The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-06-30
GOT IT. IN The NECK
NsV York, Philadelphia and Boston
Suffering From Their Own Polly.
BANKERS SQUEEZED HARD
They Combined Against Silver and
Now They Pay for IT.
High Rates OF
interest.

New YORK., June sa.-The rates for call
loans to-day reachsd the highest figures
since the present string sncy set in. They
roso to 3-l6 per diem and interest, equal to
about AZ per cent. per annum. The
pinch was particularly sever, this morn.
ing. Efforts were made 20 have tho clear.
ing house banks take out large amounts
of loan certificates to tide over the nrst OF
the month, q critical period. and they
proved successful as the banks asked for,
and tho loan committee issued S6.3Co,00O
In certificates. the largest amount for
any day thus far. The certificates
outstanding amount to si3.S3o,0oo. This
relieved the market aud there was n drop
in the rate to q per cent. per annum and .
rally to 20 per cent. Dealings In time
money and mercantile paper were practi-
cally mt a standstill. The stringency in
money demoralized the Sterling exchange
market, and selling rates fell below the
gold importing points. Banks were lib
eral sellers of bills in order to take advsn.
tage Of the higher rates for money.
The drop in silver in London demorai-
lied tho market here. Stock exchange
silver certificates broke from So. to SO,
while outside of the board commercial
bar silver fell to d aud Mexican dollars
to IS.
Up TO . o'clock not n sale was reported
In the mining department OF the stock
exchange. At the consolidated exchange
trading ia mining stocks was light.
The Sterling clearing house committee
virtually formed syndicate by agreeing
to take out io, OF clearing loan certid-
Gates for the purpose of putting o stop to
tho high rates for money and the panic
that virtually existed IN the money
market. Some of the banks, the Gallatin
aud tho Fourth National, for instance,
had never taken out loan certificates be-
fore aud had no need to do SO nov except
for the moral effect. BY taking out cor
tificates. though, 1t enables them to lend
large sums of money without entrenching
upon the cash in their vaults. As result
of the committees deliberations an issue
of - .Ooo ,OJ In certificates was authorised,
aud all members OF the loan COMMITTEES
availcd themselves OF the opportunity in
proportion to their capital. except the
Chemical and Importers d Traders
hanks. II Is thought that they will take
out certificates later.
The condition Of affairs In Philadelphia
banking circles 10 becoming moro marked.
| According to advlccs received from Phila-
delphia this morning, New York exchange
| in that city is nj half q cent on the dollar.
Several large banks in this city have large
balances owing them from Philadelphis
banks. which latter are unable to remit
on account of their inability TO procure
New York exchange or currency. One
| New York hank has $s50,ODD tied up In
Philadelphia IN that way; another, $500,
900, and another, 10000. The question
| Is becoming a serious one. Unless the
Philadelphia banks remit this week, Il ID
probable. according to some New York
bankers. that discount will be charged on
all Philadelphia exchange received from
| dealers here.