New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-22
PART II.
JUNE 22, 1893.
GOIDTO COME FROM ABROAD
A FIRST SHIPMENT OF 100000.
,.o,r,cS rxcu,NGE. HOWEVER, ADVANCES A
MONEY pEcMSEs-LIGHTER CURRENCY
surpvrNTs-CLEAEING HOUSE
o,,rrrTC ATES ISSUED.


CERTIFICATES ISSUED.
Wall Street markets were sumnia'ed anu inv
wa, ,omner was frightened yesterday by the
announcement that round io' OIL gou IA" wv"
s'"aa On London for shipment TO Newlork The
COS GIVEN ny Barring. Magoun Co.. and $500
80 I'm ,eaye southampton to-day on the steamer
C,,mb,, Surprise general that the hrSt I'M
.,o,ion should not have been made by houses tl''
ose speciality Of foreign exchange ana ar"
,ravs Quick 10 utilize for profit movement OF
tho yellow metal in either direction. Al the olice
~ Barring Magoun & Co. it was said that the tranNac-
,on was made at legitimate profit. the firm having
heen able TO cover bills against II AT The lowest rates
n-tallin. II was conceded that II the recent
extremely high rates for money We're TO continue
the importation might represent loss In possible
profts BY the time the specie reached mere put Inv
firm believed that the money rates were abnormal
and would not last.
parkors are not universally sanguinc that the
,mnortation bv Barring Maccun & Co. represents the
beginning Of an inward flow Of gold Foreign en-
change rallied Immediately after the announcement
~ the engagement and rates for demand S'erhns
drafts closed at 81 81 Ia 81 81 IL 10 the sterling
This was rise OF fully cent from the early low
quotations but they were about the same as pre-
called Tuesday night The advance was the result
~ lower rates for call money Sterling exchange
onota,ions have for some time ruled below inc
normal basis at which gold may ordinarily De ih-
nor,ed But the influx Of the metal has been pre-
ven,ed nv various causes. The weakness in eX-
change has reflected increased supply OF com
mercal or security bills. but simply offerings OF
bankers bills for the purpose OF taking advantage
Of the high money market. decline In money
rates woud restore the old conditions TO the foreign
exchanges which are the adverse trade balance anu
The current Of American securities 20 this side.
Tho unsettled state OF the foreign exchanges
therefore prevents bankers from confidently arrans-
ing for gold imports. Offerings oil drafts are not
numerous enough heavy enough to permit large
line being secured at rate below the solo point
Even If large line could be obtained at profitable
yates there is sufficient disturbance In the money
orhst IN render II desirable that bankers should re-
Tain The option of shipping the gold or resenins the
exchange as long as possible. The present rate Of
profit in importing gold is reduced below the ordnary
basis by the fact that the Bank OF England charges
high for American eagles. and the coins are not so
full in weight as they al one time The Treas
,ry during the recent export movement OF gold was
careful 10 give out its oldest coin, and there has
heen some slight abrasion by the ocean voyage. \
cable dispatch yesterday brought the Information tnat
the Bank of England had raised the price Of bar
gold three farhings to rs. 10d. per ounce. Dis
counts in London also higher. with an upward ten
dencv These features indicate the raising oil OBJ
stacles which the English money market would offer
for the present TO any serious prospect OF ora oi
gold TO America The Bank OF England Is also pre-
pairing to defend its stock of gold from the demands
which are threatened from Continental EUROPE lah-
ing the situation as a whole, most foreign bankers
dscredit the idea that any important imports OF Ae
precious metal are probable although II is hoped that
fnre conditions may stimulate the tide 10 run this
way.
The ease in the money market was felt yesterday
only at the stock Exchange. Call loans ranged from
6 TO IL per cent, with the bulk OF the business
done at intermediate figures. These rates were III
contrast with a range of l5Q 20 per cent In the TWO
preceding days. 1t was too early, bankers sah'
TO predict whether the change had elements oi
pcrmanency. favorable sentimental effect was
produced by the news Of the first consignment OF
cola from Europe The advices from Washington
thai the Treasury Department intended to anticipate
the payment OF Government bond interest due on
July were encouraging. as TINS VIII release ABOUT
a. 200 900 cash previous to the GATE wheh tle
renaraions for corporate disbursements fJr interest
and dividends usually cause temporary disturbance
Another fact that helped TO cheer Wall street was
sss a5S SH Clearing House loan certificates taken
81 sqt % 5 5s ssan' WHICH dS'
National Bank Of Commerce decided On Tuesday te
aDPy '9 3ps " The In COMMITTEE Of The
Clearing House. however. decided 10 wlthhoi1 the
names Of other banks making application. There
viii probably be larger amounts OF ceruhca'es TAKEN
out before the week Is over -. , -,
some dimnu,lon is also reported Ia the amount OF
ss Irsassd Sa al i Ie bankers
name larger figures. The York banks are eH'
tions Wherever possible out.of-town banks are ad
vised to lean on their own resources. ana IL Is
Centre The pressure OF rediscoun's, however con;
tinues heavy, and the demands are frequently oil
urgent nature. ,.. sooo 600 IN
gold for transfer to the SubTeasury in san Francisco
The significance OF the recent large shipments OF
funds 10 the Pacific slope was explained In advices
TO bankers indicating outbreak OF distress In Can
fornia. which was reported TO be most acute al
Los Angeles.