New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-19
CURRENCY PREMIUM RISES.
INCREASING DEMANDS LEAD TO HIGHER
RATES.
coin IMPORTS GIVING NO PRONOUNCED HE'LL
CLEARING HOUSE CERTIFICATES TO RE
LIEvE MERCANTILE PRESSURE
WHAT is EXPECTED FROM

WHAT IS EXPECTED FROM
THE BANK STATEMENT
Currency commanded an increased premium yes
..rday and an active business done by the
money brokers. The need for funds with which to
move the crops is growing with each day. and in
stead of a disappearance of the premium which was
expected a week ago. the indications point to It's
continuance for some time. This imports OF eoio
continue on q remarkable scale, but equally re-
,narkable is the absorbing demand which speedily
,akes the heavy arrivals out OF the New-York mar
ket 1t is evident that for prudential reasons the
savings banks add'-!g to their reserves 70 meet
nossible large with .wals when the thirty anu
sixty days notices from depositors fall due wnhe
the demands from the grain and cotton trade 10
finance the crop movements naturally VIII reac"
the maximum in the autumn months.
II was estimated that the transactions In cur
rency over the counters OF the money dealers
amounted to at least sl.ocoOOo yesterday. The ex-
IRENE range in the premiums paid by buyers was
r1as,s per cent. The transactions at S2 per cent
we're bv no means inconsiderable. but the ruling
rate was probably per cent. Spot goid cioseu a.
81. per cent bid, and gold to arrive commands
about az per cent. The demand for currency came
from the South. and from corporations anu a'ee
concerns making up pay-roils
Tbere ia no slackening in the movement OF soio
10 these shores. and the higher tenoenc! .. u
nremium offsets the resistance 10 shiprieh's o'i'
nv the SITTER money markets abroad New engage
..Lars and here the new orders aggregated ABOUT
q $4,000 The German steamer Fuerst BISMARCK
Yesterday brought into port tSSoS' loreisn soiu'
The Etrllria, due to-day, has a consideraoie sum
~ the precious metal on board. and the louraihe
iii ,r,no In over 81 900 900 also. IL is hard TO fol-
~ 49, course of shipments from the other side.
49,, sanders saw that 100000 is a moderate estl-
nate of the amount due here within the next ten
davs The net gold imports for four weeks up 10
,os, Monday night amounted to S7.3olIS6 the ar
hann ali
.c.nts from Havana and the net imports for the
eya weeks to next Monday will probably be AT
,eas, s2s 900 900 Yesterday the cable announced tndt
the Rank of England sold fi3i,WV American coi"
and Ergo 900 was withdrawn from the BANK LOT snip
n,ent to America. The banks here have shlppea
much Of the foreign gold received out OF town some
~ the hanks have bought the precious metal 10
shin TO correspondents making no charge lor 'he
premium they were compelled to pay
The sub-Treasury yesterday paid $4,000 gold IN us
Clearing House debit balance. 1t cashed chechs
over the counter for sl.S9OOOo, all but N4SVW peins
,o,d for in the yellow metal. There were O'N
silver dollars paid out. and telegraphic TRANSFER
IN New-Orleans of $4,000. The Suo-Ireasury pays
ou, the foreign gold received from importers with
great rapidty the clerks and men In the ouihoh
danartment being worked extremely nara.
