New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-03

STOCKS WEAK on FRESH HQUIDATIONS
THE MONETARY SITUATION ATTRACTING NEW
AITENTIoN-AFFAIR: OF NATIONAL CORD

The feeling In financial circles yesterday was one
OF dependency and 1t reflected In continued
weakness OF values nj the stock Exchange. The
daily record Of business failures and the Of
embarrassent dshcartcnng even to those bankers
who ara hoping for the br-t. The reports OF the
mercantile agencies generally told OF contracting
business activity and increased construction OF credit
The situation In New York Is attracting less concern
than that In the interior. The demands for re-
discounts and for actual cash from the country cor
respondents Of tho Ncw-York banks tells the sgnf-
cant story OF the monetary pressure in all parts OF
the country. The money market here Is beginning To
show slight indications OF the demand upon the re-
sources Of the city banks. Time money Is In better
demand and rates are generally reported 10 DO
shade irmer. Call loan rates not so easy,
yesterdays quotations being from , to l-2 per cent
The situation in Chicago Is attracting increasing
attention. the strain n large part OF the
western country centres at that city. The Chicago
banks attracted large sums OF money to their vaults
In the period OF easy funds but the interior banks
are beginning 10 call IN their balances The burden
OF accommodating the mercantile community has, to
large extent. been thrown by Chicago upon this
city, and the loudly revIlcd Wall Street" which Sec
rotary Carlisle considers Of such little moment has
had to be appealed to In order to prevent many
failures due to the scarcity Of lo1nable funds. some
OF the conservative banks here which foresaw the
existing monetary stress growing restless at the
calls made upon them. A limit must be reached In
the ability NJ NcwYork 10 finance tho affairs OF the
whole country The severe depreciation in the
values OF local securities In Chicago i indication
Of the severity Of tho pressure felt at that centre
Tho losses In the traction railway stocks controlled
largely I'm Philadelphia Increasing the monetary
pressure. Metropolitan Tricion fell from los TO
os, and Philadelphia Traction from 100 10 %. Thcs"
stocks have SHRINK about 30. points since last
February. In Chicago street railway shares dropped
10 TO - per cent
TAKING GOLD From THE sUBTREAsrRY
There was 81 500 ooO gold Withdrawn at the sub
Treasury for export Yesterday. lazard Frcres will
ship 1900 900 and The Eanh NJ British North America
will send s5COOoO on the steamship campanIa To-
dav LAIRD Frcrps will also Scnd 100000 on 'hr
stormcr Paris, 1cda,'s shipments Will raise the
total exports Of god for the week 10 96.j00OoO and
In addition 800 900 has gone TO Canada. The week
I, the banner week far this season In the matter
Ct COLL shipments, Indications already point TO
confluence e the cffux next week. II Is under
stood that aiol' - 100000 gold will be sent abroad
next Tuesday The foreign exchanges were firm yes-
irriay. The ow discount rates in London lending 10
another advance IN siy'yday sterling drafts. Con-
flncnial exchange was n shad" frmor. The supply
Of commercial bills rules light. and the principal
offerings are of bankers bills drawn against pros
pcciive gold shipments. Tho Treasury is preparing
70 met the drlin OF the precious metal expected In
the future. The SuhTmasury here expects TO receive
In The next week 5000 900 NOR gold from the Sub
Treasury NJ Cincinnati, ~ 100000 from Philadelphia
and s3Oco.oo0 from Baltimore. The actual gold
balance az the subIrcasury Yesterday morning WAS
about sit.Ooo.oOo.
some OF the Chicago banks asked their NewYorls
CORES pondcn,s 10 deposit funds the snbTreasurv
here 10 have the credit transferred 10 the Chi
cago subTrcasury at cost OF only Is cents per
81 900 The sub Treasury declined TO transfer the
currency nn's, gold deposited The city banks
object 10 depicting their gold reserves. and I, IL
probable that the currency will have ~ h. shipped
an expr.ssace charge Of - cents per ~ 900 10
the Chicago Institutions II Is hoped that this charge
will lead the Western banks TO call for more cur
rrncv than they absolutely need. Views as 10 the
bank statement TO DO issued today conflicting.
some bank officers think that there has been net
gain in currency Of about 81 900 OOO but others who
have been shipping money freely believe that tho
total outflow has been In Of the receipts. The
loss In gold exported. however, will probably make
certain decrease In the cash held shown In the
weekly statement. although the last few weekly
hibi', Of the associated banks have been so contra
dictory that confident forecast may be made OF
to-dnv's showing.
MONEY RECEIVED FOR CUSTOMS DUES
Tho usual tcnday statement OF the kinds OF money
received for customs dues here. Just petcd shows
N" following proportions: Payments In gold coin
OIL per cent; IN silver certificates 37.s In Emitted
States notes. 2G.2 In Treasury notes. $50 per cent
For the corresponding period year ago the proper
tions were" In gold coin. OIL per cent: In gold Ger
'incatcs. 90. In silver certificates ~ In United
states noics. 400 and IN Treasury notes. 1914 per
cent. Tho disappearance Of gold certificates. the
heavy decr"as" In legal tenders and the large In
crease In silver certificates register the influence OF
financial ard political dl>trist.
IN" activity In the stock market yesterday not
commcnsura with the weakness. The prominent
features were the rqudations In stocks having
international and those having largo Chicago ellen
tagc. special cable adylces reported that a failure
In Liverpool had compelled Liquidation IN London OF
three Liverpool accounts. One account large.
and the house was said 10 have several London
agents among whom one was "thc channel OF
representative Now York London arbragc house >
Anticipaons were rife OF the possible disclosure OF
further weakness among scottish operators. OF the
International stocks Loulsv" and Nashville
most acutely depressed tho price falling 10 ~ "a,
and after n rsll, OF G3 Is. showing net decline OF
80 per cent. ~ Paul the most active stock
Of the list. selling at 81 Is against ca IS
on Thursday nieht. Chicago. Rock Island and
Pacific fell from - Ia TO 7Od7I. Chicago. Burlng-
ion and Quincy from - ID to - 1Sa 81. AtchIson
from - 10 - -. and Chicago. ST. Paul. Mnncap-
oils and omaha from % 81 to 3Sd39 II. Della
ware. Lackawnnna and Western declined from $50 IL
to 137 I4aI 3S. Dealings were heavy IN Chicago
Gas under liq'dating sales and the price dropped
sugar went from 80 IL TO 80 Ia. but rallied later TO
20 - General Electric sold from 20 IL TO $50
Gs To- within about l per cent Of the final figure
on last Monday Manhattan Elevated sold from 100
To 1915, but recovered to Ie,i .. The selling move
ment abated somewhat near the close. and on rumors
from Washington OF possible extra session OF Con /
gross earlier than the autumn to deal with the fnan
cal problem. there a rally on the shorts from |
the lowest quotations.
II was reported In Wall Street yesterday that !
Washington f. Connor. the prominent stock Ex |
change operator showing considerable interest /
in the affairs Of the National Cordage Company.
Mr. Connor Is said to have acquired considerable stock
at low prices. and he Is anxious for speedy reor /
panization He Is said to have satisfied himself that
there substantial equity In the property AMI he
working II is believed. for reorganization Of the
company the basis OF Including In the comblna /
ton the Filler ropc-wak OF Philadelphia. the John /
Good ouiH, and the half dozen other rope mannfac-
lurcrs which have been Indepcndcnt OF the cOrdagc