New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-13
MONEY STILL GOING WEST
W n,N,y1JT1oN OF THE CURRENCY MOVE
MENT.
srocr QUOTATIONS DECLINE SLIGHTLY IN a
DULL MARKETING EXPORTS OF
COLD IN VIEW.

-. ..ouon I'm prices at the Stock
Exchange Yesterday, due IN part " =. ,,o Goo.
c.rcv IN the money market ana III P''. " -. -,
that some of last weeks advance ""s ~ shnr,sr
'n"s sv .ad,,- Heavy covering OF shorts
r.. eos served TO augment the haturai .e"uen'y VI
H's' so.s IN consequence Of the better feeling
- 1919 wall Street. The completion OF 'hose
.sac,ons has now taken away part OF 'he uiai
"an '.'.'o., and the result is decline. Tight
80 ,. onerated yesterday TO decrease the VOL
mu,o y, business and keep prices down.
. ,rnpency in the money market was mani
me nv INV sensational upward flights of the
ice. 49,, cou loans such as have AT times within the
90. 90 months driven the price to 40 ana even Oh
- cont but by a strong dissemination on the part
~ nankers to lend money at all except on the most
q o,neosed, security. This may be attributed 10
-. fact that the bankers preparing themselves
so q continuation Of last weeks demand from the
,n,eror TOR currency, which, according to the best
trres obtainable, reached nearly S13,OOoOoo'
Over $500 900 was exchanged at the sub-Treasury
Yesterday for bills of smaller denomination 10 oe
sh,pped West, and some estimates placed the to'ai
movement at So O0O, 600. This is about last weeks
daily average. and kept up VIII cause an enormous
Grain on the surplus resources of the Newfork
banks.
Many bankers we're found yesterday, however, who
ao not believe that the movement will continue.
These men think that the Interior banks nave Deeh
influenced by motives OF caution rather tnan oy
actual need for the money which they nave caed lor
They WILL therefore find use for the funds they
have accumulated, and as soon as the present alarm
ist symptoms have subsidized this money Will oegn
~ aou hack in large volume to the natural financial
centrs Of the country, New-York. The presence OF
the money IN the vaults Of the country panRs LOT
few DAYS WILL II Is thought, tend to hasten TINS re-
suit by restoring seo ahH WHICH, We're such
disturbing element in the situation as %eek ssrt
which were largely responsible 1or 'he suu"eh S'ar'
. tho into
The gold shipments 10 Europe, which stopped rs
suddenly the other eufS not es
long as money brings its present stin rate mere ana
discount rates continue ss ssSS IN 6 no higher In
spite the increased export OF Sereas tae S sapp
sap S nence n on tha uaton
The e. ,rsss9 from ST. louis ana Chicago
NATIONAL, CoRDAGE CoMPANYS AFFAIRS.
TIL. REORGANIZATION plan Of the National Cordage
Company has been determined upon by the committee
end has been approved by the principal stockholders
and creditors but there is likely TO be some further
delay in its publication. II cannot be maze puohc
the committee says, until the receivers report ms
been fled with Chancellor McGiH. one OF tne re-
ceiyers said yesterday that their report would not be
eiven out until next week. The outline OF the pro-
posed reorgaization however, already published IN
The Tribune is undoubtedly accurate In the main.
ccdage stock being fully paid up is non.sssesoIs
the reorganization will take the form of contribution
DAVID MCCLURE IN CHARGE OF THE BANK.
David Mcclure, the lawyer OF No. % Winnam-st'
took charge OF the National Bank OF Deposit at No.
1e5 Broadway yesterday as receiver. under the ap-
pointment Of Controller Eckels. The assets OF the
hank were turned over to him by W. H. Kimhall, the
hank examiner, who has been In charge since the
failure of the institution two weeks ago.
THE CANAL STREET BANK MAY START AGAIN.
A meeting Of the stockholders Of the Canal Street
Rank WAS held In the bank building yesterday after
noon at 3 o'clock. The meeting was called Tor the
purpose of considering the ACCESSIBILITY OF reorsan-
ling with an increased capital Of 100000. winch
will allow a surplus Of $4,000 About thirty oil inc
sixty stockholders were present committee "'
ave- consisting Of Michael Levy. p. Caponigri John
G Huln G. NJ. Levy and A. Cashland was appointed
N consider the question Of reorganizing and TO en-
deoyor TO secure the necessary capital 1t VIII make
its report in a week. one OF the stockholders an
nornced that 800 depositors had agreed TO leave
their money in the bank for short time II the BANK
would resume business. At IL o'clock this morniiis
state Superintendent OF Banks Preston Will turn h'
bank over 10 Receiver Rasines. H.,
II the bank Is able 10 secure the necessary caPlta
and is recognized 1t will probably change It's ADDRESS