The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1893-06-27
MONEY MARKET EASIER.
The Worst of the Credit Panic
Believed to be Over.
AeLEAM OF HOPE FOR WALL STREET

Tho Prospects Of the Repeal Of the sher-
man Law when Congress Meets, Said TO
Give Great Deal of strength to tho FL
nancial situation-Less Currency Being
shipped Abroad.
New YoRK, June 26.-There is a grow
ing assurance in the public mind that the
Sherman law will be repealed as soon
as congress meets and the growth of
this conviction begins to be reflected
in substance Of the credit panic
at various interior centres and Wall street
begins to see rift here and there in
the clouds which so long have lowered
over that interesting locality. The in
creased export of wheat and the purchase
Of options on that cereal for foreign ac-
count, cooperating with the high rates
Of money here, has depressed the sterling
exchanges to such level that there is no
apprehension Of further exports and the
approach of the season in which the preci-
GUS metal ordinarily flows here from Eu-
rope encourages hopes of an influx at no
distant day The engagement Of 5000, 900
last week to come from London was a
pie who fancied that it was the beginning
Of sustained movement in this direction
were sadly disappointed.
However, it is positive that the etflux Of
the precious metal from this country is
over at any rate, and there is every indi-
cation that the flow of currency westward
has eliminated. During the past day or
two shipments to the middle and western
states have been very light, and Chicago
has begun to accumulate credit balances
again with the New York banks. The loss
of cash shown in the epitomized bank
statement issued from the clearing house
represents for the most part of the with
drawal of balances by San Francisco banks
Some of the largest are represented here by
private banking houses, and these were
forced to rake and scrape together all the
gold certificates they could lay hands upon
for deposit at the sub-treasury for tele-
graphic transfer to the Pacific coast. The
certificates were also in demand for ship.
ment to San Francisco by express. As gold
coin is inconvenient to carry across the
continent and is not accepted at the sub
treasury for transfer, it is virtually for the
moment at a discount as compared with
its paper representatives
In the consequence Of this whole move
ment the governments supply of the preci-
GUS metal has steadily increased, and talk
about the amount of "free godn in the
treasury has ceased. The subsistence of
this talk has had almost as much effect as
the cessation of gold exports in the way of
allayinS apprehension.
Touching the monetary stringency, too,
there is promise of some relief in the dis
bursements of the 81, ,584, 900 July in
terest on government bonds which is now
being disbursed, and in the expected ar
rival in a few days of the $500,000 gold
ordered from London last week by Barring,
Magoun & Co. There is also some relief in
the prepayment of interest by strong cor
porations which are thus helping to ease
the "pinch" always incidental to the mid
year settlements. The strongest influence
in the way or relaxing the stringency, how
ever, is the issue of loan certificates by the
bank clearing houses in various parts Of
the country. Banks of this city during
the past week have taken out SO, 200, 900 oi
these