The Providence news. (Providence [R.I.]) 1891-1906, 1893-07-27
New York Market.


New YORK. July 27.-London Is again
very strong. st. Paul, Louisville and
Nashville. all active stocks are Is TO 1
per cent. higher. Exchange market is
very weak. Big shipments OF gold Will
be announced before, tomorrow noon.
The amouats will bc ovcr one million.
There Is talk In London that Atcnison
will have To follow Erie aud 20 into
receivers hands. Pennsylvania's state
ment for June shows a net increase on
Eastern lines of s266. 4s2 Net increase
on Western lines. $407.5lS
A special meeting OF the governing
committee was held this morning No
reason for the meeting was given, but
after the meeting 1t was learned that 1t
was held simply to discuss the situation.
Lazard Freres have engaged ole MIL
lion ia gold for import.
Money loaning at and interest.
Western roads Will make a Worlds
fair rate OF one fare for the round trip
plus Sc.
The Elgin Watch factory, employing
300 men, will discharge half OF them.
The interstate commerce commission
has begun a suit against Missouri Pacific
for discrimination against Wachita
shippers.
The Ohio river roads meet today for the
purpose OF restoring rates.
The buyers did better than the sellers
today A reaction was due and IL came,
not with much strength or en-
thusiasm, but still the demand for
in the day despite the strained condition
Of the money market. The rate OF
twenty five per cont. was made by the
banks to their best customers and the
demands from the interior as well as
from Boston reached over s3.000000.
In spite OF those adverse circumstances
the banks showed their disposition to
make every effort to help matters by the
issue Of clearing house certificates. Ole
million three hundred and fifty thousand
dollars Of certificates were issued. and
on all sides leDieLcy was observed by
the bankers. But IL must be remem.
bered that leniency backed by the tenn
porary issue Of clearing house credits
Is based only on new promises to pay. l,
Is built on an unstable foundation aud
Is likely TO meet with misfortune when
promises come due.
The imports Of gold promise better days
to come. There Is an evident tendency of
the yellow money this way and the
banks will help the tendency by loaning
the importers money with which to buy
exchange, yet how strong the tendency
Is or how long IL will last are questi obs
still unanswerable.
NOtess
L. Won hoffman has ordered $500, 600
gold for London by Saturdays steamer
A German banking house expects to close
negotiations for a million more today.
The attacks OF the We'll party and the
marketing OF collateral by banks caused
the decline in ST. Paul, w. U. and l. OK
awana.
The Lehieh Vail ey conference has been
postponed.
The Pittsburg steel mills have received
orders for 10000 tons Of rails from roads
In the Northwest.
c. w. Cannon of Helena, Mon, he's
assigned. Liabilities $240, ZOO, assets
s1,b00,0O A. NJ. Halper also assigned.
Liabilities 5000. 900, assets 8, 900. 200.
Good orders came from London this
forenoon to buy In small lots. One firm
bought 1900 shares for Continental
banks
The FIRST National bank of Spokane.
Washington. $250.0 capital, and the
Savings bank OF the same place have
suspended.
The stockholders Of the Bethlehem.
Iron Works have voted TO increase the
landed ind1 btedness OF the company.
Works will start up Monday again.
IL Is expected that there will be a revi-
val OF speculation In golu mining st ocks
ia San Francisco.