New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-08
CERTIFICATES CALLED IN.
A SMALL LOT RETIRED AND MORE TO
FOLLOW
cAGo GAS BOND IssUE-Rr MoRs ABOUT -
GENERAL. ELECTRIC.

CAGO GAS BOND ISsUE-RrM ORS ABOUT
GENERAL ELECTRIC.
The financial situation showed a continued ten
dehcy toward relaxation yesterday. Money on time
was easier and the banks received currency from
the Interior indicating that to-morrow's BANK
statement will record the banks as again possessing
a surplus over the legal reserve There were
$4,000 Clearing House loan certificates retired
yesterday. reducing the total amount outstanding
TO S7HJ,OoO Notice has been given calling In
s23o.ooO additional certificates which will be can
celed to-day. rumor that the premium on cur
rency had returned rested only on the fact that
Zimmerman & Forshay supplied q few special de-
mands from banks for bills to ship out OF town
amounting to $4,000 They paid trining premium
TO get the money and charged commission OF y
per cent for their trouble Neither they nor other
money brokers are buying currency over the coun-
ter The arrivals OF gold yesterday by the steamer
Spree included 10000 and 10000 francs
A significant commentator OF the course Of the
New-York banks has come from william Lidder-
dale, formerly governor OF the Bank OF England.
The following letter was sent by A. T. Orr to
George G.. Williams. chairman OF the Clearing
House Committees:
Il received yesterday letter from Hon. William
Iidderdae. governor Of the Bank OF England dur
ing the Earring troubles. in which. after dealing
with the purpose OF his communication. he alludes
TO our financial matters and the course pursued
your financial crisis Is. trust, past In severity
1t seems to me to have far exceeded anything seen
during the present century In the tnted states
The Ncw-York banks have, think. shown IMAM
cla management OF very high ORDER conspcu-
ously so in the way they have stood shoulder TO
shoulder ana supported credit. They have set
good example TO our linanciers here one which 1
trust will bear fruit
believing that the knowledge OF Mr.. Lidder-
dale's appreciation, which I consider an indorse
mcnt Of the highest character. OF the action taken
by banks in very trying times will be graft
Tying to you Is my reason for sending you the
above extract"
Late yesterday the plan Of the Chicago Gas
Trust for the issue of bonds 10 meet dividend and
construction necessities was announced The Peo-
pies Gas Light and Coke Company Of Chicago,
the principal corporation OF the trust purposes to
Issue consolidated mortgage bonds to the amount
Of $40 ono COO dated October IS93 and running fifty
years. at per cent Only x&tco,Ooo will be
authorized be issued. and of these A60o0O0 will
be deposited with the Central Trust Company. OF
New-York. for the purpose Of redeeming existing
bonds The bonded issue Of the Peoples Company
consists OF $4,000 first mortgage and &.5Oo.c9O
second mortgage bonds bearing 6 per cent. and
maturing in 1901 Since 1874 when these bonds
were issued. large sums have been expended In
increasing the plant and business OF the company
and the outlay has been made out OF earnings.
declared. when presented to the Central Trust
Company. will he exchanged for bonds OF the pro-
posed issue. The bonds will be ready In about
thirty days.
Respecting the General Electric Company. Dow
Jones & Co. yesterday Issued this Item: I'VE
state, upon what consider the best authority
that the General Electric Company will suspend
dividends; Governor Ames says not more than one
but we understand two. at least" The vice-pres-
dent OF the General Electric Company. when
asked respecting this publication. simply replied
that the directors had not considered the dividend
question. Some well-informed Boston houses ex-
pressed the belief that the dividend would be
passed
The stock speculation continued on downward
course yesterday There were advices from the
West asserting that the damage to the corn crop
by drouth was important and this led to sales OF
the Granger shares Foreign houses were nom
pussed at the Bank of England maintaining It's
rate OF discount at per cent when the open mar
ket rate Is down TO per cent. This was accepted
a indicating dread that fresh kussian demand
be true It will render II more dificult Tor THIS
country to draw gold from ENGLAND; II any further
supply should be needed here rms crcumstnhce
checked foreign operations. although the selling
was not heavy. The announcement that Washing-
ton r. Common was to leave the city on vacation
OF month made traders fear that the SUPPORT eo ol
orally closed lower under reaiizauons. cnica,So
Gas fell over per cent On sales by operators WEo
knew OF the proposed bond issue General Electro
also declined nearly 1 per cent on IN" dlNidehd
riimors American Sugar Refining lost only per
cent In the general list. net declines OF per cent
or over were suffered by. Rock Island chicago,
Lake Shore New-York Central and Philadelphia
and Reading.