New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-12
CURRENCY PREMIUMS FALL
LARGE LOANS OF TIME MONEY AT PER
CENT.
EXCEPTIONAL TRANSACTION by PROMINENT
TRUST COMPANY-GOLD ORDERED FROM
LONDON IN SPITE OF THE BANK OF
EYGLAND's ADVANCED RATE.

ENGLAND's ADVANCED RATE
Increased relaxation in the currency strlngency
Yesterday gave added encouragement to the temper
| in banking and speculative circles. There was an
arrival Of an immense sum Of gold from Europe and
further engagements for import We're reported. Some
| large new transactions were made In time loars at
the legal rate of interest, and the premium upon cur
rency fell sharply. The bulls- in the stock market
took heart and prices were advanced upon the short
| riereSt.
There was smaller demand for currency yesterday.
and the bulk Of the business done by money brokers
| WAS at . per cent premium against rate OF per
| cent on Thursday. The gold which arrived In port
| not previously contracted for WAS sold at per
cent pr.mIum bu, offers OF gold to arrive were made
| at l Ii Der cent without leading to transactions
which were disclosed Although the ruling premium
on currency was per cert there were transaction,
at co,ce,slons which In some Instances amounted TO
one.hon mr. cent. Money brokers have become
| exceedingly cautious In consequences OF the fau In
the price Of currency. and they made no purchases
| eXcept to fill previous orders from customers Part
of the decline in the demand for currency Is believed
TO he due to the completion OF preparations made
| by large corporation, 10 meet their weekly pay-rols
and part /, the rr.alt OF the unlocking OF heavy
amounts of money which had been boarded IN anic-
| ipatoa Of the state Of affairs which has recently
! existed. Tie supply Of currency now In Sgm through
Increased issue, of circulation to Natonh banRS ara
| the influx Of foreign gold Is 80 large That many
conservative bai.,cr, now predict the raising OF the
currency blockade and the disappearance oil the premium
on money The decision OF James H. E'N'is, ,"h-
frllcr OF In. Currency. given at the request Of the
Buffalo banks that the issue of certified ch"chs' 10 DO
used ~ currency in making up payrolls, was lawful
on tbc par, of National banks. had good erect
| The adoption Of this plan in communities hafu
pressed for ready cash Is likely to diminish Tile
demand for currency
The arrivals of god BY the Normanna footed up
TO c9OGOG7 The consgnments were In the following
lots: c175O0o TO DreXcl. Morgan & Coz from J' =
Morgan A co.; c02oOO to Kiddcr, Peabody ~ Co..
from Barring Brothers Il Co.; tloOoo I" sp'S'r "
co.. from spcvcr Brothers: @5l,7Oo to Ladenburs'
TbnIm,nn 4 Co., from {. L. lIambr0 Il sun Ell '0)o
to Ioz,id Tr,rcs from Lazard Brothers Co.; Eooooo
I'D j. a " -elgman * Co., from sciISnah bro'ncr' .
80 900 10 l.. Won Hoffman a Goa from Ia kap''''l
A. sons: c3O 900 to United states Express Company
from D'E.compt". Paris; E-o.Oo Ia BANK Z" New"
York from Union Bank Of London; $4,000 TO Brown
Brother, Il co.. from Brown. >hipey d Co. A-''o''
to K.ddcr Peabody Il Co.. from Barring bro'herS "A
90 Tine sub Treasury received about 81 .j0o.O)O IN
American gold coin from importing bankers ana
maid II ont after testing and weighing. The sub
Treasury ais, paid It's Clearing House deblt p''h'e
Of sIi2.32l in gold and exchanged s-oo'o' -h"H
Tr,a-ury note, for large bills. There wa pd'i ON
about $40 900 In silver dollars and subsidiary silver
coin.
