New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-20
FOREIGN EXCHANGE RISES.
EFFECT OF CURRENCY RUMORS.

EFFECT OF CURRENCY RUMORS.
| SHARP BREAK IX sTOCKs-BANKERs CONDEMN
DISCRIMINATION AGAINST TREAs-
URY NOTES.
The fear that the Treasury Department had
| virtually decided 10 the redemption III gold
Of the Treasury notes issued under the Act OF
July Ia, 1900. in payment for purchases OF silver
bullion, has already begun TO bear fruit. The
sentiment Of dstrust materially increased
yesterday in financial circles. sterling exchange
advanced sharply and the stock market closed
under heavy selling movement, with Important
net declines in prices NJ advccs were received
AZ the Sub-Ircasury here OF the issuance OF such
an order, but the tenor Of all the press advices
seemed 10 foreshedow it, and private information
received by prominent bankers pointed i'll the same
direction. II il agreed upon all hands by tho'e
persons who have HAD intimations of the favorable
consideration Of this policy BY the Administration
that the attitude of the Government Is being
strongly Influenced by TIE advice of Western
and Southern bankers, who inclined toward a
silver policy. Every attempt appears 10 be made
TO play upon the cry Of Wall Street" in order to
induce this action by Secretary Carlisle. and no
one OF the eminent Ncw-lork bank presidents or
private bankers. who have no more connection
with stock speculation than with trading I'm ArIcn-
tine shares has been invited 10 furnish advice OF
sui gcstion to tho Treasury Department. lhc
monetary centre Of fh, country l. seemingly ig-
nored in the consideration Of the grave financial
problems confronting PRESIDENT Cleveland's Adj
mlnistration.
80 CHECK TO EXPORTS.
Inc threatened suspension of gold payments
| haa NJ bar
prospects of heavy gold exports. Arrangements
were made Yesterday for the shipment of at least
So 500 900 cold by Saturdays steamer and snip
mcnt has been practically booked Of 81 900 900 on
next TUESDAY Wcll-informod bankers are
strongly convinced that Saturdays shipments Will
exceed the sum arranged for Yesterday. and the
probabilities are that S5,000,000 gold VIII D"
sent out the next two shipping days Inc
sterling exchange market significantly advanced
l-2 cen. 10 the 6 sterling TO Sass for slNty-day
bills and $3.50 for thrcc-day bills. These are the
posted rates but actual business done close
10 these figures and all the foreign exchanges
were strong. The rates for sterling exchange are
now about cent 20 the { above the normal
basis at which gold coin may be prohtabH eX-
ported The advance yesterday was consldcf"i
significant Of the probable effect OF the Issue oi
such an order "a il is reported Secretary Carlisle
Z II
tcipation Of possible difficulty in III" next f""
DAYS in obtaining gold for export upon Treasury
notes Bankers are satisfied that If shippers cN-
peri,ncc trouble in securing lcgal-tcndcr green
backs. in case gold payments on the Treasury
notes are siopped. the gold needed will he pur-
chased in the open market, and any extra cost
or premium would promptly be represented by
! higher cXchan," rates
The stock market yesterday at the Stock En-
| change generally ruled dull and irregular uhtil
the announcement OF the raising OF sterling en-
! chaner, qnntntions. Then, In the last nan hour
OF business. a rush was mad" to soil ami prices
melted away with celebrity. The carly dealings
| had been marked by severe weakness IN MISSOURI
| Pacific and Chicago Gas The iirs-nainci stock
opened down | per cent AT 30 on tl" pupilshel
reports that a rcrevershp was imminent Inc
| price plunged TO l1 Il, but then rallied 10
| 49l-4 Mr. Gould's emphatic denial OF tn"
rumors is printed elsewhere In the late trading
! Missouri Pacific sold of again 10 ~ ~, loss
! for the day Of > SIS per cent Chicago "a' early
! sold down TO S.. and IL was currently rliI"r'u
That long stock came ont from prominent opera
tor who has been conspicuous in past mahip"la-
t;on Of the industrial shares Chicago Gas rallied
10 81. but ended J.? per cent lower at 81 Ia
D.tillinr and Cattle Fccdnc early from
| =
The principal declines established in the lat"
selling movement were follows: Manhattan
Elevntcd lrom $50 on Tuesday 10 l4j 5-Sa
l45 "a: National CcrlaQc from 81 3s TUESDAY
! 10 10 3-sajOjs; General Electric, from lee 3-i
| 70 100 l-4al 90 :y-s: National Iead common. from
! 3oI-4 TO 37a37 "a American Sugar Refining
from IO2 I-2 TO 100 1-4al0l; American Cotton
Oil from 46 u 10 - l2a4j; Western Union
| Telegraph, from % "A TO 90 l2: Rock Island
from SO 7.s 10 slosl 3-s: Chicago, BURLINGTON and
Quincy, from % "a TO o" l-2a92 "a Northern
! Pacific preferred from 40 l-2 TO 30 la 10 IS +;
81. Paul. from - TO 7Ga7s IA. and Delaware,
Lackawanna and Western, from ii3 3-s to
lil 3-ial4a IA The market closed active and
weak
DISCUSSION AMONG rANKERs
Discussion Of the wisdom of possible action BY
secretary Carlisle looking 10 the payment of
Treasury notes in silver alone was continued IN
the banking community Yesterday. Til re- was
little disagreement in opinion as to the evil con
sequcncr> of such step 10y I'll" treasury
Bankers find il hard 70 credit the reports that this
action il contemplated. hut they almost uni
vcrsally express their disproval OF II. Perhaps
encouraged by the open declaration of Prcsl-
dent Bravton Ives. Of the Western National
| Bank printed IN Yesterdays Tribune, thrr" was
more Of o disposition 10 speak for publication.
There is common belief that il would he wiser
10 ntrench upon the Sio0,000,hO0 gold rc>'rv"
if necessary 20 meet foreign demands for gold
rather than 20 discrcdit any portion OF the Ma
ticnal currency.
Some bankers use even stronger language. II
was suggested by one conservative man that the
free uso of the reserve would he robbed Of half
its sentimental sacredncss il the public should
oxomino tha Trposlrv statements OF condition
the LIGHT of the change in the form established
when Conrad ~ Jordan. the present Assistant
Treasurer. was Treasurer Of th" United States.
Mr. Jordan threw ont 6f the assets Of the Treas
ury the fractional silver coin. hcding il to 5c "A
virtual liability This coin is redccmablc under