Article Text
NEW YORK FINANCES. All Quiet at Headquarters. London, 17.-There is a rush to buy American stocks. Bankers are cabling to New York, offering to ship gold on security of governments. The News says the American treasury, which is the ultimate upholder of the Ameriean reserve, is well supplied with cash. This ought to check the panic. All accounts show that millions of English money are being thrown into American stocks. During three days inconceivably large purchases were made through brokers. Capitalists bought great blocks of Ame. rican stocks, and ionumerable small investors made limited purchases. Other securities are somewhat der pressed, because SO many people are anxious to realize in order to exchange for American stocks. New York, 17-The morning passed quietly. Confidence seems to be restored; there is no trace of excitement. Affairs are progressing in & fair way towards speedy recov ery of values in stocks. The advance of the morning was well maintained, the movement being merely checked at intervals by the usual sales of small holders to secure a profit. The bank sta'ement makes a favorable showing, the excess above the legal requirements being over $3,000,000. The opinion of leading financiers is that a gradual improvement is certain; there is no danger of another backward step. The run on Howard Savings bank and the Dime Savings backs here continued. The managers are ready to pay dollar for dollar. The run on the Brooklyn savings bank has ended. Seney conveyed his Brooklyn mansion to the Metropolitan Bank tonday for $175,000, and other property for $8,000. J. Steelman, merchant. has assigned, preferences $18,000. Benner & Pinckney, hip m+rchan's, have assigned; pre'erences $20.000. Assignee Weems states that the liabilities of Donnell, Lawson & Simpson are $3,000,000. The assets exceed the liabilities $1,000,000. Philadelphia, 17.-Hotchkiss & Burnham say they have liquidated over $1,000,000 indebtadness. The firm resume soon. Other firms will make statements as soon as ready. Washington, 17.-The treasurylof the United States has forwarded $8,000,000 legal tenders to theassistant treasurer, New York, for use in case of necessity. Secretary Folger this afternoon received a telegram from the assistant treasurer at New York, saying called bonds had been redeemed today to the amount of $323,600.