The rapid fall 10 the premium upon currency led
IN a reduction Of 2a2 Il cents to the pound III
the rate, of sterling exchange. The advance IN Tile
Bank of Englani's discount rate has not yet c"'"
the shipments to America. n the cable reP'sl'd
that the bank sold s22O.OOO American eagles
Yesterday Tor export to lir United states. If'fc
. an excellent prospect now that Paris will help
10 supply tue American demand. The r"pres' h'auN"
Of large foreign house said Yesterday that Tn" Bank
Of Franc. Ia, manifested disposition TO release
con, rrb part Of s stock Of American gold a. long Us
eNcAauer nec.,>iaie, gold shipments. The advance
I'm tn. rate of discount 10 the open money market
II Loiion l. likely to shift the demand t" Paris
Arrangements have already been made. 1t Is under
stood. for the import Of gold from Paris and 1t Is
expected by bankers tina, large amount viii be-
shipped from Paris II there Is change IN conditions
hen, 10 lesson the demand. Bankers say that now
that The NAY has been paved for u dealing iU gou
by actual purchase. this country VIII be able To I'M
port IA. precious metal BY the aid OF premium
whenever Il l. badly needed no matter how IA" eA
change market T. moved by me '"iuiuoh III '''c'-
rational tindr balances.
Iher. WIS considerable rejoicing In wall street
over the r.I,,rt of Increased In the tim" money
market. II wa, rumOred tIat loans had been u'"'
10 the amount of <i.ooo.oDO at per cont Tor I""i
and .iN months. lhe>" rumors gave sharp hl'lP 10
The stock m,rhct IN It's nnal dealings ana ''rr'u
p,lc-, up rapidly II learned that Oh" large
At Nh. legal rate Of interest for six months aud trust
worthy ..tirun.s Of the amount OF this cuisines,
don, ranged from -. oOO.OOO to S3,OO,OoO. Tile
Transaction exceptional and the collateral s~"''
frs wcrr 81 the best class Of socailed " gill edge"
diyIc.d PAYERS and hand some margins were provided
II was reported that large proportion OF the loans
va, made 10 houses credited with vanderbilt con
n,ctiou. Tie. loans may not b. taken IL any hdlca-
lion of the actual condition Of IN" time money market.
.f 1. ut4ritt \,
president ph.a,cd II
What T. there to tempt n bank 10 lend money AZ
Il pr cent ON ~rcuritc, when 1t can buy t." best
cn,, Of mercantile paper AT i per cent discount am
when loan, NAV be- made at Il PER cent on mcrcmn-
disc II tie banks had any money To lena al per
cent they would be- APP To furnish II to th' m'rcah"
community where 1t /, badly needed. rather than to
Wall street, where II I, not rccd"' except Tor Sl''"-
lation~ whatever may have been the motive for
i,. making OF such lrg. time loans by The trust com
pany referred 10. it /, considered extremely doupI"
in financial circles that its cNamp" VIII b. iolo"'"
freely ~ similar institutions.
The ri1ltulou, character of the recent rumorS con
corning the alleged contemplated retirement "I h'aNS
amount, of Clearing House loan certificates va, SHOWN
ly the issue yesterday 81 $250oJ0 new rrriih'a~'
raising the total outstanding amount 10 $4,000,
In BOSTON Sl5OOO riiiicai's were isurd MAKING 'l'
whole issue To- d.tr @i".'iio."o di>Parn ' ni
lfii,hlrg announced Tint tn" banks !" that Guy h''
issued f'jOCOO Clearing House certificates. .,
Wall street j. looking Tor an extremely lVoI""'
bank statement to day. The net result "t III" "PIH
ti3s of the sub Treasury tai, week has been Gun
10 the banks Of more than T1.GD.VlO. lh'r' ia,
been some gain from the Interior ana II Is supl~Ncd
that lar,. sums OF money haV" been unlocked lr'in
Lding places, owing h. The growth of confidence "hi u
La, been encouraged 10y the heavy imports "i G"ll
The nniavorabr character Of III" Government AnSu'
crop report received little at milton IN speculative
i-ons,iun Yesterday owing ~ In" r"nirihG "l mr.
80 I'm Nancy prollrm, Th, dee lines In conditions
from July / follows: Corn. ~ per Gem
II ring wheat - spring rye. 100 oats. 10 barley
o. pntaiOcs 90: tobacco. lOS ana cotton 2.j peg
cent The follow ing table shows the condition o lle
different crops August for series of years:
1893 1s"2 ISL 1890 lSS'. lstS
S"fnc wheat. Il. 8 30 80 o. ..