New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-01
FEELING IN WALL STREET.
BANKERS CORDIALLY CONMEND MIX
CLEVELAND'S COURSE.

THEY ARE GLAD He nAs At LAST YIELDED TO
THE oFrgEpFATED DEMANDS or THE
| PEOPLE POSSIBLE CONSEQUENT
OF THE EXTRA SESSION.
Wall street went away from business y'S'er'".
with only u few persons acquainted Win ~" 49,
news for which II has been longing h""'N' '
| Ing ~ an extra session Of Congress by frcs'u'"
,,c,ana EARLIER than he Ind originally lntenied TO
.,u A. IL. u ,sltivc announcement was taken I'd the
tyv houk officer, who remained ~ their desks "'e ny
rcvspapr reporters seeking expressions vi "P'""''.
Comment Wa, uniformly of favorable chaiHc'e| ""'
| eNpr..sons were emphatic that the action oi 'le
Administration would have an important en'cO III
alInylng the prevailing distrust In hnancl" c'r'"S
| The incidents Of the day had generally been oi an
encouraging nature and the Intense strain ol ihniS
day hai largely worn away. The radical a'"o' '"
0 five leading down town banks In literally applying
FOR Clearing House loaa certificates had broken the
| congestion In the money market, ana u WIS "h'e
more possible 10 borrow funds. even II the rates
cyactrd were still high. There had also been reports
Of heavy engagements Of wheat Tor export Oh "l"
high hopes had been built OF an influence on foreign
| exchange which might draw gold TO TINS Sh'r'
from Europe A rally in silver from It's previous
cxtremc depression was another element that added
10 tho improved feeling. and all these factors com
flncd TO stimulate n substantial recovery IN the stock
speculation.
REPORTS WHICH F0RESHADowED THE ACTON
Perhaps the most effective force In Inducing rally
I'm values was the rlmOrS which foreshnho"ei VI"
action Of the President. officially made public late IN
the day There had been frequent reports through
tho week that Congress would be assembled carrier
than september. The impression was strong Mt IN"
close Of Thursday that this would be- DONE ana
| Yesterday the belief became more general and more
nositiyc The camOr OF the country for an early
session Of the National Legislature had become ionh
enough to penetrate the White House walls Boars
OF iradc and financial bodies in all parts OF IN" lana
nave this been adopting resolutions calling most
urgently upon Mr.. Cleveland 10 abandon his policy
Of inactivity which suffering business Interests could
bv no stretch Of the Imagination. call masierly.
conkers and merchants have daily been pouring let
Tor, into the Presidents mail. demanding that some
step should lie takCa to relieve the financial strain.
II seemed almost If the whole community were IN
mass meeting calling for the Ex"cntiv" 10 give Con
cres, an opportunity To shape some legislation which
would promise rescue from decentralization and panic
MIR CLEvELANDs OBJECT Lesson
The Administration had permitted lis object les
son" upon IN" existing financial laws Of the nation
10 be carricd far as ~ bring tn" business word
Ia a dangerous brink. Conservative men have used
The strongest language 10 depict the crii, with
which thii city was confronted when the banks on
Thursday used their credit and resources most hb
orally, MT for the protection 81 their own particular
Interests hnt to prevent threatened collapse ~
startling proportions The extraordinary occasion
which the PRESIDENT declared In his announcement Of
June j. would be- the only force which would Induce
him TO assemble Congress before the mddl" u sep
tcmbcr WIS realized by the financial and commercial
community kecny Thursday. and II wa, only by
private cXcltlon not through help If the Admins
trniion that the extraordinary occasion" failed 10
bring Mr.. Clevcands "objec le~,'n' 10 disastrous
end. The sitnlu1l additionally demor,lt"d by
The order Of the British Government closing the minis
Of India 10 tho free coinage Of silver threatening. A.
was believed. an early denonciizalion Of the white
metal in that vast Eastern empire The appeal 10
the President f;r faction. action" In ihe emergency
became. with this development. too strenuous 10 be
resisted. and even the pplnc calls Of the Mucwnmp
press mingled with the cry that went up from the
afflicted financial world.
WALL STREET's CONVICTION.
II has been the conviction % Wall street and II,
extensive ramlhcatlon, ~ Interests that President
Cleveland woud summon Congress together only when
he was convinced that majority could h" dcpcnfcf
npon for pal Of the silver Purchase law Of 1890.
Ert whether This conviction will hold now that Con-
grcss has been called under the stress Of = trcnrn
dos popular demand may not be guessed, for th"
nrwS came too late 10 secure wide verdict In
banking circles 1t would seem probable, however
that irrespective OF the question Of the ultimate course
Congress, the sentiment OF inr community VIII nan
tho Presidents action ~ Il benefit scn'lmena.iy 10
the situation. The demand for early session
based ~ It /, on the growing belief that tho sher
man law viii be- wiped of the statute books had brcOnc
so urgent that the simple granting OF ih" request
bankers Think will help greatly TO relax th" none
tary tension. 1t Is now known That ia" l"gt'nti'"
branfn OF the Government will BE- permitted TO pas
upon the legislation needed 10 restore business
Cdencc The Administration will he compelled 10 out
line decided poll 3 for discussion. Tia" call for the
extra session removes the element Of uncertainty
which has been torturng the public mind ana II
fixes a date toward which bankers aud merchants
NAV look with hope fear. according 10 their belief
In The wisdom of the controlling party. and which
may at last be- definitely rcckon,d with, IN prrparI-
lions conducted either optimistic or conservative
l!nrs may BE- deemed best.
POSSIBLE CONSEQUENCES OF THE MEETING.
business men are not yet prepared 10 consider IN
their full bearings the possible consequences OF the
meeting Of Congress under existing conditions The
fir, impression Is naturally one Of satisfaction mat
the long in1clon Of the Administration In th" lace
az grave inanci;l outlook = al IN crd This Is
strengthened. too ty the common opinion that the
first step OF Congress will be 10 clear away III"
silver Purchase law as preparation for tn" con
s,dcration of new currency policies, BANKERS not
disnoscd TO "borrow trouble with regard 10 the
constructlv, legislation which may come from the
hands OF the dominant party. II may not be- ig
nored however that The situation at Washington may
no complicated BY the fractional strife that l. now on
the eve II breaking t. the surface In the Democratic
Marty The possible rally Of silver advocates for a
lac. struggle In defence Of their theories l. element
Which business men expect TO cope with. and II Is
noa supposed that these will rest In the labor
Of educatingn Congress at Washington. II that task Is