New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-30
STOCKS BOOM ON REPEAL.
THE VOTE AT WASHINGTON GIVES En-
COTRAGEMENT
SIGNS OF IMPROVEMENT NOTED BY B'NhEF>-
.,.nnr.,...N .n,tA. nA.K- W pROSPEl T
OF RETIRING LOAN cEtTlF;C,TIS.

CURRENCY CONNIE B\tK-NO PNoNff'h
OF RETIRING LOAN CEtTIF;C>TfS.
The effect Of the repeal Of the silver Purchase
law in the House OF Representatives at N"S""s-
ton was discernibe in n distinct Improvement !"
Wall street circles yesterday. The bears TOOK
alarm and covered short" contracts Freely ""r
holders Of securities more cheerful IMAM '"'y
have been in many weeks. Bank officers cor"tSSei
10 being able to breathe more easily, ana some VINO
have been most reserved and cautious in ther ~
pressions Of opinion the situation Sloh' "l"'"
encouraginsly OF the future than they nave no''e
in a long time. II said that there were s'S''
| OF improvement small. it is true bat neNrr'"e'oSS
significant when taken in the Aggregate.
For instance. it was pointed ont by one pan"
president that he had received notices 81 U'r ''"P
ment OF currency in small lots from ont-"i-'"""
banks which would have laughed at the idea last
week other banks have written 10 Inquire ""''"'',
in case they forwarded currency now. the c"nd
depend upon receiving it back in case IL we're
needed a little later. The pr si'lent oil one os
Nassau-st bank said that not single request io'
money contained in hs mail yesterday "'''"
ing Another bank president declared that i"'he
N.v-Lncland mill owner had told him ihat NJ
thought ne would start mp his mill again next
month. ne new opportunity 10 rl''' 'o'
good orders which he did not se' i"st "'eN' ''
interior banks also sending new iinN nv
circulation to this city to be placed by me Nr"-
York banks. These are few OF the Indications q.
the return OF that intangible quantity in h"h'ia'
affairs called Confidence ana II inul'lPh'" ~
the ex perence Of hundreds OF other banking oce'S
here ana elsewhere the Influence becomes p'o
nouncrd in again setting In motion me WHr''H VI
business and exchange II is admitted on all hdh"S
that the revival OF confidence VIII doubtless "e
slow but announcement Is felt over the smallest
signs that the bottom OF siagndtioh ana uep'eS'"'
may have been reached.
The premium currency has not eh'l'eN us
app.or., but IL is down to merely nominal quota
tsTG "
r-mely light. and some of them would furh'Sh 10
LIMITATIONS Zimmerman " Forshay said that they
were paving I.Has per cent Tor cash ana Selling "
at Las, per cent. \ small but favorable SH"''
tom Of Improvement was the payment 81 "''h"
PROPORTION of cash instead OF certificates IN the SET
tcrnent OF Clearing House balances IMAM Las p'7'
th, case in weeks. The Sub-Trehsnry pdh NV"
gold 10 the Clearing House. and soJlcvO gold W'T
paid out on checks cnshed over the counter '"''e
was 5000 in silver paid out. bat $'5" came !" j"
the course Of business The lot OF $."p'V" gold com
received on Monday from thu san Francisco sun
Treasury has not yet been touched. The next
instaIincn is expected reach her" at the rnA OF
the week.
The still existing stringency in monetary circles
was indicated by 4 fresh issue yesterday OF 1lUOV"
Clearing House loan certificates. making the 'o"'
amount outstanding ta2so.v0 wall street Is DE-
mdiug itself with the notion that III case IN" pr
MUM ON currency disappears there will be heavy
made. that there about sls'"""V certih'At"s
which are, not really needed BY the banks. which
may be retired when money fans 7" c"thi'''u "
premium This idea Is strongly discouraged by the
more conservative bankers. II may be- aco'P''n
~ s.mot,ical that no large cancellations are prob
able for a long time. They Will not be made untli
the banks begin gain largely in deposits ana REFUGE
their loans materially. Practically all OF thr
SIS DVJ ISSUED Is In use 10 protect 'he 's'" ~
serves Of the banks. or TO make possible the ai-
ulicatiOm Of the reserves for the b"hrht VI Gus
toners should certificates be retired by banks
which have no Individual necessity Tor u'ih '"'Se
banks would be- exposed TO possible future drains
ON their holdings OF money. The certificates pt"'-
ticalIv perform between the banks 'hr s''''''S
- money either I'm extending mercantile or s"cu'-
ty loans which cannot at present be met OF !"
preventing the banks from lowering their 'aSh re-
.,y.s ,,b.n they are debtors To fellow MEM
beers OF the Clearing House only o. merchants
and stock ENchangr bOrGO"rrs are able 10 pay ."
or 10 reduce their loans. thus Increasing drP"SI'S
and contracting the loans Of the banks. may tr-
tirrmcnts Of corresponding amounts oil ''t'"''"'rS
bee made II IL considered absurd to Indulge III
III. idea that this iquidntlon can Vet be- under
taken without violence 10 legitimate Interests ana
IA. approach of the maximum demand for money
with which 10 move the crops forbds he "Np"'ih-
lions that the banks viii voluntarily Ir'"'" INV"
cash resources by cauc"llng certificates
bankers complain that II H. hard 10 dl-ipnS' tue
altered their ordinary methods 81 conflicting bnSl-
ness They say that the banks have not changed
but that some prisons sought to f"rc" 'h"h 10
change their methods. said one prominent DAMN
president: There are no Instances where the IA
tonal banks have refused TO cash checks o' de-
uositors when this has been Insisted upon what
has been done IL TO insist that customers shon'd
accent checks payable In Clearing House FUNDS
nr.ciselv IA they do In times OF smooth salllhs
When men have been frightened and wished 10
withdraw money for boarding purposes We nave
talked to them and persuaded them AWAY H""
their Intention. have Induced them 10 TAKE
smaller amount OF cash than they wished TO tax" IN
their fear. But where deposltOr has presenter
the check Of another bank against ~ and Insisted
on the money either because he was panlc-strl'hrh
or wished to secure the currency Tor s.IHhb' W.
hay. paid the money and requested the CLOSING 81
the account our principle has been ms: We are
prepared To- do business In panic times the way We
do n I'm other times. and W. expect orr drposH"iS
to do Ia. same. You Will find in London that All
sums FOR large amount- ar" given IN cross ch"'NS
which arr. payable only in checks OF "th'r h"hNS'
omen checks which cash may De Obtained are
issued for only small amounts The fhsliSh SNS-
ten, Of paving IN Clearing House funds Is in force
now Just ~ own system IL, although 'h'F are
not in the midst o. a crisis IN London
In connection with the criticism which Senators
PETER and I'm. In the tinted states Senate. have
been directing against the N'w-N"rk banks 'he
banks Of other cities ar" showing ih"T WITH ~
uathy with the Institutions - Ia" metropolis BANK
.rs here are constantly receiving letters of com
m.ndaiIon from their out-of-town correspondents
nm. banker Yesterday received letter inc"sing he
following resolution. adopted at q run meeting OF
thu hanks Of Omahn. which sent 10 Controller
Eckels and 10 the Representatives OF Nebraska III
Congress
"Resoiyed That the Omaha Clearing House A.
socia;ion hereby approves the course taken hN the
N.w.york Cny banks during the financial crisis
through which We are passing. and believing ~ W"
do that the course adopted by the Comforter oil
IN. Currency and the New-York banks has been
,.;s. and or lnestimabe service to the Who'll" coun-
fry and has prevented what would have otherwise
mi This nHsnrinlinn