New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-20

CAUSES IN( REASING THE STRlNGENCl.
THE CURRENCY MOVEMENT TOWARD THE IN
TERI QE-GETTIN1 READY TO PAY
JULY DIVIDENDS.

JULY DIVIDENDS.
The stock market was dull and lStlcs- y'si"rnhy.
and Spectators AID professional trades ah' >eehii
To be afraid 10 do business in the present "'Nc'''"
state Of the Nations finances. Every one was "'i'nS
TO SEE what was going To happen. Nothing III pai'lcu-
lar did happen and the result was general Staeha'oh
In all speculative circles. The demand from '''
inteii bank, for mall currency WAS unhhlhiah'u
and the shipments were estimated at fl'I"',o'' VI
<l.2rO.0OO, some wclin:oimcd bankers placing Tue
amount high as Sl.5o0.oOo. new feature III
the situation was a disposition unaffected by banks
In the East TO begin preparations Tor m'"u"S n"'
tcre,t and other payments due on July l. ~"
managers of these institutions seem 10 feel II 10 "'
the better part Of wisdom 10 accumulate al o"Cc
sufficient funds 10 pay oil such ohliSa'l"''
is unusual for the banks 10 call for money I'VE
-uch purposes until just before the DAY "heh 4"
is to be used and the fact that they have O'-"n
nearly two week, ahead 10 gather in their Hc"'iorA
account, indicates a decided lack Of confidence Oh
their part in their ability 10 get what they may VAIN
on short notice. They evidently THINK that 'i'
safest possible place for the money i IN 'h'r """
strong boXe.. This. Of course. helped I" u-"''"
money tate, and will help TO keep them hEh' 10.
two weeks after which time the interest money Sh""''
begin 10 work is way back to this CIV
There WIS continued talk yesterday - re'"'"
gold movement, CAN money loaned - li9h ~
- per cent and sterling exchange VA wca"-"eaA'I
Than IL has been Cor months. II was pointer "n'
that these conditions would be almo, sure I" attract
gold ON the other side: Int al tn" sam" '"ne ''c'
was always tn, possibility staring tue Importer III 'n'
face that before the yellow metal could he go' h'''
rates might boco me normal again ana ia" lip'p 'uNe
profit be- vilrd oni. Ii j. always barber 10 import
gold 10 export it. ana many bankers wei" i"nn'
Yesterday who believed that IT would not b. u'Sli'""
10 have the natural condition, overcom' N any '"h'
20 artificial the present situation II GOA 'hoH'
IL, lrorsh, here. now 1t would come In the siap' of
~
Just a. soon a, that Interest lowered the folI
would return 10 Europ,. taking more with Il. While
every /, ~nNou, 10 see ii coming TIT "a' az l.
no one want, Il come H. a manner iihi """1'
serve only TO put new element Of uncertainty mo
il condition already badly mixed.
II was Impossible Yesterday 10 harm whether OF
not any bank ind ak.l for Clearing llou,c loan Ger
unciic, or whether any such bad been --u'i. There
were reports IN circulation that S;,OO)oop had been
put out confirmation Of Ihi- could b. obtained
The utmost secrecy WI maintained 10y every b"N ]"
a position TO knox the facs in the ca''. \ meetin-
Of the Loan Committee 81 the Glazing ilou'" va
held in Ia" morning Beyond the admission of u'i-
fact all the member, Of the committee rcfn-"o 10 ave
any Information IN" subject. lh'ir acllnn III ihI,
r,spcci AROUSED considerable criticism. unr hihh
director voiced ia. genera. opinion When y" IN
think that Il /, a foolish policy. III" pITi'
ular~ a, Ia the amount al certificates l-,u'd. I'D"
name, Of the bank, taking them. etc. Will mviiahf
be- learned WIN apprNW"'' COR ~, anu
there, fore better that - N -i"rN should -" mid" "i
,m,nlInhN doc, nain. it " uld also h' b'u"r on
my opinion 10 continue the publication ~ inc w''hy
bank statement usual There j, no "d reason
Why IA" bank, which are weak. or which ar" Jar
below their lawful reserve" should not hr hh'"i' re
rhrn ,c fnr IN. M cya> which hanhs have overturned
Were # not for ID" fici thi' ,on" 81 "ur bank a'"
largely oy'Ttridcd thcir would be no necessity for
There were rnnors ye.'eriay which .c.mcd 10 lr
Without i ,h ,, i inc fnonrd rommmniiy rh
week hy anticipating ID" interest on ''"' il'W'hl