New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-18

tSst M Gould has some interest in the property buS
of that am not sure"
FRESH PROOF OF SOUNDNESS.
NO DISTURBANCE IN FINANCIAL CIRCLES
ONLY SMALL FAILURES IN THE sTREEr-AN UP
WARD TURN IN THE STOCK MARKET-THE
RANK OF CoMMERoEs ENCOURAGING
NEUTRALITY-SUSPICIOUS. SECRECY
AT THE CLEARING HOUSE.
TIL. financial and commercial communities OF
Sew-York have endured with great calmness 'he
Embarrassment Of the foremost business mouse VI
the world That the event should excite suspicion
ever, where was to be expected. and the sVocN
market suffered for hours yesterday an unknown
dread. By mutual consent as 1t were' tne WA ca.
fare between the opposing factions ceased. 1ho
hears dared not force q panic, and the bulls re-
served their forces to meet an unexpected ca'as-
trophe The morning hours were filled WIN
anxious suspense and at times business was al
most at q standstill but as the hours passed wlVh
out important announcements, courage was IT,
yyed and before stock deliveries had Dech GULL
petcd the market had started on an upward
turn. One failure caused by special causes ana
two smaller ones due directly to the recent de-
cline in prices were the only tanglole results
1t was natural that Wall Street should feel dee"
relief at the fresh proof Of its inherent sounoheSS
TO APPLY FOR CERTIFICATES.
One of the most encouraging developments was
the early announcement that at meeting VI
the directors on Saturday the Bank of Commerce
mad resolved TO apply for Clearing House certifi-
Gates, although it had no use Tor them. Inc
resolutions. which were moved by A. A. Low
and seconded by j. Pierpont Morgan, were as tol-
lows:
Resolved That the directors Of this bank desire to ex
press their entire approval Of the action OF the Clearing
House Association in promptly providing TOT 1he ISSUE
Clearing House certificates against satisfactory
Resolved That this bank are directeo 10
invite the consideration Of the National and State banks
associated as members Of the Clearing House 10 pohcy
Of forbesrance In respect TO all loans WIN pdr'ies "
cod standing extending such indulgence as circumstances
may warrant TO the end that all banks and trust CON-
panjcs in the city not be simultaneously caring on
thor for money at moment Mhen si are re-
luctant to lend ,.
In the opinion this Board expansion is the heroic
remedy for present Ills rather than unceasing contraction
necessary alike for the promotion OF confidence anu inc
maintenance value Of all assets in possession Oh our
moneyed institutions,
Resolved That in furherance Of above, the oncers
be and are hereby directed apply for Clearing House
to such an extent may from time 70 'o oc
deemed advisable.
Resolved That o copy OF thesc ros"i"s~ns W '~
each member Of the Clearing House Association
In support of this action the bank took out
100000 certificates and in consequence Oh IL
few other prominent banks were brave enough
In authorize their executive officers to apply for
certificates at their discretion. The banks whlch
followed the example of the Bank of Commerce
without giving 1t q practical effect we're the Man.
haitian Company, America, New-lork National ana
importers and Traders. One or two OF them
will take out certificates to-day, il their omcers
consider it necessary, and then many other banks
will probably fall into line.
EFFECTS OF THE ACTION.
The good effects which the Bank OF commerce
intended 10 cause were not fully realized. Rumors
that tho action was likely to become general were
circulated in Wall Street. and partly in conse-
ouence many brokers Were led to believe that later
in The day money on call would he plentiful. The
DELAY was expensive, for few prominent lenders
called loans and the result that the rate rose
to IL per cent premium, and remained at that
hgur-about 1876 per cent yeaTTduring the
greater part Of the last hour The common opinion
was expressed tcrsely by one of the most prom-
neut traders
"If the banks wanted to relieve the situation
they should have taken out certificates at once.
should not blame any broker if he carried his
securities to his bank and demanded a loan'
SECRECY AT THE CLEARING HOUSE.
more distressing feature was developed after
the close of business. Inquiry at the clearing
House about the amount of certificates issued dur
ing the day was met by the reply that no informa-
ton on that point was TO be given out. A DanK
president a member of the association, received
the same answcr-that the committees had de-
cned TO disseminate the information. Inc DUST
nesslike and liberal action Of the Bank oil Ioni-
merce was made almost useless by this unreason.
able secrecy That bank suggested, by taxing
out a half-milon of certificates, that the strone-
est banks in the city should overcome AT once any
false pride that might exist among the smaller
institutions An application to the Clearing
House. in these circumstances was not COMES.
sion Of weakness, while it might be proof OF
To gySs the action sbd ,ne
the opinion of wise financiers bnly the widest
publicity The attempt at secrecy was regarded
as ill-udged and foolish, for IL served to arouse
Rank OF Commerce had sought to alay. The re-
fusaI of William H. Perkins, president of the
Bank Of America, to answer an in,
quiry whether the directors had authorized
will, Lhe attempted secrecy Of the Clearing House
Association. He has the distinction Of being the
Youngest, or next to the youngest, bank president
In the city. He is, however. a brother OF +: IL
Bank Of which Russell Sage is vice-president
Mr.. Perkins of Mr.. Sage's bank Yves conspicuous
House, and it was reported that Mr.. Sage called
loans at about the last moment permitted by the
rules of the Stock Exchange. There may not have
been any connection between these circumstances
but there were suspicious persons in Wall Street
who the feet, at least, of large-size darkey.
THE srRINGENCY IN MONEY THE FEATURE.
The stringency in money during the last houl
was the feature Of the market, although prices
advanced when it greatest. 1t was occa