The record-union., 1893-07-28
snecial to the REcoRp-uN1ox.

things up IN wall street To-Day the most
important was the engagement of $1,000
900 gold in London by Lazard Freres,
and further drop in the rate of sterling
exchange. One of the features of the
days operations was the purchases of Sc
curities for investment. The movement
was the heaviest in years and did much
to steady the list. Foreign buyers were
especially active, and a conservative esti-
mate put the foreign purchases at 10000
shares.
The clearinghouse Committee were
in session until afternoon. The long
conference gave fakirs an opportunity to
start report that large bank was in
trouble, and the announcement Of the
issue Of 81, 100000 Clearinghouse certiti-
Gates lent some strength to the report.
The Clearinghouse officials said their
long session was due to the large amount
of work before them in the way Of shift
ing loans caused largely by the great
depreciation in prices yesterday. They
emphatically denied the story of a bank
being in trouble.
Sterling exchange was demoraliZed this
morning. The posted rates were reduced
twice, the last time to 4Sl4 and 1884.
Heavy purchases of stacks for foreign ac-
count, the stringency in money and the
increase in the supply of bills against
grain and cotton caused the demoraliZa-
ton. The actual rates are below the gold
importing point.
When the delivery hour passed at the
Stock Exchange without the announce
nf ttvrthar fai fairlXv
scared, advancing almost as quickly as
they declined yesterday.
Owing to the low rate of exchange, sew
eral large houses considered it a favorable
time to purchase gold, and this evening it
was learned that besides the order of
Lazard Freres, mentioned above, enough
orders were sent to bring the total pur-
chases of gold i'll London for the United
States to nearly three millions.
BIMETALLIC ADVOCATES.
New YORK. July 27.-Delegates from
this city to the Bimetallic Convention to
be held in Chicago next week, to-day
adopted a lengthy set of resolutions set
,ing forth official statistics to show that
Lhe market price of silver bullion has
controlled prices for most products of
American labor, and especially wheat
and cotton, since silver was demonetized
in 1873; that the decline in the price of
silver bullion and the contraction of the
volume of legal tender paper money has
caused a tremendous fall in prices of
wheat and cotton; asserting that English
influence is behind nearly all efforts to
put down the price of silver bullion so
,t,t !. /.
all countries at the starvation prices paid
FOR labor in England and its Dependent
cies, and stating that it is the first duty
Of Congress to study the effect the price
of silver bullion has over other products
of labor in this country before determin-
ing on any fixed policy changing its pres
ent ratio with gold, or before running all
American producers by Withdrawing the
slight support silver now has under our
laws. They also declare that Congress
should investigate the conduct of Treas
ury officials in selecting the market price
Of silver in foreign country to govern
its purchase here, and if found to be un-
lawful have the proper officials i'm
peached.
A RUN AT PORTLAND.
PORTLAND or, July 27.-The Oregon
National Bank and the Northwest Loan
and Trust Company, an allied institution,
failed to open its doors this morning. A
notice was posted on the doors saying the
suspension was forced by the withdrawal
OF deposits and inability to realize on
securities.
The suspension caused but little ex-
citement, and there was no appreciable
increase in the Withdrawals of deposits in
the other banks. George B. Markle,
President of both banks, says the cause
for the suspension was fully set forth in
the notice posted on the door. While not
able to give an exact statement, he could
state that the depositors would be paid in
full.
The statement of the Oregon National,
published July 18th, shows the bank
assets to be $500, 200; deposits, S450. 900;
surplus fund, $4,000; undivided profits,
Sll 900. The bank has capital stock of
S200,O
The Northwest Loan and Trust Com
pany has capital stock of $3.50, 900.
There is no statement yet of its assets
and liabilities, which are mostly savings
deposits.
The chief creditor of the Oregon Ma
tional is Mulmomah County, the deposit
of which amounts to 100000.
George b. Markle is President of both
institutions. The Oregon National has a
capital OF 100000; surplus, $4,000; aver
age deposits, 100000. Capital of the
Northwest Loan and Trust Company,
SezO oOD. sl1rDlus S25 OOO
HELENA BANKS SUFFER.
HELENA Mont, July 27.-The First
National and the Montana National
Banks failed this morning. There was
also run on the other banks.
The run was confined principally to
the Merchants National, which claims to
be able to stand it. The closed banks
have ample assets, but could not realize.
There is no statement.
:. Houser is President of the First Ma
tional. The capital stock is $500, 900. sur
plus 100000 undivided profits 5000, 200,
and average deposits S3,250,0OO.
The First National has q capital and
surplus of over 81, $50, 900. 1t paid out
over 1000, 600 the past week. The Mon
tana National paid out nearly half mill
ion.
The other banks are standing the run
well. The heaviest is on the Merchants