The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-06-15
THU MONETARY SITUATION.
Heavy Shipments of Currency
Westward Continue.
EASTERN BANKERS VIEWS,
Trade in All It's Ramiflcations Ii
Seriously Affected.
Three Large Chicago Mercantile House.
Endeavoring 20 Get Extentions from
Eastern Firms High Rates of In
terest Asked to Tide Over Firms.

NEW YORK, June 1.-THE shipment of
currency to the west and south by New
York banks continued today, and excited
much comment. The amount sent out
yesterday was estimated at more than a
million dollars, and another million was
ordered today. When asked as to the
cause for the large shipment, which was
manly to the west 1.-THE amount sent out
within the last ten days is believed to ex-
csed S14, 0OO. 000) bankers agreed in saying
that the demand was largely due to the
distrust prevailing everywhere in the
country, and especially in the west, where
there have been great many failures
both of banks and commercial houses.
The stringency of the money market is
being experienced at both ends of the line
now. and savings banks, as well as other
banks out west, are fortifying themselves
rs much as possible, and that especially
is the case of country savings banks,
causing the boarding of money in those
places and consequent drain upon the
banks of New York city. AS a result,
many New York banks are being COM
PEELED to call in loans in order to main
tain the lawful reserve. The sending for
ward of wheat, it is believed, will only
account for very small part of the de-
mand for currency from the west.
Last week the United States treasury
took q, 100000 from the banks as a resulC
of the week. operations, but this week
1t is expected the banks viii gain at least
81, 100000 from the treasury and it is very
probably more next week, as the payment
OF pensions begun and Will reach its
height next week.
an ir7dfoo zion ~ borr fla MON 40 ~,
stringency is affecting trade in all its
ramificatlons, it was reported in Wall
street today that three large mercantile
houses in Chicago were endeavoring to
get extensions in this city from wholesale
houses - which they bought goods.
Another indie, ton of the stringency is the
fact that large mercantile house in this
city OF first-class credit and abundant as
sets had to pay u per cent for an extern
sion TO tide it over a tight place. Lack of
buying was also reported to be one of the
unfavorable conditions and it is generally
attributed to the curtailment of credits,
the bad state of affairs in the west and
generally to the money stringency and
lack of confidence.
4 Dealers say the transactions in govern
ment bonds have lately been in excess of
the usual amount. They say the amount
is about 81, 300 600 in the last fortnight.
The supply came from the west, and
there has been decline of about l per
cent. in the price.
There was meeting of the Clearing
house committee today. The meeting
was special one and lasted more than
two hours. None OF the members would
say why the meeting was called or what
was done, but later in the day it was
stated from a reliable source that the
question of issuing Clearing house certi.
1cates as a makeshift in the absence oi
orfx-0 oh xx-oc no ~ CD
So far as learned the committee did no
decide to issue certificates, the matter go
Ing over to a second meeting TO be hello
tomorrow.