The morning call., 1893-07-28
Opinions of the New York
Bimetallists.
MORE HEAVY BANK FAILURES
Financial Institutions at Portland and
Helena Go Under
Reverses in the East.
Special to THE MORNING CALI.

NEW YORK. July 27.-Among the numer-
Gus incidents that tended to fire things up
in Wall street to-day the most important
was the engagement Of S1.00O,0OO in gold
In London by Lazard Freres and further
drop in the rate of sterling exchange. The
feature of the days operations was the
purchases of securities for investment.
Foreign buyers were especially active, and
q conservative estimate put on foreign
purchases placed them at 10000 shares.
The clearing house committee were in
session until the afternoon. The long con-
ference gave the "fakers" an opportunity
to start the report that q large bank was
in trouble. and the announcement of the
issue of 81. $50. 900 clearinghouse certifi-
Gates lent some strength to the report.
Clearinghouse officials said their long
session was due TO the large amount of
work before them in the way of shifting
leans, caused largely by the great depreci-
alton In prices yesterday. They emphat-
ically denied the story OF a bank being in
trouble.
Sterling exchange was demoralized this
morning. The posted rates we're reduced
twice. ths last tine tine t.. 81 -sl1za And s. a375
Thers were heavy Purchases OF stock on
foreign accounts. The siriugency 10
money and the increase In tie supply Of
bills against grain and cotton caused de-
moralization. The actual rates are below
the gold-importing point When delivery
hour passed at the Stock Exchange with
out the announcement of further failures
prices fairly scared. advancing almost as
quickly as they declined yesterday.
Owing to the low rate Of exchange sev-
eral large houses considered it favorable
time to purchase gold. and this evening it
was learned that besides the order Of
Lazard Freres. mentioned above. enough
orders have been sent to bring the total
purchases of gold in London for the
United States to nearly So, 100000.
Delegates from this city to the bimetal-
lie convention to be held at Chicago next
week to-day adopted lengthy set of reso-
lutinns, setting forth that the official sta
tistics show that the market price of silver
bullion has controlled prices for most pro-
ducts of American labor. and especially
wheat and cotton. since silver was demon
efized in 1878; that the decline in the price
Of silver nul ion and the contraction of the
voinIne of legal tender paper money
caused the tremendous fan Ia Tho prices OK
wheat and cotton; that English influence
has been hahiad nearly all the efforts to
put down the price Of silver bullion so
that she can obtain the products of labor
in all countries at the starvation prices
paid for la Dor in England and its dependen-
cies; and. finally. that it is the first duty of
RI du hn fbo nf
silver bullion has over the other products
OF the labor of this country before deter
mining on anv fixed policy. thereby chang
ing its present ratio with gold and running
all American producers by Withdrawing
the slight support silver now has under
our laws. The resolutions also declare
that Congress should investigate the con-
duct of the treasury officials in selecting
market price Of silver in foreign country
to govern its purchases here, and if found
to be unlawful that Congress should have
the proper officials impeached.
The suggestion that the Stock Exchange
be closed. made in a Wall-street paper last
night and repeated in this mornings pa
pers, was credited in the country. so men,
bers were run down with kilograms to-day
asking If the exchange is going to close.
The governing committee, therefore.
deemed 1t best to have a meeting and
aurnoritatively settle the question in the
negative.
A member Of the governing committee.
head of one OF the largest and most con-
servative commission-houses on the street.
speaking Of the situation this afternoon
said: II think we have seen the worst Of
this crisis and i do not believe prices can
be forced any lower. We shall probably
have period Of stagnation. awaiting
market. but cannot believe prices can 60
much lower. The whole street is bargain
now.
The demand from the country for money
this morning was reported by the banks
very heavy. They all wanted currency.
but they will have to be satisfied with
gold.
Some OF them, especially the Philadel-
phia banks. sent on Government checks on
the sub-treasury for collection. with the
request that the currency received for
them be forwarded direct.
The banks here cashed the checks at the
getting gold in payment for
them. and tho gold was shipped to country
banks direct.