The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-07-01
BETTER FEELING PREVAILS.
Confidence Increasing by Quota.
tions from London.
A TIGHT MONEY MARKET.
Call Loans in New York Made at So
Per Cent.
Many Renewals Until Next Wednesday al
Rates Varying from 20 to 25 Per
Cent-The Banks Avert
a Money Panic.

NEW YORK, June 30.-Money today
was the center of attraction in financial
circles. In the stock market as result
of united action of some of the banks
represented in the clearing house COM
mittee in taking out clearing house GER
titicates for their respective banks the
situation was reported to he much easier in
consequence of the prompt steps taken
by the banks to avert a money panic, and
on every hand nothing but praise was
heard for the presidents OF those banks.
The banks which took certificates freely
lent money. This was made available
without decreasing the cash In the vaults
as shown by the debtor balance at the
clearing house this morning, which, OF
course, We're paid in loan certificates
which had to be taken by banks having
credit balances.
The effect of the announcement upon
senators and representatives IN the city
was very marked. The proclamation and
Its effects and probable result in the ac-
ton of the coming Congress was the lead
ing topic OF conversation In Motel lobbleS
tonight. The action of the president it is
apparent meets with the commentator
and approval of most of its members and
politicians now in the city, and opinion
is almost general that the Sherman act
will be repealed. This proposition is not
refuted, probably for the reason that the
free silver men who will conduct the
fight against repeal have very few mem
bers now in the city.
The rate for call money this afternoon.
prior to O'Clock, was 80 per cent. Many
loans, however, rendered toll next
Wednesday at rates varying from 20 to
70 per cent. II is said there is not much
commercial paper offering and it is
chants were in fairly good shape.
Bank officers reported the demands
from the country much lighter in amount
but applications were very generally dis
tributed. 1t was noticed that only very
short time paper was being received and
that was believed to indicate belief that
the strain was about over. No extraor-
binary shipments to the country of cur
rency was reported today and the feeling
OF confidence here has increased by quota
tions from London where all American
securities are higher.
President Cleveland's action in calling
an extra session of Congress for August z
was decided surprise in financial CIRCLES.
AT first the report was not credited, for
the reason that ever since the crisis in
silver and money markets there has been
almost hourly runors about an extra ses-
sion, and when finally bankers and stock
operators were convinced. there was q
decided feeling of relief, and the consen-
sus OF opinion was that the tendency OF
financial and commercial affairs would
hencefcrth be in the direction of improve
ment.
Ex-President Harrison when seen at
the Fifth avenue hotel tonight and asked
for an opinion on President Cleveland s
call for the August session of Congress
said: II am not prepared to say whether
think the August session of Congress
will restore the confidence which is said
TO be demoralized. There may be serious
distractions. 1 cannot tell what may be
the extent of Mr.. Cleveland's knowledge
on the subject, but l know they would
not have repealed the Sherman law for
me. Think perhaps altogether too much
OF the complained stringency is loaded
upon the Sherman law, as there are great
many other causes which contributed to
the present state of AFFAIRS
General A. j. Warner, president of the
Bimetallic league, came up from Wash
ington this afternoon and held confer
ence with Senator John p. Jones on the
monetary outlook. The announcement
that Congress will hold an extra session
in August makes 1t necessary for the BIZ
metallIsts to join together. After long
discussion on the subject he decided to
call a convention of the BIZ metallic league
some time prior to the date fixed for the
extra session of Congress. 1t will prob
ably be about the middle of July. Nc
place for the convention is yet agreed
upon but both Chicago and St. Louis are
mentioned, and General Warner said to-
night that he favored the latter.