The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1893-06-16
Special to the RECoRD-UNIoN.

Special TO the RECORD-USION.
New YORK, June 15.-The stringency
in the money market was more marked
this morning. The call loans ranged
from to % per cent. until near o'clock,
when the rate dropped to 6. Time money
Is difficult to obtain, and nominally 6 per
cent. is bid. Thus far 100000 in small
bills have been taken from the Sub-Treas-
ury for shipment to the West. The ex
press companies report the movement
large.
In view of the serious drain upon the
banks here, caused by demands from the
interior, the Clearing house Committee
proposes that every Clearinghouse CEN
ter in the country issue Clearing house
certificates, which would make available
for use between the banks a vast amount
Of perfectly good assets, which are now
uncurrent. In the opinion of sagacious
and conservative bank officers in this
city, this would be long step toward
The restoration of confidence.
The last time that clearinghouse loan
certificates were taken out was during the
Barring trouble, when the example of the
New York banks was followed by Boston
and Philadelphia. This course would
virtually make each Clearing house
group a single bank of discount, and
would distribute the burden of accommo-
datlons more equally than at present, en-
aiding Institutions short of cash to obtain
1t from their neighbors without attract
ing attention or creating distrust.
The general meeting of the Clearing
hnnGn ct
Jams, OF the Clearinghouse Committee.
said: 1.-The action of the committee, as
Jar as taken, has been largely with the
view of giving tone to the country. 1t is
likely to be followed by the other centers.
The citadel is all right, but it wants to
strengthen its outposts"
The meeting adopted a resolution to
appoint committee to receive from
members of the association securities to
be approved by said committee, who
shall be authorized to issue therefor loan
certificates bearing s per cent. interest per
annum, the certificates to be received and
paid IN settlement of balances at the
Clearing house. No certificates have yet
been applied for, but the Loan Committee
VIII meet tomorrow to receive applica-
tons.
Speaking Of the monetary stringency
and the shipment of large amounts of
currency, particularly to the West and
Northwest, the President of one of the
large national banks said this morning:
The demands from the country banks
Tor rediscounts are larger at present than
at any time in my long experience,
and particularly from banks in the West
and Northwest. The demand is general,
however, and extends from the Pacific to
the Atlantic. 1t set in" he said, NEARLY
three months ago, and had gradually in
creased until it assumed the present large
proportions. AS, however, the banks
asking for rediscounts this week, were
sending in their shortest time paper.
paper maturing in a month or six weeks.
that was regarded as an indication that
the country bankers did not expect the
demand to last much longer, and it was,
therefore, hoped it had reached its hight
The demands from the South were only
such as are expected this time of the
year, and are not unusually large"
MOTIONS OPINION OF SILVER.
New YORK, June l5.-Secretary Nor
ton, according to the Posts Washington
correspondent, since his return from the
West, has urged upon Secretary Carlisle
the expediency Of selling lot of our store
of pig silver for what we can get for il
and turning the proceeds into the Treas
ury. Carlisle responds that there is nc
law under which he could make such
sales.
1t has been suggested, therefore, that
he treat the stuff as other worthless and
cumbersome truck is treated in the de-
partments, appoint a board to condemn
1t, as no longer of use to the Government,
and then call in the auctioneer.