The morning call., 1893-06-15
MONEY SENT OUT.
New York Called to Aid
the West.
RELIEF IS COMING SHORTLY.
In the Meantime There Is a Fear
That Only Ready Cash
Can Allay.
Special to THE MORNING CALI.

NEW YORK. June 1.-THE shipment of
currency to the West and South by New
York banks continued to-day and excited
much comment. The amount sent out
Yesterday is estimated at more than
S1,000000. and another $1.000.0o0 was Or
dered to-day. When asked as to the cause
for such large shipments, which are mainly
to the West, the amount sent out within
the last ten days bsing. it is believed, more
than $14,000,0 900, bankers agreed in saying
that the demand was largely due to the
distrqst prevailing everywhere in the
country, and especially in the West, where
there have been great many failures in
both banks and commercial houses. The
stringency of the money market is being
experienced az both ends of the line now
and the savings banks, as we'll as all other
banks ont West, are all fortifying them
selves as much as possible. and that, espe-
cially in the case of country savings banks,
causes the boarding of money in those
places and the consequent drain upon the
banks of New York City. As result
many New York banks are being COM
PEELED to call in loans in order to maintain
their lawful reserve.
The sending forward of wheat, it is be-
lieved, will only account for a very small
part of the demand for currency from the
West. Last week the United States treas
ury took $1,000,0 900 from the banks as re-
suit of the weeks operations. but this week
it is expected that the banks viii gain at
least S1000,000 from the treasury, and
very probably more next week. as the pay
ment of pensions has begun and will reach
its height next week.
As an indication of how the m onetary
stringency is affecting trade in all its rami-
fcations, it was reported in Wall street to-
day that three large mercantile houses in
Chicago we're endeavoring TO get eXten-
slons in this city from wholesale houses of
which they bought goods.
Another indication OF stringency is in
the fact that large mercantile house in
this city, of first-class credit and abundant
assets, had TO pay ~ per cent for an exten-
sion to tide it over a tight place. Lack of
buying Is also reported to be one of the un-
favorable conditions. and it is generally at
tributed to the curtailment of credits, the
bad state of affairs in the West, and gen.
orally to money stringency and lack of
confidence.
Dealers say that transactions in Govern
ment bonds have lately been in excess Of
the usual amount. They reached about
81, 100000 In the last fortnight. The sup
ply comes from the West, and there has
been q decline of about per cent in price
There was meeting of the clearinghouse
committee to-day. The meeting was a
special one and lasted for 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 reliable source that the question of
issuing clearn g-house certificates as a
makeshift in the absence Of ready cash
was the subject of discussion. So far as
can be learned the committee did not de-
eide to issue certificates, the matter going
over to a second meeting TO be held to-
morrow.
Further demands were made from San
Francisco to-day for money and a consid-
erable amount was expressed. The money
is supposed to be wanted for the State of
IVochin0top