New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-23
GOLD SHIPMENTS BEGIN.
y SHARP RECOVERY IN STOCKS.

DECEIVE GAINS ALI. ALONG THE LLNT-BUYING
ON A SOLID BASIS AFTER THE CLOSING
OUT OF WEAK ACCOUNTS.
Gold is on The way from Europe TO New-fork
The National city Bank received notice of the ship
mont to II yesterday OF 100000 from London and
10000 from Berlin. Both lots were forwarded by
the Deutschc Bank OF Berlin which has branches
In London and throughout Europe. The Deutsche
Bank is the chief European correspondent OF the
National City Bank.
The gold from London was Withdrawn from the
Bank OF England and is known 10 be In American
eagles. The cable brought Information that AFTER
this withdrawal the quotation for American eagles
in London was raised from 7ss sid TO 1Gs ID an
ounce. This was taken TO be an effort to obstruct
the flow of gold from London to New-York Goo
bars quoted at rs HID.
The gold sent from Berlin Is supposed to be IN
American eagles. although there IS no definite IN
ormation this point. Gold has been Moving 10
the Deutsche Bank in Berlin from Genoa and from
Rumania- In the advice to the National Ci'y
Bank It was no; said on what ships the gold was
dispatched.
At the National City Bank 1t said that the
gold shipments made in the regular course OF
business The National city had large credit
balance the other side and called Tor remit
tance. it could use the money to better adVah-
tage here than there. Gold was not asked for' pu'
II appeared that the Deutsche Bank found II cheap
er to send gold than to make the remittance III en-
change on New-York Whether succeeding remit
tances would be made in gold could not be told
The National City was extensively engaged In the
Exchange business and its credit on the other SIDE
was accumulated in pursuance or txchahse opeia
tons. The advance in money rates III ->e"i0'"
provided more remunerative employment lor money
here than in Europe. For a long time money rates
had been lower in New-York than in Europe ana
under such a condition 1t was advisable 10 aiIow
the balances in favor Of America to remain IN Eu-
rope. All this was changed or was chahsl"s.
There was but one way to settle these balances anu
that by shipping gold to TINS SIDE
Sterling exchange was steady yesterday WIFI ''e
actual rate for demand exchange 4aS.. The rate IS
Nkelv 70 break rapidly 10 4S4 or lower and further
shipments OF gold from Europe at the end OF the
week not unlikely.
There was decline yesterday In silver or three
fourths of cent to 5si2 cents an ounce for COM
mercia bars. Bar silver in London dechned 'nree-
eighths penny TO 267sd.
The National City Bank. which is 20 receive the
first lots Of gold in the impending heaVy inhpol'
movement has the heaviest deposits OF any oa'h III
the United States. Its deposits were SHOWN IN 'le
hank statement Of last Saturday TO be s5'eSJS"
Two weeks ago. before the currency shipments 10
,he South and West had reached large proportions
the deposts were SCI $50 700, more than s2ocoo"
greater than any other bank belonging TO the New
York Clearing House.
The upward movement In the stock market re-
suued Yesterday with greater momentum than ever
The sharp decline of the preceding two days had
eliminated the thiny margined accounts and the
spyramd" accounts. which constituted the chlei
menace to the speculative situation anu hao rex 'he
market in a healthy condition and on substantial
basis 1t was agreed that the bears had done their
utmost and that stocks were bound as result OF
the general improvement throughout the country
for much higher Level than had yet been attalneu'
The shaking out OF weak holders had the result OF
.r.nsfernc stocks TO strong hands. The brokers on
the New-York Stock Exchange said there was pet
ter buying than at any time since the bun MARIE.
began IN May last. They meant that the denanu
was more legitimate than al any previous uine'
rrhere was weakness in the early dealings pui II
soon became apparent that the limit or me ny
mad been reached. Then the absorption OF stocks oe
1an THE hiding for stocks became SO orlsk wa.
5rices were carried rapidly upward but me hgne e
pprices rose the more anxious apparently purchsSei
p%are N ACQUIRE stocks. The high, low ana ma!
nrices Of some of the leading stocks and the net
gains for the day, comparing the hna prices VII"
those of Tuesday, We're: