New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-10

concerns and other corporations employing large
numbers Of laborers. These are experiencing much
the same trouble that the Newly York Central hai
in getting the proper kind of money for their pay
rolls Their banks are unable to supply them and
they have TO into the open market ana Duy
it, The difficulty is increased in many cases by
the laws which have recently been passed IN sew
era States for the protection of worknSmen' max
ing the weekly payment OF employees compulsory.
Where payments made monthly or every two
weeks 1t is a poor operative who Is unable to earn
at least 500. on such payrols double eagles, OF
which there is a plentiful supply couiu DC used
Under the weekly payment system anu WIN 'he
short hours which many mills are running. the
individual payments are small and double eagles
are unavailable
As was last week intimated in The Tribune might
be the case the banks of this city have doubled
the rate of interest charged their country corre-
spondents for loans and discounts raising IL 10 l.
per cent. They have taken this action as mat
ter of self prot and for the sake OF dscourag-
ing as far possible the practice which many
country banks have fallen into of obtaining ac-
commodation in New-York at 6 per cent and lend
ING the money to their own customers at II to is
per cent This the New-York bankers look upon
as rather an imposition on themselves, especially
AS they are nearly all carrying large amounts Of
loan certificates which they have TO pay
per cent interest.
Others among the out-of-town banks are known
TO be boarding currency. They have accumulated
large cash reserves and endcavoring TO con
tinue loans here at per cent instead of returning
the money 1t is hoped that the l. per cent
charge will have tendency to cause liquidation
and unlock the funds now boarded. The shipments
of currency by the banks not heavy yester-
day. being estimated at less than $0l~jO The
sub-rreasury paid out the counter about
$50 900 in gold and $4,000 in silver. Its debit bal
ance at the Clearing House nearly $,',0VD was
paid in gold
The Clearing House Committee issued $2opO~ in
loan certificates bringing the total up to s56'o1Oo
There has been much comment on the fact that
the outstanding issue OF loan certificates largely
exceeds the amount that was found necessary IN
1873 Speaking of this yesterday, J. Edward SIM
mons president. of the Fourth National Eahk'
said that he had looked up the figures to see
what the proportion of certificates issued in 1875
was TO the deposits then held, and how 1t COM
pared with present percentage. He found that
on November % 1873 the bank statement showed
deposits in the New-York banks aggregating $ltA-
9s7 900 The total of the loan certificates issued
was $26 900 154 per cent of the deposits ON
August 5. 1S9S-last Saturday-the bank statement
showed aggregate deposits Of $72,9i5@o. There
were on that day S}j.ojOC00 in loan certificates
outstanding, or only "a per cent Of the deposits
II the same percentage of loan certificates should
be issued now in 1873. l5.4 per cent. the amount
would be So cO therefore the banks still have
considerable margin before the real record Of 1915
is broken.
One unfavorable feature of the situation that has
not attracted general attention is found in the con-
tinualiy decreasing revenue of the Government.
which is building up large deficit for Congress 10
meet According to the comparative statement OF
receipts and expenditures of the United States IS
sued on August / by the Treasury Department,
the Governments income for July was only ~
e05 776 10, while tie Disbursements were $@.s'aSs;
For the month of July lS be re s2 s were
ing deficit of s20lssio - owing TO me haiu
times imports have fallen off san more since Au-
gust /. and consequently so has the GoVcrnment
income while the expenditures authorized BY the
last Congress-a Democratic Congress Of 'retrench-
ment and reform continue to call for undimln-
OF imports. which has been one oil the IN
uences operating TO change the balance oI trn ,
an influx OF gold. is therefore working at The same
time to reduce the Goyernments income ana IN
The widest variations in yesterdays stock mar
ket were in General Electric. After the shares
had advanced a from the opening, a. rilmors when
proved TO be false carried it down 10 @Ii2 on total
dealings in 3si57 share9 the highest record OF inc
ried the stock back TO An. which was the closing
price The Finance Committee OF the company
Offices 81 in t the Edison uildlnG The only state
ment given out after the meeting was that The
floating debt had been provided for in accordance
with the action taken al the last meeting oi me
directors when IL was determined 10 sell sufficient
Treasury securities TO pay the floating debt OF
100000. 800,
not large business. but one considerably ahead
of the average records of the last few days. Amer
can sugar Refining COMPANY which was e, ono o.
closed at Ms. which was only - off from the high
est point topGhe9 hcag S Gas s1f do csIrd IRON
10 4Sis The only other stocks that compared with
tie lndustrels IN activity were 81 PAU ana West
to 507s but closed at '5s after touching o3i West
ern Union opened at . and closed at the same
figure. after reaching the two extremes OF '2= ana