The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-25
The Gold Reserve is Above
$lOO,OOO,OOO.
Bankers Responded Literally
to the Call for Deposits.
Not Enough Gold In Providence TO
Make IL Worth While Here.

The principal feature of the week In
financial circles has been the action
of bankers in the principal cities In de-
posting their gold with the United
States, an act part business and part SEN
timent. 1t was to restore The gold reserve
to the arbitrary slo0, 600, 600 point.
People think thew are more comfortable
when the thermometer registers ~ faren-
heit than when it registers 70, but as a
matter of fact they wouldn't know the
difference without looking al the scale.
And so IL is with the gold reserve-there
would be no harm, no fiDan cial uneasi-
ness with the gold reserve down TO S70,-
600, 600 or $50, 900, 900, so long as the fact
was used as capital by rnanciers Win
bearish tendencies and by politicians.
Specie payment wouldn't be suspended
II the gold reserve went to $40, 300. 900
even. but the arbitrary point of safety
had o be fixed somewhere and, as too
much is better than too little, the $780,
COO, 600 has been accepted on that. point.
Therefore IT Is a matter of sentiment, and
the bankers deserve the credit OF being
patriotic, as well as business-like.
rs result of their efforts the reserve
today is above the mark, with total OF
about s1l5, 600, 600.
The deposits from the different cities
were as follows: New York, sl7, 500, 900;
Chicago, 81, SOC, 900; Philadelphia, q, 5O0,-
600; Boston, s1,0O0,00 In every case
either greenbacks or Sherman notes were
demanded and given for the gold de-
posted.
The Providence banks did not contribute
anything for, as PRESIDENT Vernon of
the Merchants National said, there isn't
enough gold in this city to make it
worth while. Ii has been a dull week in
ha Nnx orb Gts IL MA l.pt nd tar
day was the worst of all.
Bears have used every iDcIdent I'm the
interests Of the depression upon which
they fatten, and they hnrped on the
dependency of William {. Whitney with
telling effect, and this, with the uncer-
tsinty OF the Populist and silver copven-
tions and the practical certainty of
third ticket have been the political
thorns In the rose beds of Wall street.
For the week ending last night the
aggregate mum bers of shares sold in the
New York Stock Exchange was 1886, 500,
and of this 3i7, 200 were sugar. Tuesday,
was the busiest day with record of 373,-
200, more t.lan three times as many as
the sales of Monday.
There was a decline throughout the list
and jersey Central and T.. B. and O.,
were the particularly weak sisters.
Ratio says: 81 notice that the Colo
rsdo mining papers run scare heads over
the stories OF the reported find of a valu-
able gold field, just as thoug1 gold did
have some standing in their State after
AL. They know good thing when they
see it,"
ToDAY's TRANSACTIONS.
New YORK, July 25.-The stock mar
ket - Sened strong ard active under
heavy purchases by the shorts. and some
long buying, based on a more cheerful
sen lment regarding the financial
and Iolitical Quito X. The grang-
ers were In good request at 1905,
and fair inquiry also developed for
sugar and other industries. Rock Island
advanced 5-S; Delaware q Hudson, 2;
Burlington, III St PAUL Northwest, !;
Sugar, 3-S; Chicago Gas, per cent.
Realization OF traders profits brought
about general fractional concession in
value " IL o'clock, with some subsidence
OF ACTIVITY on the down grade. The
lower range, however, brought about fresh
purchasing orders, which carried prices
up 10 the best of he morning.
Money or call easy al per cent. last
loau, 2; closed, 2. Prime mercantile
paper, 6a7. Sterling exchange steady,
with actual business in bankers bills at
4SSIaae, demand, end l81Lsaa for 60
days Posted rates, 4SSal2. Commercial
bills, 4S7 Bar silver, 6S SIS. Mexican
dollars, 90 5-S. Government bonds easier.
state bonds quiet. Railroad bonds
strong.