The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-29
STOCKS GOING ABROAD.

Clearing House Certificates Issued Now
Amount Co S25. .OOO, ,OOO
NEW YORK, July 2S-It was said to-day
that the higher prices for American stocks
in London confirmed the news published
yesterday that New York capitalists had
combined with other interests to buy stocks
here ana carry them abroad. A broker
said: The sense of such an operation is ita
bestexplanation. Every body admits stocks
to be cheap here. while in London there is
plethora of money. 1t Is therefore simple
enough to buy stocks here and carry them
abroad. The market has turned. London
is ready to carry all the stocks that we
want TO send over there. With stocks
going out and gold coming in there is very
little doubt as to the main movement OF
prices"
In connection with this statement. it was
said conservative estimate Of the stocks
to be shipped to Europe tomorrow was
about sixty thousand shares. Interest IN
Wall street to-day was largely centered on
the reports of gold importations. Accord.
ing to well-informec bank officers. some
very erroneous reports have been published
concerning them. One OF these bank press
idents. q leading member of the clearing
house committee. said to q reporter that
the talk of bank syndicate having been
formed TO import gold, or that the clearing
house had arranged TO assist certain banks
to do Ii. was not only untrue, but was abso-
lutte nonsense.
The clearing. house committee met to-
day, and after the session it was learned
that an additional issue of 81. l5O. 600 loan
certificates had been authorized. lt was
authoritatively stated that the Issue OF the
certificates was directly connected with
lmportations of gold. The amount issued
now reaches $4,000, 900. The same state.
ment was made with regard TO the certIti-
Gates issued yesterday. member OF the
clearing house committee. when asked the
cause for the issue of certificates yesterday
and to-day, explained that there were large
maturities at this time. and the banks were
preparing to renew those which could NOS
be negotiated In the open market The
bears. said this member of the committee
might possibly use the Issue of certificates
as an argument In favor OF their views.
but In reality it was good bull argument.
a. 1t was evidence Of the liberal spirit OF
the banks and their determination 10 take
care of their customers In the presens
financial crisis.
The subtreasury was debtor at the clear
ing house this morning S472.0 600. and about
S400. 600 of that sum was paid in gold. The
demand at the subtreaeury this morning
by the banks for currency was reported TO
be very large mp TO IL O'clock. and It was
said that the indications at IL o'clock were
that payments to-day would be very large.
The banks would be accommodated very
largely with currency. the balance being
made MP with gold whore small notes could
not be gwen. at the banks to-day il was
said there were heavy demands for cur
rency from Boston and Philadelphia. The
determination. bank officers said. OF the
Chicago clearing house at last TO Issue
loan certificates would. IL was hoped, re-
lieye the banks of this city OF
the iecsssy necessity Of IT., shipping more cash cash
rency continued to arrive during the day
and called for very large amounts One
bank president estimated the amount TO
be 81. 0OO. 600. The demand lie anite general
though especially heavy from Philadelphia
and heaviest of all from Boston. The con-
dition of affairs in Philadelphia to-day
was reported TO be unchanged. Several
banks here still refuse TO accept checks on
that city for collection and no little incon-
venience Is caused to merchants there.
The collection of out-of-town checks has.
in fact, become rather q burden to the
banks here because their arraD gements N
great many instances have been offset by
the failure of so many country banks. Banks
absolutely do not know where TO send
checks on some cities for collection ct the
present time.
From statements made by the officials Of
several railroads to-day regarding the
transfers of stock it is apparent that there
Is large investment buying but in unpre-
cedented quantities of small lots. Vice
President Sykes. OF the Northwestern. said:
"Since June 26 M TO to-day the transfers
amount TO s3250500 common stock. of
which 8. .970, 600 was in 100 share lots and
&, 800 800 were in fractional certificates.
For these certificates there were 500 hold
ers. This l consider unprecedented
amount of fractional transfers Nearly all
this IS for investment and 10 in small lots
of from five to one hundred shares."
The announcement OF the failures OF III.
c. Averill and &. II. Collely was made on
the Consolidated Exchange Just before =
p. NJ. to-day. The liabilities are small.
The failures are attributed in both cases TO
the decline in Sugar and General Electric.
To Enforce tho sixty-Dsy Privilege
NEW YORK. July 2S-It was learned to-
night that an important meeting of presi-
dents of the savings institutions of New
York and Brooklyn was held to-day. at
which 1t was decided 10 recommend TO the
trustees and directors of the various banks
represented 70 enforce che sixtsr