New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-03
PRICES GO SOARING.
HOPES RISE As GOLD COMES.
PLANS FOR INCREASING THE COUNTRrS
CIRCULATION.


FOR CURRENCY FROM NEW ENGLAND AND
THE WEST CONTINUES srRONG-CoN.
FIDENCE BEING RESTORED
! There was excitement on the Stock Exchange
| Yesterday at times, but it was the eAcitcment
that attended the recovery Of values and not
their boss Variations were sensational, but they
| tended almost uniformly to the hopeful Nde.
Operators who opened the day in the belief thas
the heavy failures in Chicago would depree
! the market here quickly found themselves rum
ming for dear life Unfavorable rumors and pre-
dctiOns were brushed aside Almost no atten-
tiOn paid to possible results OF the crash oI
provision dealers in the Exposition city, and the
buoyancy in the stock list became almost violent
in its intensity. The rapidly growing figures
which express the gold importing movement and
the prospect Of currency expansion by reason OF
increased bank circulation were the strong factors
| in the market
These figures, representing some of the extreme
advances in values, would be tinted with hues OF
sunshine if printed in parallel columns with the
| course of last weeks prices. From the lowest to
the highest points scored yesterday, shares Of the
American Sugar Refining Company showed an ad-
vance Of Per cent, Chicago and Northwestern
:, Chicago, Burlington and Quincy D, Delaware,
Lackawanna and Western 8, General Electric
: 3-4. Western Union 3-4, Lake Shore 5, and
Chicago Gas 1-2. Other active stocks sold up
one and two points. In the majority of cases the
| lowest price was the opening quotation, or only
a little under it, and the highest was the closing
figure, or less than point above 1t.
| Figures as to the amount of gold now coming
TO this country or ordered for shipment vary
1 70 hon IN ha sornp m.
fusion arising from the successive recording OF
orders, purchases, shipments and receipts OF the
metal Absolute accuracy can be best had after
| the shipments reach this country That the
| importations are exceedingly heavy is beyond
| question. Reports from London indicate that
almost Ss, ,0OO,O 900 has been shipped this week. IN
addition to the $2,OO0.O00 shipped on last Satur-
day. Some enthusiastic estimators put the ship
| ments at q figure several millions above this
amount and when it comes to predicting the con-
tinuance of the inflow their exuberance recognizes
no bound below the $40,000,O00 or S5O,0oO,-
900 nplrk. All agree that this sum is needed, ana
needed badly, but there is some question as 10
| whether conditions are such as to warrant Hs
being expected London has fortunately been
greedy buyer of American securities. but the gen.
eral balance of trade has been heavily against
the United States. Exchange rates are such thar
gold can be imported at profit but the high rates
| for call loans have given a quicker ana iar
| greater profit for the home use of money. Inc
action of tho National banks in taking ont large
amounts of loan certificates to facilitate the ini-
| yortation of gold has i'll measure reinedIeo thiS
| Dispatches from London said:
"Tne North German Lloyd steamer Spree, which
sailed to-day from Southampton for sNew-iorKs
has on board es5o.o00 consigned to american
houses The White Star Line steamer Majestic,
20 J,tv for NaxV-N NprE
$3.50. 600, a total Of sl 100000 shipped to-day.
| Further shipments will be made on Saturday.
Six hundred and thirty nine thousand pounds WIS
| withdrawn from the Bank Of England to-1ay 10
| be sent TO the United States. The heavy SNIP
| ments to-day and the prospective shipments on
Saturday have caused the disc mt rate In the
open market TO rise 3-sa2 l-2 per cent
| II j, altogether likely that the movement
| among the National banks TO increase their CIR
culaion will result in a greater expansion OF 'i'e
currency than at first estimated FIVE pahhS
| alone are known To have ordered over So'"o"''
| 600 in notes from the Controller of the Currency.
These are the Fourth National which VIII Issue
90 600. coo: the Western National. Sl,oOO,ooot
| tho Merchants National, 81 100000; the Gala
tin National. S750,0OO, and the Bank OF New
| yor, at least $4,000 Two of the larger
hanks tho First National and the chase, some
months ago took out notes 10 their full llmt' puc
| other heavily capitalized institutions, notably tue
American Exchange, the Bank OF commerce al"
| the National Park, have not Yet TAKEN ac'io"'
| though they are carefully considering the matter.
II they decide to add TO their clrcula'loh a''"
tbe conrse of the bond market seems TO dc o'icr'
| in, them extra inducements to do so-ther issues
alone would increase the total by several miiiiohs'
| WbiIe the issue of these notes amounts prac-
tically TO the creation of just so much addi'onai
currency and to that extent Will be reiiei 10 ''
| situation the banks are not prompted III VT"
| action by motives of philanthropy Inc pr''c
If Government bonds has fallen 50 low that there
il n profit 10 be made by the issue OF Na'lohai
hank notes If there fore it is paying invest
ment for the larger banks. 10 convert Ohiten
| States bonds into a circulating medium IL ha'uI-
| ,Ilv follows that similar process would be proht-
allie 70 hanks with smaller capital, and 1t Is De-
| loved that large numbers of banks all over S'o
! CITY As well as IN other places, are MAKING vi
| have made arrangements 10 issue notes ho"
much this may add to the supply OF curfehc! eau,
not be estimated. The capital stock OF tiie .,a'o
hanks of New-York city alone is Sfo''o''oV
| They are entitled TO take ont circulation up '"
| 90 per cent of this, or Si3,s39,4oo. Al ''c ",o
| Of the last reports made to the 'oh'ro'i'' "
| Currency July II, their total outstah"i"s ''
| we,e only sj.oOslIj, therefore they conio Il
they so desired add S37.0s5,333 TO t''e', c"'",
| ton before reaching the limit SET oy 'a"'
| one expects that the issue VIII come e'. ,u -.
,ia mount but il is expected that 1t VIII DO
| large. , r,;noa
An erroneous impression seems to have g'ineu
a ,h.t This movement il "a concerted ono
among the bankers. and that the transfer OF
hnnds IL any il. made, will be from syndic''e
| If savings banks to syndicate oi . ''"'..
VI Tho foe, is that each bank is acting
',an,Iv "a,"' The ubect has been discussed. OF
na"rpe lnu,p among presidents both sides but
tbcre is nothing in the nature oil syiuica'e'
, savings bank which needs currency VIII hac