New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-13
STOCKS IGNORE BAD NEWS.
A SMALL SHIPMENT OF GOLD.
GLOOMY LONDON ADvICEs CAUSE LITTLE d

Affairs =, mnincd quiet in Wall Street yesterday
ana the security markets showed consoen"'e Wv
gree OF steadlncss In the face OF adverse i""e'.'
aud unfavorahic news. AT the stock ENcna"s' ''
cessation OF compulsory liquidation on iaree S".
encouraged the bull traders to work lot ""', az. '
long stocks came ont on sAcry improvement anu 'ne
sales impaired an irreS aspect to the s'ocN "i.
kct. Although no local Nouhes were deVe'opeu' '"e
incidents OF the day not OF a cheering 'n"'''
and the sentiment among CONSERVATIVE '"" ~
manned strongly conservative
The monetary situation abroad Is assuming i.S"
tmpor,ance A. IL relates home affairs The capies
announced that the Imperial Bank OF "er"an! ha"
advanced It's discount rate from per cent W p'i
cent This is accepted as positNe i'"i'" ~" vi !"
determination OF the Continental European "ahs W
ihho,d their geld from London, and hence the BANK
Of England will bc forced 10 turn to the american
market for supplies nivate discount rates In Lon
don rose To "a per cent an excess OF Ia per cent
over the banks rate OF discount Inc hahk vi
England lost nearly $500 900 bullion on balance rep
,e.en,inc shipments of gold TO Australia London
adyiccs were gloomy, seven jonhing brokers having
been In default the for,nieh'ly settlement. lheSe
failures are comparatively unmrortant, but they
were accompanied by reports that two leading houses
were compelled TO carry through some OF the DIS III
the American railway shares department, ana 'here
were rumors affecting house which has been dealing
IN Greek securities. Amusement Is shown mere at
the comparative strength of American stocks III Lon,
don amid the gloomy atmosphere at that hhahciai
centre.
The foreign exchanges here arc about PACK 10
the rates Which ruled In the importers panic l" 'he
latter part of April. Posted rates Tor stcrihs en-
change advanced TO ~ sea - DO ana actuai p"scs'
4, done within a clcse range TO these hgnres Inc
,ates on sterling tills show margin Oh proh'
On cod shipments 10 London OF abou' . cent 10
the pound sterling. There Is strong oehhh" io'
both siAty-day bills and siglt drafts Bankers u"
not believe that will b. maintained with
out leading 10 heavy exports OF gold DS Lohuo"
houses. These houses have heretofore thrown Tue
,uus OF cold exports upon fans with close Conf
mental connections. but the French ana German oahS
are protecting their stores OF gold with higher rates
for money. that IL is impracticab!e to make OK
change transactions that permit London to draw from
the Continent specie which had been received from
the United states. The bankers here are fighting OH
rs long as possible the essity OF shipping the
yellow metal directly TO England but ii Is feared
That the strength OF sterling exchange VIII compel
large shipments week. There Will be shipped
today 100000 gold the French steamer La
Gascogne, but this sum has been I'm the hands OF
bankers and therefore its export represents 10 new
loss TO the Sub Treasury IL the gold movement
reaches large proportions next week the treasury
viii lose unless the city banks consent TO partial
depletion OF their reserves.
nsquieting rumors came from Washington yestcr-
day respecting a proposed examination OF four New
York banks. which. 1t was said. had been ordered
ty James II. Eckels. Controller OF the Currency |
The reports were subsequently, denied William IL.
Kimball. National Bisk Examiner for this district,
ssh that he had received instructions from the
Controller. and had no to expect any, Mr..
ktmbsal said that he bcliev3d the York banks
were In an unusually sound and strong condition.
