New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-28

remittancAs however were made in gold instead
Of currency. The Sub-Treasury again ran out OF
Ellis, and OF the 81 100000 paid out over the
counter. about half was gold The Sub-lrea'ury :
debtor balance at the Clearing House was S25i,-
0cO. Of which 100000 was paid in the yellow
metal. Including yesterdays transactions the
total Withdrawals OF deposits from this city by
country banks this week estimated to amount
to 37,OOO.O0O.
Call loans reached panic prices. touching
point which equalled SO per cent interest,
higher rate than was quoted at any time on
"Wednesday. The opening rate for the day. how
ever, was 10 per cent, and the lowest rate al
which money on call was loaned ont was per
cent. This was the closing rate Money on time
was il Anything more difficult TO get than before
High rates we're offered, but thoe who had money
seemed TO grow in the disposition to Keep fast
grin upon it, or usc il in tic call loan market
The meeting Of the Board Of Governors was hed
half an nonr after the opening of the EAchahgcc'
That the president Of the Exchange, FRANK n
Stureis, had called this special meeting was not
generally known and no lttlc surprise was en-
pressed when its object was learned. The su1-
gestion that the Exchange should he closed as d
PRECAUTIONARY measure had been made the even
ing before, and had appeared IN q wall SlIcct
paper. Then it was caught up and exploited IN
several newspapers yesterday morning, and telc-
grams asking whether the Exchange going to
close came in from ak sides
NO IDEA OF CLOSING THE EXCHANGE.
ut was to stamp the falsity of this rumor'
said Mr.. Sturgs, that called the meeting of the
board No one Of the governors had any thought
of q necessity OF closing the Exchange hut the
report had become current, and this was tne best
way to stop II.
Had il not been fer the COOL tone of the mar
Kct, however, il is doubtful whether this uttcranc'
from the Board of Governors would have had alto
sether the effect desired The constellation OF the
question Of closing MIGHT under other crcuni-
stances. have carried with il feeling OF distrust
and added 10 the general demon ili2ation As -
was. OF course the market saved itself. The stock
Exchange was closed Tor ten days IN 1913 t" give
the holders of securities chance 10 recover from
their condition of absolute panic and the m4rket
an opportunity TO develop its real clements OF
strength or weakness.
NO FURTHER FAILURES REPORTED.
There seemed no likelihood Yesterday Of trouble
10 other firms resulting from the failures OF H. l.
Nicholas e. Co. and John u. Dumont whhh were
announced Wednesday.
II was said that John King and John Il. Me-
Culloush, the receivers of Erie. had had no con-
ference concerning plans of reorganization In
reply to inquiries. they sent Out a circular giving
formal notice Of their possession OF The propefN
and Of their intention to cohauct tnr oasi"eS'
THE COURSE OF PRICES.
The total dealings on the Stock Exchange
Yesterday amounted to 1872, 900 shares Manhattan.
which had beer unaccourtahly slaughtered on
Wednesday opened at 10? - ana. with vary
ing minor fluctuations, sold up to 100, at which
il closed. The attack on Iackawanna was re-
sumed. and there further drop of ) IL
points TO 1871 with "a sharp recovery to 80 l;2,
the closing figure being 1874 Lake
Shore sold down two points in the first
half hour, but quickly rallied and
closed at 112. a net gain OF points over Wedncs-
days close. .Nev-Norl< Central dropped point in
the early trading, hut advanced e1eadily after
that and closed at 9s Western Union did not
Weld to bear attacks. but scored an advance of
points to - l-2. American Sugar Refining Com ION;
pany sold down from Gs l-2 10 &c ID, but ralllcl
10 II l-2. closing at II - Chicago Gas opcnei
at As. touched 4ol-4, and closed at AZ By a., i,
highest record for the day Chicago and North
western opened at - l., a1n sold up ,1 to 81 81,
Paul scored a net gain of "a, closing az u Ia
Chicago. Bu,lnc,on and Quincy opene at 70 20,
suffered further loss TO = IS. but rallied TO
97-s General Electric scored an advance OF
3 ga to Al "a, and Missouri Pacific an advance
of ga to 1914.