The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1890-11-14

money Right up 10 inc ciosc 49,
urccnt demand, and i per cent and lega'
interest was charged on loans. equal 70
$50 nor cen. per annum. This fact ana
cha ,rouhlcs of the banks caused spcciai
nicotine of the banks caused spcclal
ncntipr of the Clearing House Associa-
,;on 70 Inc called, and aftcra long session
il was decided to appoint committee Oh
presidents with authority to issue clearing
House loan certificates in order to enable
tho hanks to settle balances between
themselves. These certificates Will DC
based on bills receivable, collateral secur,
;tics. cash assets and the united credit OF
thc banks. This action Is INTENDED 10
distribute the reserves thanks more even
l., between the institutions. Where one
h,rt * unable to settle lis differences III
cash il will deliver securities and assets
IN ,hc Certificate Committees and II lhat
committee accepts the securities II VIII
outhorizc the issue Of certificates on them
rho united action of the banks Is cX-
ncctcd 10 restore complete confidence.
NATIONAL TREASURY SHORT.
WAsmsxcrox. Nov. l2.-Secrciary Win
dom said this afternoon that his latest
information from Wall street was that the
situation is improving, with indications
,hnt the worst is over. He declined to
say whether the Treasury Department
would or would not do ANYTHING for the
relief of the money market, bnt admitted
that he was giving the matter serious con-
sidcration. The department., he added
stand, ready to redeem i u, per cent bonds
10 thc extent OF its resources, but Is not
ready to make any ovcrtures ia the holders
of { per cent bonds. The secretary said
further that recent heavy disbursements
had reduced the available surplus to
50 600 600. and it WAS q question in his
mind whether this small working balance
could be still further reduced with safety
,o the business Of the department. 1t Is
,rue that the national banks hold 22oO0,
ono of public funds. but he did not care
10 disturb those deposits 1T present.
In explanation of the small surplus the
secretary said that during the period from
July ~ last. the date of the circular IN
y,iinr proposals for the sale OF bonds, to
October 81. there was diShurscd from the
treasury $4,000 900 through the purchase
of bonds and interest payments. which,
together with the issue OF nearly Ti3,ooo,-
O1O in new notes for the purchase OF sill
yer. made the total amount of money put
into circulation $lG3,o0C. 600.
These disbursements. said he, "wcre
so. COO, 900 in excess of the total receipts
during the same time. and venture the
assertion that there never were before in
times OF peace such heavy payments III
the same space of time
The amount of / per cent bonds re-
deemed to-day under ihc circular OF
October is $l51 800, making the total to
date $l.GJl 800.
TIE LATEST.
New YORK, Thursday Afternoon. Nov.l3.
Money is still tight here. The market
opened weak, with North America the
feature. Everybody wanted to sell it, and
pandemonum followed. When the smoke
cleared away ii was found that the stock
had dropped from ISL; to I. The rest OF
the market opened weak, one per cent
lower than yesterday, but there were no
special features outside of North America.
There was a rally afterwards, and all stocks
became stronger, prices advancing At the
close.
The London market opened stronger.
but became weak and lower and its intiu-
cncc was pcrccptible here.
Though no serious danger is appre-
hcndcd. the situation is tevcrsh aud UNI
certain.