New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-01
GOLD SHIPMENTS COMING.
BETWEEN FOUR AND FIVE MILLIONS NOW
on THE WAY
THE IMPORTING MOVEMENT SEEMS NJ" WE'LL
STARTED URGENT CALLS FOR CUR
MAEKET
RENCY-TnE STOCK NJ

|
! II seems certain that an Inward gold movement
| of good size and stability has at last SET H. AS
| rearIv as could be estimated yesterday thcre was
| between 100000 and 100000 on the way 10 New
| York, or ordered from various iorelsh COUNTRIES
| principally OF course. England ms estimate IN
cluded s. 10000 said to have beer ordered by Lag
ard Frores $4,000 to August Belmont & Co. which
| is TO come on the Spree. and $GooW TO hedelbach'
| Ichehelmer & Co., TO be shipped tomorrow Inc
,rnorts of gold last week were N.752,sS OF which
ssO5 $40 came from Europe. and there were no eX-
ports OF the precious metal Naturally ue "ord
by cable from London was that the outflow OF sod
to America was causing steady rise in the rate
of discount In the open market though IL was as
sorted that the Bank Of England was In position
TO stand the export Of 100000 without raising the
official rate The gold movement from January
10 date has been: Imports. Nl75Ii26 exports Vs.
675.4i7: Of exports, Sssls.o2i
As satisfactory as the increasing receipts OF gold
are to Wall street. the bankers find the outward
currency movement which does not DIMINISH cor
respondingly disagreeable. Conservative estimates
put the shipments OF currency out OF New-Nork
last week at s9OoDOOD and this week began I'M
propiousy with the shipment yesterday OF N'""'-
O0 or more. \ large share OF 1t went to Boston,
good many thousands to interior points In New
York State and the remainder went West. Cur
rencv is becoming 50 valuable thing To keep
hands on and the demands for IT from other cities
are so pressing and UNEXPECTEDLY long-contInued.
that the New-York banks are seriously considering
the ACCESSIBILITY Of taking protective measures.
The Clearing House Committee yesterday issued
an additional s2.525 go in loan certificates. making
the total outstanding S7,g75Co0. This great
amount passes OF the loan certificates Issued
in the panic Of S75. when the banks took
over $2sjj5.oo In certificates. The total oustand-
ing to-day u.s. therefore. the largest issue on record
OF the s2j25 0oD put out yesterday. portion only
was issued FOR facilitating the importation
of he,
which needed the extension OF their cash re-
sources,
For about thirty minutes after the stock EX-
change opened yesterday morning general break
In values developed. and some pr"cipitous declines
were scored The result was Generalization. at
tended by no small amount Of excitement. The
combined influence OF the gold importation prom
ises and Of the rush Of the bear operators 10
cover their contracts. was sufficient 10 set IN
vigorous reaction. under which many stocks not
only regained the ground they had lost from the
opening but ros. above Saturdays closing prices.
This action on the part OF the short interest was
due TO the extremely high loaning rate for stocks
The total dealings for the day at III" Stock TX
change were 325.759 shares. American Sugar Re
nning Company opened at 81. which was ! is be
low Saturdays close. and sold down To 81 It, IN"
lowest point the stock has touched. I'm TN" re-
action it went up g.. and closed AT ci rs The
number OF shares dealt In 5i.G3 which Was
the highest record for the day General Electric
opened at S. point of from Saturday. close.
dropped to z, - ami closed ~ -. after touching a.
An opening drop OF per cent In Lake shore from
100 was almost regained. the final price being
lOsl-i Chicago Gas again suffered. under the
virtual admission that the fall dividend would be-
passed or reduced Several officers of the company
were In consultation the office of T. g. Bencdict
but they would say nothing beyond thc statement
already made that IN" dividend question would
not b. considered for several weeks. at least The
stock opened at 80. a decline OF 3j-S from Satur-
days close. 1t held it's own at that price In the
opening hour. and then rose TO ii 1t. with final
quotation OF 1898 other active stocks showed
these fluctuations: Chicago. Milwaukee and St
Paul opened NJ ~ IL sold down 10 ~. went up 10
30 3-s and closed at 3d. Delaware Lackawannn and
Western opened at l29 dropped to ~. sold up to
lSl Ii and closed at 800 ~ Louisville and Nash
Vile opened 90 declined to - II and advanced TO
81 which It's closing figure: Manhattan CON
soidated opened at lo2 fell 10 loi and closed at
l0i after advance to los; Western Union opened
at 6S. fell off Is and then advanced 10 - -. with
a close at - 3-s
An interesting feature Of yesterdays money
movements the shipment by the sub-Trcasury
OF 10000 In silver dollars. The demand for this
bulky coin arose entirely from the scarcity Of cur
rency, the bulk OF IT probably being used in pay
rolls. The Sub-Treasury creditor the
Clearing House for seJ2.O0D Of which about 100000
paid In gold The exchanges AT the Sub
Treasury about ,3O0c0.
Henry Cews called attention to this interesting
comparison OF the condition OF the Ncw-Y York
banks in 1873 and now:
1873 Ncw.vora lanks # tho wor., STAGE Of the
anlc only had $4,000 cuIr,ncy among them They
had no cold Of their the goi held by being on
'p'c, deposit. and 1t commanded premium, hence
not in circulation now a. money ~ the pr Mt ;rc
tho NcwYork bank, fod IL currency and cold toe, Their
SOL COO coo being $50 900 600 tier oil in actual money
In hr vault, than during the panic u 1873 show.
the position hid by the pres. Mt time
on this showing do not hesitate s,y the bank, Of
NewYork. cont ncd together thy through t.i
Clearing House As>ocation occur, the position Of fort
and perfectly abb any and all cn,rr.
gencies.
The violent fall Of wheat in Chicago had COM
paratvely little effect here The extreme discount
New-York exchange in Chicago was explained
by the demand from that market for remlianccs
a member of the Clearing House Committee
gave this explanation OF the issuance Of loan crrt
Gates for the purpose OF facilitating gold impora-
tons:
The customers of bank buy bill, Of exchange
drawn say. for wheat or stocks any article Dl,ac
They for those bills Of exchange by checks OF, tcr
bank account. the persons selling the bin, ccttln, in
turn crcdi, therefor at their banks. The honk
or banks which the check, drawn o. course
have " pay those checks through the Clcanr U,.,
and do they take Clearing iIou.c loan celtn
cate, rather than part with gold cuIrn... The hank,
customers who bought the bill. # c>chor.r remit t,o.
bills 10 London and have gold .iopd to them here In
return SO. with The rate 80 EXCHANGE favor.
able get gold here without any one pi,ing out
, dollar Of Gosh for IL. The II cSrh,a,c must
first Of all be low enough n warrant iran seton
being made.
A Rim on THE STATE BANK IL GRAND-ST |
Since Saturday there has been run on the State
Bank at No 37s Grand-st The trouble was caused
by the reading OF newspaper by the Polish Jews !
who the principal depositors In the bank on
Saturday morning a Jewish paper published an !
item stating that the Nebraska State Bank had |
closed it's doors. In the story the word Nebraska
was abbreviated to Web" and the ignorant hun |
dreds who do business at the bank mstook this for /
What is Drudgerv?