New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-21
WIPING OUT CERTIFICATES.
CLEARING HOUSE OBLIGATIONS NEARLY
ALL RETIRED.

ALL RETIRED.
STOCKS BOOM on COMPROMISE AND THEN ON
UNCONDITIONAL REPEAL RrMORs-A GOOD
BINK STATEMENT AssURED-TRADE
REPORTS And FAILURES
The rapid reduction in Clearing House loan
certificates in New-York will leave this city only
a little behind Boston in the extinguishment Of
these unusual forms Of bank Indebtedness TO which
recourse had to stay the panic Of last summer
Boston yesterday cancelled $4,000 certificates. the
last remaining lot outstanding. Here there were
$4,000 certificates retired leaving only s2IS,OO
certificates in existence. Calls were issued for
$4,000 certificates to be retired to-day. II Is
considered probable that the final retirement OF
the certificates will be effected next week The
banks will probably show n handsome gain in cash
by to-day's statement. and there should also be
a large addition to the deposits. The increase In
legal money Is estimated at 100000 to 100000
| Notwithstanding heavy shipments South to move
the cotton crop. II is expected that a handsome
gain will be recorded in the surplus reserve.
The stock speculation was strong under the IA
| vOrable reception given by Wall Street TO the
reports from Washington OF a probable com
promise on the silver question. The views taken
were from speculative standpoint, as bankers
generally profcssed disappointment at the prospect
Of possible compromise. and some Of them ex-
pressed preference for continuance OF the
Sherman law rather than that result
This sentiment was felt strongly by J. Edward
simmons. president of the Fourth National Bank
that he sent the following dispatch to President
Cleveland:
THE obstructing Senators have placed them
selves In Il position where unconditional repeal
nsls: be insisted upon in order that the supremacy
Of the majority may be established and confidence
in business circles may be fully restored. The
merchants and bankers OF the country are in sym
patty with you. and | hope that you Will stand
firm and moi yield to an insoent and revolutionary
minority"
Charles 5. Smith. president Of the Chamber OF
Commerce. also sent this dispatch
Il have read with care !. Edward Simmons
telegram to you OF this date, and desire to con
FIRM the same. Judging from the best infofma-
tlon can get from the channels OF correspondence
OF the Chamber OF Commerce the coInmercldl ana
industrial interests Of the country, with the ex-
conditional repeal The Senate seems To b. with
out a courageous leader. II is time for d man to
The people Will sustain you.
BEARS RUSH TO COVER.
The Stock Exchange traders however took
buovant view Of the compromise reports. They
frightened the bears into further large covering
purchases and prices rose IN the face Of realizing
sales IL was argued that compromise on the
terms outlined In The TTbunes Washington as
patch would have tendency toward inhatoh,
and there seemed TO be idea that IT mattered
little that nifty millions more ounces Of silver
were TO be purchased before the end was reached
II would be an error to suppose that thr com
promise escaped severe criticism from some con
room traders were satisfied mat any setu'ment
meant a bull speculation. Later In the day, when
news came OF senator Voorhcess Introduction OF a
closure amendment TO the Senats fuirs; ,n WA
argued By mercurial operators mat ms meant
unconditional repeal but at any rate compromise
would he secured.
The most active stock n the market was Amer
lean Sugar Refining. which. On SAFES OF NOR" man
500 shares opened : per cenl sher r a. 81 S'iT
lustrlai stocks generally were feayy Chicago Cas-
10 Coz but then declined 10 isgsy. On "a "a
been begun against The company, The most sc' ",
railway. stock was Chicago. Milwaukee q, ana "a, -,
81 and then rallied to ooNVSo.. Roc. Island ad,
ysneed over per cent 10 a., C'O .aig Dom rs. " 70
Ids0a, Western Union Tel'grnph advanced from
81 on Thursiay to - ending at ~ Inrre WERE nd
Western Delaware and hudson ana MichiSsn Cen
.ngton the Attorn y-General dll not IKE the
shade lover also. The market closed nrm
revival OF rumors that unconditional SILVER repeaI
was near at hand
GAINS IN BUSINESS AZ WELL AZ HOPE.
TIE business failures reported to X. q. Dun 4
Co for the week number $40 for the United states
and % for Canada p total Of So against i37 last
week and 235 for the corresponding week OF l"!
The commercial failures whore the amount in
yolved exceeded $4,000 number,d four against
thirteen last week. The weekly review rays ihaf
there has been much gain In hope and little IN
business" and refers 10 M" ris- IN r.Ecrhl com
moiities and the advance 10 Stocks. IN" re''e"
adds:
with these good sgns there are some not so
good Renewals OF maturing notes 10 large
amount are forced upon he banks here, thorgh
Practically all the Clearing House rertlheat-s
nave becn retired here and az Boston BUSINESS
is go slow that merchants are asking for Tow new
loans and yet the aggregate Of "omnerrial lmd"bt-
eGness must still be laig" The stat" "f ihe Treas
ury excItee som. remark ~ gold surplus having
fallen TO So 81 30 Imports lar brhlnl thos'
Of last year ana the accumulation of go""s IN bona
is unusually large. that customs NJ wei ~ IN
'ernal revenue receipts decrease heavily. IN" root
Of the difficulty f. the decreasc IN CONSUMPTION on
all kinds and r that respect the week has brought
no perceptibc change. 1l' Nolun" o' ZONES
lie trade has been slowly Increasing Tor some
vceke az rcrorts from other cities indicate and In
all comparisons the fact that tran. increased IN
September and October last wear should De k.iN
i'm mind The exchanges at The principal clearing
houses show n decrease Of % per cent ior nc
week which IS eTg than appeared some "e'Hs
ago though IL may be partially due 10 the unusual
volume If payments deferred, ami now made oh'y
art