The morning call., 1893-07-09
WELDING THEIR HOARDS.
Money Beginning to Circulate More
Freely in the East.

NEW YORK, July S.-The sentiment in
banking and financial circles is more hope
full than it has been since the settlements
of July l were safely made There has
been no radical change in the situation,
but distinct local Improvement is noted.
upon which bankers are building more
hope of return to normal conditions.
1t is admitted that the outlook is still
clouded, and that confidence may return
slowly. nevertheless the future presents
fewer features to excite disquiet. and ii no
fresh unfavorable development occurs the
effect of a calmer and more cheerful feel
ing is expected to result in some revival of
con fidence. A favorable feature is the
sign Of some unlocking of money on the
part of savings banks. To prepare for a
possible heavy demand in July, these in
situations have drawn large sums Of
money from the banks.
1t was expected that the pressure of
necessity as we'll as dstrust might lead to
important calls on deposits, and TO this
extent savings bank officers were correct
in their Judgment The Withdrawals Were
larger than usual, but not 50 much in ex-
cess of normal times as had been feared
One institution doubled the usual amount
of funds in its vaults, and it was nearly all
taken out. The influx OF deposits since
July 1. however, are said to have been sur
prising large. so that some of the savings
banks are beginning to restore money to
the banks. The deposits are believed to
be smaller than in ordinary seasons. but
the falling off has not been so great as was
looked for.
t. ;e IT. 1>vvG ,Hos ntn1 Abck
the savings banks will abandon their con-
sentative policy in view of the unsettled
state of currency legislation. But. in the
absence of bad news. it Is believed that
there will be the gradual return of the
money from these banks to the regular
channels Of financial trade.
The outflow of currency to the interior
has virtually ceased. and receipts are be-
ginning to show an increase.
That the monetary situation still needs
artificial aid was indicated by the issue OF
half a, million clearinghouse certificates
Thursday, raising the total issue to S22,-
$4,000. Several large banks are in posi-
ton to cancel a considerable amount of
loan certificates, but the wisdom of the
step is questioned by SONS bankers. A re-
issue that an UNEXPECTED emergency might
compel would have, it is feared, q detri-
mental effect.
1t is believed by cautious bankers. we'll
acquainted with the situation. that the
limit TO the amount Of certificates required
has by no means been reached. The crisis.
which was so threatening last week. is
safely passed. but it Is believed that the
necessities OF the situation will require
further utilization of this machinery of
clearinghouse credit
Money on call nominally 4; bar silver,
70H; Mexican dollars. SO, mammal. Silver
sales. $4,000 ounces. Prime mercan tile
paper. to s. Sterling exchange steady.
At the Stock Exchange silver certificates
opened weak on decline in bar silver at
London to SD rer ounce. The closing
quotations here yesterday were Tx to
71I. After II o'clock sales were made at
7lA to 721s. The fact that the Treasury
Department has accepted $4,000 ounces Of