The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-08-02
GOLD IMPORTS.

NEW YORK, Aug. 1-Nail street reflects
the future even more faithfully than it re-
fleets the present. and among the possIblll-
ties of the future is that a radical altera-
ton in conditions is now very close TO Us.
The gold under way TO us from London,
including today's announced engagements,
now exceeds $1,000, 600, and the Bank Of
England is freely selling to importers the
American gold coin it took from us last
winter. The Chicago banks, following
the wise example OF the New York lnSJltu-
iions, have combined to forward low
priced grain to England against direct gold
impcrtations, precisely as our bankers last
week started the movement by forwarding
low-priced stocks. So tangible aud certain
a measure of relief could hardly fail, in the
nature of things, 20 force retreat among
the spectators for decline.
The Posts Landon financial cablegram
saws: Seven hundred and fifty thousand
pounds in eagles were sold BY the Bank OF
England today and 100 00u sovereigns were
taken out for the United States. In addi-
tion TO this nearly Est, 600 sterling were
bought in the outside market for America.
There was general recovery In the stock
market today, led by American railroad
shares, which improved materially on
gold exports. Silver was quoted at ~ l-l6
pence, with the demand firm"
new and unexpected element of relief
has been injected into the financial situa-
ton. United States bonds have reached
such low figures that the national banks
see the way clear to make a profit by
Issuing eli culatIon against them. Arrange
ments therefore have been made by several
prominent banks TO Increase their circula-
tIon from the minimum limit, at which it
now stands, to such AMOUNTS as will
materially relieve the present tension. IL
Is estimated that $4,000, 600 or $4,000 900
VIII be added to the New York supply of
currency within very short time. Orders
have already been placed with ths comp
troller of the currency for part of the new
bills. and some of the banks have bought
bonds preparatory to depositing them in
Washington. Among the banks Interested
IN the movement are the Gallatin, the
Fourth, the Merchants, the FIRST, the New
York and the Park.
The currency movement today was
Lighter han it has been for some time, be-
ing estimated at less than $3.50, 900. Tue
subtreasury WAS creditor at the clearing
house for $l05, 600. about half of which was
paid IN gold. The issue OF loan certificates
was Increased 81, 400, 600, raising the total to
S29, 45O, COO. Today's Issue was for the puv-
pose or facilitating gold imports.
The shipments OF gold from England for
New York by today'S steamer reached 993,-
900, arrangements were also reported to
have been made at Chicago for
the importation of 100000 ia gold
direct by the First National bank, of
Chicago, S250. 600 by the Bank of Nova
Scotia OF that city, aud $780, 600 by the llli-
nolS Trust and Savings institution This
gold Is being engaged against shipments
OF wheat and other products to Eugland
the machinery of operation being similar
to that employed by the New York banks
their of t.CiH
ier ot American securities to London. The
total gold now atioat from Europe for the
United States most OF ii due here within
d week Is between 5000, coo and IS 600 900.
About the only difficulty the banks now
have TO contend with, it is said. is the
great scarcity of currency.
WASHINGTON. Aug. 1.-The financial de-
preston Is 20 be relieved from quarter
that has not been looked To for succor.
The report OF the treasury department is
sued today shows that in July the circu-
Satlon of the national banks increased
over S5000,O00. Comptroller Eckels was
asked tonight what was the significance
of the increase.
1T Is due" he said, ''in the first place,
TO the low price Of government bonds,
which makes the issue of currency. even
when restricted To 80 per cent OF the mar
value OF the bonds deposited to secure it a
prohtable venture for the banks.
four per cents are now quoted at les. Then
the strluSeucy OF the money market m. kss
Undesirable that the circulating medium
shall be Increased as much as possible
In the quarter ended July 81 the net in
crease IN national bank note circulation
WAS something over SS, 001O00. and lt will
be increased in this month at least that
much, IN my opinion. The department
sent out over $4,000 today. and received
applications from three New York banks
Tor the Issue Of SVO0000 To each of them.
Sl,Oo0,0ts having been deposited with each
application"