The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-14

The Money Stringency at New York Passing
Away-Chicago Banks Criticls-d.
NEW YORK, July 13.-The hopeful feeling
among the bankers of this city was even
more pronounced to-day than yesterday.
Frederick u. Happen. president of the Gall
latin National Bank. said that one of the
most necessary things was the resumption
of the normal relations between the sub
treasury and the clearing house. No clear
ing-house loan certificates were issued to-
day and none were retired. but 1t 10 known
that II the same easy condition prevaits
next week sOme large blocks of the %certIii.
oates will then be retired. Mr.. Tappea
saii this afternoon that there would
not be trouble In the money market.
Money. he said. would probably be easy
right along. aud within a week or ten days
there would be q superabundsnce of cur
rency here. particularly IN notes OF small
donominations. Some of the banks would
prot ably be asking that their clearing
honse balances might be paid in loan Ger.
titicstes rather than currency. IL was
possible there might be q few more loan
certificates issued. O hundred thousand
dollars or 80 To some small bank. porhups.
but if the present conditions continue the
certificates will be steadily retired. and by
the end OF three months. possibly. all will
be cancelled.
Some amusement was caused by the al
legged utteraace of some Chicago bank OFF,
GERS. as reported in the morning papers.
rejecting on the New lork:Danks. A prem.
Inent bank president of this city expressed
the opinion Of a great many bank presi-
dents on the subject when he said: That
10 merely sons wind OIL Lake Michigan.
1t would be much more to the purpose AZ
the Chicago banks paid of their debts TO
the New York banks and talked after.
wards. There are very few banks In Chit
cago that did not borrow every dollar they
could from the banks in New York city
during the recent sstringencv. and they
could not have continued business II We
had not supplied them with currency ON
these loans"
Another Western uttersnc e thai caused
some amusement among the bank officers
here was the References, IN tho Denver reso-
lutions, TO New York banks. Il am sur
prised 1T those statements" said aDationsl
bank president. because We have extended
every possible accommodates TO Colorado
banks. and especially. 80 the banks OF Dem
YER. end. therefore. / can hardly believe
that the best people of that city indorse
the sentiments contained in those resolu-
tlone."
The steamship City of Alexandra ar
rived from Havana. last evening. with
$4,000 gold. consigned 20 the Western Ne
tional Bank Of this city.
business Troubles.
NV YORK July 13-Richard NJ. Olcot.
carrying on business under the name OF
Oicot ~ Co. exporters. at No. 90 New
8ttCCt tO-1 ~ oe1o -
Mr.. Olcott's embarrassment 10 attributed
To the present financial stringency and the
effect of the heavy losses IN Argentine some
tim aVo. His liabilities are not definitely
known. but are reported TO he from 800. 90
To sl50.0OO.
LIxcoL~ Neb.. july l3.-The Nebraska
Savings Bank. OF this city. was taken
charge OF by the State Banking Board to-
night. liz has deposits of abont $4,000. 10
was embarrassed some months ago by the
failure of the Capitol National bank. but
secured an extension from it's creditors
Failing 10 realize OF securities. the di-
rectors voluntarily assigned.
CHICAGO. July IA receiver was ap-
pointed for the realestate firm of w. A.
Merisold * Co.. to-day. The firm did q
very large business. and its collapse was
unexpected. w. A Merigold. who is the
entire firm. Is now in Europe. The receiver
was appointed on the application of q
creditor. No schedule OF assets or liabil-
tiles has been made.
% Cry. Ia, July 1a-Baker * Biz
sell. wholesale diva dealers. to-day
made an assignment Liabilities. syo.oOI
assets. yiS6.0oo.