The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-11
Murray HillBankSuSpendS
This Afternoon.
Failure Does Not Affect Other
New York Banks.
IT'S a Small Affair But the Bears
Use II.

New YORK, Aug. 1.-THE following
notice signed by f. ID. KiIburn, superin-
tendent Of banking was posted on the
door OF the MursAy Hill Bank today:
This bank is closed. pending an exami-
nation OF the condition OF IT'S affairs.
The bank is one OF the oldest State in
stitutions in this city. The deposits
amount to about 81, 25O, ,OOo, and it Is be-
lieved that they will be paid in full. One
reason advanced for the suspension is
the fact that the bank had TO take o con-
siderable amount OF real estate for loans.
The statistics of the latest bank reports
relative TO this institution are capital,
500 900; surplus, $500, 900; deposits sl,-
500, 900. 1t is not anticipated tnat this
suspension viii affect other banks and
the difficulty is not directly traceable to
the silver scare. But the fact OF the fail
ure is enough for the bears in the market
and they have added 1t to their list OF
arguments to create depression.
NEW YORK STOCK MARKET.
The New York stock market opened
elIOnks hNShloph Az pbkuA sShiNabO
Gas AZ; Burlington Quincy Sc; Rock
Island sid; st. Paul 62 5.S; Northwest SO;
Louisville q Nashville Al is; Western
Union 75la.
The advance eliminated on the an
nouncement that the Murray Hill Bank
had suspended operations pending an ex-
animation of it's accounts by State
officials. This incident was utilized TO
the fullest extent by the bear faction,
who offered blocks Of leading shares
freely. Realization of profits accruipg
from yesterdays rise accelerated the
reaction. Northwest broke 2 5-s per
cent. TO S6i2; Sugar liz TO 81, and other
prominent stocks a point or therea bouts
except for General Electric, which
moved up Sharply on judicial decision
in its favor. The market is now barely
steady at the low level, with dealings
rather contracted.
The momentary furry caused by the
news of the bank suspension was fol-
lowed by more cheerful temper on the
news thai Its affairs were in fair way of
Ithu IuStIucut. IN iuithcf to"Seooioh i'i
exchange rates ana a reduction in posted
figures to 4S7 1-2 and 4SS 1-2 by some
houses helped. the market and sharp ad-
vance occurred all along the line. The
efforts making toward settlement OF
the rate war in the South were also taken
into consideration and stimulated COM
mission house building to fairly
large extent. This condition OF
affairs caused extreme covering OF
shorts ana prices rose i 10 3 per cent.
over the low point. Manhattan advanced
Is to 70 Ia, Chicago Gas 3 l-2 TO 60,
Northwest 22, to 50 IA, and Sugar 2 rs
to 50 1-S. The bond market also shared
in the improvement with the speculative
issues figuring for II per cent. gains.
Its real activity developed at the advance
which is still in progress at this time.
Sales to noon l34, 200 shares.
NEW YORK MONEY MARKET.
Money on call in New York is trmer,
5a6 per cent. Prime Mercantile Paper,
1-2a7 IL. Sterling Exchangs easier,
with rctuai business in bankers bills at
4S73. a4SS FOR demand and 4S6ain4S7 for
co days. Posted rates. 4s7 i-2siSS 1-2
and 4sS 1-2a4S9 1-2. Commercial Bills
4s7. Silver certificates, 6S 1-2a3-4; sales,
4O00aes ga tar silver, IS; Mexican dollars,
53 is. Government bonds steady. state
bonds dull. Railroad bonds strong.