New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-27
ACOFFEE FIRM TO SHIP GOLD
UNUSUAL INCIDENT IN EXCHANGE.
non,y,s EXPORTS WILL REACH sSooo'ooo-

STATEMENT on GENERAL ELE' INV
ro W., s,roo, s,tu,uon continues TO be marked
x,ror,o ar,,o.e With vague feeling oil I'M
easiness in banking circles respecting u' 800 ~
affairs IN London. Nothing Is h'on" ,, 100000.
any particular trouble but thai hn''i,'"i ,''0
evidently is In a condition oil disu"'
ton. Even The decision Of the Londoh oahhN' re-
'"' -, ,,c1,,a,e next weeks settlement
,,h o,ev Nancy rates appears 10 b. llsuihchht 10
ros,or. confidence The foreign houses Mc'c "'''"'e
sellers OF stocks here yeS'eroa'' an" '"S
The success Of The local traders III "''en'p"E 10 Dl
ND prices Tho important c""'-' WV y" NV wv
=. .,s ,a the stock market cl"S'd heavy after
- -, . n,,v steady ton" through the greater
-. 49,, a TIE Bank o; England continues 10
t' " ,a ON balance and yet private discounts
,r,,r -, IN the banks rate oil per cert.
rocrI9v EXCHANGES STRONG.
,ou.,,, exchanges exhibited decided strength
rterdsv ard posted rates were advanced IL cent
- tho g 10 "a 80 I-2dS4 90 IL. The condition of
n,s r,rset yves every promise OF u continuance OF
.h or,vard movement Of gold. \ significant Incl
sor. was the dcciSion OF the big coffee importers.
,ba Arbuckle Coffee Company. t. ship $500 90 gold
n London Instead Of buying bills OF exchange. The
,ronsac,ion 1, perfectly Legitimate. The frn l. able
e. .ord tbe gold nj n cost of IS SS IL 10 the =
,or,nr including insurance. Light bills Of exchange
rov not DC purchased for less than 81 20 IA so that
te direct shipment represents profit TO tho shippers
Of 81 cent the e. about Is per cent The
objection 10 commercial firms shipp NJ gold 10 settle
their debts IS 10 be found In the possibility OF acct
dent which might delay the arrival OF the vessel
carving the precious metal. Bankers who make
business OF exchange have extensive credits on the
other side to draw upon by cable in case OF such
delay in order to maturing accep'anccs, while
commercial houses not bo In the same circnm-
stances. Again. II l. not known whether merc"h-
tie house could convert the gold merchandise on
arrival abroad into cash with the same facilities
lorlNa oil
exchange business. The Arbuckle shipment Is 'he
first OF lis kind that BE- rccaot in years ErokcrS
in exchange say tina, If commercial houses In general
should begin to settle their debts by shipping gold
instead Of using the ordinary foreign exchange mar
ket facilities. efluX Of the yellow metal would be
extremely heavy.
LARGE GOLD EXPORTS TO-DAY.
Tie gold exports to-day viii b" larger than was
generally looked fer. Besides The Arbuckle shipment
Lazard Freres will send S2.oOO.ooO. making SaooooOo
altogether Boston dispatch said that Kidd"r. Pea
BODY a. Co will ship 500 900 from that port ThcS"
exports. with the previous shipments. VIII raise the
total exports for the week to S3Oo0.O0o. All the
gold 10 leave New-York TO-DAY was taken from the
sub Treasury. and the Eank OF British North America
alb withdrew $4,000 to send 10 Canada. The sub
Treasury was paid for The gold in S19d0O00 United
states notes and $4,000 Treasury notes. II Is
that 81 900 900 gold has been arranged fox
shipment on Wednesday. AS the >ubTrcasury VIII be
closed Tuesday the specie will be taken from IN"
sub Treasury on Monday. Bankers generally believe
that next weeks efiux OF the yellow metal Will be on
a large scale.
WEAK SPOT IN THE MARKET.
Among the weak spots in the stock speculation yes
tArday was General Electric. II was far less ac'iVe
than on Thursday, but the price fell from 'la'2 o-o
10 20 IS. Shrewd observers say that heavy snort
interest has accumulated in this stock but the bulls
show timdity under the persistent bear attacks The
officers OF the company said yesterday: The com
pany realized that determined attack Is being
apparently its credit and 10 place itself there
fore on basis financially beyond the possibilities of
harm II has adopted the policy of Increasing Us cash
resources by the sale OF uch portion of the securities
OF local companies now IN its treasury can be easily
and proitably made. so far the company has Sid
about a. 900 900 Of these and. as was stated In us
annual report proposes To sell others from time 10
tine through some Of the many channels open to IT,
II has in Its treasury, at low valuation about
O. 900 900 more Of good lOcacompany securities
Negotiations for the sale Of these at prices above In
ventorv value are In progress The company has now
on hand besides the proceeds Of the sales first made
81 500 900 In cash. The entire amount Of outstanding
obgaions maturing In the next sixty days Is less than
$500 OOO The entire amount Of outstanding obIiga-
tions Of the company. including longtime paper which
canIs,t be disturbed until maturity Is only slightly III
excess Of the cash on hand, Plus the amount TO be
received from various securities recently negotiated
The cash now being accumulated will 6e used to cancel
these liabilities they mature
r. G. DUN & co.'s WEEKLY REVIEW.
The business failures reported to II. g. Dun d
Co. for the week number go for the United states
and fourteen for Canada, total OF 273, compared
with o6l week ago ana los for the corresponding
week of 1592 The weekly review still notes slow
ness In collections but the conditions OF business are
said 10 be somewhat better The situation is sum
married. as follows:
in two WAYS there has been quite general I'M
provement during the past week. Better weather
OF the country has stimulated retail
trade and the large distribution Of goods has made
iobbing trade active. Monetary anxieiieS have
curiousy abat,d at many widely separated points.
large loans solicited here week or two ago 10 pro
vide for extreme emergencies I'm different cities have
not been wanted. and threatening failures at sew
eraI points have passed without causing much dis
iurbace. Yet the actual conditions do not seem to
have changed materially. Gold Is stiI going ont.
and g.. 100000 more 10 be shipped TODAY. the
Treasury is again reduced below the hundred
million limit The large demand for reds counts and
advances by Western and southern banks. though
considerably abated, has been greater than Eastern
banks could wholly meet. There Is no definite I'M
provement In financial affairs abroad. and the pros
pect Of continued outgo of gold for some time 10
come has not altered. Speculative markets snow
comparatively little activity"