The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-07-28

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NEW soRx. July H.--Amons the nuner-
ous reports that tended TO firm things up
IN Ws.i street today the most important
vas the engagement Of u 10000 gold in
Londos By Lasafd Freres and . further
drop In shs rate Of sterling exchange. One
ssssurr 81 the days operations was the
purchsss OF securities for investment The
movensnt vas the hsasiess In years, and
did mitch TO steady the list Foreign bar.
ere vefs especially active. and conserve
tive estimate put the foreign purchases q
4O.WO sasses. The clearing house COM
mitses was In session until after noon.
The ions conference gave the rumo. takers
m Opportunity to report . large bank in
srouhie. and the announcement Of the
issue "a $f,350.00o clearing house cersif.
cafes ieat some strength TO the report.
The clesrtng house ofsicisis sa;d their long
session sas due 70 large amount of work
before shem in the way OF shifting loans,
caused largely by the great depreciation in
prices yesterday. They emphatically de-
MED tfa story Of . bank being IN trouble.
Sterling exchange was demoralixed this
morning. The posted rates we're reduced
twice. che last time 70 AsiykQAssK.
Heavy purchases Of stocks for foreign ac-
count. ssrinxsncy in money and increase
IN the sappiy Of bills against grain and
cotton eaused the Decentralization. Actual
ratss ass below the gold importing point
When She delivery hour paced ct the
STOCK exchange without the announce
ment " further failures prices fairly
scared advancing almost a. quickly q
they dropped yesterday.
ptocss opened feverish, though some
stocks received better snpport than Of late
Ihers sas less excitement than had been
e1pece~d In view of yesterdays develop
ments. yet liquidation in several stocks
consinSsd. Lackawanna VAS weak, drop
ing Z, IL LIZ, and General Electric and St.
raul we're also hammered. The announce
ment saat $l.O00, 600 in gold had been
shipped from London had the effect of
Strengthening the market, aud Lacka-
wanna recovered 5 points. to 80; General
Electrin 3, to A.: Lake Shore 2. to los. and
Westeras Union 2, to 0D. Evansville Z
Ierre Uautc was erratic. opening at - and
thereafter selling ~ follows: 80, 81. "a, s..
s.. 100. vs. and 30. Whisky broke TO l2N
on iarEs sales. At II o'clock the market
was fi>snsr. The market was irregular
alter IL o'c!ock. but IN the main firmer I'M
I'll ii .3s when . reaction ensued. General
Electric fell from Az 70 42l. but other
declines we're less Important. There was
heavy ssuying Of odd lots for investment.
Stocks atosed firm with IN improvement
OF las per cent, and Evansville d Terrs
Hauts rallied IL.
Owing to the low rate OF exchange sev-
srai large houses considered il . favorable
time TO surchsse gold, and this evening il
was learned that besides the order Of
Laxard rrsres. mentioned above, enough
orders save been sent to bring the total
purchases Of gold In London for the
United states to nearly 5000 COO
Government bonds-Weak.
Petrossum-Neglected.
FINANCIAL.
Money on cali-Active. ranging from
606H ger cent per diem and interest:
the first loan offered at per cent Prime
mercantile paper. s@io per sent. Sterling
exchang.-H Heavy. with actual business in
bankers bills At s. s0i4@46i for 00days,
and $4.S.ad4.S 3 tor demand.
SILVER