New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-17
THE CROPS REQUIRE MONEY
CURRENCY PREMIUMS MAINTAINED UNDER
THIS DEMAND.
THE SOUTH BUYING CASH TO MOVE COTTON
STOCKS RALLY AFTER EARLY WEAKNESS

STOCKS RALLY AFTER EARLY WEAKNESS
FALL IN THE PRICE OF BONDS.
The approach of the season for moving the cotton
and grain crops of the country is pressing upon
bankers and producers with increased force the
serious aspect of existing scarcity of currency
and the partial paralysis of credit The cotton
movement should already be under way. and in
less than a month there should be a transfer OF
the grain crops to the seaboard. How TO 1urnlsh
the money to assist this movement is a problem
now pressing upon bank officers not only here put
at all the interior cities Already Chicago has been
forced to import gold from Europe for the purpose
and it would appear that this the only alterna-
tive presented to Southern cotton planters anu
Southern financial institutions. Bankers here are
already being beseged by correspondents Ill 'he
South asking for accommodations. Where snail
we get the money to move our cotton! Is 'he
general cry Unfortunately, the New-York banks
are able to furnish practically no assistance ana
the reply given to the anxious inquirers III MANY
cases may be compressed into the worus' buy
gold in Europe" This step means the payment OF
a premium on gold, which involves an additohai
cost in moving the crop. which must De hea''
burden upon Southern producers.
The demand for currency. which still MAINTAINS
a substantial premium upon cash. Is peheVeu Wy
bankers and money brokers to be largely uue "
the development of necessities in connection win
tho movement Of cotton The need of providing Tor
nay-rous of important corporations no longer en-
plains the continued activity among 'he "'o'eS
brokers 1t is evident that a cause more ias'ihs
in its nature is responsible for the maintenance o,
,ha nreoi,n in spite Of the heavy imports OF gold
o,a tho increase in National bank note circulation
The Southern banks have been compelled 10 SEM
bills of lading here. obtain exchanse OH 'hen
thereby establish a bank credit and tnen puy cur
rencv here with certified checks Inc cost vi ,his
on4ration adds seriously to the expense OF nanohns
49, oron hut there appears be no relief. This
southern demand large feature OF vester-
davis dealings in currency which were on an I'M
nortant scale The premiums paid were Various'y
r.norted One money broker said that the rates were
963 per cent with most of the business done a'
the higher figure. Other brokers quoted the rates
., o09Ih per cent Gold the spot is quoted al
per cent but there were no quotations LOT so'u "
arrive The Chicago banks. however, ordereo iui
Their large amounts Of the precious me.ai lioi
Iondon. and cable dispatches said that the BANK
NJ England had sold $4,000 American coin lot s'p
ment. The Sub lreasury continues 10 pa! ou'
gold and about 100000 given on checks al 'ne
counter. ,.. a,,her
issued nor retired any loan certhcates !es'ei
dav. In Boston, however, the banks TOOK OUT
$500 900. making the to'ai aihou'
$lOs5O.OOo. ,rro.
At the Stock Exchange the days STOCK mann.
was divided between the bulls ana the peai'
weakness characterizng the morning oea.ss'
while strength prevailed in the afternoon Inc
onenng was naturally depressed by the adverse
influence of the Northern Pachc' Inc
..bears' made a vigorous attack upon the Granger
shares causing fall of about las per cent 'ni,
caeo Burlington and Quincy was freely soiu
on predictions that the directors. at their meeting
,n Boston to-day would reduce the quarterly OWE
dend The announcement that the regular divideho
NJ ~ per cent had been declared checked the
bear operations. and a movement 10 COVE
"sborts" set in which carried values up rapidly
Chicago Burlington and Quincy rose from 20 !"
7sG755s against 1888 Tuesday night ana the o.hei
Changers more than recovered tfSr previous
Losses The bears were twisted sharply In th'
industrial stocks General Electric opened down
~ nar cent at 81 but it advanced to 43ss. closing
AT 42ib The early weakness was due TO a report
that a note of the Fort Wayne Electric Company,
accepted and Endorsed by the General Electric
COMPANY had gone to protest. This was subse.
ouentiv denied and it was explained that draft
for $4,000, drawn by the Fort WAYNE C1mpa,;is any
take American Sugar Refining opened at aOitv'V1,
but rose TO qbf r Sheass SHARPLY Gai 's to- @ ana
ended at 4s4. The Northern Pacific stocks we're
higher showing that for the moment me eiluc'
of the collapse of that property had Deeh , uis
counted Western Union sold at H2. put cosed
with net gain Of per cent at 1914. The genera
market ended fractionally higher on the scraihoie
TO shorts. - - A.. o~o,
of the Northern Pacfcs collapse was more pro
nounced The sales amounted to sSO7:WO larger
record than and nays he Northern f Pacific
securities as noted elsewhere were materially
lower Richmond and Danville 5s sold az o.;
against 10 at the last previous sale. General
Electric debentures fell TO g. and at 50 az the cose
showed a net loss of per cent. Declines OF
per cent and were scored by Atchison issues
seconds income. Mobile and Ohio General mort,
gage As. Reading first preference incomes ;ro and
and Pacific seconds income closed per cent lower
co.