New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-11
RELIEVING MONEY FAMINE.
EFFORTS OF THE GOVERNMENT TO EASE
THE SITUATION.
REAssuRING WORDS FROM THE ASSISTANT SEC
RETARY or THE TREAsURY-DEcLNE IN
TIE PREMIUM ON CURRENCY-HEAvY
IMPORTS OF GOLD AT HAND-OP-
POSITION OF THE BANK
OF ENGLAND.

slight relaxation In the extreme monetary stringency
The adverse was the raising OF the discount
rate OF the Bank OF England while the telegraph
brought lis usual budget Of announcements OF busl
ness and bank failures. Nashville espcc ally suffering
from almost general suspension OF financial In
situations. The djournment OF Congress until Mon
day regretted indicative OF delay In legislative
action the situation, but all these Influences were
offset by the increased supply OF currency and the
brighter prospect OF financial affairs shown in pending
| large imports OF gold
There were bankers who went so far as TO
express no that the currency famine might soon
be reIIeved This sentiment was fostered somewhat
by the result OF informal conference between W.
+. Curtis Assistant secretary Of the Treasury, and
the leading members OF the Clearing House AssOcia-
! Con. Mr. Curtis from Washington yesterday
to famiarIze himself with the methods and workings
OF the Sub Treasury, where he spent q large part Of
| his time. But he met the Clearing House Loan Com
| mitee and had an encouraging talk over the stu
alton There present George q. Williams. presl-
dent OF thc Chemical National Bank: Frederick ID.
Tappen, president Of the Gallatin National Bank J.
Edward Simmons president OF the Fourth National
Bank; Henry W. Cannon, president of the Chase
National Bank and william A. Nash president Of the
Corn Exchange Bank. President f. II. Perkins, jr.,
Of the Importers and Traders National Bank was the
only absent member OF the committee
BANKERS WERE GREATLY GRATIF1ED
Inc were nlRhIy grallneO Dy lhe assurances
that Mr. Curtis give OF the Intention Of the Treasury
Department to do nil that lay In its power to mitigate
the reor OF the currency famine lie said that every
effort w6nld be made to facilitate the prompt utiza
ton OF the foreign gold coming TO these shores. With
this end In view, Mr.. Curtis said. the Treasury had
ordered the transfer OF about 900 gold coins
from the San Francisco sub Treasury 70 the Sub.
Treasury at New-York. This increased supply OF
coin here will enable importers Of English gold 10
secure currency promptly on the arrival VI the
precious metal. 1t had been supposed that the gold
imported coin. but the amounts which have
already arrived have been made up largely OF bars
and there has been some delay in having this gold
turned into available coin. By adding TO the Gov
ernment's stock Of gold coin at this city there VIII
be a minimum OF delay in having the foreign metal
now on the ocean placed at the service OF the com
muny Immediately upon its arrival here As part
Of this plan Of the Treasury Department Mr. GURUS
said that the mint at Philadelphia working hard
turning out S. gold pieces
Mr.. Curtis also brought the cheering information
that there were already at Washington applications for
the issue Of at least S17 100000 new National bank
note currency. He stated that the applications Tor
this form OF circulating notes were coming In at
Washington at the rate Of 81 100000 n day. The
Government Is taxing to the utmost the resources OF
the National Bureau Of Printing and Engraving in
preparing National bank note circulation. The once
Is being crowded with workers, until the men almost
touch elbows. The officials, Mr.. Curtis said had been
able to reduce the time required for printing bank
notes from twenty days to fourteen days. The I'M
portanee OF this activity OF the Government ONCE may
be appreciated when It IS remembered that by act OF
Congress all the Work III currency mahuinctre must
be done by hand.
The banking unity pleased and en-
couraged by the evid given by Mr.. Curtis OF the
determination OF the Administration TO work heartily
in sympathy with the New York banks In the effort
to break the famine In currency. The sub treasury
a Naa
terday II paid out more than $1.2oo.OOo gold over
its counters. Including the Assay once checks given
for imported gold that has gone into the melting pot.
The SubTrcasury is also paying out silver dollars for
large Treasury notes, and the purchases OF silver
bullion by the Government being paid for IN
Treasury notes of small denominations. It's debit
balances at the Clearing House are being paid
in gold or currency that can be made Immediately
available.
INCREASE OF NATIONAL BANK CIRCULATION.
The prospect that before long there will be nm
addition OF $1,000 900 TO the National bank note
circulation. and that Slo,OoO.oOo foreign gold
will he at hand gave a distinctly easier tone 10
the market for currency. An immediate canse OF
the fall in the premium the arrival Of the
steamer Spree yesterday with an immense sum OF
gold on board. The total consignments this YES
sol aggregated Hs4975O. divEed into the following
lots: Iieidelbach, 1ckclheimer & Co.. $4,000 sent
by Martins Bank, Limited Arbnckle Bros. 60
900, sent by London Westminster. IIedelbach, Ickcl
heimer e. Co., 600 900. sent by Credit LyOnnais
Produce Exchange Bank. f1O3 800, sent by City
Bank, London Canadian Bank Of Commerce. E51 $50,
sent by Royal Bank Scotland Ueldelbach, Ickel-
heimer Co., E1O1 500. sent by G. H. Hambro e.
Sons August Belmont & Co., 100000 sent by
Rothschids; no nnme 100000. sent by London Stock
Bank; LadcnbIrg, Thalman & Co., 10000 and
G1O,oOO, sent by AnglOAustfian Bank: Hanover
National Bank. 10000. sent by Union Bank. Lon
don wellsFargo. G1050O. sent by Samuel Montague;
Kuhn, Loeb d Co., Ejo 600. sent by Credit Lyonnas
The steamer Fuerst Bismarck IS bringing $1,000
gold to Knauh, Nachod d Kuhne and Hoskier, Wood
& Co. expect to receive G25OOO gold this week.
1t Is understood that 81 100000 gold was ordered
yesterday for import. 1t Is impossible to estimate
the approximate amount OF the yellow metal now I'm
transit 1t IS believed that at least $40, 900, 900
is due to arrive. The steamer Orizaba from Havana
arrived yesterday with 100000 gold consigned 10
Lawrence Tnrnure & Co.. and $4,000 gold for
Ladenburg Thamann d. Co. The steamer Paris
due from Europe to-day has about $4,000 on
board, and the NOrmannia also due today brings !
S45OO,OOO. The Illinois Trust and Savings Bank OF
Chicago, has ordered $4,000 gold from London
DECLINE IN THE PREMIUM on CURRENCY
The decline In the premium currency was not
pronounced. but even slight easing OF IS welcomed
Tho current rate yesterday per cent. but con
siderable lots were exchanged by the money brokers
at per cent and 3 IL per cent was paid cxccp.
u0naIly. These rates compare with rates Of 3a4
per cent on Wednesday. although the higher rate /
was exceptional But the premium yesterday closed I
at the lowest quotation, and until The gold brought
In on the spree Is absorbed the rates Il is believed
may go lower. The Offices OF the money brokers
crowded most OF the time and q large business
was done. The demand was good at the easier
premium. and there Is large demand stu In sight
Part OF the decline in rates VIZ credited TO the re-
lease Of currency which has been boarded a re-
laxing movement which Is likely to continue II the
I,urlv n nj Mnot
recently arriving bought by interior banks and |
financial institutions. But although the gold does
not remain here ifs purpose is elsewhere In
adding 10 the stock OF currency and II the nuorta.