New-York tribune., 1893-07-07
CERTIFICATES TAKEN IN.
A CANCELLATION OF 500. 1000.
BANKERS DO NOT EXPECT IMPORTANT EEDCC'
TIoys At PREsEyT-MONEY STILL CLOSE OUT

TIoys At pRrsEyT-MONEY STILL CLOSE OUT
SIDE OF THE STOCK EXCHANGE-NN
TIoXAL CoRDAGE REoRG ANIzA1IoN
wam s,r.., %, ,nto n more cheerful mood yester-
aav although there were no important developments
TO affect values In either direction lhe rom
tradcrs however. bid up prices III the S'och in"iN'
On The afternoon and closed the eeh'rai hs' "o
IL AND ! per cent above Wednesdays ihai i'"''
,ions They were helped IN their op;a'r'ns 10y 'he
holiday observed In London on account o' th' I"H''
nupals. which cut Off the selling m1v'meni 'cr
foreign account which has been IN progress since last
saturday Apathy Was shown 10y the big bear Siccu-
lators, and easy money rates on call anu 'aiA Va
cancellation OF Clearing House loan cer'ihcac9 III
auenced u buish temper. Business con'ih"eu 'A
tremely hight and the trading was purely oi pro
fessiDnal character. ,~
xot onIv did the Loan Committee OF the Clearing
IIsse issue no fresh certificates, but one bank can
c.led 400 600 reducing the amount outstanding u
sYOI5.OOO. The idea that any Important rou"o
tons will be made In the volume OF outstanding oer
tinoates for the present Is not entertainer "S W"
ser>ativc bankers To accomplish any large can
c.u.,,on tho money market must fall TO IL per cert
ana .hox n tendency toward decline. such happy
turn IN the situation Is expected 10y few hnincial h'h
Should rates money ial below per cent 'n'
banks would call In loans in order to retire cerc"'
and this would throw rev borrowing demaio n''o
tho msrket The present relaxation Is due 10 'he
49,. ., ,noncv lied up prior 10 the July ais
h,rsemen,s and % the absence OF speculation vi wan
srrse But the money market fails yet 10 I'll ," NY
decided effect from The large payments 1ade 'nS
week and until a restoration ol e'hii'Doe u""'"
the vast sums now held 3y the s1vihs' bah"' anu
,rust and safe deposit companies, no important rene
Is looked for
The rates for call funds at the sto Exchange are
M barometer of the real monetary conditions can
loans were made yesterday from I" per cent
with per cent fair average. lut uMc lpo"'N Is
almost impossible 10 obtain, even on th' '"o'''N'
comatea,. email amounts are lop'd for short
Sat.s but a comms sion Is eXacted IN nudil"h ~ u"
legal rate OF interest. To Obtain any "'p''''n
.mopnt even at cxorbi,ant rates Is declared 10 ~
out OF the question. In commercial paper "'' INV
monetary s,ringcncy continues % h' "'"''N
eccted Only about one bank Is doing "IN "'s.'
In buving paper Of merchants. The fonfh Nh'".'"
Bank II Is estimated has bought Tl"o'Vuv ~,
of notes since Thursday week ago i",' "'
afforded much relief to the pressing needs u "''i
chants who had virtually found 1t impo''l"r ~ -"
their notes but 1t Is understood tha' inc
On the best quality OF commercial pal'r r""7'
10 to 16 per cent ,,,c,,
=, en-. .sr,v restoration Of ease IN money Is 'nc
.xcsss,v. scarcity OF currency in Boston ana in"
ae,phia In the latter city funds on NeW-h"h ART
sul commanding premium oi % pr @,ooo, wv ~
svsn then the banks find It extremely oi"oul' '"
o., Money IN nav their debts TO New-iork. From
i
,ha xev York hanks were cancellng a small amount
of loan certificates yesterday the Boston banks "'rc
issuing Sl35.Ooo raising the to'al issue III 'a' -"
"a s44sOOOO. Another inquiry for iuhdS appears
IN he developing at New-Orleans. But 'he 'o'u"i
.b,rmants of currency from this city were no' I'M
fcvtsnt md no telegraphiC transfers oil flhus "ei'
REQUIRED by san Francisco. The west Is Pal"I VII
.oma of its debts 10 New-Iork and the gam from
this source is expected TO increase The SUB
raid out Sl24.o0O for interest ana exchange" "o ou'
s1COOO small bills for large over the counter
7, wss creditor at the Clearing House. however,
for 1906 900. The recent large credits 10 'ne '"o
Treasurv are due to the fact that tile city Dalhs
witch have Government checks To- collect on any
account are now presenting them directly anu 'c
ceiving currency instead OF enectng se'uemei'
through the ordinary Clearing House chahheN' ini'
indicates the desire of the banks 70 obtain all 'he
currency they possibly can in these times OF money
famine.
An exception to the general course OF 'he s'ooh
market Yesterday the decline Of more thah
per cent in National Cordage stocks. This Is sup
posed to be due TO sales by holders VINO 40 not icr
able TO meet the first cash instalment oue S nsN'
Monday the cash subscrpions REQUIRED from 9TA I
hoaers under 1ne pam mpapv i6e depository under
the plan announced. however that stock was o'ing
dspSsi'sS SS mt, 70 oda Po meeng Of the
Committee heM in the afternoon ana arrai.e Gd,
in management. Ernst Thanlann. member oi lnc
ton VIII be 1OrW'd anu 'Le
in tho hands Of a board of directors, thirteen or
nItesn In number. OF these only onr VIII pe mem "a,
bers OF the present management The board OF
directors will be divided up INTO committees on
6nance on manufacture on business and control.
etc. The directors will probably arrange 10 have
representatives elected al places where nllIs are
sffuated so that the management Will Dc more
dtsect ami Will be thoroughly Informed ol the com.
y pany's affairs AZ all times" Mr. Thalmann expressed
Nc utmost confidence IN the success o. the reorSan
izstion scheme. II j. understood that the ioiir
members OF the present management VINO VIII De-
retained IN the company are James NJ waterbury
frank 7. Wall, q. Weaver Loper and Chauncey Mar
shall.