New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-08
MORE CERTIFICATES OUT.
CONE CANCELLED. AND 100000 ISSUED
YESTERDAY.
vrrs HOWEVER. REPORT TIE GROWTH
oF A BETTER FEELING-soNE RELEAsE
or rrNps by SAVINGS BANKS
sprc1,I, GOLD IMPORTATIONS.

prTrrR FEELING-SONE RELEASE
OF FUNDS by SAVINGS BANKS
SPECIAL GOLD IMPoRTATIoNs.
..,,m,n, in banking and financial circles
',"raov was more hopeful than IT has been since
.,,iomnnts Of July | were safely made. lhcfe
~ 80, no radical change in the situation, hnt II
IT., local Improvement Is noted upon when
.rrors ore building more hope OF return 10 norman
,au,ons 1t Is admitted that the outlook Is sun
,oused and that confidence may return SLOWLY.
y,er,he,ess the future presents fewer features 10
o,cre disqulet. and n no fresh unfavcrabe devefP
mon, occurs. the effect of fmcr and more cheerful
ceiling is expected 10 result In some revival OF CON
fdehce. ,.o,.,.n
favorable feature is the sign Of some unlocking
., money on the part OF the savings banks 10
nrsn,re for a possible heavy demand in July these
,n.,itutions have withdrawn large sums oil money
from the banks. II was expected that the pressure
=, necessity as well as dstru,t. might lead to In
nor,ant calls deposits. and to this extent savings
,.,rk officers were correct In their judgment lie
,,1,hdrawals were larger than usual hut not so
ouch IN excess OF normal times as had been feared
mn Institution doubled the usual amount OF funds
IN lis vaults and II was nearly all taken ont The
,o,ux az deposits since July l. however, are said to
have been surprisingly large; so that some Of the
sayings banks are beginning restore funds TO the
hanks The deposits are believed TO have been
smaller than In ordinary seasons but the falling OH
has not been great had been looked Tor II
,s not thought by financial men that the savings
banks will abandon their conservative policy In view
Of the unsettled state of currency legislation. but
in the absence OF bad 1t is believed that there
will b. gradual return of money from these banks
to tho regular channels Of financial traffic.
The outflow Of currency TO The interior has virtually
ceased and receipts beginning TO show an increase
The natural drift Of money is toward this centre at
his season, but bankers do not expect that the
influx this year will be important. unless confidence
should return Unexpectedly. But some accummula-
lion of funds Is expected for July 1t is admitted
Nv the more conservative bankers. however, that
the situation through the country Is still strained
The pancky feeling has subsiicd. but that the cur
rency troubles arc by no means over. Is proved by
the daily outbreak disturbances at scattered points
and The daily suspensions of bank, which are reported
from widely separated centres. This experience, IL
+ said. must be faced in all probability for some
tine TO come but # the disorders can be kept $50
lated they may be met safely and beaten in detail.
The market for commercial paper Il reported u DC
moving with little more life. Rates were shade
easier yesterday and business was done az 10
per cent the is sti upon merchants,
and the relaxation in stringency is 10y no means what
was expected after the July settlements had been
safely made. Rates for call loans at the stock EX-
change were somewhat unsettled. Renewals were gen
orally made "a per cent ana then some new Dusl
ness donc at per cent. In the afternoon II
frmer tendency shown, and loans We're mace up
10 is per cent, but the closing quotation was ut
relapse to the legal rate OF interest. The money
market is little changed and funds for speculative
operations are almost impossible to obtain. There
Is considerable anxiety as 10 the position OF the
money market when the autupn movement OF the
crcn, begins but these fears are believed ly many
bankers to be exaggerated The president OF Ma
iional bank which has long list OF country cor
arndents OF moderate oallre, said yesterday: 81
lilo n he ed OF
IL nere is no fresh outbreak of distrns; or diff
,ul:y believe the crop movement question VIII
settle Itself Tie interior banks Will keep much OF
their money Ia hand instead of returning II 10 TINS
city in July. When the usual demand for funds
in August. september and oct, Der begins il viii md
the solvent going banks in the West and south with
more cash on hand than ever before. The currency
Of the country has not disappeared and the June
stress has led the country banks 10 strengthen their
resources in way they never did before
The German steamer Augusta Victoria brought In
c45ooO in gold bars and English coin. of which
$4,000 was consigned to the hanover Eatonal Bank
and 100000 to Icidclbach. Ickclheimcr Co. The
receipts had no important significance, as the g"ld
comes IN on a special transaction made some time ago
WILL street had report that the steamer had brought
III 100000 gold. and Tor q time jGlilation was
INDUCED in When the facts were learned there was
disappointment. The ruling rates Of foreign exchange
are still such as to prevent any reasonable cXpeca-
ton OF gold in rorts until tic exports Of merchandise
assume a largc- volume The gold that arrived yes
to-day VIII bc the Assay Office. which has re-
ceiyed abou $50 900 in spanish gold doubioons from
Lazard Frcrs. and about S2lCoOOn Mexican gold from
Lawrence. Turnure Co.. also imported under special
conditions.
That the monetary situation stil needs artificial aid
was indicated bv the issue OF 100000 Clearing House
certificates Yesterday, raising the total issue 10 81
$1,000 several Of the larger banks are In position
TO cancel a considerable amount OF loan ceruicates,
but wisdom OF the step Is questioned by some
bankers \ re ISSUE that unexpected emergency
might compel would have Al Is feared, detrimental
effect. IT Is believed by cautious bankers well ac-
Quainted with the situation, thai the limit Of Inc
amount Of certificate, required as , no ncdly
last week Is safely passed. but Il is iccved t1si lhe
utilization OF this machinery OF Clearing House credit
The business failures reported 10 r. &; pun a 90;
twcn,ythrce in Canada u total OF 347 against ;;2a
in the Precious H week and ~ IN Boco hai money
has grown easier. although 1t L. still hard al most
points TO get accommodations. as banks are pre-,
httlc change, exports being much below last year.
and import, quite large The summary OF the
position and outlook Is given as follows
proved. iniS is partly. because banks have been
nrn ay the calling Of an extra session Of Congress
partly because of some recovery IN Mlc's from me
r,ose india mints, and partly because crop prospects
have clearly m the III me F t n r' ha cpn little
heller d stribnton of goods to consumers. and per
nan tho concentrating Of orders given some months
az, Is not quite as frequent a. 1t was last week
1Sc moro hopeful symptoms are gladly noted but
,rhuo ,hc carses OF depression remain, IT would he
rssh ia calculate that difficulties will not reappcar.
soon large sums OF money will be required to move
fhocrore and In The present sia'e :" mo"eS ""ihe's
some srrngency Is not improbable.
PLANS AFFECTING TIE CORDAGE TRUST.
A sufficiently large number Of shares OF the STOCK
OF the National Cordagc Company has been oepoSi'cu
- Lon, nlnn