New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-20
CONFIDENCE NOT DISTURBED.
lEAssURING CONDUCT OF THE STOCK MARKET
EASIER MONEY RATES.

EASIER MONEY RATES
The confidence which was restored to Wall street
circles on Tuesday not disturbed yesterday by any
rrw failures any developments in the affairs of those
firms which had been forced to succumb to the none
ry pressure The feeling at the close of business was
one of general satisfaction. Rumors Of disturbing
mlre fewer and the conduct OF the stock market
rassured those interests into whose hands has been
Committed the gradual liquidation of securities that
tler wor, could be carried on as was intended. The
ubshed cable advices of dstrust in London as to an
unnamed prominent house had some effect upon the
dlry dealings at the Stock Exchange but before the
dose prices had recovered so sharply that fears
dssipated.
The stock market by its comparative dulncss re-
nctcd the entire absence of panic. 1t started with
ales by foreign houses and some sharp declines 0c-
cured. But there was no confirmation OF the morning
vague insinuatons of possible trouble In London, and
IS the day wore without fresh announcements OF
cnbaIra ssments here the speculative temper improved
h the loan department Of the Stock Exchange the
sbulls- showed signs OF life by exactng hgh premiums
n many stocks in which large short Interest Is sup
POSED to exist. A panic among the short sellers OF
socks effected o substantial rally In values.
Easier rates prevailed for money on CALL Brokers
bund the banks more accommodating than at any time
snce tho furry I'm stocks began. There was an addi-
tona OF certificates by the Clearing House 10
hanks which are taking them out solely TO o0nge
dents, and not from any need TO relieve their own
,ositlon 1t Is believed that more than Sl,OOO'Ooo
ertlfcatcs were taken out yesterday The total
mount issued since the associated banks decided To
consolidate their credits is $6,2o50OO. Bank officers
yho have watched the situation closely say that II Is
rot likely that the whole amount issued In this emer
,cncy will exceed S5,00o,o00. No action has been
aken by the Clearing House authorities As to the re-
uoval Of the extra Ia per cent month Oh nterest
rom the certificates as now Issued. The sentiment
h favor of the removal is increasing, but IL Is believed
ha; II Will take the shape Of a rebate, term Dor
nwed from the banks by the railroads. IL is probable
lat when the redemption Of the certificates Is com
,lctcd among tie banks there viii be deduction Oi
he eNtra-nterest charge from the accounts of the
,anks which have taken out the certificates.
rOE A GREATER USE OF TIE CUTrlNGsTAMP
The recent forgeries OF stock certificates have caused
,oIders 10 use greater precautions than heretofore
ralnst the raising Of values, and at the stock TX
hance Yesterday IL was said that since the story OF
| Inert H. Smiths forgeries was published on Mon
ay the use Of the cutting stamp had been much more
| extensive than II had been for long tine beiofe
Che raising Of certificates for fractional io's
omparatively easy, the last few days have SHOWN
int ON certificates OF whole lots IL Is muc more
nicult as the engraving shows the number OF shirs,
vhjch The certificates represent AccOrdIheit. wv
committee on stock List at the Exchange nave issueo
rorsirued m Sec ond Pnge.