The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-07-28

Nay-aopes OF U hehVy movement
OF Gold from EurOpe-Busipess
Failures Throughout the Country,
New YoRk, July 2Z-During the
morning hours Of business at the stock
exchange the nervous tension was not
go pronounced as on yesterday. Tho
fact that the powerful Standard OIL in
terest had come into possession Of the
Evansville 4 Terre Haute property re.
lieved all apprehension from that quar-
ter and the comparative frmness OF
that stock in the market put money
lenders lat ease. Another thing that
helped to restore confidence was the do.
cision Of the governing committee OF
the stock exchange not to close the
board, ms was suggested yesterday by
some Of the operatorA who lost their
heads then. Probably the most i'm.
portant developments OF the morning.
however, were the engagement OF
Sl,00000O gold IN London by Lazard
FTeres, and the further drop in the
rates Of sterling exchange. Tho heav.
iness OF exchange encourages the hope
that the movement OF goldfrom Europe
will assume large proportions in the
early future.
A more stable money market would
be of great assistance to intending i'm
porters, for 1t is difficult to calculate
upon the result Of q shipment with call
loans at 5 per cent per annum one
minute and per cent per annum and
interest the next. Still foreign houses
arc looking for large import move.
ment OF the precious metal.
Money at the stock exchange opened
at ! per cent per diem and interest,
which is equal to 51B per cent per an.
mum. Later there was decline To 40
| per cent. II ia idle to talk Of q quota.
tion for time money and mercantile
paper as long as call loans command
the figures given above. The SUBJ
treasurer was $251, 1888 debtor at the
clearing house, OF which 100000 was
paid in gold and the balance in treasury
notes. Bank officials state that the
shipments OF currency to the interior
will equal yesterdays total. The rato
Of domestic exchange in New York at
interior points rather corroborStes this
theory. A feature OF the days opera
tons at the stock exchange was the
purchases OF securities for Investment.
The movement was the heaviest in
years and did much to steady the list.
The clearing house committee was in
session until this afternoon. The long
conference gave the rumor bureau
an opportunity to start the report that
o large bank was in trouble, and tho
announcement OF IN issue OF S1,350, 900
of clearing house certificates lent
strength to this report. Later the
amount OF certificates was said to be
only $350,000, but at the end OF the
meeting tho clearing house officials
stated that the original amount, $780,.
900, was right. Their long session,
they said, was duo the largo amount
Of work before them In the way OF
shifting loans, caused largely by the
great depreciation in prices yesterday.
They emphatically denied the story OF
a bank being in trouble, and said that
every bank In the clearing house and,
so far as they knew, every outside bank
In the city was in good shape. Those
who met at the clearing house were all
OF the opinion that the situation was
somew hat better, but still serious.
As yet no statements have been given
out by the firms OF Nicholas and Du.
mont, who suspended yesterday.
Delivery hour passed at the stock ex-
change without the announcement OF
further failures, and Wall street
brcathed easier than it has for days
past Clearlngs wen: through without
trouble this morning, but there was
lingering fear that when the time for
making deliveries arrived fresh weak
spots would be- uncovered. No failures
were announced, and as money on call
dropped to COLO por cent por Gnnum
more bullish feeling took possession OF
the room. Prices fairly scared, advanc.
ing almost as quickly as they did yes.
terday.
Sterling exchange was demoralizod
this morning. The posted rates were
reduced twice. the last timo to "a sl1C6
4s3. The heavy purchases OF stocks
for foreign account, the stringency in
money and the increase in tho supply
OF bills against grain and cotton caused
tho Generalization.
Several OF tho banks here decided to.
day to extend to tho largo exchange
houses whatever aid may be necessary
to facilitate tho importation OF gold.
Owing to tho low ratos Of exchange GOV.
erai large houses considered 1t favor.
able time to purchase gold, and to that
end thoy approached tho banks to as.
certain II the necessary accommodation
would DO extended. The banks replied
that every facility would be afforded
them and on the strength Of this nearly
$3,0O0,0 900 OF gold was ordorcd for satur.
days shipment from tho other sido.
Tho members Of tho clearing house
committee wlsh II stated that tho clear.
ing house has nothing whatever to do
with this arrangement for importing,
II being n matter sololy between tho
various banks and their customers.