New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-12
cHARP LOSSES IN STOCKS.
.ryrRN. DECLINE WITHOUT UNUSUAL
ACTIVITY.
.ovy CABLE DISPATCHES FROM LoNDoN-No
roouBLE DIsCovERABLE HERE-crRRENcY
rrnwING INA SMALL ENGAGE
uENT or IMPORT GOLD.


MENT OF IMPORT GOLD.
,u Street Yesterday presented the anomaly OF
.,,.,v weak stock market In the lace OF expires
Cd :, on,nlons by bankers that local financial con
sous on' sre On the mend. The surface news OF the
r.s Encouraging IN some respects, but not to an
IL, mat was adequate to explain the depression
" ,o and there was some further improve
:, the situation viewed by bank officers.
s-.h.r issues were made by Clearing House loan
,sc.es by the banks, further returns OF currency
- che interior were reported and the importation
n" no,ber small lot of gold arranged. Notwith-
1,,g these facts the declines In stock values
80, important dimensions, and several OF the
r,st losses were suffered In the soundest dividend
,svne shares.
IT, movement OF money back 10 this city was not
large scale and II possible TO form only
-. vseuest estimates At least $ooO.oOO, IL Is
,.,.v.d was received from outoi-town banks
c..r.ct Judgment of this movement. however, may
-, =. formed without considering that part of the
"a. arriving have come under the stimulus OF
..uant az express charges by the locar banks,
In,,h Il An effect Offering premium for the return
=, currency. The congestion OF currency In clearing
,,Om.e settlements seemed to be somewhat relieved.
- IN. Clearing House Committee NJ ITS meeting did
90. consider It necessary To- attempt TO devise
-, for facilitating payments In connection with
,, II 3, believed that the policy OF the sublreasnry
4, having out gold coin checks presented al the
,o,nter has some significance
Tor a week past the sub-Treasury has been
,,edtor 10 the Clearing House, owing TO the fact
,,,, certain banks presented Government checks
,,a drew out tho meney directly, instead OF allowing
- ,hecks n go through regular Clearing House
ehanue, This put OF the large creditor banks
a, dlsadvsnIage in the daily settlements between
he hanks aud increased the currency supply OF The
Institutions which rosorted 10 this practice. 40 the
large creditor banpx assisted the Sub-Ireasury IN
every wa when tn. foreign demand for gold was
depicting the gold reserve, IL is thought that the
Sub Treasury officers in return endeavoring 10
help these banks In msintsining's normal proportion
Of currency In Clearing House settlements The
hanks cashing their Government checks ut the Sub
Treasury do not like TO receive gold because OF the
inconvenience Of handling It, and Its course in paying
ont gold has checked this practice somewhat There
was soS0 900 gold paid out over the counters yes-
,crdsy Another reason Influencing the srh-Trcas
urys action 10 the scarcity OF Its own stock OF cur
rency which 1t is DESTROYS of guarding in preparation
for the demand which will come from the interior
when the crop movement begins
The foreign exchange market showed further wea!!
ness Yesterday, owing to a light demand for remit
lance sterling exchange declined about 1'4"l-2
cent 10 the g. Talk Of large gold imports mere
WAS revived by the announcement that L. Won Hohmann
A Co. had ordered 1896 900 gold bars from London
The metal will be placed on the steamer Trave' at
southampton to-day. TO be brought TO this port Al
Won HOFFMAN, Co.'S Office II was said that the I'M
portaton was a legitimate exchange operation. Inc
smallncss of the amount robbed the transaction OF
much importance In the eyes OF most Drelgn bankers
but the optimsts looked upon 1t as tho forerunner
~ a more extensive influx OF gold II IS considered
doubtful BY conservative bankers however. that the
position OF the foreign exchange markets Is sunen'N
stable 10 warrant expectations OF setting IN OF an
important movement.
The call money market yesterday generally ruled
st pr cent. although a late demand carried 'he
rates e. lO6l2 per cent The time money marhe''
however has not received relief yet ana mere hh's
continue to pay stiff discounts on the sale OF their
paper
The unfavorable news Of the day consisted prln'
dpaily Of announcements Of failures In LONDON.
Two suspensions announced thcre-that OF
Charles Frederick Dawson. dealer IN American
stocks. and that OF John F. II. Read an old ana
highly esteemed broker. Mr. Read IS a director IN
lie Great Eastern Railway and foreign houses here
LAY that he was supposed TO be worth about EloU'-
o0O His failure is generally believed 10 be- I'm
portani. Gables from London also said that gloomy
feeling had been caused by the failure Of the New
Zealand Loan and Mercantile Company. This was
accepted as an indication that the full Influence OF
the spnne disasters among the Australian banks had
hot been exhausted. The advices concerning the
speculative situation In London were discouraging
AID foreign houses continued 10 be sellers OF secur
ties In the NewYork stock market.
II was the unfavorable reports from London which
started yesterdays weakness in the Stock market
II was aggravated somewhat by the Government
monthly crop report which regarded fore
shadowing n total wheat crop OF from 3sOOoOOOo
10 $4,000 900 bushels. The improved condition OF
corn. promising yield of nearly 100000 bushels
was seemingly ignored The total transactions IN
stocks however, did not reach 2s4,ooo shares The
most active stocks we're Chicago, Milwaukee and ST.
Pul General Electric and American sugar Refining.
Prices declined steadily until ST. Paul hal fallen
So per cent TO 80 3s, the final quotation being
90 10 General Electric opened "ex-dvidend" OF
per cent at 90 IA and dropped to 81 1-206l "a,
against 20 1-2. dividend on" Monday night. Amer
lean sugar opened at 81 34a 81 Is and declined to
rs "a. Chicago Gas started at 6s163 IA and de
olnod With reluctance until noon. Then the price
fell more rapidly, and tho close broke from
SO IL 10 90 l-2 without intermediate sales. The
next sale was ut "a 12 and then these quotations
without intermediate fluctuations: "a "a, 81 IL,
"a "a 81 12, 81 IA, 81. stop orders were I'M
covered In all tho active stocks and their execution
assisted the decline.
The street was more startled. however, ny the
weakness In the Vanderbilt stocks. Chicago and
Northwestern was unusually active and fell
per cent Lake Shore broke per cert between sales
and closed with q net decline Of more than per
cent md New-York Central lost nearly per cent.
In the last hour tie whole list gave rapidly end
Ing At about the lowest prices The severity Of the
declines is best shown In the following table. Civ
luz The final prices Of yesterday compared with those
Of Monday