New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-08
MANY CALLS FOR CURRENCY.
1T IS WANTED ALL OVER THE COUNTRY.
THE DECLINING STERLING EXCHANGE RATE
STOP GOLD EXPORTS NATIONAL COEDAGE.
pr,.D,~c Avn Or1irp SI-rJCrTS


STOP GOLD EXPORTS NATIONAL CoEDAGE.
READING AND OTHER SUBJECTS.
Relieved for the present from the drain on their
resources caused by the export OF gold TO Europe
the New York banks are now confronted with the
demand for money which Is coming from all parts
OF the country. Extensive shipment, OF currency
were made by the principal banks yesterday ana
while the calls diminished from one city there were
urgent requests from new localities. some OF '"e
demands the result Of runs on BANKS air'"us
nnder way, while others indicate the expectation VI
runs. and to meet them the financial INSTITUTIONS o'
the threatened parts OF the country are strengthening
their resources. The shipments OF funds were maze
10 widely separated points. this Indicating the wide
spread disturbance and anxiety which are felt through
out the country.
From Chicago the advccs yesterday were some
what reassuring. a subsistence OF the movement TOT
the withdrawal OF bank deposits being noted to some
extent That the acute financial strain Is by no
means fully relaxed is proved BY the continued
gathering In OF reserves by the banks In the Lake
CITY, Moderate estimates made the shipments Of
money TO Chicago yesterday about S1OOoooo nut
there were bankers who were confident that the move
ment had reached the figures Of the previous DAY
about 81 100000. On conservative basis however
n Il considered safe to estimate the total shipments
so far this week at from S3.5O0,OOO 10 S3'ooVuo'
1t was generally agreed among bankers that 'ne
total movement OF currency from this CITY was VI
excess OF Tuesdays shipments There were cans
for funds from Milwaukee. Cleveland, 'incih'i"i
New. Orleans Louisville indianapolis San Francisco
and other cities. small banks oil over the co"h'r!
were soliciting currency in small denomha"""S' II.
order to be able to meet all existing or eNpec'co
pressing demands from small depositors The WIN
drawal OF money by Cincinnati was surprise TO
bankers New York exchange In that city mas IN
dicated ease In funds. but 1t Is supposed tha' ''
cincinnati banks have been contributing to Chicagos
requirements until they reached poiht where ue'
own resources needed to be strrngthenco
SAN FRANCISCO SENDS FOR SMALL NOTE
The appearance Of San Francisco IN the money
market also novelty. Tha' CITY mas p'enN VI
gold. but its bankers 10 he preparing Ter
call which requires small notes to meet IT, transfers
NJ currency we're arranged through the SubTreasurF
IN IN. amount OF 100000 yesterday and to 'ha'
extent the Treasury gained in gold Tor curfenc! i
not transferred through Sub-Treasury accounts eN'
cept on the deposit OF the precious metal. Inc III
ourtcs for transfers coming from San Francisco TO
the sui. Treasury here covered more than S'"'o''
IN amount So far the South Pacific slope has re-
uortrd no serious failures in business. bu the IN
ouries OF the SAN Francisco banks indicate that me
disturbances in the State OF washington may !"
affecting public sentiment in California In adotoh
to Its gain OF 100000 gold yesterday the SUD
Treasury here gained S2O0,OOO through cACh'"se
operations on Tuesday.
The eN1ux Of currency to the interior Is lmparting
a decidedly firm tone to the local money market.
Money brokers soliciting tn" banks Tor time loans
at per cent, but few Of the banks have spare uhnS
10 mt ont on time. Some Of them AMI few OF l'ie
trust companies making time loans but the supply
Is far below the demand. The call loan market al
the Stock Exchange was strong at 506 per cent and
n the demands from the country are kept up Few
DAYS longer bankers say that the supply on call must
be materially curtaled. Although the higher rates
and the calling Of bank loans may inconvenience
borrowers on collateral. these features nave '''
beneficial effect OF stopping the exports OF gold
Foreign exchange again weaker yesterday ana
shipments Of the precious metal are now believed 10
no o, OF the question for this week. The only ship
ment which had been decided upOn-that OF S3Ooooo
by Barring, Magoun ~ Co. on orders from kdder
Peabody 4 Co.. of Boston-was cancelled yesterday
owing to the decline in sterling exchange rates The
monetary situation. resulting from declining dis
counts abroad and rising quotations here Is influencing
the foreign exchanges more than the moderate In
crease in the Offering OF commercial drafts Inc con-
tinuance OF the European demand for wheat IS not
positively assured. however. In the opinion OF mer
chants AMI bankers. The sales OF wheat for export
yesterday at the Produce Exchange fell oil 10 1oooo)
bushels. against sales of about 4oo,ooo bushels on
Tuesday.
WIDESPREAD BUSINESS TROUBLES.
The number OF business failures and bank
pensions outside OF New-YOrk ANNOUNCED yesterday
was larger than any day since the financial pres
sure became oppressive. The list included two banks
a, spokane and at Paouse, Washington one in
Nebraska and two In Indiana. The mercantile fail
ures included firms in Chicago, Boston, Wichita Kan,
and Kalamazoo. Mich. Rumors from the West were
also current OF the embarrassment OF a large grain
elevator company the Pacific coast These un-
happy conditions cXerted small influence on the specu
lation at the stock Exchange. Business light.
and while declines In values general, they
confined In most instances TO fractions. Atchison,
folti,
TO % 5ad23 "a. against % Is Tuesday night.
General Electric declined from II "a to 65 81 closing
At co SO.
MEETING OF CORDAGE INTERESTS.
Unusual Efe was shown by National Cordage stock,
and the price fell from IL IL TO 12a1c "a. against
Is ia at Tuesdays close. The Street was filled
With unfnvorabc rimos. 4 meeting of the reorgan-
izstion committee held, ut which present
representatives Of the credit banks and officers OF the
company. No conclusion reached. and the men,
bers OF the Reorganization Committee decincd to
make any complete statements But II was commonly
reported that the meeting had been the reverse OF
harmonious and that OF the bank representatives
vere emphatic in declining TO have anything to do
with the proposition for the issue of bonds In the
reorganization scheme Wall-st traders jumped at
the CONCLUSION that the financial showing OF the re
cevers had disappointed the creditors, and talk OF
possible assessment on Cordage stock heard OH
all Sides There no official warrant for the ad-
views OF spectators. but the popular opinion
Is not hatterlng 10 the prospects Of an easy reOrgan
ixaton.
Philadelphia and Reading affairs attracting fresh
attention as the time draws for determining
whether the reorganization plans OF the management
may succeed. 1t Is understood that the loan Of
6peysr Co.. the bankers who advanced funds which
Mr. Mcleod then president Of the company, used 10
pay the February interest the preference income
bond, has been extended. Philadelphia dispatches,
however say that the extension Is made only 10 give
the reorganization plan chance to be- ,sted If that
plan fails, the loan II is said, will faL due at once
and the friends OF tie company PARTICULARLY
TO carry through the scheme, In order TO avoid the
sacrifice OF c0llaeras which might attend the clos
Ing out Of the loan.
THE READING EEoHG ANIzAmoX
The assents TO the Reading plan Of reorganization
up to close OF business yesterday were ~. 900