The morning call., 1893-06-28
BANKERS Go VERY SLOWLY.
Conservative Policies Will Rule
for a Little While Now.
1T WAS A VERY SEVERE FURRY
But There Is Every Indication That
the Worst of the Storm Has
Passed.
Special to THE MORNING CALL

New YORK. June 27.-While. according
TO bank officers to-day, there was no
change in conditions to warrant anv
marked increase in Stock Exchange prices
there were not lacking reports of char
acter calculated TO suire confidence, as
well as some facts which justified belle
that the outlook was brighter to-day than
yesterday. The rate of exchange amply
warranted imports Of gold il there was
enough exchange obtainaDle at the figures
quoted. but it is not believed enough bills
were offering to cause large imports at this
time. The sub-treasury paid out large
amount of interest to-day, its debtor bal
ance at the clearing-h house this morning
exceeding S1,4O0,000, most Of which was
for interest.
Early this morning $4,000 in gold was
deposited at the sub-tressury for tele-
graphic transfer to San francisco, and it
was expected that 100000 more would be
sent in some way to-day.
1t was said also that there were some
inquiries for similar transfers of money to
New Orleans. No currency shipments to
the country were reported at the sub
treasury, but the banks shipped between
100000 and 100000 to San Francisco
direct and also various small sums to
banks in Buffalo. The indications are
that currency is returning to this city from
the West. One bank received S250,0o0
from bank in Chicago to-day.
Generally speaking the bankers to-day
reported the financial situation somewhat
easier everywhere, but qualified the state
ment by saying that the demands for re-
discount, while no larger, were very gen.
eraI from all over the country. No clear
ing-hOuse certificates were issued to-day,
but very serious state of affairs devel-
oped in Philadelphia. Several big banks
there were practically unable to remit to
the banks of this city the balances due
them for remittances, and Philadelphia
exchange was practically at premium to-
day in this city.
The Philadelphia banks say that the v
are unable 10 procure New York exchange
and cannot get gold or currency to ship.
One bank in this city has $500. 900 locked
up in three Philadelphia banks in that
way. Of course il could send down there
and demand the cash, but it is unwilling
to do so. The probability is that there
will be larger issue of Clearinghouse GER
tihcates in day or two, and then the bal
ances due in New York will, 1t Is pre-
sumed, be paid. In the meantime, how
ever. business men having drafts on PhIla-
delphia will not be able to get credit for
them here except at a pretty large dis
count.
Frederick d. Tappen, president of the
Galatin National Bank, and chairman of
tile Clearing house loan committee, speak
in of bo eli
house balances were small to-day and we'll
distributed and everything looked easy
and comfortable. | think" he continued.
there will be great Improvement in the
situation after the July disbursements
have been made. / do not expect to see
any great shrinkage in values on the stock
exchange. l do not see on what any one
can base an expectation of shrinkages. In
my opinion the shrinkage has already
taken place. The action of the Indian
Cover nment on the silver question is the
most important piece of news published
this week, as it leaves this country the
only one in which there is market for
silver.
The situation in wall street Is further
complicated by the lates DEVELOPMENTS in
silver. This started renewed LIQUIDATION
yesterday. and rivlted attention on the at
titude of the incoming Congress regarding
the Sherman silver purchase law The
great majority of Wall-street people are
anti-silverites. Their interest lies in the
repeal of the law. They argue that the
compulsory purchase of silver monthly
must be abolished before there can be any
lasting improvement. Meantime specula-
tion or the Stock Exchange is at very
low ebb, and the variation in prices from
day to day, save perhaps for the closing
out of the account of some belated bill.
simply reflect the operations of the profess
sional element. Conservative, houses are
doing everything in their power to limit
trading, for the reason that leading firms
do not care TO charge clients more than
the legal rate of interest on transactions: ::
neither do they care To pay the difference
between per cent and So to 40. After re-
viewing The situation Wall street is con-
tent 10 go slow until Congress shows
way in the silver matter and the money
market'returns to something like its nor.
nal condition.
WASHINGTON, June 27.-Since June 6
the Treasury Department has gained
S6.1O6. 544 in gold. the net gold to-day being
500, $685. 907.
SOME FEW FAILURES.
The Faint Mufteriuoc Altar tho G,Ia