New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-25
LONDON YET A BEAR FACTOR
REALIZATION FOR FOREIGN ACCOUNT.
LITTLE RELAXATION OF MONETARY STRINGENCY
CROP PROSPECTS AND RICHMOND

|
CROP PROSPECTS AND RICHMOND
| TERMINAL.
The close connection between the London and
| Nev-yorl markets WAS demonstrated by the course
of stock Exchange values yesterday. No particu-
lary depressing developments occurred here but
stocks were dull, heavy and lower. London quota
lions indicated the continuance OF liquidation in
American securities and foreign houses sellers
of stocks In the local market The opening was
weak and lower the declines being notable In the
| arlI,ragc stocks. The bear faction not active
except In special directions, but Lonlon houses re-
ported steady selling for long account by their
European customers.
The cable brought no fresh news Of trouble from
abroad but IT was said that London operators were
oppr,hensive OF the results Of the fortnighy settle
ment next week. At the last settling day In London
| important failures were reported 10 have been
ayered only by the assistance Of the stronger houses
The situation since that time has experienced little
relief Private discounts are lower In Lonion, and
as the Bank OF England has gained large amounts OF
| bullion in the week. advance to-day in the banks
discount rate Is now expected. Bat 1t Is feared that
the rates for carrying stocks over the neAt settle
mcnt may possibly reach stringent figures.
The gold export movement this week promises 10
be only moderate. There was $4,000 gold taken
from the sub-1rcasury yesterday To complete the
II 900 900 shipment intended for today's German
steamer. The specie paid for with sjOSOoo Ill
United states notes ana $3s7 900 in Treasury notes
II is practically certain that 100000 gold VIII
be sent abroad on saturday. but 1t Is not known
whether the amount will be- larger. The Treasury
Department has compiled It's return for the ten Gays
ended May 20. showing the different kinds OF money
I'm Which tie cnsicms dues paid AT New-l orh
The crc,rtagc, were rs follows: In gold coin OIL
per cent silver coin e. gold certificates d. silver
certificates 4G.2 United states notes no. and Treas
ury notes 3D. per cent. In the CORE spending ten
day period in 1892 the percentages were In gold
coin OIL silver coin o. gold certificates %, silver
certificate, H.. United states notes 49, and Treas
nry note, 3..G per cent The heavy Increase In
silver certificates and the decrease in legal t'ocrS
used in making customs payments are rejection
of the disturbed feeling respecting the National
currency.
Not, brokers yesterday complained of some OF the
misleading quotation, published respecting commercial
papsr Inquiry developed the fact hat the situation
Is little changed. Two three banks arr sail 10
have made Il few more cautions purchases IN the
open marrt. bur the influence has counted Tor nt'le
The market continue, extremely restricted, ana for
all bat the choicest double name' paper The rates
continue M - 10 per cent. Nearly all the BANKS
confne their accommodate ~ Ia rc-ulir customers,
q, the pressure for from the country banks
+, a, severe rs ever. Many mcr liant, ar, reluctant
to ak for discounts b"cau,c of the high rates. but
The supply /, plentiful and far In excess of the usual
demand Banker, also say that It Is mistake 10
ASSUME that the time money market has developed
any noticeable ease. Lenders continue extremely
conservative. and quotations substantially I'M
changed.
Crop news was sufficiently conflicting to afford com
fort for both bull, aud bears. The nOi, state
report said that the weather In the last week had
been unusually favorable for crops, AMI that corn
planting would be finished IN Ten days. Minnesota
sent reports Of perfect weather conditions. Iut
from the Granger region IA" advicc discouraging
An omaha special dispatch ,aiI thar heavy fro,ts on
Monday and SUNDAY might I'D great damng, To the
corn crop In Nebraska and >D.th naA1rL. In many
'oan'i t. ih" crop wi haze to b, r"panicf. Til /,
Guubii s,r.o.s. as the cana. ,p,nlt, ar ,hOic
III which the wheat ground was plough't up ard
ihr acreage enormous. The advicco from
Topeka Indicate extremely dlscouraeng showing
for wheat IN the western half Of Kansas The crop
will he total failure. It 1, said In the southeastern
part 81 The state. The entire yield Is not
estimated NJ more than Onr-quartcr TO one half that
II last year. Chinch bug, said to be thick and
to be doing great damage.
The Eclmnnd Terminal Sccurtic, al the Stock Ex-
change confined to reflect disappointment a the
DicA'lM ryan plan Of reorganization. The Il per
cent bond, declined per cent 81. and the > por
cent bond, fell > Is per cent 10 30. The preferred
stock dropped tire" point, To II. and tie common
stock 81 sd "a lower al - after sales At : (.
the lowest price Yet recorded The di,coura cement
Of security holders j. regarded ~ natural. ont bank
better oui, 1mr than ih" acceptance Of the
plan. The Richmond Terminal situation /, wors"
than II was i'w month, and the financial
OF the system lnCr,i,, constantly.
ia" general financial condition, ,onsiicr,d
adorable that house except that of the strength
and standing of DI"N"l. Morgan ~ Co. conld attempt
II I"cOi-irlctsIn OF great system. in the rA-
hau-tlNr pamphlet ISSUED by the firm complete de
tail, gwen 10 ST. 20 security holders the
sitt Of immcdai" action ana the for the
aoju-tm"ns proposed. The Terminal system is alb
.lutrN IN need uf the barge Of cash provided
for by the assessments ana ia" sale II >"cusitlcs
N oder To- prevent cJmplrl" breakdown In It's
business Friends Of IA" plan say that while IN"
~acrlic required of security holder, may seem So
we're. The result OF the CARRYING ont of Ia" hrsanl
and solvent system which i, bound at early datr
tu earn hand .ogr return, lJr III" proposed new pr.
f'Ir'd stock ~ tine establishments rest largely
the cNchans" Of the new stock Tia" appreciation In
II, Nalu" COniidcnil, expected In the future will
prov" the equity al ia" "Achana', proposed.
irregular. few Instances viii indicate. American
sugar Refining rll ~ - 4. but closed at - IA.
against ~ Tuesday night. National Cor,agr ad
Nancrd over pc cent on revival OF rlmor, fore
ahadoving u favorable statement from thc receivers.
but General Electric feel. Ia - II. and NJ - : ended
down : per cent Chicago Gas lost - per cent
net while National Lead pressed for sale Ia
~ IT, against 30 Tuesday II. Paul declined
81 . and after rally 10 - - showed net loss
~ > per cent. Rock Island was I'D at the open
decline Of "a pr cent. Lab" ~hor" on small sales
fell ! II per cent. hut Lnckawaunl and Reading al
yanccd IL per cent each Manhattan sold from
1870 IL To Is I4o 100.
HtfT f ID fsrs