New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-19
FREE FROM THE GREAT STRAIN
WALL STREET AGREED THAT THE PANIC
Is OVER.
THE IMPORTANCE OF NEw-YORKS FIRMNESS IN
THE CRIsIS-PLENTIFUL SUPPLY OF MONEY
AT THE CLOSE OF BUSINESS 100000
IN CLEARING HOUSE CERTIFI-
TINENTAL BOURsES.
Gates ISSUED,

Gates ISSUED
The speculative markets were less excited yes
terday than on Monday or Saturday. Wall Street
was released from great strain, and although
there were concessions in prices the reaction was
nothing more than a natural movement. After
all great calamiies there is the first resistance TO
the shock, and afterward there is q healthy re-
lease of the tension. The present disturbance is
not different from others which have preceded It,
While prices of stocks declined yesterday after
rally in the last hour on Monday, there was much
less excitement and on all sides it was agreed
that the panic was over. The weakness of the
Gould stocks which was a conspicuous feature of
the market was only proof that the large interests
we're resting after the extraordinary efforts fo-
lowing the virtual failure of the first mercantile
house in the world. Wall Street congratulated
itself that it had passed the crisis without more
serious troubles, and, according to the evidence OF
the principal actors the occasion for rejoicing was
one that may not soon be seen again.
EFFECT OF THIS MARKETS FIRMNEss.
New-York has apparently taken another long
step toward the realization of her hope of becom-
ing the financial centre Of the world. What Lon
don has lost by the events of the past week New
York has gained If it had not been for the firm
ness shown by this market, it is believed in many
quarters that the European markets would have
been utterly demoralized. The result may De-
after the disturbances have been settled, that
European investors will turn again to American
railway securities as the safest and most readily
marketed. The foreign advces received IN 'his
city Yesterday were not altogether reassurlng
Money was reported to be in sharp demand III
London and the principal European centres In
t,o wa toward ease. ana, al
though rates for call loans touched 80 per cent in
the early dealings, there was plentifui supply
at about 3 per cent toward the close of business.
4 REASON FOR THE GREATER EASE IN MONEY.
One reason for the greater ease undoubtedly
was the issue of about 81 100000 OF Clearing
House certificates. The Bank Of Commerce, which
started the new movement in restoring confidence,
took out another half million, which makes its
amount 81 100000. Some OF the banks which
were emboldcned to follow its example at a safe
distance took out smaller amounts. There was,
however. no concerted action by the banks, and
many institutions hesitated TO fall INTO line, pe-
cause their applications might he construed as
nroof Of financial weakness. No one is likely 10
doubt the solvcncy OF the Bank OF Commerce,
tbe Bank of New-York. the Manhattan Company
Rank or the Bank of America, because they
have Clearing House certificates in their vaults.
There is high authority for the settlement tlilt
po bank which has taken out certificates III the
last two days actually needed them. IL was
feared by the Loan Committee. however. ina, IL
the names Of the banks were made knowa weaker
institutions might he reluctant to make apphc"-
tions. IL is understood that the amount OF
certificates without the names of the banks VIII
Csniiuned on Finh PAGE.