The record-union., 1893-07-11

department to-day arrayed itself firmly
against the silver brokers. 1t was the
customary day for making the proper
tonal purchase of silver on the July ac-
count, and $4,000 ounces were offered.
The prices asked averaged from Y to IS
cents. They were regarded too high by
Acting Director Preston, who made
counter proposition by offering 10 cents
per ounce. That is half a cent less than
the department paid last week. Appar-
emily the silver men are reluctant to
come to those terms, for up to the close of
office hours no acceptance had been re-
ceiyed.
The issue Of standard silver dollars
from the MINIS and Treasury offices dur
ing the week ended July S, 1898, was
@}50,240 For the corresponding period
Of 1892 it was S445,395. The shipment of
fractional silver coin from the Ist to the
6th inst aggregated $50, 229.
The gold reserve fund has gained $780,
900 since Saturday, and has reached to-
tai of 50, 9S5, l0I. The currency on hand
aggregates ST, l99, 317, making the balance
1924, 4S2, AS
The Comptroller of Currency has or
dered national bank currency to be
printed on account of bonds deposited to
she amount of s., 067 900.
GOLD PAYMENTS DEMANDED.
New YORK, July 10.-Inquiry among
druggists touching the report that Schief-
ielin 4 Co., drug importers. had issued
circular to customers giving notice that
payments hereafter must be in gold
shows that several firms in this trade
have taken similar precaution of demand
ing payments on gold basis. No other
trade seems to have found it necessary to
give such notice. a single silk import
ing house is reported to have done so.
Bankers dealing largely with importers
say they have heard of no such measures.
y prominent Wall-street banker said
I'm business circles there is no distrust
or anticipation of gold reaching a pre-
MUM. Some foreign individuals are
asking to have a gold clause inserted in
all contracts; they ask that dividends and
interests be obtained for them in gold.
But the business houses here and abroad
are satisfied with the usual course" The
banker added that he found in renewing
bonds and mortgages some people asked
to have a condition inserted to make the
payments due in gold.
At the Office of w. II. Schiefflin & Co.
drug importers, it was said to-day, in re-
Spouse to protests Of druggists against
the firm demanding payment for import
Ed drugs in gold, that their idea that i'm
pOrters generally would follow the lead
ofScheiGlin Il Co. was not borne out by
Investigation. All branches Of trade in
no 81 70 81
unnecessary and unwise, in that it might
tend TO place gold at premium and de-
stroy confidence.
The clearinghouse issued to-day $780,
0)O worth OF loan certificates. The largest
banks in Wall street report a slight de-
mand for currency from the West
counter-balanced, however, by the return
of currency to New York. Five of the
principal banks report that merchants
are taking care of their paper, and not
asking for an extension. Generally speak
ing, the Presidents Of banks regard the
situation as improved. The banks report
q scarcity of bills, the result Of the recent
heavy shipments to interior points and
Withdrawals by savings institutions.
OPPOSITION TO THE SHERMAN ACT.
ST. PAUL Mimi, July l0.-Bya unan-
imous vote this morning the Chamber OF
OF Commerce adopted resolutions calling
a convention of delegates from the com
mercial bodies of Minnesota, Wisconsin,
the Dakotas, Iowa, Nebraska and Mis-
souri, to be held here before the end Of the
month in the interest Of the unconditional
repeal OF the silver purchase clause of the
Sherman Act.
NEBRASKA STATE BANK FAILS.
FALLS CITY (Neb.l, July I0.-The State
Bank at Shubert, small town south Of
here, has failed. 6. Y. Argaboright,
cashier, has left the country, leaving
statement that he was S2I 900 short. He
preferred to leave his family, he said, to
going to the penitentiary. Argaboright
was also Treasurer OF the American Bond
Company.
INVESTMENT COMPANY FAILS.
DENVER, July lO.-The Chamberlain
Investment Company, the largest real es-
tate firm in the West, failed this morning.
Liabilities, direct and contingent, 81, 362 :
us, of which 81, III, is is direct; nominal
assets, s., 9i0,G9l. The failure was precipi-
tated by an attachment by the Denver
Savings Bank. The Sheriff is in possess
sion. Three-quarters of the liabilities are
held in London. The company has other
offices in New York, Fort Worth and San
Antonio. The Denver people suffer little
by the failure. President Chamberlain
says: Previous TO 1890 the company be-
came largely interested in real estate in
Pueblo, Fort Worth, San Antonio, Spo-
kane Falls, Helena and other cities, and,
in improving these properties, it became
necessary to build electric railways. In
the midst of these operations came the
Bariug failure, London, which threw the
burden of these enterprises chiefly on the
Chamberlain Company; this, with the
failure of clients who had made large
purchases during the present financial
crisis, to make good their obligations. re-
sulting in the company taking up their
notes to prevent foreclosure. acted greatly
10 the detriment of the company.
.'Iu the past three years the company
thus advanced over Sj00,00O to protect
customers. Last fall the company started
10 fund its direct liabilities by Offering
$4,000 deoentures. Half of these were
placed when the financial panic ruined
The market for securities here, and the
Australian bank failures did the same in
Great Britain, much OF the company's
assets, in the form of securities and be-
vond its control, being held as collateral
Tor loans"
BANKS READY FOR BUSINESS.
Los ANGELES, July l0.-The Southern
California National Bank and the Uni