New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-02
MORE GOLD EXPORTS AHEAD.
CURRENCY MOVING TO THE INTERIOR
MONETARY CONDITIONS ASSUME FRESH PHoN
IyENCr-, WEAK STOCK MARKET

Discussion OF the monetary sltuhiloh u ~ ~
more prominence In Wall Street circles, ana espe'
snibng bankers. stock spectators do not sno"
nue., interest IN the subject as bank officers De-
cause the prevailing low rates on call money 'nNo
the former class easy in mind for the prcS'" 49,,
the guardians Of the big banking ihSu."' .
CITY rave daily drawn TO their attention Inv
suffering through the country on account VI w
practical PARALYSIS Of credit ana Ne" '
The failures at the West yesterday at'rac'e" ~
newcd attention TO the position OF aiia"S i" ' P
of the county. Advces from Chicago seeiicd 10 II"
d,ca,c Tho existence of considerable uhcaheSS' anu
the banks here made heavy shipments VI c"io"''
10 that city,
11o,c hos been r. pronounced movement OF money
all this week to interior points. Country DahhS are
still urgent In their requests for redscouhS Du' hec
&c o,so a withdrawal OF balances from Ncw-iorh u
Tho localities where distrust prevails Heretofore,
tho country banks have KEEP their balances In New
York intact, when utilizing them for r'discouh's
Of commercial paper, but they are now. In numerous
Instances asking for actual cash. The calls from
the Chicago banks involved considerable amounts
Yesterday That city Is beginning to feel the r@hcN
action OF the heavy failures recently In the Northwest
and the close business connection between chicago
and Milwaukee rendered the suspension Of the Plankn-
ton Bank, OF Milwaukee yesterday Of importance ID
the first named city. The situation In Chiraeo ac-
cording 10 private advices, has been aggravated by
the recent depression in local securities, ana me
obstacles met In making the Worlds Fair success.
the consequences of the stoppace OF the Planhin'on
Pank, OF Milwaukee, although some dispatches as
serted that the bank had gone into voluntary hqnlui
lion. and that depositors would be paid IN fnli. IL
does not appear that NewYork interests are seriously
affected by the Milwaukee suspension. The Plankn-
ton Banks correspondent In this CITY Is the Natl
Bank of the Republic, but 1t stated at that
bank Yesterday that the Milwaukee institution was
not indebted to H. Contrary 10 common impression
the United states National Bank is not one OF me
New-iork correspondents of the Planknton Bank
ii formerly acted In that capacity but the relations
were terminated about six months ago.
THE LOCAL MONEY MARKET AND THE GOLD
MOVEMENT
Besides the influence OF tie heavy demand for &C
commodations from interior banks, the local money
market II is feared, may be affected by the outward
movement OF gold. The shipments 10 Europe this
week already amounted to 100000, and yes
terday 1t amour ed that one banking house had
made arrangements TO send I'll 100000 abroad TO-
morrow. There has been decision yet reached by
other shippers 10 whether they Will make further
shipments tomorrow. Discount rates in London have
fallen below per cent although the governors OF
the Bank OF ENGLAND at their weekly meeting made no
change In the banks discount rate. which remains
at per The banks reserve has been raised 10
an important extent by the gold received from America
In the last week, and in consequence some bankers
hope that London may not require heavy supplies for
the present The unfavorable feature OF the Strength
OF the foreign exchanges remains, hO"e'cT 'he
precious metal may sUll be exported at a proht
The scarcity of commercial drafts continues and the
persistent sales OF American securities by Europe
and the heavy imporations here OF foreign mer
chandse create large debt which Is little offset by
exports OF American products. The distrust OF
political and financial conditions also contributes TO
reduction OF foreign capital deposit here, which
adds another element favorable TO gold exports. In
dependent Of the adverse mercantile and securities
balance. While these conditions last bankers say
no limit may be confidently put to tho outflow VI
the yellow metal.
In preparation meet the foreign demand for gold
Secretary Carlisle has ordered the Assistant treasurer
nj Cincinnati 10 send S. 100000 gold coin u the New
York Sub-Treasury. On Wednesday, Thursday, Friday
and Saturday last week 81 $1,000 was sent each day
to New-York, and Wednesday the fifth instalment
Of 81 100000 was Forwarded from Cincinnati. This
movement simply transfers gold from one Sub
Treasury TO another. and affords no gain to the net
gold balance in the National Treasury which promises
this week TO Be drawn down below S0O,oc0,OOO. The
general needs Of the banks such that the Treasury
IS gaining little gold from them through the exchange
of legal tenders The amount Of legal tenders in the
Treasury is now so small that It's officers are de
barred from obtaining gold achievements from the
banks through sheer inability give legal tenders in
exchange
THE COURSE OF THE STOCK MARKET
The stock market at the Stock Exchange yesterday
less active than Wednesday, but gloomy
The rally OF the previous day ceased when the
"bears7 stopped covering shorts, and Compare
lively light offerings prices crumbled away. Western
operators bcarish In their views and sold the
Changers with some freedom. The market showed
little resisting power, and the close there was
general selling movement for both accounts Chi
cago, Milwaukee and st. Paul was the most active
stock, and the price declined from 60 IA to 81 5-S0
ca 20. Atchison fell from &c Ia TO "a 3-4d "a rs
Rock Island fell from 70 TO II 7sa72: Chicago and
Northwestern from 108 IA to LOG 34d107 ID. and
Chicago ST. Paul, Minneapolis and Omaha from Al il
to 80 7-S Chicago, Burlington and Quincy dropped
from Sc IA to Cd rs. but later rallied So 80.
There is said TO be large short interest In this
represented by sales OF the new stock which will not
be delivered for another month TO subscribers the
recent new stock issue.
On moderate sales Missouri Pacific opened 3-s per
cent lower at 81 "a and further declined TO IS 5-s
Other Gould stocks were not notably weak but Man
haitian Railway fell Is per cent and Western Union
sold from So 3-5 TO 81 3405o Is. Northern Pacific
preferred was weak, declining 10 81 7-sa34 Is.
against 80 is ON Wednesday night. There was nc
news to explain the depression. but the delay in
announcing the details OF the subscription the Vii
lard plan for funding the floating debt is exciting
some suspicion that the scheme may not BE- making the
progress predicted for IT,. Some brokers say tha,
Northern Pacific is selling Willard" but there T.
10 indication that Mr.. Willard designs early to pu,
Into execution his Intention TO retire from the >oln
pany when It's floating debt is satisfactorily adjusted
Another weak stock New-YOrk and New Err gland
which opened up 81 per cent at "a IA, but steadily
receded 10 90 5-Sd21. The friends Of the company
deny that the floating debt Is becoming troublesome
and the selling is thought by some observers TO b,
due to the revival OF the old Berdcll suit Boston
Hartford and Erie bonds Union Pacific fell from
30 IL 10 % Is
Among the socaed trust stocks weakness was
prevalent General Eecric's rallylng power appearea
be partially exhausted. and after all advance from
20 "a 10 IS sc the price declined 80 1870 5s.
The announcement was made seml-oihclay that the
directors OF the American Sugar Refining Company
would meet June 10, and declare the usual diyl
denis-3 per cent quarterly on the common and 3
per cent or tie preferred stock Notwithstanding
this, me price fell from IS 1-4ae0 Ia to SO LA