Omaha daily bee., 1893-07-04
IMPROVING MONEY MARKETS
Among the New York Banks the Situation is
Reported Much Easier.
PREPARING FOR THE NATIONAL HOLIDAY
Little business Transacted on the Stock
Exchange Yesterday-Activity Mt the
Sub-treasury-Good Work of tho
Clearing House Committee.

holiday evidently was begun by many busi-
ness men on Saturday, and no business was
transacted down town today, except that
which could not be avoided. Those brokers
who were not short on stocks and who had
renewed their loans on Friday over until
Wednesday, evidently remained away today,
content to let the silver question and other
factors of that character in which they were
interested take care of themselves
But. although there was little doir.g on the
Stock exchange and many business Offices
were closed, the banks were all very busy,
the first of July payments, in addition to
their Monday mornings mall making plenty
of work for them.
Among the banks the situation was re-
ported to be very easy this morning; the de-
mands from the country, 1t was said, were
very light and many of the large centers,
notably Chicago, were beginning to pay back
the money they borrowed from New York.
At the Subtrcasury.
The subtreasury was quite active today.
Besides receiving 100000 in gold for tele-
graphic transfer TO San Francisco it paid
out s95O,000 during the day, the bulk of the
small notes being for he use Of the savings
banks there, which are now paying out their
semi-anuual dividends. A very small part of
inc SEldll nOtcS, III lS JHOuRnU were LOT snip
ment to the country. The transfer of $780,
600 to San Francisco Is explained as being
due to the action of the savings banks there.
They demanded the required sixty days
notice from their deposltors and then sent
on their securities to Eugene Kelly 81 Co.,
for sale, to be in readiness for the demand
upon them il it should be made at the eXpira-
tion of the notice. Today's transfer is said to
be on account of some of the securities sold.
The Clearing House loan committee met
thig morning and of them MIR
Perkins and MIR. Nash, we're III session until
midday. AT that hour they had authorized
an additional issue of S2,2Sl 600 of loans,
making the total amount now outstanding,
$21,6l500O. From this increasing issue of
certificates it is believed generally that it
will be some months before call money can
be obtainable as low as q per cent.
Had n Balance ut the Clearing House.
The subtreasury in this city was again q
collector at the Clearing House today, the
balance in its favor being $l49 l40l6 twas
also creditor on Saturday for the first time
since August II, 1891. The fact was ex-
planned on Saturday by the presentation
through the subtreasury of checks in favor
OF the government for interest on Pacific
railway bonds held in the Pacific railways in
sinking funds. The credit balance today
however, was said to be due to the fact
that some banks having large checks
on the treasury for interest on
government bonds collected these checks
through the Clearing House and so get the
currency for the full amount. The banks
which did that needed the currency If
They Iau CT L ecteu the checks through the
Clearing House they would have only got
their proportion of it, and they would them
selves have been debtor to the Clearing
House and would not have got any of the
cash.
Practically, all the Clearing House bal
ances are now paid in Clearing House loan
certificates as between the banks. The sub
treasury, of course, pays and is paid in cash.
On Friday 40 per cent of the Clearing House
balances was paid in loan certificates, and
on Saturday So per cent was so paid. Prac-
tically, all the banks in the Clearing House
have now taken out loan certificates.
Those which have not been creditors to
tho Clearing House, have received SUM-
cient certificates in payments of these bal
ances to enable them to pay debtor balances
against them for the present. If they run
short of certificates so received they will
take out some themselves, rather than de-
plete their cash by paying Clearing House
balances in currency or gold. Notwithstand-
Ing the fact that two banks, the Chemical
and the Importers and Traders, at first re-
fused 70 take out any certificates, they are
In complete accord with the Clearing House
committee, and, as reporter was informed
today, they will take out certificates as soon
as they are needed.
Wcre Friends Indeed.
In connection with the large issue of Ger
tificates last week, it became generally
? known today that but for the prompt action
of some of the leading members of the Clear
Ing House committee there would have been
default in interest by one well known rail
way company on Saturday. One of the best
known railroad millionaires in this country
was caught in the squeeze for ready money
at the last moment. Knowing this condition
md being assured that unless there was re
lief for it there might come an actual panic
three Of the foremost members of the Clear
ing House association, through the medium
of certificates, provided the necessary as
sistance.
The total payments of interest due July
on United States bonds amounted today u
$4,39l, $3.50 About $4,000 900 will be pait
from the subtreasury in this city out of the
entire amount of S7,5000O0 Gisbursed by the
government. The payments have usually
continued month or more but tho strin
gency in the money market makes applica
tions unusually prompt. Many bondholder
have not taken up the amounts due on tn,
coupons for silver payments, having draw
all that was due them up TO date. SOM
payments were rs much as five year
behind. One bondholder presented coupon
dated back for eleven years and a quarter.