The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-08-09

pany which has extensive dealings with
savings banks, said that the sale of
bonds would not be necessary. He eX-
planned as follows:
The savings banks were well pre-
pared, for the scare was not at all unex-
serves successfully by the application of
the notice rIIie. and previous similar eX-
periences go TO show that the notices
given will not be availed Of"
He continued by relating how in 1879,
when he was president of a savings bank,
the notices given him in the time called
for 100000. The notices were for sixty
days. AT the end Of the term only $4,000
was taken He added that moreover a
very large part of the money taken. to-
gether with that paid on demand, was
returned in the original packages, add
ing, 4 cannot now remember the proper
ton returned untouched. but do recol-
lect distinctly that such returns were
made daily This shows, of course, that
boarding is going on to enormous
amounts; and as evidence Of this I may
repeat what a Louisville banker told me
yesterday. He said that the Louisville
safe deposits had never done a good
business and were constantly advertising
space. But since this period of currency
famine these institutions have not
box to spare. Another amusing incident
is that which took place at a local safe
counts, $3.50, at a savings bank put it
in safe deposit, paying for his little
hole So
Shut Down on Shipments.
The New York banks have shut
down on the shipment Of currency to the
interior. The scarcity of currency has
become so pronounced that agents were
bidding a premium Of $40 per thousand
dollars today. The institutions with
large pay rolls have been compelled TO
resort largely TO the use of silver An
uptown bank is reported to have paid
/ per cent. for all the currency received
at a big retail mercantile establishment
Banks generally are requesting deposit
tors to use checks as much as possible
and where cash is required are paying
out a large proportion in silver dollars.
The supply Of bills at the sub-treasury
is growing limited and has caused = re-
fusal on the part of the sub-treasury to
receive checks from the banks in pay
ment Of silver dollars and currency for
shipment and payroll use The sub
treasury collected the checks through
the clearing house. The order of the
sub-treasury today that the bank must
deposit cash against the withdrawal of
currency and silver is one OF the re-
suits of the conference yesterday be-
tween Secretary Carlisle and Assistant
Sub-Treasurer Jordan.
At the stock exchange money on call
was obtainable at 312G5 per cent. Time
money and mercantile paper were neg
lected. The sub-treasury was S273. 900
debtor at the clearinghouse and paid
its difference in gold. The usual ten
day statement Of the kinds of money
in which customs payments at this port
are made shows a large increase in
gold coin. The payments for the past
ten days shows that 1919 per cent. Of the
to1 WAS in nd 4 In
certificates, or over II per cent, which
is the largest proportion of gold coin in
years. The loan committee of the
clearinghouse today issued S1,300 600 GER
tifcates. making the total outstanding
S3l ,550O00 The inquiry for stocks in the
loan crowd. while not as brisk as on
previous days of the week, was still
large in the aggregate. The leading is
sues command a premium. New York
Central lent at Bd1-16 per cent. per
diem, Lackawanna at Is, Burlington &
Quincy at 1921 1-16, General Electric.
Western Union, Lake Shore and Rock
Island at 1-32 and Northwest at 1-64.
Good judges of the market say that
there is still a very heavy short inter-
est outstanding. They say that there
has been a perfect craze to go short
Of stocks for the past month and the
bulk of this remains to be covered.
The sterling exchange market was de-
cidedly stronger today, with posted
rates up to S4S12 and S4.S5- The de-
mand for bills to cover gold impOrta-
tons was again heavy this morning,
and accounts, in a great measure. for
the strength of the market. The adj
vance in the bank of England discount
rate also affects the market and has
a tendency to check the outflow of gold
from London. Foreign bankers here
thought that the movement would let
up for a time. as the rise in the actual
selling rates reduces the profit mate
rally.
Speyer & Co. have engaged 100000
in gold to arrive here next week from
London.
PHILADELPHIA, Aug. g. The
project to secure the shipment of $1,000
600 In gold from London direct to Phil
adelphia has been practically abandoned.
Several of the banking institutions
which were concerned in the matter to-
day withdrew. No definite cause for
the action has yet been announced.