New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-07
MONEY GROWING DEARER.
EFFECT Of cHIcAGo's CALL FOR FUNDS

SHIPMENTS OF s2oOV'VVo ~ N''AS 10 N'A'AN
CITY ~ TWO DAYs-coMMENTs ON PREs1.
nrxr c1EvELAND's ANNOUNCEMENT.
cnecnIative sentiment was influenced tom
rorar;,- bv the announcement of President Cleve-
,ord that he intended to call an extraordinary
s.sson of Congress early in September TO consider
6rorcial ubects. Stocks advanced sharply in the
rnornnp on the assumption that the calling to-
oetbcr of Congress would mean that majority
had been found in favor Of the repeal OF the
Silver Purchase act. Bank presidents and bank
crs commended the declaration of the President
in a perfunctory manner. but underneath surface
comments ran the acknowledgment that the out
giving at Washington had effected no change IN
the situation. The news of the day continued
in the main TO be of the same discouraging char
acter to which Wall Street and the country gen.
orally is becoming accustomed.
The intentions of Mr.. Cleveland respecting the
calling Of an extra session Of Congress nave peen
generally known. The only new feature OF MS
statement was the assurance given that congress
would be convened in September instead OF oc'o-
ber the month commonly accepted as the time,
and might be assembled even earlier. Inc fresi-
dents statement was an Official recognition of the
serious nature Of the business crisis, and some
persons think that if a call is now issued for a
effect of indicating the belief Of the Chief EXecu-
tive of the Nation that the situation has grown
even more critical Whether the President
words will do more harm than good is matter
q, dispute. although the bulls in stocFs, VINO
saemed ON Monday to be confident OF some
stem by the Administration, were able 10 make
Iittle speculative turn" by their utterance
NOT CLEAR SAILING YET
vhen NOT talking 10 be quoted in newspapers,
h.nkers are by no means unanimous in their
oo;n;on AS 10 the prospect of an early repeal OF
tho Silver Purchase law. Even if the antl-slver
men are strong enough to effect the repeal ulti-
mately a bitter contest is expected from the Sill
Yer advocates Many persons express the lear 'ha'
the law can be wiped out only In exchange ior
legislation on silver which NAV renew douo' anu
uncertainty The question of the tax on note Is
sizes oil State banks looms up as an unsettlihs lac
tor especially as it has been frequently reporter
that Mr. Cleveland is willing to assent 10 a repeal
of the law in order 10 secure Democratic support
for the wiping out of the Sherman law III Is also
doubted that Mr.. Cleveland will be able 10 secure
assistance from doubtful member, in his ideas of
silver legislation if ne attempts 20 coni'ne 'he
extra session of Congress TO consideration OF
financial easures alone. The tariff demands treat
ment. and there are numerous lusty Democratic
L
in that direction. While. therefore, sanguine
view of the prospect of reform in silver legis-
1ation is greeted as gain. satisfaction among
bankers is allowed by dread Of disturbing tarin
controversies Some persons discussing the SUD-
iect. expressed the regret that when he had de-
cidcd TO make public announcement respecting
the extra session Mr. Cleveland had not more
definitely stated his views as to proper remcdiai
measures instead Of yelling his illusions to the
Silver Purchase law in general terms.
TWO FAVORABLE CIRCUMSTANCES.
The favorable incident of yesterday was the
slight reduction in sterling exchange quotations
There NAV be a shipment Of 100000 gold TO-
morrow by Barring, Magoun d Co.. but ior'i2n
bankers generally doubt that there Will be any
further exports this week. There is DISPOSE
ton 10 wait 10 see if there NAV not be more com
mercal drafts offering account Of the INCREASED
export movement Of wheat. The holding OH Oh
buyers in hope of larger supply of mercantile
bills Of exchange reduced the demand for eXc1an2e
Yesterday and this rather than any inherent weak
ness of the exchange market, caused the easier
rates. The break In wheat prices and the lncTedsn
purchases for export are said by bankers to be
more encouraging feature of the situation than tire
Presidents declaration. II Is the one rIt III 'i'
cloud" was the way prominent bank president
the larger grain export movement will reach pro-
portions sufficient 10 offset the heavy adverse
trade balance against this country and the final
cia community is loath to accept the cessation d
cold shipments more than temporary.
THE DRAIN TO CHICAGO.
Although relieved for the moment Of the drain
caused by the foreign demand for gold, the CITY
banks are beginning seriously TO feel the heavy
a.. han he nf
cago required TO meet the banking crisis in that
CITY, The shipment of funds TO Chicago began %
assume important dimensions last week On Mon
day the shipments over 81 100000, and
Yesterday it is estimated that at least $l.5000oo
IN money was sent to the Exposition City. The
demand has already forced the local banks TO call
loans on securities, and call money at the Stock
Exchange was in sharp demand yesterday at .
rnr cent Bankers say that rise in rates is IN
evitable unless the out-oftown call for cash SUB
sides Advices from Chicago told of severe
strain on the banks there In consequence OF the
runs started by timid depositors on half dozen
of the city's financial institutions. No prospect
was apparent at the close Of business OF an early
cessation Of the runs The situation was az
eravated by the announcement OF faiinre OF a
savings bank in Ohio and OF a State bank IN WIS
consin, the assignment of the Grant Locomotive
Works near Chicago and commercial suspensions
in Philadelphia and elsewhere. The acute develop
ment Of trouble elsewhere is regretted by New
York bankers. who are nervous lest the reaction
upon this city in the way OF high money rates
may increase the pressure already felt here
sHoETIIvED PULL MOVEMENT.
The Stock Exchange enjoyed its extra session
boom generally in the morning hours yesterday
With few exceptions last prices were at or near
the lowest points Of the day The early demand
came entirely from traders who were short,
and when their purchases ceased the market be-
gan TO slip away. James r. Keene was credited
with attempting to inspire substantial advance,
but the bears were not sure that he graft
fed with his Success Louisville and Nashville
sold up to 65 So, but ended at Ga ga Atchison,
Topeka and Santa fe rose to 30 l-2 and closed at
% Is Union Pacific sold from 20 to % 10
Lake Shore rushed up TO 1928 a. but then drop