New-York tribune., 1893-12-08
A GOLD OUTFLOW MENACED.
FOREIGN HOUSES FIGURING ON A POSSIBLE
,cs = SHIPMENT.
CONDITIONS AND INFLUENCES TX THE foHfi"N
EXCHANGE MARKETs-IATEs WILL NOW
PERMIT ExPoRIs-sTocKs RALLY AND
CLOSE HIGHER - EXCEPTIONAL

PERMIT EXPORIS-STOCKS RALLY AND
CLOSE. HIGHER EXCEPTIONAL
WEAKNESS IN CHICAGO GAS
II Is considered probable by bankers tnat
thora NAV be shipments OF gold to Germany
nv to-morrow's steamers. The condition OF the
foreign exchange markets is said to warrant
exports on German reichsmarks or on the pasiS
OF a triangular operation in exchange pc'"ec"
New-York London and Berlin. IL coulo NOT ne
learned yesterday whether shipment would
positively be made. The firm OF HeideioaV"'
Ickelheimer e. Co. are figuring upon posslple
shipment, but they could not say pos'uVeiS
last evening whether any would be naue' iheE
are awaiting advices from Europe. which Will
probably determine their action to-day Inc
German steamer Trave sails at a. m to-inoi-
row and II the gold is to be sent it must be
counted and packed to-day Bankers thnK
n is nrobab bile that 81 900 600 gold will be sent
abroad Tomorrow from indications developed
in the course of business yesterday. ii Is said
that Heidelbach. Ickelheimer q Coz VINO are
expected to make the shipment. declined 10 iehd
their credits usual in the Street whlch was
accepted as evidence that they had virtually
decided upon the shipment
The foreign exchange market has been steadily
advancing for about week. The easy condl-
ton of the money market has enabled importers
to buy bills to settle past Indebtedness while
there has been a demand for remittance on ac-
count of December interest securities owned
abroad and also a demand for remittance for
American securities sold for European holders
The supply of commeIc cial drafts has been small
and the rising tendency of exchange rates has
checked the drawing of bills by bankers in
anticipation of future credits. The exchange
market closed strong and higher yesterday.
German reichsmarks are at price when, most
bankers say would justify shipments of gold,
but sterling exchange is still below the gold-eN-
porting point. Should any gold be shipped TO-
morrow 1t will go as legitimate eXchahge 0per-
alton, as bankers say there is no sign OF the
development of an extraordinary demand from
Austria other European nations. The Lon
don money markets reported yesterday TO
he stronger both for discounts and daily bal
ances and the rates through Continental Europe
are considerably higher. as a rule, than the
price Of money here.
STERLING EXCHANGE RATES.
The actual rates of sterling exchange are still
below the points at which the outward move
ment of gold began last December. The quota
tions yesterday were 81 S4hGs4 S5 for sixty days
and "a s71s. for sight drafts, against 81 S5a4@
S4 SO for long, and 81 S7%0ls4 So for short ster-
ling in the corresponding week of lSs2 Inc
rate for money here is 1@1is per cent on can car.
and 3 per cent on time, against 49ole per cent
for call loans a year ago The London open
discount rate is now nearly up TO the Bank OF
England rate of per cent. when last year the
London open rate was l7s per cent In the
second week of December. 1892, there were eX-
ports of about s5.0o0,oOo gold. and the outward
movement continued irregular up to the culm-
nation of the summer panic Of 1893. when the
premium on all kinds of cash in Newly ork
started a'fiow of gold from Europe to America @
A prominent foreign exchange banker said yes
tergiay: ut is impossible TO explain the cohui-
tion Of the foreign exchange market just as IL
has been for about three years. All we know
Is that gold exports can now be made directly
on German reichsmarks. or by triangular eA-
change operation between New-York. LONDON
cold han 90 "a
be on legitimate observation-disclosures bliis cam
not be purchased at any profit IL VIII be nm
possible to measure the posslollllles OK p4 pa9or
abilities of movement if it once gets under
way"
COURSE OF THE STOCK MARKET.
n The stock market was excessively dull yester-
day and the menace Of gold exports was little
discussed until after the close of business The
bulls profess to view possible shipments without
solictude because of the enormous gold reserves
in the New-York banks. The principal sellers
yesterday appeared to be the professional bears,
but in spite of their attacks prices generally
closed higher An important influence was ex-
erted by rally in Atchison. Topeka ana santa
Fe securities 1t was rumored that President
Renhart who sailed from England on Tuesday
y had teegraphed to his family that everything
was satisfactory" The friends of Atchson were
positive in their declarations that the company
had never approached January period OF IN
terest payments in stronger cash condltlon
than now The stock rose from 1885 to 1870
1885 and the general mortgage per cent bonds
recovered per cent OF Wednesdays 1aIi ol . per
cent and the seconds series A. recovered all but
II per cent of the previous days loss. The ad-
vance in Western Union Telegraph also en-
couraged the bulls and there were many pre-
dietions Of further good rise. The price opened
at sS7s and improved TO s97sNs9is. Chicago Mil
waukee and st. Paul was strong all day and
after selling at 65h 1t ended up u per cent at
647. although Chicago. Burlington and Quincy
ana Rock Island were sold down trine by the
bears
The Industrial stocks as a rule were hrmer.
American Sugar Refining active and after
touching S4ss. closed at S2ai. against 50 Wednes-
day night. General Electric advanced over per
cent to 34ls. and Distilling and Cattle FeedlnS
gained u per cent at 2712. The declaration Of a
cash dividend Of ~ per cent on Chicago Gas was
followed by a fall from 6S to 66A, and the usual
bear run1ors Of an injunction against the pay
rnent were circulated later American Cotton Oil
Jumped up over per cent to SOAQSo