New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-14
DRIBLETS OF GOLD COME IN.
EXPECTATIONS OF LARGE IMPORTATION,
BEFORE LONG.
THE STOCK MARKET IRREGULAR But MANY
ISSUES RALLY-sLIGHT LOCAL MONETARY
IMPRoyEMENT-CHICAGO ATTACKS
.NEW-YOHk CRED1 !

.NEW-YOHk CREDIT
The REPORTS OF bankers yesterday Indicated some
further improvement In the local monetary s'ua
ton. The movement of currency to this city Is on
tho incrcase and ovcrbaanceS considerably the snip
nonts 10 Chicago and some other points. IL Is gen
orally expected that the bank statement for this week
Will show that the associated banks have gained
moderately in cash holdings. 1T Is hoped mat seN'ia
millions will be added to the reserves before the
scasonable autumn drain OF fund, 10 the interior
begins Expectations also Increasing Of early I'LL
portatons of gold The foreign exchange marhets are
easier and at the current rates gold may b" I'M
ported provided be bought In the London open
market.
A cable dispatch yesterday announced that
eco 900 gold had been obtained In London for snip
mont TO America No confirmation OF the report
could no had here but ii j. credited by many Dahh
ers. AT the Office Of l.. Won Holman CO., VINO
are irving TO start an influx OF The yellow metal
the manager of the Office said that he did not Deh''e
the orders for the hITn, ana LazTd fIcrcS anu
o,hcr foreign exchange houses ignorant OF any
large orders for import 1t WIS admitted, however
that II London would part with her gold the rates
~ exchange woul1 Justify importa,ionS. 1t Is now
believed that considerable aCiounts OF the precious
metal may be brought TO this country before one, u''
less there should be decided ch.nge IN coha'uohS'
The steamer spree yesterday brought In %l2oCoo
consigned by the Union Bank Of London to the hanover
National Bank of this city. The steamer New lorH
had 500 COO gold for Muller Schal d Co. Ihcre
was $500 900 Spanish gold also brought III ior ~
count Of a customer OF the Western Nalohal Damn.
sign OF easier local conditions was the absence I'll
any issues OF Clearing House loan certificates 10 t'
banks OF New-lorS ana Boston. To-Day New horN
bank is expected to cancel $4,000 cer,in'a''S'
Currency Is being used more freely In settlements
between banks at the Clearing House. The proporuo"
of cash used yesterday about 30 per cent ""ei'"
recently only about per cent has peeh uS''i' '"'
increase I'm cash settlements resulted partly from Ih'
100000 on account OF large Postofhce pa'''h'N,
The SuiTreasury settled It's debt in legal tenders ana
Treasury notes. Call money at me S'och rN'"""7
was easier at G@7 pr cent and after the u'""i'
had been largely supplied the rates dechneu 10 ~
3 per cent Unhappy. however there IS sun 'on-
gestlon in the time money and mercahule p"P''
markets.
An unvbrrantcd attack was made in a Ch"a@o
newspaper yesterday upon the credit OF the New
York banks 1t asserted that the Ne"-iFA ca
change sold at time In Chicago on "cploSt"N
at 81 discount. Eastern bank teiFGraph'hi
TO a Chicago banker who drew against his Daiah'e
here. 10 sell ont his exchange and charge the loss
10 New-York Bankers here denounced the Chicago
assertions as entirely without foundation ana mag
nation was expressed at the unjust assault uI"A 'ne
New-YOrk banks.
