The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-12

member of the Stock Exchange said yesterday
OF OFF foreign newspapers weTe now charged with
greater responsibility than eyer before, for, y
abroad very serious damage hy Transmitting
the loose and hysterical talk OF unreasonable
and unbalanced advocates OF unsound none
The action Of the sub-Treasury on Monday
In paying gold coin to the banks that have
ment over its counters seems 10 have had the
desired effect Of disseminating the. practice.
still. at a meeting OF the Clearing House nlan
operafion should any OF the hanks begin to
take unfair advantage OF their associates
Mouss i loan eertfcates were issued, nor we're
any, retired After the meeting the Chairman
the GSipg H?nsS LSs1 "n
about $4,000 900 have been used. The re.
mainder is held to meet possible emergencies.
amount will he retired until the financial con-
ditlon OF the country becomes more settled.
ship@ e nt Of sSs5 gold from london to this
city. and the Custom House returns showing
Week Week ending last nisht the amount being
sSs0o.0O0., OF which Sl;40ooOO represents
hsms aHs o That @ss'
m and In The G to and
rate oi money here. that have Kent the rates
profit.
the committee that has Undertaken the reor.
ganization of tho National CordaRe Company:
ph a M Si Of
mon stock Of the company and nearly $4,000
shares shares Of tGSk had been ds
EompSny Under tSe pnn Of reosanzaton
The proportions Of these deposits to the tota
rs per cent. Now that the committee has cx-
tended the time for dspositing the remnainaae Ter
installm OF subscriptions to the new issue
Of preferred stock to Aug. 10; with ak per cent
praessy ali Of the shares viii to the
plan. and thus facilitate the work OF rcorgani-
The deposits already made warrant the COM
mittee in declaring the plan operative. hence
1t will at once proceed to organize the success
rangements for an absolute transfer OF all Of
the properties controlled by the present com;
yesterday a large number Of communications
from the Presidents Of prominent financial in
anss ss President thu sSs p1
shs % q SPass rps e a
the stock deposited with 1t have been listed on
pal dealings in Cordago will be in those certih-
terday BY despatch from. PhlIadeiphi stating
as New York. Chicago. and st. Louis. petit
tim ss % hs
Sy Ssn E shs
viii have q. Very benedciall influence. upon
1b InIat! banking and mercantile in
The feature Of this proceeding that appealed
not to say impertinence. The P6iadeIphia
banks virtually suspended payment. so far as
wcsE
ceeds Of drafts and notes sent to Philadelphia
for collection have been obtained by the New
York banks with the utm ost difficulty for tho
not get New York exchange excert at rates
dition Of affairs. when The time A f;erween the
banks Of the two cities is less than three hours
Philadelphia has not shi pped currency over over
here Is that H banf r out
nnds Ss and the@ ane feepnr the
reserve much, Il any. above legal requirements
course the object rect. q the n,v Pnsdepha
serve centre is that they may attract and hold
the deposits of country banks. but IN view oi
Tie COUNTRY banks by ShIsaso. it Is not likely
to Sdslphia Eite yns. even should the
Secretary Of the Treasury grant the request OF
AS to the future Of the money market. bank
ers generally are Of the opinion that. as soon
as the Com troller OF the Currency cal 10 for a
statement OF the national banks which call is
now due. the interior banks will relinquish
some Of the money they are holding on TO- and
send is back to their correspondents in this
city. The question was raised yester-
day as to whether tho money so re-
turned would not be withdrawn again in
the near future to move the crops. The an
swer given In a number Of cases was that pres
ent indications are that Europe. owing to tho
failure of its crops. will furnish the bulk OF the
money required to bring forward not only tho
wheat now in Western elevators and store
houses. but also that which Is about to be har-
vested.