The sun., 1893-08-01

commercial circles In London to take advan-
| tsee of the exceptionally low price at which
wheat ia now selling in this country. II
was reported from Chicago that the banks
which have been fostering the current
speculation in wheat have been compelled by
| circumstances to try to devise some scheme g
for Iiquidating their loans on that cereal by
making sales Of the grain direct In London
and Liverpool They want to eliminate New
York from the ansactions. because OF the
heavy discount at which exchange on New
York is selling at Chicago
The banks Of this city are. as q rule. declin-
ing to respond to Chicago's request for cur
rency on the ground that they do not got cur
rency through the Clearing House In settle
mont OF the items which their Chicago
correspondents send them. and. further. that
II has not been the practice Of Chicago to re-
nit funds for collections 1t has made for the
| New York banks. The situation Is ono that
| evidently calls for mutual forbearance.
| The Clearing House banks Of this city have
| furnished evidence OF their confidence In each
other and also Of their desire to facilitate and
| conserve the business OF the country. II the
| banks OF Chicago had pursued the same course
| that the New York banks did when they de-
cidcd to take out Clearing House loan certlf-
| Gates. n large part Of the friction between the
| TWO cities. anu ulSO OI tne ulbITebb
the country would have been averted.
The issue OF Clearing House certificates was
increased to-day So, ,225. 600. making the total
amount outstanding S27.925.O00. 1t is under
stood. however. that only about half Of this
amount has been actually used. shipments OF
currency to the interior to-day we're not espe-
cially large. It Is estimated by those in
position to judge OF the movement
that It was less than s1.0O00o0. good
deal OF money went out OF the Clearing House
banks into the savings banks But this move
ment cannot progress much further. for tho
reason that the State banking Department
proposes to enforce the law which prohibits
savings banks from keeping more than 10 q
cent Of their deposits in cash.
Shipments OF money to the interior included
about S50O.0O0 in silver dollars. OF which
amount the Sub Treasury furnished S150,OO0.
Tho banks and the Sub-Treasury are obliged
to put this coin in circulation owing to the
scarcity OF notes OF small denominations The
Treasurys supply Of silver dollars will soon
become exhausted at the rate OF to-day's ship
ment. since 1t has only Sl.750.O0O OF them un-
represented by certificates
Imports OF gold to-day were 100000 in
Spanish coin. Before the end OF the week
some OF tho gold now in transit from abroad
will be received. an event which will doubtless
help to relieve the prevailing strnRency OF the
money market. Another source OF relief. which
docs not receive much consideration. is the
steady increase In national bank circu-
lation. 1t is learned that number
OF the larger banks Of this city have
secured in various ways sufficient
amounts OF Government bonds to enable them
to take out notes or add to their present cir
culation. II the owners OF large amounts Of
Government bonds. whether individuals or
institutions. would act in harmony with ma
tional banks q very material increase in note
circulation could be brought about. The
methods OF accomplishing this are familiar
to every wel-iniormed banker.
In the early dealings the stock market was
excited chiefly because Of efforts to open Chi
cago Gas at low figures. The first sale Of GER
tincates was at 80. and that was the lowest
price recorded for them. Efforts were also
made to depress Sugar Refining. It opened at
"a. sold down to 81R. recovered to 65. and
closed only 4 q cent. lower than satur-
day. at B4h. 1t was more extensively
dealt In than any other stock. Chicago Gas.
which ranked second in point OF activity. closed
at net decline OF 24 q cent. which was the
only important loss recorded: for after the
first hour the short interest manifested good
deal Of nervousness and endeavored to secure
some OF its prolts. This demand for stocks
developed the fact that the offerings. except
by professional operators. were very light
and the supply from that source fell off as
soon as 1t became apparent that some OF the
larger bears were desirous Of covering. The
market. as a WHOLE was not particularly ac-
tive. nor were the transactions worry we'll dis
tributed. The only important net advances.
other than that In Western Union were Of .
a cent. in General Electric. l.. p cent. in
National Lead. and Y p cent. In Lackawanna-
The closing was steady. at fractional recess |
sions from the best figures
Final sales compare with those OF Saturday |