The morning call., 1893-07-01
THEY SAVED THE DAY.
New York Bankers Succeeded in
Averting a Crisis.
Heroism of the Five Men Who Came
to the Rescue of Wall
Street.
Special to THE MORNING CALL

NEW YORK, June 30.-Money to-day
was The center of attraction in financial
Grel1 Of the united acto% not Of fsIhst sD Of the
bankers represented in the clearinghouse
committee, in taking out clearinghouse
certificates for their RESP seiige banks,
The situation is reported to be much easier
in consequence of the prompt steps taken
by the bankers to avert money panic,
and on every hand praise was heard for
the presidents OF the banks.
The banks which took certificates freely
loaned the money thus made available
without decreasing the cash In the vaults
shown by their debtor balances at the
clearing g-hOuse this morning, which were,
of course, paid in loan certificates that had
TO be taken by the banks having credit
balance.
The rate for call money this afternoon
prior to o'clock was 35 per cent Many
loans, however, were renewed until next
Wednesday at rates varying from 20 to %
per cent. II is said that there was not
much commercial paper offering, and it is
argued from that fact that merchants are
in fairly good shape. Bank officers re-
ported demands from the country much
lighter in amount, but the applications
were very generally distributed. 1t was
noticed that only very short time paper
was being received, and that is believed to
indicate a belief that the strain is about
over. There were no extraordinary ship
ments to the country OF currency.
All American securities were quoted
higher in London.
The break in bar silver to 30h in Lon
don did Eot have any influence on the local
market. In fact, silver certificates are
somewhat tirmer. selling at G7 to 6S. $4,000
ounces changing hands.
Stock Exchange houses are indignant
over the methods employed by certain
bears in locking up money. They claim
that firms employed by the bear operators
BID fancy rates for funds, and after OBJ
tanning the funds have not used them. In
other words, they secured a call on lot of
money, tying it up and depriving those ac-
tually in need of the funds from using
them, and when they have brought about
the Generalization In the stock market,
which is their main object. the lenders are
notified the money is not required and a
small difference Is paid. This has been
carried so far that the governing com nit
tee of the Stock Exchange has been re-
uuested to, and will investigate the firms
engaged in this manipulation. The feeling
runs high against parties engaged in this
1cttious borrowing.
The loan committee of the Clearing
house issued $4,000, 900 additional certif-
Gates to-day. A member of the commit
tee states the banks will protect the money
market to-day against any extreme strin-
gency. II necessary loan certificates will
be taken out to any extent by the banks.
The steamship Paris, sailing for Europe
tomorrow. will carry 100000 ounces OF
silver.
The steamer Columbia arrived this morn
ing from Southampton. bringing $500.000
in gold coin. consigned to Barring. Magoun
& Co., New York.
PHILADELPHIA, Pa. June 30.-New
York exchange was easier in this city to-
day. but continued very scarce. and COM
manded premium of from So to S.
per $1,000. Only few banks were COM
oelled to secure accommodations to their
crStOmarc