations that many OF uicn
ordinarily take. by shutting down now the Dig h'i'
NAV be better able 10 enter the winter season. wheh
a closing down would lead TO distress and dill
cultv among wOrklnymen thrown ont OF employ mrh'
The receipt OF drtlets Of gold at this port now and
then Is helping 10 Offset the loss OF currency 10 inc
interior. The steamer Travc yesterday brought III
s67 goo gold consigned to l.. Won Honmann &" 20
The same hrln advised By cable that A-oooo
had secured In London for shipment by lis cor
respondents Wall Street INDUCED In highly coored
rumors OF the efforts Of big Nsw-fork syndicate 10
arrange for heavy shipment of gold from London
tomorrow. Inquiry failed TO disclose the existence
of any syndicate but number OF foreign bankers are
the gleit to make impurta'ions Of the precious
metal II 1t can DC done with any possible profit
in the London market TO buy gold and they VIII
know to-day whether any OF their bids have been
can easies " Ie too ssn 70 per>> inrge impora
tions at the ruling rates OF exchange The icrelsn
sopad yiat '''" declihns tendency I'D set n but be
fore the Close there had been full recovery in the
There are some bankers who think that the receipts
Of currency and the small arrivals of odd lots OF gold
this week will about Offset the movement OF money
to the interior. Other bankers. who accurately
sauged beforehand last weeks sn Of bank
would reflect loss Of cash and deposits by the city
banks. There ISSUE OF SJO,OUO Clearing House
WAS cancelled although
notices were sent I'm OF the proposed retirement Of
none canceiled by the Boston banks.
There was material decline in the volume Of
transactions In STOCKS at the stock Exchange yes.
ana the general level Of valncs at the close
higher than on the previous day The market opened
from London, and foreign houses purchased from TO-.
coo to 1900 shares Of stocss But after further
late rally followed Oil the revival Of rum6rs Of ex-
tensivc gold imports A few Instances wifi Indicate
81, but closed at So SIS, a net guin OF j - per
cent. Chicago and Northwestern opened ND as
per cent at 90 IL, touched % Ia, but reacted TO
u6 "a. New York Central rose Id per cent TO
% and Lake shore ranged from as SO 10 IA l2G.
Of Fer cent at 50 il. .IeH ~ PER cont and then
.scSvsrd 10 - 3ss'4 Us asn,' 8 p dy
ierred rallied per cent to % q and .-nen Pacific
recovered the IKE amount a t, to- 10 6 a. Western Union
so 34aeo but there a Subsequent recession 10
t. % per- cent Sss trp but q = %
: II. Erie gained per cent ut 10 3.e.
The Industrial group was heavy In the main |
c so early ruled at 5Goi6 o. against "a az
Wednesdays close but subsequently, fell 20 SO .5s,
crossing "a "a. showing a.n'f gain OF Me frac hon
But the sensation OF the nisrkef IN General EIer-
tiic The stock opened mp 2 per cent At S. to
SIS "a and then broke 10 40 12 closing at a recovery
10 AZ 81 net decline of "a per cent. This |
stock was hy far the most active the list nearly
4 900 shares changing hands equal 10 about 20
r.r cent OF tho total transactions. The remarkable
weakness of this stock which pays per cent divi-
dom exctcs bewidcrment In Wall STREET Rnm0rs
nr,ncil difficulties and suggestions o. receiver
~. o.ic.iily denied with emphasis. 4 prominent
officer Of the company who declared ths' the rumors
were too prepo warrant notice, said that
there was no foundation for the bear reports. He
asserted that the liabilities Of the COMPANY were no
Counting The real estate. patents and plant. The
rash business Of the corporation had since Its