New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-18
CURRENCY IN GOOD DEMAND.
A PREMIUM OF THREE PER CENT IN SPITE
OF GOLD IMPORTS.
FOREIGN RECEIPTS QUICKLY ACCOMMODATIONS
CLEARING HOUSE CERTIFICATEs-THE



CLEARING HOUSE CERTIF1cATEs-THE
BEARS AGAIN DEPREss STOCKS.
There was no change for the better in the cur
,ency situation yesterday, in spite of heavy ar
,yals of foreign gold and the orders given on a
nsderable scale for the importation of fresh lots
The steamer Lain brought in twenty consignments
covering 1872 O55 and 10i7,5OO francs. arrangements
.,sre announced by J. & w. Seligman & Co.: Kuhn.
,oeb & Co. and Hedelbach Ickelheimer Co.
amounting to about N0O0.0oO. Chicago dispatches
o stated that further large lots had been ordered
for import by the banks of that city The cable an
nounced that the Bank of England had sold fl44wO
IN American coin and that 10000 gold had been
uithdrawn from the Bank for shipment to the
United States
bankers astonshed that the large influx OF gold
which has already taken place. coupled with the
certainty that additional heavy amounts are ALREADY
on the ocean, with more to come, has not aHec'eu
the monetary situation. They say that 1t indicates
eloquently the extent of the paralysis OF cred "he
such heavy Of gold as have been receiver
are absorbed with a sponge. The arrivals 90 ho'
apparently stay In the NewYork banks 10 give ease
to commercial credits but are taken up by the saw
,pcs banks of this city by financial institutions
IN the interior. Time money remains ABOVE inc
legal rate of interest and the best class III mer-
camille paper is still sold only at heaVy uiscouii'
brokers balances loaned at the Stock EA-
change at 3q4 per cent. but the case OF can money
nlv
eency which prevails in mercantile creoits anu III
Culture ENGAGEMENTS. There were, unfortunately no
evidences Yesterday of any relaxation IN 'hese oi-
rections An active business in currency was uone
no ,he money brokers and the premium was . per
o.r, IN the main Spot gold commanded premium
80 ner cent but no better than l per cent was
MA for gold TO arrive. The demand for currency
- shown a tendency to increase this week and
.h. n,eu,ums now range but per cent under the
n,ohes, point reached in the pinch OF early August
Srrnriea was expressed by bankers who learned
.ho, ,be Sub-Treasury here had transferred by
,s,eeraph 100000 gold for payment at the san
Erancisco Sub-Treasury. 1t was only a Few days
ogo that an important sum was transferred py
telegraph from San Francisco to this city fester-
davis reversal of the movement was unexpected
and was unexplained by any advices OF new IMAM
cal difficulties on the Pacific Slope. Except for
this transaction which may prove TO be eXcep-
tonal the pressure for currency is admitted 10 DE
due 10 the strengthening of their resources by the
savings banks of this city. and to the prepara-
tions for moving the Southern and the western
CROPS The Southern demand is being felt with
more acuteness as each day passes, but NeW-1orK
bankers are confident that the Southern banks VIII
be able to devise plan for facilitating the
marketing of cotton. The use of certihed pahk
checks as form of local currency is likely to be-
come the rule at the important southern centres.
In connection with this point it is gratifying 10
know that the cash resources Of the banks In the
South are unusually large. From the reports fur-
nished on July u to the Controller Of the Cur
rency the following table compiled yesterday
allowing the percentage of to liabilities held
BY the National banks in the Southern States