New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-06
HIGH RATES FOR CURRENCY
ITS REMARKABLE SCARCITY SENDS TIE
PREMIUM UP.
TIE STOCK MARKET STANDS BRAYELY AGAINST
UNAVOIDABLE coNDITIoNs-MoRE GOLD
SHIPPED FROM EUROPE.

SHIPPED FROM EUROPE.
The nrmness displayed in the Closing hour AT the
Stock Exchange yesterday was ehcour"shS IN the
extreme. The fact that 1t eNiS'eu, uespte
an unfavorable bank statement anu the ao-
sence Of positively favorng conditions. Is Indicative
Of the hopeful feeling that the course OF the mar
ket in the last three days has fostered' Monetary
conditions are declared to be unparalleled In the
countrys history; failures have come by the dozen
in all parts of the country; mills nave smut GOWN
and railroads are retrenching. Yet confluence mas
not been shattered. AS far as III 'he nature OF
things II can be scheduled. the crisis mas arrived.
and there Is happily II tendency TO await 1t with
serenity. The extra session OF Congress meets To-
morrow and President Cleveland VIII nave pre-
scented TO him the opportunity Of a lifetime. What
ever the outcome OF the week may be- It's first
estimates of values and OF happenings VIII nave
a distinctly favorable basis to start from in the
results of the week just ended
The heavy importatons OF gold, now DUE IN part
at least is the factor OF the greatest buoyant
power The shipment OF another $2jO.WO was an
nounced yesterday Dependence Is placed upon this
gold TO relieve the currency famine which has
threatened New-York with continued inconvenience.
If nothing worse. Although as The Tribune said
yesterday. several millions of this metal VIII 90 into
savings banks in payment for United States
bonds 1t seems certain that at least $780,
900 will 20 into the commercial banks. There was
a report that n large proportion of the gold now
afioat had been purchased by money brokers at
premium OF liz per cent for shipment out OF New
York Investigation showed that there was come
basis for the statement Several of the smaller I'M
porters 1t was found had so disposed OF their gold
thus deriving the NewYork market OF that much
relief At Hazard Freres. and at Ladenburg, Thai
mann & CO.'S. who are among the largest dealers in
gold and exchange It was said. with emphasis. that
no such sales had been made by them and that all
their incoming gold would find its way into New
York institutions There has been secret made
OF the fact that many millions OF Clearing House
loan certificates have been taken out by New-fork
banks for the sole purpose OF facilitating gold i'm
ports. 1t would hardly seem reasonable, under
such circumstances. that any conditions could
arise under which this gold could be diverted from
the New-York market. and rush past II In II yellow
stream. one prominent banker declared that the
banks themselves had gold afoat. The loan-certn-
cate recourse Is the probable explanation Of his
statement.
In the mean time tho scarcity OF currency IS
bringing about "A peculiar state Of affairs. The
premiums on small bills and silver were advanced
yesterday. and gold was bought in large quantities
by the brokers for shipment Great quantities OF
the three kinds Of money were shipped In all
directions. There has been no similar course oi
the money market since la73. While money
changers ar. advertising substantial premiums on
bills those who sit at the receipt OF customs re-
port an unprecedented proportion OF duties pai
In gold amounting now 10 almost 20 per cent.
Gold seems plentiful. Some large Arms which
sen. 10 their banks for their usual payroll money
YESTERDAY received rlo and 1900 gold certificates.
and had TO scramble for the necessary small DIS
and coin The policemen OF the city day or 20
ago were paid OF in the gttcring yellow meta
The weekly bank statement which was issued
Yesterday was no. favorable II showed a de-
crease OF S2CLl00 in cash. as follows: Specie,
Sc 7o2 100. legal-tcndcr $4,000 There was also "A
dccrense Of sg23le0) In the deposits and de-
crease Of ta7G1.5 in the reserve There was an
increase in the loans OF !2.2N.3 The circulation
increased NCs7a The decrease In the reserve
makes the reserve (casm held by the associated
hanks NiG7SO below tho lawful reserve.
The Clearing House Committee issued 10000 In
loan certincnics making the total outstanding 49,
n.0Gl1 There were heavy shipments ~ currency by
the N.w-York banks 10 other cities. thonrh the
figures are restricted to an amount considerably De
Loo, La, weeks high average. The Sub-Trcasury
WAS debtor at the Clearing Hous" tSe" which II
pnld IN currency. 1t paid out over the counter
,,S, 90 mostly in gold. and gave out 5000 silver
dollars for shipment
At the stock Exchange the American Sugar REIN
ing Company headed the list with recorded dealings
IN ., AZ shares In the hours trading IT opened
at ~, IL OF from Fridays close The variations
carried It down TO IT'S and up 10 "a, the close
,.in,, ot r. The opening and closing Of others OF
the active stocks, with the net changes from Fri
DAVIS close. are: Chicago Gas. opening on, clos
inc III, net loss ~ Chicago ana NorthW'S'Th' 2
oncnin, 9si,. closing 9S net loss -: Burlington
onenng ~ closing 7S'.. net loss -; lacka"anna'
opening 49, closing 49, net loss ia. General Flee
tric oponlng 49, closing j02.. net gain =, Lake
shore opening H. closing H. net loss "a. LOUIS.
vile and Nashville, opening I'ie, closing o.,s h't
rain ~: Manhattan opening llli2. closing III. net
loss J., New-YOrk Central. opening 80 ',"9i.+s
IOp net gain !; Union Pacific opening l9I.' Closing
Iss net loss =: Western Union opening a. closing
The following announcement was received from
The negotiations which have been pehuh9 TOT '''''
d,rs between Mcssrs Wi1cner and EIkin- ana number
f banking Institutions in hi' city have been brought 10
q successful end In speaking OF the action taken by
the banks, Mr. wiicncr said:
'rhr banks and trust companies OK PhlaHclpha nave
agreed 10 I'D, during the nct four months me money
crislte 10 finish all the the Traction Company has
under way about 1000 600 Mr. Eihns and myself /
,,rolug 20 deposit securities 10 the amount ~
-, zoo COO =; guarantee the TIT, We consider
very liberal and broad gauge thc Part 81 the
anks and trust con p,n!cs Of Philadelphia. and scarcely
any one ian understand the amount and how Ir reaching
,b.ir making acInce of their securities, and u VIII
lce euuo,,d cycfpl thousand AMI give Ipport 10
correstondlnc number " families that might otherwise
have been deprived Of III, OF 'upNor. 'ni We all
apprecate how important that ut thls time when a"f'
ing people are being di,chai scd by the Wholesale"