New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-10
COLD CONTINUES TO POOR IN
CURRENCY. HOWEVER. AS SCARCE As EVER
NETWORK BANKS RAISE THE RATE OF LOAN
DISCOUNT FOR THEIR OUT oF-TowN CoRRE' .
spoNpENrs TO IL PER cENT-coURsE
ox PRICES NJ THE EXCHANGE.


IT.. no, results of yesterdays dealings in the
stock market did not show material chahseS. M
go, - tho suspension of the Madison Square
pank was momentary and no resulting oo"'p
tions followed the failure OF prominent o
rs,ro firm on Tuesday. The negative ihhu-
onca Of the Presidents message was io"o"V
hy the realization OF Wall Street men t'ia' ""'t
had come to pass was exactly what they "ar -,
o,aa They knew that Mr.. Cleveland woulo
recommend the repeal of the silver furcnaSe a'
- ca no did They INDUCED hope that ne mieh'
90 further and outline a definite pohcy' out III
rea,,tv they did not believe he would 90 So anu "e
did not dsappoint them In that All '''is n''
heen discounted in the street almost iron" 'ne
time the call for the extra session was lSsueu'
What they were not looking for was the taril CUM
plication, and II TOOK tweh's-ioui nuns ~
from the shock. VIII
There has been an undoubted tendency IN wan
Street to look for quick action by Congress III
resnect 10 silver legislation. The leading oanhe'0
however have expressed the fear that Weeks anu
months would be consumed In idie discusSio" an" ~
nroAtabe chickering's The bankers are almost ulanl-
noous In saving that unless Congress INTENDS TO
act within sixty days, the members might as wei
mack 10 and go home. Unfortunately. the hrst '"o
DAYS OF the extra session give little promise VI .e
nromptness which the gravity OF the stuatioh ue
mands. and Wall Street operators may De COM
ne,lea TO give up the fond hopes they have cher
tehed.
Uba,ever the DELAY Of Congress may be. an I'M
mediate continued bear market is hardly poss'-
HE IN the face of the food of gold that Is now
yell under way from Europe To TINS influence
vas IN part due the substantial rally SHOWN !"
ve.terday's closing quotations. An estimate 'ha'
eao ooo mo I'm gold including that already at hahd
MI, have reached this country within fortnight
e within the mark Although an accurate STATE
nent cannot be given until the yellow metal ac
finally reaches port. the fgures rePreseh'hs ''e
orders and shipments from foreign countries &C
count beyond the shado" vi " uo"'' " T''
of that amount.
so great Is the demand for money that rt"H2
per cent premium freely offered yesterday
for gold a1oat. and as high as ) per cent TOT
immediate delivery. These extraordinary cohoi-
tions make importation prohtabie al eAchahee
ro,es which are higher than those at which not
,ra,v weeks ago the metal was being exported.
a., adyance Yesterday carried the rates up TO
Nsaa9o Yet the additional ORDERS Tor goid
cant by cable yesterday called FOR no less an
,,ount than s. 100000 Further advances IN rates
,vould soon cut off the profit unless local pre-
,,,rns were advanced. The steamer Lain which
sailed from Bremen yes'eiu"'' ~
In gold. $780,, ,,a,, or
The steamship Majestic yesterday Drought over
q, ,oo ooo In gold and other large shipments are
duc From now the inpour OF the cnsaseu
metal should be constant. How much oi II WIZ
And a lodging place in New-York banks can hardly
no told The sales for shipment from mere nave
undoubtedly been heavy. and otbef causes may
GO, IN divert a part of the stream from New
York A high authority on banking na''e'S' "o"
aver Yesterday expressed belief that iuiiy sio-
ooo 600 of the incoming gold would md It's way
into the commercial banks of this city inns s'ea'
EXPANSION of the available money supply WIN 'he
sl0,ooo.OOo added bank circulation that mas oee
ordered should 90 far toward relief OF the Hho"e'
stress In New-York.
The demand for currency showed no signs OF
dimnuton Money brokers reported that the sup
ply however running short. and that 'hey
found more difficulty than previous days III ac-
commodatlng their customers. Premiums averaged
about "a per cent paid and per cent charged 30
far the brokers have been able fill their orders
Tor all Kinds OF money except silver dollars. which
their agents are searching for In vain. While out
of-town banks arc heavy buyers OF currency.
goodiy share OF the business OF the
money brokers comes from manufacturing