The record-union., 1893-07-01
FINANCIAL CIRCLES.
MONEY THE CENTER OF ATTRAC-
TION AT NEW YORK.
Situation Reported to Be Much Easier
Spectators Pay Big Interest
For Money at Chicago.
snecial to the REconp-uxroN.

New YORK, June 30.-Money to-day
was the center of attraction in financial
circles, rather than in the stock market, as
a result of united action Of some banks
| represented in the Clearing house Com
mittee, in taking out Clearing house
certificates for their respective banks.
The situation was reported to be much
easier, in consequence of the prompt
! steps taken by the banks to avert money
! panic, and on every hand praise was
| heard for the Presidents of those banks.
| The banks which took certificates freely
| lent the money thus made available with
out decreasing the cash in the vaults
shown by the debtor balances at the
clearinghouse this morning, which of
course paid in loan certificates, which
had to be taken by banks having credi1
! balance.
The rate for call money this afternoon
prior to 3 o'clock was 35 per cent. Many
loans, however were renewed until next
"Wednesday at rates varying from 20 to %
per cent. 1t is said there was not much
commercial paper offering, and it was ar
gued from that fact that the merchants
were in fairly good shape.
The bank officers reported demands
from the country much lighter in
amount, but the applications were very
generally distributed. 1t was noticed
that only very short time paper was be-
ing received, and that was believed to in
dicate the belief that the strain was about
over. There were no extraordinary ship
ments of country currency by quotations
from London, where all American securi-
ties are higher.
Stock Exchange houses are indignant
over the methods employed by certain
bears in locking up money. They claim
that firms employed by the bear opera
tors bid fancy rates for funds, and after
obtaining the funds have not used them.
In other words, they secured a call on a
lot of money, tying it up and depriving
those actually in need of the funds from
using them, and when they have brought
about the decentralization in the stock
market, which is their main object. the
lenders are notified the money is not re-
uuired and a small difference is paid.
This has been carried so far that the
Governing Committee of the Stock Ex-
H.,
investigate the firms engaged in this
manipulation. The feeling runs high
against parties engaged in this fictitious
borrowing.
BIG RATES OF INTEREST.
CHICAGO, June 30.-Scared speculators
had to pay 80 per cent. interest to-day for
money to carry wheat. The liquidation
was on a stupendous scale. 1t was the
last day before July delivery, and num-
bers of unlucky traders had held on to
their July wheat hoping for some bulge
or squirt on the bull side to let them ont.
When the last day arrived, and Septem-
Der was at too much Of premium TO buy.
the only thing left was to throw July
wheat on an already sick market. This
made sensational turn, and resulted in
knocking prices to a point never before
reached. Eee low record has been broken
many times in the past six weeks, but at
no time so abruptly as to-day. After a
session of great excitement, July closed
Il to lower than yesterday, though yes
terday's figures were the lowest previ-
ously known in the history of the Chi
cago Board of Trade.
EXCHANGE EASIER AT PHILADELPHIA.
PHILADELPHIA, June 30.-New York
exchange was easier in this city to-day,
but continued very scarce, and COM
manded a premium OF from so to $50
per 81 200. But only a few banks were
compelled to secure accommodations to
customers.