New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-25
MORE CURRENCY GOES WEST.
A RENEWED CALL FOR MONEY FROM IN
TERROR CITIES.
STOCKS SHOW AN UNEXPECTED DECLINE-A
SHARP ATTACK On WESTERN UNION
DIFFICULTY IN COLLECTING

DRAFTS on PlIILADElPbl\
The stock market yesterday showed again The ab
sencc OF supporting orders. There was a oro"" 81
the very openinc and II came complete surprise
40 those who were expecting a change for the better
The attacks of the bears sharp and persistent
and served TO give basis TO the feeling that tcr' Is at
present little disposition 10 buy stochs WI" Nv
BUYERS or comparatively few il can only be cAecoo
that quotations will show little change Tor inc oe'e'
even when there IL no especial news ci faiiure lear
or manic to which renewed financial depression Va"
be attributed as the case yesterday. Inc oh,s
news OF the day to which such responsiplh'! oou'"
attach was the increased call from ,he west io' cur
r~ncy The shipments 10 the West were esum''e'
10 have reached total OF ~ 100000 Tor the "aN
although from their nature 1t is impossible to arrive
st exact figures TO these shipments whlch were ~
large or larger those OF Saturday, was a''npueN
the slump in the last inmates OF the stock market
which pulled prices down with a rush. after parual
rally from the decline of the first hour
The calls for currency came principally from Gin
cnnati Indianapolis, Louisville and chicago anu u
some extent from st. Louis and other western Clues
last week the hope expressed that the necessity
for these large shipments had passed. and that the
amounts previously sent would meet the reeds OF the
West for the harvesting season. II would see"' oh
the contrary that the shipments OF currency or tue
last three business days have averaged at least
CO. The exchanges at the sub-Ireasry yesterday
were 100000
and authorized the retirement of $5OOo0 OF the loan
certificates With an outstanding amount Of $2l ,9oo
600 OF these certificates. the amount retired Is 100
inconsiderable to he looked upon OF any moment
From Boston came the report OF the issuance u ~,
additional 1900 COO in loan certificates. ms si'
To recall attention TO the New-EngIand eta'es' WIZ
the possbe closing Of mills and factories Was iooheu
npon ms the threatening feature Of the situi''oh'
A,o,ber small shipment Of gold from Europe was
re,eved Yesterday when 100000 in gold pars
arrived on the steamship Ems, consigned TO h"u'i
bach Ickelheiner a. Co. There was also rNr'P'
Of 1918 600 in Spanish coin from Havana. can loans
we're easy at per cent and lower ai'nousn ~"
loans at per cent were repor'ea' -
The tradi.g in stocks the Exchange Tor the ohV
amounted 70 o83O55 shares The most active STOCK
was Western Jnion on which sharp bear attack
was made promptly at the opening OF the market
The entire dealings in the stock were 1880 shore
II closed on Saturday at 75 L. and opersd yes'erua'
at rs Various reports about II were crcuia'en' anu
in the first five minutes IL sold down 10 49, anu
within the first halfhour it touched It's lowest point
for the day. ~ 90. supporting orders brought u
r.rv within an hour and the stock climbed back 10
"a 10 TO drop again in the closing slump TO "A To-
Western Union bore the brunt Of the attack but other
stocks suffered with IL. Chicago. MILWAUKEE, anu
st. Paul. which stood second In the amount OF 'raoh's
DONE opened at 53 Ia and declined to 81 L. Inc
rally carried II back TO "a 1S but IT CLOSED al 81 To-
Chicago,
was sold dowr TO ~ 10; it rallied to the opening
point but closed at "A. Chicago Gas opened at 3D.
and declined to 81 80, closing at 81 38 after 'ouchns
SO Ia General Electric was the exception AT me
spcning when il sold up 10 81 3-s from AZ. Later
II sold down to As "a. closi q at ~ le an eri ,
Of some strength early I'm the dav was the buylhg
orders which came from London for Erie. st; Paul
and Louisville and Nashville: These gave IRE d, d
December interest received although their lon
range robbed them Of effect There was prohonm Inn
talk of inharmonious relations said TO eNist among
those in control Of The properly. WIN some
Of possible rcccivership. The stock opened al IL
Its highest point II rs, lis lowest H. anu '''
closi:g IL is. ,.o,on,,orte uos
the situation at Philadelphia Several BANKS re-
ported their inability to make collectors IN tn ciN
End one large bank sent the following notice 10 us
customers: -. .. a;.so,,tr
tbat now exists In collecting on Ihilahelphim. our
CORES pOEdents IN that city cnnnot remit II
Of any sort and request that none ne sem tn'in;
Trder these peculiar circumstances TINS p,nN nv.
decline for the present TO take from lis oeposi,ors
checks drafts notes on Philadelphia us riihe
n collected there cannot be laid TO MS III New loTk
Other banks are also refusing 10 accep', ur"i,s
from their customers Philadelphia banks. ex,
cent for collection mt the depositCrs FISK some o
The New-York banks. which have large balances VI
PHILADELPHIA find themselves unable TO make use OF
these balances IN the ordinary course OF business
Why this state Of affairs exists in Philadelphia Is 10y
no means clear to bankers In this city.