New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-03
STERLING EXCHANGE DOWN.
SLIGHT WEAKNESS IN STOCKS ATTENDED
BY MANY GOOD SYMPTOMS
THE FIRST DAY OF THE MONTH PASSES WITH.
OUT NEWS OF IMPORTANT DEFAULTS
IN MATURING OBSERVATION-DISCLOSURES
LOAN CERTIFICATES RETIRED.

loan CERTIFICATES RETIRED.
The stock market was comparativel quiet yes
terday, and prices took slightly lower range.
with a recovery toward the close that left only
fractional net declines in the majority of active
stocks. Reading and Distilling and Cattle Feeding
striking exceptions to the general rule. and in
spite of sharp declines during the course Of trad
ing both closed strong with net gains OF ~ per
cent and lis per cent respectively. American
Sugar Refining was the heaviest sufferer, selling
down. OF the Introduction OF n resolution
of inquiry in the House at Washington to $751; and
closing s7as. which is ia per cent below Satur
days closing figures. Readings strength may be
attributed to reports received from Philadelphia
that arrangements had been completed for the
extension of the loan made to the company by the
Speyer syndicate Mr.. Speyer when approached
the subject, said that the receivers had made
overtures to his firm looking to such extension.
but that their offers had been declined by the
syndicate. This denial did not come early enough
however to affect the market. Late In the day
the announcement that October interest would be
paid had a good effect.
The most important development Of the day was
the weakness in sterling exchange. London. in
deed. stopped buying stocks in this market and
there were indications that considerable selling
done for the English account. but the ex-
change marke. refused to respond to the attack
The cause was found in a better supply Of cotton
bills and sudden slackenng in the demand for
exchange. The latter phenomenon was ATTRIBUTED
TO a rumored improvement in the chances Of repeal
Yesterday being the first day OF the month news
of a default in maturing obligations on the part Of
large corporations and business houses watched
for with interest. but none OF any importance was
reported. This ris" To general feeling Of re-
lief in the financial community and aroused appar-
entity we-foundod hopes Of further pronounced
revival Of confidence and business activity. Evten-
sions asked for freely az the banks and In
the OF the solvent concerns they We're gener
ally granted. The banks feel that they are in
a sufficiently strong position TO discriminate against
any concern of the solvency Of which they are not
absolutely without danger TO Themselves
their customers and the fact that trouble
suited from the exercise OF such discrlraina lion yes
terday was taken rs an omen Of much good. The
Clearing House Loan Commute" retired sbi5.tp of
loan certificates yesterday. making the net amount
outstanding SlilOVV'i and called $4,000 for retire
m-nt tomorrow.
An increased demand for money currencv) was
reported from the South ana 5000 IN gold
Transferred To- Newt orleans by the Sub-rrasiIry by
telegraph for large National bank In this city.
The receipts Of currency. howrscr. from other parts
Of the country greatly exceeded the shipments -
the South.
The Sub-Trcasury's debt balance at the Clearing
House Yesterday S7N.rn which AID la
gold coin The bank clclranccs were %SJI~D and
the balances <iisS.u0