The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-08-15
Mr.. Eckels Talks on the
Financial Situation.
THERE IS LOTS OF MONEY.
The Trouble Is That 1t Has Been
Hoarded, but That Practice Will
Presently Cease.
Special to THE MORNING CALL.

WASHINGTON, Aug. IA. - Comptroller
E"kels thinks the currency situation Will
be considerably improved this week by
money sinking to its normal value. The
premium paid for the use OF currency Is
drawing money from its hiding places. and
during the coming week more currency
will be issued on bonds deposited by the
banks than in the same period OF time Tor
many years. Currency was increased by
this method during July five and half
millions. and more than this amount mas
been added already in August When TO
this the twenty millions Of gold ordered
from abroad are added. there is certainly
strong ground to hope for relief.
The offers of silver were $685. ounces.
Sixty thousand were purchased at 1925.
The purchases this month are 1.556.00
ounces.
NEW YORK. Aug 14-The demand for
currency is very light here today,
although it is known that several large
pay-rolls had to be prepared. and those
dealers in money the most conspicuous
during the last week found their shops
almost empty of customers. They were
buying only to fill orders. they said. and
paid l per cent premium for small lots
No premium is offered for gold to arrive
Bankers said to-day that the disposition
to find encouragement in the bank state
ment Saturday led to misin terpre tations
of the averages given. CIR the first
place." said one. ''the situation was not
fairly represented. because the arrived
gold had affected only the last few days of
the week and even that not fully. The
incoming gold will probably give things
much better aspect at the close Of this
week. Again, the increase in loans is not
an evil, but good. notice contraction
OF loans is prophesied and feared. The
showing of either a decrease or increase
seems equally bad to some critics. The
fact of the matter is that the policy of
calling in loans cannot be taken for some
time yet, and every extension the stronger
banks can make is benefit to the
market"
Eight hundred thousand dollars in Span
ish gold arrived this morning from Ha-
vana. La Normandie brought 1.044.0o0
francs to Boring, Magoun Il Co. and $751;
600 francs to Heidelbach. Ickelhemer &
Co. The steamer Aurania brought $50. 750
PHILADELPHIA. Aug. 1.-THE superin-
tendent of the Philadelphia Mint has re-
ceiveu instructions from Washington to
push the coinage of small gold and sub
sidiary silver as rapidly as possible, and if
need be to have the Mint worked after
hours to get specie out.
NEW YORK, Aug. 14.-It is stated that a
new company to retire the floating debt of
the General Electric Company has been
practically organized. and will be entirely
distinct from the General company. The
new company has Of the preferred stock
$4.OO0OOO. entitled to a 6 per cent dividend
and S4.OOO,O00 of common stock. These
stocks will BE- issued upon securities in the
General Electric Company's treasury.
PITTsBURG, Pa, Aug. 1.-THE outlook
in the iron and steel trade is brighter to-
night than for some time. The several
departments Of Jones & Laughiin's works
resumed operations to-day, and number
of other mills have given notice of starting
up. They will give employment to up
ward OF $4,000 men.
PROVIDENCE. r. l., Aug. IA score of
cotton-mills, owned and operated by B. B.
and r. Knife. in Rhode Island and Massa-
chusetts. started up this morning, after
having been stopped week. They employ
nearly 5000 operatives.
RUTLAND, VT. Aug. As. NJ. DOrr d
Sons, who did Western bond and mort
gage business here and ran bank ut
Bristol, this State, filed petitions in in
s0lyepcy to-day. The liabilities are $142,-
875, and their assets of the nominal value
Of $241. 4l5.
BosToN, Aug. 14.-W. II. c. Badger &
Co., furniture manufacturers. have as
signed. The liabilities are 800. 900 and the
assets about S125,000.
SEDALIA, Mo-. Aug 14.-The Bark of
Springfield, with a capital of 100000,
failed to open its doors this morning. II
is thought the bank will come out all
right.
CHICAGO, Aug. IA. r. Bach, lumber.
with yards and offices in South Chicago,
Trust Company. Assets $514,00O liabili-
ties S25O,00O.
JACKSONVILLE, Fla, Aug. IA. - The
Bank of Leesburg, Yager Brothers. pro-
prietors. assigned to-day. The liabilities
are 600 and the assets $4,000. With
drawal Of deposits forced it to shut down.
PORTLAND. Or. Aug. 14-D. P. Thomp-
son. receiver of the suspended Portland
Savings Bank, filed his inventory in the
Circuit Court this afternoon. The inven-
tury shows the total assets of the bank to
be S3,014, $40 SO and the liabilities So, 49,
1916 80. Receiver Thompson says that if
the creditors will not crowd the bank it
will be able in short time to pay dollar