New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-06
CONFIDENCE STILL HALTS.
MORE EASE IN CALL LOANS But MONEY
STILL STRINGENT
FOREIGN EXCHANGE MATERIALLY HIGHER
FURTHER ISSUE OF CLEARING HOUSE CEh'
TIFICATEs-sTocKs DULL BUT
DEC LINING.

FURTHER ISSUE OF CLEARING HOUSE GER
1F1CATEs-sTocKs DULL BUT
DECLINING.
Tho comn,etion Of the settlements incidental to
Ju,y I without any conspicuous railroad deiault OF
onv se+ous business failure. has by no means Dioug"
important relief to the monetary SITUATION I've"
the prospect OF early session OF Congress- WIN inv
hope OF repeal Of the Silver Purchase law. mas ho'
sufced 10 restore confidence TO the extent neSreu III
banking circles. Usually the fourth day after the
Jn,v dividend period brings complete relaxation
In financial circles but bank rs yesterday were re-
,nctont,v compelled to admit that they saw little I'M
proycmcnt IN the monetary strain. The extreme
tension Of course. Is relaxed. and the Atuauoh uoeS
not present the acute ph'sc which last week "'S ~
ueved only by the action Of the leading DOWNTOWN
banks. but dlstruSt and uncertainty sui appear "
pervade the money markets.
The market for commercial paper continues IT,
s,ric,cd and the mercantile community obtains ac-
conmodati>n only at considerable cost There Is
great scarcity Of currency In the CITY, Ihe p"hhs
Yesterday exchanged $4,000 large bills for smah
notes at III, Sub-Trcasury. in order to supply the
savings hanks with currency 10 b" USED IN the pay
mont OF July Interest on deposits Part Oh the
scarcity Of currency due to the immense sums which
have been locked mp by the savings banks ana truS'
connan,es The savings banks must he prepared 10
mcct PAYMENTS Of interest through this month"; anu
the strinccncv Of funds week warned them to hold
ment, The trust companies are holding heavy
amounts OF money owing to the prevailing diS'ruNt
for fear that they might not be able to obtain money
from the banks in any possible emergency 30 ioie
rs confidence remains disturbed II is dhlcnt 10 see
how th.re may he relief from this state Of AFFAIRS ana
disappointment Is felt that the situation does not re-
feet more OF return confidence. now that tho hrSt
OF Jnlv has been turned without confessions oi IN
solvency.
The banks here took out only 100000 clearing
House loan certificates. raising the total Issue 10
G2ol15OOO The existence OF this immense V"lume
OF outstanding certificates causes scarcity OF cur
rcncv between the banks, and this VIII continue
until the amount begins to diminish. reo"ohon
in the volume may not be accomplished however
without n calling of loans colaterals. ana IN the
present state OF the security markets III" o'lhS are
reluctant to force sacrifice. Liquidation Il ho'
likely TO be attempted until some crcumS'ah'e II"
creases the market demand. II Is fortunate ''a' 'e
call for funds from the interior has virtually ceased
hut bankers are compelled TO net with view to meet
ing the natural call that will be felt IN moh'h vi
TWO for money to move the cotton and grain crops
Ar encouraging fact was the absence OF demand III
the subTreaslry yesterday for telegraphc transfers
Mt San Francisco. The Sub Treasury gained S2ooo"o
gold
Tn. call loan market at the Stock Exchange re-
aected a slightly easier tendency although II Is DO
criterion to the monetary pressure In comm'rcil
circles The money loaned bv the banks which TOOK
ont Clearing Honse certificates last Thursday was re-
loaned Yesterday at Is per cent. Other renewals o
loans were made at 1o615 per cent ht'le Now ouSl
ness was done but after early rates OF loao per cent
there was gradual decline In Quota'lohS TO inc lH
rate The lower price for money instantly S"'"E'H
ened the foreign exchanges, which also were aiecu
bv the decline in discounts In London Fommerc"l
tills continue scarce and there + more OF demand
for remittances on account of July payments Of IN
,erest and dividends and on account OF sales OF s''
ties BY European holders. The rates 1or s'ei""e
drafts rose fully l cent 10 the g. ana FRENCH lT"''s
were even stronger relatively Lazard fTercS 'u''u
in $3.50 600 gold in Spanish douboons at the Assay
Office on Monday, and they Will turn III o0'o0o
mar, Tomorrow This gold came from south America,
and the firm says that 1t IS received on speVlu
transsction. The cable announcement that 1loo'ooo
had been withdrawn from the Bank oil EAisiahu III
export to Montreal Is also understood to be speo'a
transaction. In view Of the strength which mas re-
turned to the foreign exchanges, bankers confess '
there is no prospect OF an early n1uA OF Tue
metal -....,,.
The bears in the stock market have apparently
becun TO renew insinuatons as TO the hhahci"
standing OF prominent persons In order 10 ninue"Ve
foreign temper. The weakness In American s'oV ND
in London was said TO be due TO cable dispatches
cent from this side reporting that railroad capl-
tsust identified with Pacific Coast enterprises had
become entangled Oh account Of inability TO renew
loans One London dispatch 10 Il NewlorK paper
mentioned the name Of G. P. Huntington In re-
gard to these reports Mr. Huntington made an e,I
nhatc denial OF their truth far Us they were sup
posed to concern himself personally or the eou.heTn
Fsoiic system. With regard " the runor tas' Me-
G62tral Pacific would pass ito August oiVleehu, 'l
Huntington sdid 1.-THE company's Intention is u
nav the August dividend and the rumor Is merely
The stscS market yesterday was duplicate OF
Mondays market and that of the last hour M ee
irsm.ly dull but the light offerings depressed prces
generally from TO per cent Inc unce dsmanS
md the disposition among European holders Of Of
American securities still is to sell The snor.sivsu a
o.H for an August session Of Congress, mas been
followed by steadily shrinking values The follow,
.aS. shows the losses which have occurred from
thee best prices Of Saturday morning according 70
ttbe Anal quotations OF yesterday, in the Leading