New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-30

ti0nal amounts that will be taken out IL necessary
will allay the distrust and doubt that hay" gone
30 far to curtail temporarily the credits usually
extended by all financial institutions. -
On this point the words OF President simhons'
OF The Fourth National, were reassurins lie
said: "The situation was so grave as - threaten
serious trouble il some one had not como - the
rescuc OF the money market. If these ccrtii-
Gates had not been issued there would have oren
heavy failures. but now tina, tn, banks nave
taken this decided step believe the force o. inc
panicky feeling has been broken. II the ccrhi-
Gates already issued are not enough TO coh'To'
the situation the banks are prepared 10 ih''c
SI6,0O0,0 900 more. There was no ncod lor Va"
banks 70 take out these certificates 'o-ua!' -
far as their particular condition was cohceI"c''
but the step was advisable as means OF ahor'-
ing relief until this temporary strain II o'c''
Our bank, for instance, holds about os per cci'
of its resources in cash and call loans' anu o''
reserve is nearly 80 per cent. believe the
crisis is over, and that next week VIII "i'heS'
cheaper money and more confidence.
The money flung out by the banks which
jcincd in Yesterdays action will not only relieve
the Stock Exchange market, but what is more lm-
nortant will give needed assistance to the mer-
camille community The Fourth National BANK
on Wednesday began buying commercial paper lor
the first time in many weeks. IL continued "o
purchases Yesterday and took the noics Oh hlci
chants who are not and have not been its res",al
customers IL was recalled yesterday tliat III W,
crisis Of 1900 the Fourth National gave 80"
assistance to mercantile circles ny puylng ANU
81 500 900 of commercial paper. althcuSh u .oon
out no certificates at thar tn' i;ros AMI Other
banks will enter this market or assist the ho"eio
of securities. according to their aihiia'i'hs vi 'c
requirements OF the SITUATION.
TIE DANK OF ENGLAND REFUSES ~ Sell"
AMERICAN GOLD.
Other efforts are being made by bankers "
help relieve the monetary strain. Ii was iearhe'
yesterday that Kuhn. Loeb & Co had endeaVoreu
to arrange for large importation OF eoio, On
inouiry in London il was found that IN" BANK
of England refused to part with its bar gold or us
American gold coin on any terhS ms " So'iny';
compelled the abandonment oil the effort onoIiS q
sterling exch.e however, , bet me importaton
~ British sovereigns will be undertaKeh me
lighter weight of the British coin and the neces
of converting it arrival here INTO AIhcI i
coin or bar gold precudes the import OF sovereigns
AT the ruling exchange rates. ne BANK oI Hnis
land. of course could not reiuse ~ p "s o
soyereiqns on an existing credit. but 1t Possesses
the opion TO refuse to sell its stores OF tne
metal which have been taken from the HI nv:
States The action of the BANK OF ESi ar,s frn
Gates its determination to retar goid eSpor,s r1n
Great Britain as far as possipe. nv 49, n~
strincency in money dcloralize, me loIri.n tn
change markets. but win the ia, III T There We're
tne eAcna as;erfaw however. that there had been
heavy engagements of grain fGr EXPORT, an1 nra IT,
honeJ that this movement will soon reach pro
nortjons that will supply the market WIN coin-
mercial dlafts drawn against the merchandise snip
Ments.
1,NIoN PACIFIC PAYING INTEREST COUPONS.
A favorable incident Of the day was the tele-
xraphic announcement from Boston by Oiiver W.
Mink. second vice-president of the Union racine
Railway, as follows: I'VE shall anticipate pay
ment of July interest and begin paying to-day
have .eleeraphed 10 the Union Trust Company,
who are provided with funds, 10 pay all coupons
on presentations and we shall do the same mere.
The July payments Of the Union Paclh3 anoun'
10 about 50. 5000 The news was encourag-
ino because the bears" had Ecen circulating
stories of possible default o,.o nm
The Sub-Treasury yesterday received 81 ,ooo
gold for telegraphic transfer at san rranciScoi
There were exchanges of 100000 in currency, OF
which. it is estimated, $685. was for shipment
out OF town. Of this amount 81 10000 was ues
tined for New-Orleans, and the total shipments
to that point were estimated at 100000. Inc
Sub Treasury also paid out $4,000 for antici-
pated Government interest. . .
The call for money from New-Orcans was
surprise to most bankers. 1t was explained ny
late dispatches, indicating an outbreak OF !h e
feeling of unrest in that city. The Associated
Banks, there however, have promptly resorted to
the issue of Clearing House certificates in order TO
support any weak member of the association. ana
100000 y said to have been isset bos hs%
been issued TO the banks. making S1,3OO,0O0
outstanding From Philadelphia keen demand
was reported for New-York funds. Currency is
scarce there, and is being shipped to New-iork
ANOTHER DROP IN BAR SILVER.
There was no stay to the decline in silver values
yesterday From London the price of bar silver
was reported to be 81 Id. an extraordinary fall
Of led. from Wednesday. In this city the com
mercial price Of bar silver fell to CO cents an
ounce against 60 "a cents nominally at Wcdncs
days close. Mexican silver dollars were nominal
at 81 cents. The silver market continues deln9r
allied, with dealers fearing to buy even at the
decline of 0 cents an ounce from last saturday
At the Stock Exchange the dealings in silver bul-
lion certificates amounted 10 $4,000 ounces
Prices opened at 65 cents. against IS l2 cents the
day previous, declined to g. cents and then
rallied to So cents, closing at SO cents There
in at the Consolidated Stock and Petroleum En-
change, and the fall in prices was as follows:
Bodie from 90 to 10 cents share: Breeze from
from 90 TO 81: Phoenix from 40 to 90; Sierra
Nevada from go to 50 Chollar from 80 TO 43 !:
Hale and Norcross from 30 to 80; CONSOLIDATED
California and Virginia from 81 45 70 81 49,
Opbir from 81 25 to 81 10: Yellow Jacket from
ST to 30 cents; and Ontario from 81 to So a
share.
STOCKS RALLY AT THE CLOSE.
Tho stock market was seriously disturbed in
the morning hours by the further collapse in Sill
yer, the high money rates and fear of disaster.
London sold stocks freely, and the bears made
aggressive attacks. At noon the price Of money
began breaking, and recovery took place in
values, which left numerous shares higher than
at Wednesdays close Here are some OF the more
important fluctuations: American Sugar Refining
went to az SIS and rallied to so 3-sa60 against
1912 on Wednesday night; Chicago Gas fell
from &C "a Wednesday to 65 Ia, rally
ing to 65a66 1-2: General Electric from
81 Is TO 65 1-2, raylng 10 81 S.sa
6s SIS: Atchison from 81 IS to 10 7-,s, rally
ing to 20 7-sa2O 5-s ST. Paul and Omaha from
SO ga to 35, rallying to 81 Rock Island from
co Ia 10 66. OK dividend of l per cent, ralying
to IS I-2; Northwest from 102 to 90 l-?, rally
ing to IO2 1-2; Chicago, Burlington and Quincy
81. Paul from &C 3-s to s., rallying to 6s 5-sa
CO s-s: Delaware, Lackawanna and Western from
TAG l-2 TO 144 So. rallyins to l45 I-? Erie
and Nashville from Ga 3-s TO 62 ga. rallying to
"a l-4a63 SIS: Missouri Pacific from 81 I-s to
80 l-s, ralying to 3? l-sa3l IA; Northern