Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-08-25

New York, Aug. l9.-The stock mar
ket opened today i'll the usual way by
the chairman giving the announcement
that business might be begun, but that
was about the only sign of taking up
the days work Oh the board.
Rarely has there been so little bust
ness transacted on tue floor of the eN-
change as was recorded today. What
there was of the market WAS strong
on the expectation of Il more favorable
bank statement and the absence Of any
attempt to sell by the bears.
1t the scarcity OF money, actual cash,
continues much longer it is to be eX-
pected that stories Of the payment Of
rCd-hot dollars ever bank counters will
be revived. Many stories are already
told of the way in which bank tellers
ing the bank Golfers by drawing cash
for the pupose OF selling it at Il pre-
MUM to the moiey brokers'
The schemes advised for temporary
relief of the financial stringency have
SO SWelled in character and Eumb9r
that it is hard to keep track OF them,
Every day some new one turns w,
The one which has commanded most
general approval is that adopted in D.
provincial city where currency cannot
be got with which to pay off the hands
in the industrial establishments, and
where d resort has been had to pay
ment in certified checks, the checks de-
ing accepted ut par by butcher and
baker, who ip their turn deposit them
as cash in their own banks and draw
against them as they would against IL
cash balance, thus keeping Il credit
currency ahodt, not subject to discount.
Doubtless inspired by this example,
tue City Bank, of Buffalo, an instltu-
ton. organized under the state law,
mas SCI Il new plan before the public
which has drawn forth warm cCmpli-
mentS from prominent tinancierS i'll
New York and elsewhere. Briefly stat
ed, this plan is for the City bank to
issue New York drafts i'll uniform sums
of 81, S., So, and $40 payable to 0eaEer
and let them be passed from hand to
hand rs cash till it becomes convenient
to redeem them in government curren-
cy. Being drawn to bearer, 10 en-
dorSement will be needed to pass title,
and being drawn on New York they
have DOtn ne'cGdkIteral is deposited With
the local bankers association and the
money on deposit in New York to Sc
cure the holder against loss.
Mo- nj in,
terest taken in the weekly bank state
nent as was the case with the exhibit
of today. No two opinions were alike,
the movements of money and the
rates prevailing for the same in thG
face of the unprecedentedly heavy az
rivals of gold from Europe having
been most confusing,
Even bank officials were at sea,
some predicting heavy increase i'll
reserves anG others a moderate de-
erase. Tie latter argued that the ship
ments of: currency during the week ag-
gregated over $6,0O0,OO0 and consider
able amOunEs of goid must have been
boarded, the statement would be I'M
favorable
was the sole topic Of discussion and
many WagerS were made on the re-
suit. When the statement finally made
it's appearance it proved to be favor
able. Probably the item which at
tracted the most attention was the fur
Their increase in circulation Of S1O2,2O
which makes the gain in this respect
for the past two weeks over $1,000
OOO
The sub-treasury paid $4,000 of it's
$SS,S15 debit balence at the clearing
house in gold and the remainder in
treasury notes. The foreign exchange
market closed firm at about the top
notch of the week. An increase in
the supply of cotton bills is reported
while there is no falling off in the eX-
ports of grain. There is still a pre-
mium on gold and this with the supply
of grain and cotton and provision bills
augurs well for continuance Of the
gold imports.
The imports of specie at the port
Of New York for the week were SILL
256,OO6 of which $11, 249,76O were gold
and $4,246 silver. The gold consisted
Of S., 4333 1914, American gold ccin, ST.
622,69S foreign gold coin and $1,152,-
1853 gold bullion. The exports of spe-
Gle from the port Of New York for the
week were $264,6OO all of which was
silver.