The Portland daily press., 1893-08-03
A New York Opinion.

New York, August 2.-Henry Clews is
one of the few men who are cheerful in
these days in Wall street: SIN 1878 the
New Yorlxs banks at the worst stage of
the panic only had SIS, 100000 of currency
among them,' said he. "They had no
goid Of their own, all the gold held by
them being on special deposit and it
commanded premium, hence was not
in circulation as money. At the present
time the New York banks hold in cur
rency and gold together $91, 100000 be-
ing $86, ,000, 900 better off in actual money
in their vaults than during the panic Of
1873, thus showing the strong position
held by them at the present time. On
this showing do not hesitate to say that
the banks of New York, combined to-
gether as they are through the Clearing
House Association, occupy the position
of fortress and are pefectly able to
meet any and all emergencies.
No Excitement in New York.
New York, August 2.-Business at the
savings banks was going on as usual to-
day. The excitement is all over. De-
positors feel assured that their money is
perfectly safe.
Hartford Banks Require Notice.
Hartford, August q The four savings
banks in Hartford, beginning today will
deposits. The reson alleged is inability
Gold Movements.
London, Aug, 2.-Seven hundred and
forty-one thousand pounds in eagles
were sold by the Bank of England yester-
day, and 10000 sovereigns were taken
out for the United States. In addition
to this nearly quarter of million
sterling was bought in the outside mar
ket for America. On the other hand,
large amounts of gold are on the way
here from Australia and elsewhere. The
market consequently regards the with
drawals for America with equanimity.
There was a general recovery in the
stock market yesterday, led by American
railroad shares, which improve material
ly on the gold exports. The same cause
depressed consols.
Steamer Spree, which sailed today from
Southampton for New York, has on
board So, 100000 consigned to American
houses. Steamer Majestic which left
Liverpool today took 81. $50, 900.
A further shipment will be made Sat
urday. There was $3, 495, 1000 withdrawn
from the Bank of England today to be
sent to the United States.
Heavy shipments today and prospec-
tive shipments on Saturday have caused
the discount rate on the open market to
rise to 8 3S to 81 per cent.
At New York.
New York, August 2.-Heidelbach,
Ickelheimer & Co., are advised of an
other shipment of $250,00O in gold per
steamship Spree, making a total for
them of $2,620,000, and Lazard Freres
have secured $1,000,000 in gold to be
shipped on German steamer leaving
Southampton, Friday.
Curious Condition in Fall River. sr
Fall River, August 2.-The mill situ-
alton has reached the strangest condition
ever known in the history of the local
cotton industry. This morning several
treasurerslof the mills received notices
from their banks stating substantially
that the banks hereafter would honor no
checks in money, but will endeavor as
far as possible to take care of deposits
already made. The effect Of this action
will be widespread and may call for
total suspension of operations on the
part of the mills.
The treasurers who are receiving
checks daily from Boston, New York
and Philadelphia will find them of no
value in procuring currency to pay
wages.
Some of the mills that received notice
will be able to pay their help this week,
but they now see no prospect for paying
next week.
Some treasurers say they will ask their
help to work along until such time as
the banks can procure small bills and
change enough to meet the wants of the
weekly pay rolls. Others say they see
no way out of the difficulty except a
shut down and violation of their con-
tracts.
Will Make Use of the Time Clause.
Concord, N. H., August AT meet.
ing of the officers of all savings banks OF
the state here yesterday, it was voted TO
require notice before paying deposltors.
Fifty Stone Cutters Discharged.
Especial to the Press.l
Vinal Haven. Augusta 2.-Tne Bodwell
Granite Company gave their men quite