New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-09
URGENT DEMAND FOR MONEY
The INTERIOR MOVEMENT kEEfo w.
uvoRApLE FEATURES IN FOREIGN EXCHANGE
CROP NEWS AND CnIcAGo's FINANCES

GENERAL WALL STREET TOPICS.
Wall Street was cbccred yesterday Dy "a'on Vi
,yOrabe news and Influences in' -
and lowered Its discount rate ioreis" eN'""e' vac
urther demoralized, crop advices were "o'e e"'o"
wing Pho runs on the Chicago savings banks were
aid 10 have ceased published statements Oh the views
y n,,nu n, congress we're accepted as foreshadOw-
49, ,h r.neo, NJ the silver Purchase law, and the
si,-oads made some hatterng reports OF earnings.
uo stock Exchange reflected these laVOnhg eiemeh's
4 the situation. and at chicago ana fhiaoeipha
. ., tho local securities which have been severely
,nr.ss.d receotly rallied sharply Speculative SEN
.non, .omed disposed to make the most OF the rays
sn.sh,ns sent through the gloom which has for so
,aaed upon the banking and brokerage COM
nunity. .,. ... -, ~.
,onk Of England from per cent TO 3 per cent had
ION .xpected after the break In discount rates in
0. London open market. The banks weekly state
nent reflected heavy gain In bullion and In reserve
md the proportion OF reserve to liability Is now
sised above the percentage at this time last year.
Private discounts in London have fallen to La
SIS per cent, and unless there should be an nheN-
sccted Change In the current OF the foreign money
markets 1t 1, expected that next week will witness
hrtEer decline in the Bank Of England rate. Inc
bw rates for money in London and the high rates
,ere are inducing increased weakness III the foreign
Exchanges Bankers are tempted to make stefimg
pans more freely and this tends to add 10 the supply
# bills. The increased exports OF wheat nave en-
urged the supply Of commercial drafts but some
b:elgn exchange brokers said that these onerihgs
we're not so free as on Wednesday, because sellers
lid not wish to depress the market too much. The
AMID fall In sterling exchange rates has led 10 some
restriction OF offerings especially as buyers, nocihg
nc extreme weakness, have beld OH LII TIE nope VI
Ieng able to secure bills for remittance at even
bwer quotations than those which now prevail. A.
4 generally hoped that the European purchases OF
1thornl
sss.ie continued relief from the CESSATION VI soiu
,xports Sentiment may not rule the exchange mar
Re, long, apd increased exports OF merchandise anu
securities as well diminished imports are heeoeu
10 enable bankers say with confidence that the soo
lnBux for the season is over.
The gold balance IN the Treasury was reouced yes
hrday to $50 500 1863. according TO the Washington
sxt.ment But the ubTrcasury officials hope TO see
iain In the balance before Ions The SUD treasury yes
erday increased Its gold by $2OO,ooo hah VI "'n.n
vas from the deposit OF the precious metal lor 'ne
purpose Of obtaining transfer OF currency 'iiio"e'
no suh.Trea sury at San Francisco. Further gains vi
pli are expected from this kind OF operauonS' as oa
francisco appears 10 be suffering from the Uniform
iced Of the interior for small currency. ~ Is aiSo
considered possible that If the drain upon the Ne"
York banks is maintained they may be lorced' Ia
rider 10 accommodate their customers, to use some
mart Of their holdings Of gold ceriiicates 10 maze
exchange for currency. This Will also help 10 swell
he Treasury's gold stores, If 1t is done. Inc SUI
Treasury is paying out small treasury no'es !" va
,hapge for large bills from the bahhS thaI "e"'
currency for shipment. and these Treasury NOTES iorn
Almost the entire pulk OF the shipments TO the In
enor.
Thera Was no cessation OF the demand for currency
,n,n The New-Yora banks. Tile shipments yesterday
we're estimated by authorities at $loOoooo OF o'e'
4 somewhat smaller amount than was sent away VI
Wednesday. But the calls came from nearly every
hart OF the country, and Chicago has not en'rely
for finds
- tho currency movement Is the demand from small
,ountrv banks In the West and South, In sums vary
hg from o., 600 to $4,000. HE total shipments VI
surrency this week have made severe drait on ,"e
lash resources Of the New-York banks Inc ngures
estimated in banking circles yesterday were largely
m excess of the conservative estimates puphsheu III
rbe Tribune Both the SubTreasury officials ana
hank officers who have watched the movcmert CLOSELY
agree In statements that 100000 has ALREADY oeen
sent ont Of town. This drain Is ut daily rate LII
excess even Of the heavy gold exports Of 'he last
sev weeks The demands from the interior have
.-actcol,y stopped negotiation Of all but the best
,ade. Of commercial paper and business In time loans
Is practically at stand. Tile call loan marAe'
Is begnning show the effect OF this remarKaoie o'
dow Of funds, and call money COMMANDED $40 per
sent yesterday at the Stock Exchange Inc sehsl''o
Mss OF the market was indicated by BRIEF hurry
near the close of business up is per cent although
the rate dropped quickly TO per cent, and the ex-
RENE figure was not fair criterion OF the actual
ban market.
The cheerful crop news included the monthly
report OF the Missouri State Agricultural Department
which estimated the wheat average at 81 per cent
and the average condition at 81 per cent. Last
month the State report made the condition u per
cent and the Federal Government report made IT
condition Of wheat through the West as being main.
fained but not essentially improved The corn crop
"nlnned drawnacks in various districts
The spring wssst s srSp c Tas s ssS 70
less Iaorsele siy Wing the condition OF wheat at ''
o. the i days Exhibits Of railroad earnings
that Illinois Central , showns % an Of sa %
net saTniass ~ The p company gross earnings in May
%erssssa SaHssgGs and S. Louis n, met
e: :S Northern for A iendr ssnsa r S
:is are Charges q ss,l57 and Chicago and West
Ths GOOD news of the day failed inspire much
activity in the stock market But There were mt n
eneaso s st. V Pa MnDeapos Rock
Chcss Brnson ana Sun'y Sae hace Tno
fScinc, American Sugar Refining and General Elec-
lower prices The stock declined from is to loo n1a
g The bears were Tadns 1e ss ma5Rss on
Philadelphia. however sent encouraging advices
6 to the Seps Of ,r sspa n
mortgage 49, and s5ooooo came from inai ~ Sat
s a Ct sSs's
busress days In which the plan Ia, neem nss
shout $4,000 600 There are eleven business aa an
remaining In which asserts may be given anu az 90
Der cent OF the whole issue required by the
xrtng syndicate the future deposits must aveIase
shout &c 100000 day If the requirements are 10
]e met. - - n..,e. pou.
II was said by officers Of the Northern Phcihc ha
hons to the proposed syndicate % underwrlie me
Willard plan for funding the foatirg aeDt nn d vi tb
success Of the plan expected TO be annourseo W
the compan director; next THURSDAY If, no erect
Bis rxenton 10 retire from the Craftsmanship OF 'ne
beard OF directors.
IT NAY GO INTO THE HANDS OF RECEIVER
II Is uncertain whether the National Bank OF De
vosit will 60 into the hands Of receiver or VIII d.
allowed to 60 into voluntary Liquidation under com
Snittee Of the trustees Of the institution az 1t has
requested without the aid Of the courts. President
Ransom has written to Controller Eckes urging IN,
latter course with the provision that officer OF