The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1893-06-28

How ths Slump OF sitvor Affects Dealings
in Wall Street.
New York. June 27.--While, accord
ing to bank officers today, there was no
change in the conditions TO warrant any
marked increase in stock exchange
prices. there we're not lacking ieporta OF
a character calculated to inspire conf
dence, as well as aome facts which iusti-
fed the belief that the outlook was
brighter today than yesterday. The
rate of exchange today amply warranted
imports OF gold. II there was enough ex-
change obtained at the figures quoted,
but il is not believed enough bills were
offering to cause imports OF gold at this
time.
The eub-treasury pafd out large
amount OF interest today. it's debtor bal
ance at the clearing house this morning
exceeding 81, 400, 900, most OF which was
for interest.
Early this morning 5000 in gold
was depaeited at the sub-treasury for
teleQraphic transfer 60 Sau Francisco,
and il was expected 800, 600 more would
be sent in the came way today.
1t was said also there we're some in
quiries for similar transfers OF money to
New Orleans.
No currency shipments TO the country
were reported at the sub.ireasury today,
but banks shipped 100000 or $400.0OO
to San Francisco direct, aud aleo various
small Gums to banks In Buffalo. The
indications are that currency Ia return
ing to this citv from the west. One
bank received $250,000 from bank in
Chicago today.
Generally speaking, bankers today re-
ported the financial eituation somewhat
easier everywhere, but qualified the
statement by saying the demand for re-
discount, while no larger, was very gen
eral from all over the country.
No clearing house certificates were
issued today.
Very serious affairs have developed in
Philadelphia. Several big banks there
are practically unable to remit to banks
In this city the balances due them for
femittances. and Philadelphia exchange
was practically ut premium today in
this city. The Philadelphia banks say
they are unable TO procure New York
exchange and cannot get gold or
currency TO ship. One bank in this city
has 5000, 900 locked up in three Philadel-
phia banks in that way. OF course IL
could send down there aud demand the
each, but IL unwilling TO do 80. The
probability is there will be q larger
ssue OF clearing house certificates in
Philadelphia in q day or two, and then
tide balances due In New York will, IL is
resumed, be paid. In the meantime,
i0wsver, business men having drafts on
-biladelphia will not be able to get
edit for them here, except at o pretty
ay9g discount.
THE SITUATION IN WALL STREET.
The situation in Wall street 10 further
Implicated by the latest developments
ussilver. This started renewed liquids-
,lrn Yesterday. and riveted attention on
sttltude OF the coming session OF
asess regarding the sherman silver
srebMse law. A great majority of the
.sltRlreet people are snti-silvertes
Min interest lies in the repeal OF the
say. They argue that the compul-
'nfy purchase Of silver monthly must
he abolished before there can be
shy lasting improvement. Meantime
circulation at the stock exchange is at
very low ebb. The variations in prices
from day to day, save perhaps for the
closing out of the account OF some be-
INted bull, simply reflect the operations
tN tuU ptVtouuiohNt UtohuOhbs OVun9INA-
tive houses are doing everything in
their power to limit the trading, for the
reason that the leading firms do not care
to charge their clients more than
the legal rate Of interest on transac-
tons; neither do they care to pay the
difference between per cent and 35
aud 40pst cent, which we're the rates yes
terday. After reviewing the situation,
Wall street 10 content to go slow until
congress shows the way in the silver
matter, and the money market returns
70 something like its normal condition.
WEAKNESSES OF THE WHITE METAL.
Silver is weak. The beet bid for Ger.
tihcates at the stock exchange today
was 20, sgalnst rs at the close yesterday.
Commercial bar silver sold at 70. Mex
lean dollars are nominally 90 cents.
The brokers prefer, however, not to give
quotations for the latter. At the stock
exchange Ontario silver mining stock
broke Az to 1917. The market is still
Influenced by the closing OF the Indian
points.