Prominent members OF the Clearing House emphat- |
caly denied that there was any reason for suspect
ing weakness among any OF the CITY banks. The |
conservative course OF institutions has forti
fed them TO extent that they are not likely TO
ba
at the West. Bankers they are not building up
any false hopes decisions. but are satisfied from
personal knowledge OF tie strength and soundness OF
the financial institutions OF the city.
The adviees from Chicago however indicate that
the collapse of the Columbia National Bank Of that
city will have hing results at the West This
Is because Of the repIehensble methods OF Zimr
Dwggns. president Of the Columbia, and his assO-
ciates which were described In The Tribune yester-
day. The chain Of country banks which the Dwicgns
syndicate built up around the Columbia has been
badly broken by failure OF the central institution.
How far the methods Of manipulating the stocks AMI
deposits Of these related concerns have impaired their
real strength may only be revealed by investigation
and further disclosures but bankers here fear that
there will be widely distributed losses in the Little
country towns OF Indiana. Illinois Michigan AMI Ohio
As the peculiar style OF the Dwgens banking syn
dicate created many fictitious 1t is believed
that most of the failures resulting from the collapse
Of the Columbia National will be bad The
East however. will not suffer from the exposures.
The damage VIII fall upon the Western communities
that may have been deluded by the Dwiggns schemes
OF manufacturing cash and credit on; OF stationery
and painted signs Bankers say that the failures Of
this sort may do comparatively little injury the
legitimate business interests at the West bu, general
regret is felt at the hurt TO confidence which may
lie caused by the mbn down OF the Dwiggins houses
OF cards.
Up to the close OF business yesterday had
49, -
banks at the West the consequence Of the Chi !
caSo suspension Four OF these concerns I'm |
Indiana. two IN Michigan and in Ohio, the latter
being a private banking house under the name |
OF Dwiggins, starbuck & Co. some bankers here |
yesterday had list compiled Of the State banks or
banking houses In the West which had connections
with the Columbia National Eank OF Chicago, the
majority Of which started directly by the
Dwiggins syndicate. The result astonishing.
There forty nine OF this sort in Indiana
sixteen In Illinois, eleven in Michigan and nine In
Ohio, total Of eighty-ive in the four states. The
financial mortality among these, IL Is feared, will b.
heavy. The concerns that went up yesterday a
sequel TO the Dwiggins collapse In Chicago were the
Dunkirk Bank OF Dnnkirk, Ind; the Commercial
state Bank OF Russavc. Ind the Farmers Bank. OF
Greentown, Ind: the Geneva Bank, OF Geneva Ind;
Dwigeins, starbuck Co., OF Williamsburg, Ohio;
the Bank OF Charlevoix of Charlevoix Mich, and the
Lawfon Bank, Of LawtOn. Mich
The stock market at the stock Exchange was far
less active than on The previous days OF the week,
only 264.1e0 shares being traded I'm. London quota
lions came above yesterdays NcwYork parity. to the
surprise OF most persons. The Of prices with
the depressing aavices from London created the
pidon Of manipulation from New-i0rk. fhe home
market showed early declines, but rallied
ana made general advance. But IN the minority OF
Instances hrst prices virtually the best OF the
day. There wa, quiet selling credited TO London ac-
count through the day, ana the speculation developed
ireguIariiy near the close. ST. Paul com
mon stock continued TO be the leader in pSt OF
activity and opening up IS per cent at II 30, re-
ccdcd TO 1O3-4aI. hOck Island rose IL per cent
10 - 10 and declined to II 1-4a71 5-s Chicago
Burlington and Quincy gained 1s at So ., but later
sod at 90 l-odoo 30. Northern Pacific preferred
opened II "a 5-ou "a 81, gained Thursday night,
but sagged TO 33a SO H. Western Union rose Ia per
cent to "a 4, but dropped 10 81 IS. ending AT 80 Is
lackawanna fell from 1873 II 10 1877. Disabling and
Cattle Feeding. on renewed gossip about receiver
Ship, fell from 10 30 10 10. and Then rallied TO II 5S.