Tbe~e has been a further expansion OF Clearing
uouss loan certificates. owing to the increaslns
pressure upon the mercantile commune nv
stock speculation has subsidized INTO such et"e""
Mt demand
fraternity is light. The demand for bank circuits
from merchants is growing stronger. ana Is hkeN
10 become acute with a longer delay III 'ohs,e''
in action for the repeal OF the SILVER fu'c"' ,':
The Issue of loan certificates yesterday was s'V''
ooo making the total amount outstanding %"es''VV'
In BOSTON there were $4,000 certifcates 'ahe" ou''
hu, soso ooo were retired, leaving the net issue sV'-
on ooo There Is no probability of any important
retrements here. The certicates lssueu se''
are understood have been taken OUT os an ~
town bank which made its hrst apphoa'o''' an
the further issue of certificates is regarded as ce
.,,r en- long as the New-York banks are deter
mined TO relieve mercantile necessities as iai aS e
an their power to do so. with regard 10 ''ie VI
tinued issue of certificates although coh7r-'I
gold which was understood to have oeeh inlloi'eu
,.h tho assistance obtained by the issue OF loan
certiscates it was semi-oitcialy explained as ioi
lows: - ,.,. r, Gold
At the beginning the gold movement imports Oh s
~e,c n,ade bv certain h.nl~ Win th' @-ri-'l"' -
,,c,r,c i,ous, certificates out by their bHer'
When this gold arrived 1t was pail INTO inc O'">
the mean TIM. however, circumstances mao an" -
rendered It, to say the least und siiatlc ina, any 60
tincates should be cancelled Further u'e wa 'umi W.
Them 1t was distinctly understood that u' II l'"'
OF gold imports the time was h"''T '''e 49,
corning Individual anks and not ac'd ul"h D, /"
Clearing House committee "a boil ol'ce u, az"
., rho currency premium owing TO the cas- OF 'a noi'
gold imports have teen carr1'i Oh without osSN'
the banks some Of those imports have been n"'o ~ "
Individual speculation by The foreign hou-fs '
o., ,.vo beon mad practically commission OhN
. v,rv small proportion have been maze under crcu'"
ran.e, which permit the gold as II sfENe' " w 49,
the Clearing House banks and stay there
corisc,ures as to the weekly statement to be
,ssued to-day are decidedly confused Inc ui0e'
,,ant is the extent TO which the imports oil
cold have gone into savings banks ana i''o '''e
interior favorable exhibit is argued lor' oe'a''
LIST Saturdays statement was pelieNeu u -. NJ
Nm on rising averages, the banks Deihs pe'' U
virtually than the average system would snow u?
Of
the banks have gained about s65oO'VO Inc "een
irports Of gold have been about soVvo'VV'' ~ -
figured out that important gam IN sPecie "''
he recorded by to-days statement. but popular eSi
mates will doubtless place the gam 100 n's"'
~, .hov how, conservatively bankers forecast 'he
s,atement owing to the failure OF much oil 'he ioi
e,rn specie to stay in the banks OF discount ~
mates were made by three bank presidents ao'''~
in the Clearing House management as u inc So ,
e. specie likely to be shown by the statement Inc
highest estimate was "'''''
Si.100OO. ... ,,,l and
The Wall Street markets yesterday were uui' anu
without feature OF interest some comment was
.xc,,ea nv the publication of the following py one
80 ,ha wall Street news agencies in its remarks on
-, -, Wv s,'g s,ock market: Chicago Gas was ham
ared o1 the rumor that part OF the noaunS oeD a
I'Sars Of the companys notes have reiuseu
10 accept bonds in payment ,re me annont
nen Of receiver for ti1sndy Reenedict who is
company's Indebtedness r.. -. cas- COMPANY ex
nressed warm Indignation at this stateden, IdentlW
Re as malicious and false asp bear pary
made in the interest Of an unscruput The Street
%nsa ,nehods have been offensive ~ w 20 49,
Mr. Benedict placed the matter IN c tng ''''u'
psu:or,i,e incident OF the day was ui' az
nouncement by President j. w Raiiroad. that the
Company has arranged for the es for Or FIVE
900 guarantee fund per cent ncinal and in
ieres navabe in gold Details will be puohsheu
later.
Dun's weekly Review" says: go, ao.r,,s
.gs of mnrovencnt are all better because '"e' o"u
not from possibly delusive hopes or from mon'en's
aid but from the good sense ana the "Un' . m ,,v,np