The views Of the local blnkers were voiced py
Henry W. Cannon, president of the Chase National
Bank, Who said: There is no truth In the statement
that the New-York banks have Instructed their
Chicago correspondents not to draw on them lT
currency any further. but 10 sell Their exchahR' al
any price obtanabe for II. and that the Ne" loN
banks would make good the loss. Currehc! WIS
shipped from here TO Chicago yesterday by one or TWO
Of the banks as | am Informed by bank officers
nnd very likely more has been shipped than am
aware Of. far the Chase Naticnal Is cohcerheu
we have met every order for currency Dy lei'cr UT
telegraph Immediately by first express, ana expect
to continue doing so In every instance whenever
customer requests such shipments. do not know OF
any OF the prominent banks here that are not 1niy
prepared 10 meet all demands for currency. do not
believe any bank in this city has declined to send
currency where the Chicago bank had a balance with
Il. Possibly of the banks here may nave d'-
clned to loan money 10 Chicago banks, but Know
OF no instance where a New York bank mas dec""'o
TO send currency to Chicago bank having deposit
with it,
The stock market was not active as on Wcdnes-
day but fair volume Of business was recorded
The movement of values was extremely irregular pu'
the bulln party held Its ground we'll FOR the hIa'
time In days buying orders came from London ana
the liquidation at that centre appeared TO be suS
pended Nine failures reported from the English
cap,ta but the cable advces reported a camer feeling
Encouraged by the foreign pure the market opened
up sharply and for about hour showed considerable
strength Heavy selling Of Chicago, Burlington ana
Quincy, and of Rock Island, caused sharp declines
In those stocks and the general list Yielded with them
somewhat But the reports of prospective goli I'M
ports on important scale. uniounded rumors that
there to be heavy cancellation OF Clearing
House loan certificates, and the easier rates for cail
loans encouraged afternoon rally which was sus
tanned almost to the end. Closing prices, however,
were in most cases al fractional recessiOns from The
points reached in the late recovery. The best prices
of the day were made mostly ut the opening.
There was the usual dispute in Wall Street circles
as the character OF the selling OF Rock Island ana
Quincy. Many persons conendcd that it was part
sThi. pteA
by the sharp borrowing demand for these stocks,
and upon this based confident predictions that
rally would follow Oh the alleged Over'oid con |
dition OF the market. The "bears7 declared that
holders We're ngudating and were borrowing Gtocks
Predic OF lesScn'd earnings on account oil me
deficient wheat crop and contraction IN general
business asserted 10 be the moving cause OF IN"
sales Chicago. Burlington and Quincy was the most
active stock on the list. about 4lo,9 share beng
traded in The price opened up 3-S per cent al |
IS Is. but fell to 10 - recovering to 81 IA but
closing at 20 10 net loss Of - p per cent, c,r Ins
1900 shares and after advancing to o. -
the price reseded TO So d raynS In the late dTa
q per cent: Western Union opened at = 1f0 ~ |
n nnd fG'q qoar sldf ro %T'r at 10
rs :3-s but rallied to 50. against 20 rs Wednesday
81 GIFT li'dsI per cen and closed at ' 81 a CEN
eral Eicctrlcs first price was O. IL. gain over
aC3 SIS Chicago and Northwestern opened at 10o |
dropped to So T. and then rallied TO 81 la@?s % Il
to 10, but recovered TO 10 5-S, Il net decline Of IA
per cent. New-York Central opened ID per cent !
better at 100 1-o. but closed at 30 IS.
The advances OF the day not notable. Cover
ing OF shorts carried Louisville and Nashville - |
SO 1880 So. a net gam OF nearly per cent, and
delaware Lac kavanna and Western again showed its
susceptibility TO bin manipulation by
rise OF SIS per cent Lake shore gained "a !
per cent Missouri Pacific rose TO the same extent /
End small fractional net gains were recorded by /
Union Pacific Northern lhcic preferred. Reading ana
New-York and New England Chicago. Milwaukee /
and ST. Paul. Wednesdays leader in activity. fell |
10 second place yesterday. II opened Is per cent
higher at 60 Ia. touched 60 3s. and then went 10
So 7-s, raying later to 80 78d % L. In the bond
market the tendency Of prices downward, and |
several important declines occurred
TREASURY PURCHASES OF SILVER.