New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-26
ALL THE LIST DECLINES.
THE BANK FAILURES DEPRESS PRICES.
HEAVY CURRENCY SHIPMENTS TO MILWAUKEE,
LOUISVILLE AND OTHER WESTERN
PoryTs-TRoUBLE WITH PHILA-
DELPuIA COLLECTIONS.


DELpuIA COLLECTIONS.
Depressing news. to which 70 a''riDn'e further
decentralization of the stock market, was not lacking
yesterday. On the contrary II came III WIN rush
from the sections Of the West which nave been the
recent centres OF uncertainty. The morning had
shown some encouraging features, among which
the continued buying for London account. and the
feeling reflected In the prices OF s'me stocks.
The news from the West. however, turheu 'he cur
rent The tclcgraphc announcement oi inc iailurc
OF the indianapolis National Bank ana the Bank Of
Commerce. OF the same city, and' sun ,h're' The
suspension Of the Wisconsin Marine and Fire Insurance
Bank OF Milwaukee, contributed an element OF sig
nldcance far more effective than recent signs Of
Western financial distress have been. Following them
came the news OF other bank failures, notably OF the
Louisville Deposit Bank. the Merchants ana the
Fourth National. OF Louisville
All OF the institutions named are In cities from
which. with st. Louis. Chicago and Cincinnati have
come tbe largest demands for currency. These cities
have taken the bulk of the millions whch nave been
shipped In The last four or five days. There Is yet
no end 70 this westward movement In sight. though
accurate prognos tication Is impossible ms accurate
figures OF shipments are unobtainable IL was esti-
mated that another 81 100000 was sent yesterday
from NcwYork banks in response to calls from West
ern Institutions The continued big balance OF cur
rcncv movement against Ncw-York is an unpleasant
that the calls for currency had reached Their limit.
In the language OF the street. Nrw York las nnnn ell
the country and the burden has not ligh'cncd yet
From the cities where banks were crashing the
calls for money yesterday were hhturliiy urgent.
One Milwaukee bank telcgnphcd lis New-lork cor
respondent: "The Marine and Insurance mas sls-
pended We are sound Can you send Us T:OO.OoO
currency ~ The amount ASKED for was |nt. Larger
amounts were sent 81. Lou, and Louisville There
were also some receipts Of currency especially from
the southwest, but financial men estimated That The
balance against NcwloIk equallcd the shipments male
on Monday md on saturday. The demand for cur
rency at the SubTrcasury amounted TO Fivo,oOO
The Clearing House Loan Committee authorized
tI,c Issuance Of $1,000 IN loan certificates, making
the amount outstanding S22,OW.OO. II WIS cN-
pcctcd that mach larger amount of new certificates
would be issued reports having II that an additional
million or so 10 b. demanded. Chairman Fred
erick d. Tappcn rdlculcd these rumors, as did also
other officials OF the Clearing House. There was,
however feeling that considerable increase OF the
certificates to-day or tomorrow would not be the
Appearing OF the unexpected. Tie $4,000 issued
Yesterday was taken by u small uptown bank.
The Sub Treasury was debtor to the Clearing
House yesterday 5000 900. and II followed lis rs
y,t unexplained course OF last week by paying that
amount IN gold. It's balance on Monday was PAID
in currency Money on call opened ut per cent,
put sncncd TO Per cent and closed at that point.
Time money IS sim practically unobtainabc.
one banker callei attention Yesterday 20 the TACT
that June II. 1S9:. 10 july Il. 1e0:;. the New
York banks suffered a shrinkagc in deposits Of $40
100000. Of this amount there Las been loss Of
sJ7 coo. 600 since February IL. 1893 The deposits
in June 1899. agcd about Sj3 COS 900 In fcbru
ary 1898 about Si91 80 900. and this month about
S}04 ia 900. This great shrinkage makes more re-
nnrkablc the way In which the New York banks have
borne the full brunt OF the financial stress for the
entire country.
An ANNOYING feature Of the situation Il the diff
Guilty OF collecting drafts on PHILADELPHIA. This
difficulty ha, existed for week or more. but II seems
30 le steadily growing worse. ~ The Tribute an
nounccl YESTERDAY. several NcS York banks refuse
absolutely TO accept any drafts Philadelphia. aud
this attitude became more pronounced Yesterday.
Customers OF some Of The banks astoundcd 10
have checks on Philadelphia returned them with the
statement that they could not De- accepted. because
Of the impossibly Of getting rcmitNnccs from their
Philadelphia correspondent other banks sent hoiiccS
To their customers In line with that printed In The
Tribune yesterday. saving that In the continuance
Of the present peculiar circumstances they must alb
soutly decline ~ accept from their drpo-tors
checks. drafts notes Philadelphia. Banks which
did not take this accepted rejected draft,
at their discretion. In some cases the holders Of such
drafts have sent them Nv messenger express 10
Philadelphia for payment over the counter. The
expense involved restricts this method Of collection
70 drafts for large amounts and brings In the trouble
some question Of Identification. Meantime New York
business men must suffer from the Inconvenience ami
they Will probably hc forced 10 Insist TINT their Gus
toners Philadelphia remit In New York exchange.
The transactions on the Stock Exchange YESTERDAY
amounted to 81 J43 shares. That the sales I'm naly
cases made under "A strain Of heavy excitement
was not TO wondered at. under The concentration
Of dlscoura rng news. There were local IA, tors
mUnent I'm the market. Tie b took .ul adVluiag.
Of the news reports from the West, but there WI,
little need OF concerted action b. them. The failure
Of the Wisconsin Marine and Fire Insurance Bank
started the heavy selling, ana there no support
ne orders. A, consequence. the Hist showed de-
dimes OF from II 10 - and , per cent. and "A
decided rally AT the clos" did not th" list from
h losses. The heaviest sufferer Chicago ana
Northwestern. which. dealings Of 20. 80 share.
Iumblcd g = per cent TO 80. closing with slight
rally at 80 IL. The heaviest trading OF The dly
In Chicago Milwaukee and IT. Paul. the sales OF which
reached GO,32J shares. inder thc early m0rnn +
news 1t went up nom II - 10 81 5s. only 10 drop
In the afternoon Ia 4S L.. with rally to 30 Is
which the closing figure Chicago Burlington /
and Quincy fell IL per cent 10 20. closing ut a. !
Chicago Gas opened al - IT, sold up 10 30. DROPPED
80 and closed mt - Is. with de- ingS In !6.lsS
shares. Erie suffered from continued rs and !
old down from II 5- TO 10 IL. closing az an advance
Il Is. General Electric, which stood Third In the !
amount Of trading done, opncd N 40. advanced 10 |
80 3-s, was sold down . rs points and closed at
a. % Final losses were recorded In the entire list
A BROADWAY DEALER IN CLOTHING FAILS. |
The failure OF Henry Bach. wholesale dealer In |
clothing at No. 737 Broadway Is likely to result In