The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-28
Accordingly the Situation in New York
Feels Temporary Relief.
The Greatly Feared Crash of Failures Yester-
day on the Stock Exchange Did Not Come
and Quotations Started Up.
Most Alarming Depression Still Exists
Throughout New England
The Bank Panic Reaches Helena. Mont, and
Portland. Ore.-Since March sol Banks
Have Failed with $3S, 95l ,0S3 Of Capital.


SITUATION IN NEW YORK.
Gold Starting This Way and the Feeling Not
Nearly So Nervous.
NEW YORK. July 27.-Several of the banks
here decided to-day TO extend TO the la-ge
exchange houses whatever aid may be nee
esssry to facilitate the importatior of gold.
Owing to the low rates of exchange. sew
eral large houses considered it q favorable
time to purchase gold, and 30 this end they
approached the banks to ascertain if the
necessary accommodation would be extend
ed. The banks replied that every facility
would be afforded, and on the strength OF
this nearly s., ,0OO. 600 of gold was ordered
for Saturdays shipment from the other
side. OF this, Lazard Freres import
81. .00O, 900; j. &S w. Seligman. 81, ,0O0. 600; Won
Hoffman * Co.. 100000. and there ere re-
ports of purchases which will bring the
total up to nearly S3.0O0.0O0 for Saturday.
The members of the clearing house CON-
mittee wish it stated that the clearing
house has nothing whatever to do with this
arrangement for importing. it being q mat
ter solely between the various banks and
their customers.
the Stock Exchange the nervous tension
wac not so pronounced as on yesterday.
The fact that the powerful Standard Oil
interest had come into possession OF the
Evansville d Terre Haute property re-
lieved all apprehension from that quarter
and the comparative frmness of thst stock
in the market put money lenders at ease.
Another thing that helped to restore conf
dence was the decision OF the governing
committee of the Stock Exchange not TO
close the board, as was suggested yesterday
by some of the operators who lost their
heads then. Probably the most i'm Dortant
DEVELOPMENTS OF the morning however,
were the engagements OF gold In London
and the further drop In the rates of sterling
exchange. The heayiness of exchange en-
courages the hope that the movement:
of gold from Europe will assume
large proportions in the early future.
A more stable money market would be of
great assistance to intending importers,
for 1t is difficult TO calculate on the result
of O shipment with call loans at per
cent. per anDum one minute. and Is per
cent. per diem and interest. the next Still,
foreign houses are looking for q large i'm
port movement of the precious metal.
Money at the Stock Exchange opened at
Is per cent. per diem, and interest. which
ia equal TO 5lss per cent. per snnum. Later
there was decline TO ~ per cent. lt 10
idle TO talk of q quotation tor time money
and mercantile paper as long as call loans
command the figures given above. The
su ub-treasuIy was S35l.1 debtor at the
clearinghouse. of which 500, 900 was paid
n gold and the balance iD treasury notes.
Bank officials state that the shipments or
currency to the interior will equal yester-
days total. The rates OF domestic ex-
change on New York at interior places
rather corrObOrate this theory.
a feature OF the days operations at the
Stock Exchange was the purchases of Sc
curities for investment. The movement
was the heaviest in years. and did much to
steady the list. One broker Who makes q
speciality of trading In small lots. said that
up to IL O'clock he had sold 100000 worth
OF broken lots. These purchases are un-
usually important now, as 10 means that
just so much stock is being taken out of the
street and put In tin boxes. The investor
abroad has Also awakened to the fact that
some American securities are worth havinR,
aud in consequence every London houee
here had orders to buy. The cable waa
kept busy all day long with orders and re-
ports of purchases. Up TO O'Clock con-
servative estimates put the foreign pur-
chases at 10000 shares, including 81.
Paul. Erie, Atchison. Louisville 6
Nashville and Northern Pacific. Satur-
days European steamer Will take
out over $1,000 shares of various stocks
The clearing house committee was In. ses-
sion until this afternoon, The long con-
tunity to start the report that d large bank
was in trouble. and the announcement of
an issue of 81 $50, 900 o. clearing house cer-
tifostes lent strength to this report.
Later the amount of certificates was said
TO be only SS60.000. but at the end of tho
meeting the clearing house officials stated
that the original amount OF S1.35O.OOO was
right. Their long session, they said, was
due to the large amount OF work before
them in the way of shifting loans. caused
largely by the great depreciation In prices
yesterday. They emphatically denied the
story of bank being in trouble, and SAID
that every bank in the clearing house and.
so far as they knew. every outside bank In
the city, was in good shape. Those who
met at the clearing house were all of the
opinion that the situation was somewhat
better. but still seri0us. AS yet no state.
msnts have been gwen out by the firm OF
Nicholas IL DumOnt. who suspended yes
terday.
Sterling exchange was demoralized this
morning. The posted rates were reduced
twice. the last time to si.S4b and S4oSl5.
The heavy purchases of stocks for foreign
account the strIngency in money and the
increase in the supply of bills against grain
and cotton caused the decentralization.
Actual rates are below the gold importing
point. Delivery hour passed at the stock
Exchange without the announcement OF
further failures. and Wall street breathed
easier than IL has for days past Clearings
went through without trouble this morn
ing. but there was q lingering fear that
when the time for marking deliveries ar
rived fresh weak spots would bs uncov-
cred. No failures were announced, and as
money on call dropped 10 COLO per cent
per annum, q more bullish feeling took pos
session OF the room. Prices fairly scared,
advancing almost as quickly as they de-
clined yesterday. Some of the bears. in
flated with success, were pooh pooling the
reports of heavy investment buying. but
when they attempted to cover they found
to their sorrow that the floating support OF
stocks had been materially reduced. Then
folio " ed lively scramble 10 cover.