New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-02

! lows: ,
My opinion In regard to 'he h'aV'' "''
formed in "A simple way. There was pressure p''s"
to bear upon Mr. Cleveland from all sections oil 'hc
country. Democrats and Repuohc'HN "
agreed that some immediate action should De '"N''''
and WAS convinced that the PRESIDENT /" ''0 ~
would decide to call Congress together Garner '"''
September, the date set before MY cNp'Ssion ~
that the session would be called most proo"'i' III
the first week OF August and naturally as the seventh
falls the first Monday most men cond 'aHe II VI
granted that the session would begin OH tiat u''o'
SILVER STILL GOING UPWARD.
Silver continued Oh its upward course yesterday
getting as high as 20 cents ounce. within week
1t had dropped from 81 . to CO. The recovery was
doubtless owing TO The fact that the United States
Government Is now in the market again as II pur-
OF silver. and the expectation Is that the july
CAota OF 100000 ounces will be taken In ne coming
week. In anticipation OF this holders were less
anxious TO dispose of the metal. In London the
pice rose Ia pence to SO IL pence. On the New
York Stock Exchange bullion certificates sold mt
II 1-od12 a net gain from Friday Of 3 per cent
The total sales 10000 ounces. Assay bars
were > cents higher, selling at 20 cents an ounce
Little attention paid to the threats OF the Col
orado smelling works owners that they would 60 out
business and force the Government to go % Mexico
or India for silver. In fact this reported action
was looked upon "magnlhcent bluff
The foreign exchange market remained demoralized
but talk OF gold imports was not renewed. As long
as money commands abnOrmally high rates here ana
the Bank OF England adheres TO its policy OF putting
fancy price American eagles 1t is not likely that
any movement OF the metal back 10 this country VIII
take place.
The interest due on bonds yesterday footed mp
to the snug sum of 800, Sol 410. a par valuation
OF 2S45 ,593,650 The par value OF stock on when
dividends have been declared will be payable
during the month is 1896, sO0O2l the dividends az
os4O ol,pS no is
bursements $40 ,9O5 433, as compared with $'S2oo'
953 last July.
TALKS WITH BANKERS.
Following are expressions OF opinion from sshRers
REGARDING the Presidents action In calling the extra
session Of Congress for August Z:
George G. Williams president Of the Chemical National
Bark-presIdcnt Cleveland has done the right thing
Nothing could been opportune than his proca
nation OF night So much Of the dsrust ana man.
cal present time as have been due TO 'he uh
certainty Will be in large measure RENE
died Foreign capitalists and investors knowing now
what the intention the United states Government u.s.
will cease the constant ing from this country Of
money them and Will leave 1t here for rehvestmehe
Tho effect therefore Europe will be great with the aa
vantage on our side.
Frederick j. Happen. president Of the Galstn Nauohs
Bank-Mr Cleveland did exactly the right thug That
Is shown by that the mere rumor yesterday mat
no intended doing SUFFICIENT to Increase prices
F. D. Randolph, president OF the Continental National
Bank-The Presidents action in convenng Congress is
most timely and Is welcome and cannot but eNer'
else a very beneficial moral effect As it has probably
only been delayed until assurance could be had OF sufficient
votes to repeal Sherman Silver Purchase law. that
lamenabe piece Of legislation may now be considered
doomed
E. X wRIGHTS VIEWS.
Fbenezcr X Wright president OF the National Park
Rank-The Presidents proclamation IL very Wis meas
ure and 1 am glad it. The Sherman law must
be repealed and the sooner would say. get
~, mash
Cleveland had made date it, assembling two or
three weeks earlier The REGAL of that law VIII be only
"A start 1t will many months 10 remedy the effects
OF the extravaganza and speculation that people have
been led into hut the start must be by legislation
Then let silver find it, place in the worlds markets IL
may. Gold is standard. 1t has been made so by !
the great nations and there be tut IL viii not
yardstcks.
Alexander WE'LL OF Lazard Freres-lt Is step In ID
vance and will certainly have beneficial effect abroad
Just how results will be produced on tn Other
side however is hard say. 1t is dull season
and the extra session is near at hand that people
may wait and what the OF the deliberations
Of Congress is.
Clark. vce-presdent OF the American Exchange
Dank-Thero be question that 1t IA Judi
cous step very wis or course 1t Is not all we
need to relieve the situation but IL IS in the right drec
ton, perhaps all the PTesden. himself do. As
to the will take when 1t together
only judge from what in the papers 1t
chances strongly In favor OF the repeal
OF the Act OF The pressure strong from all
sides that 1t unlikely that any but he most extreme
silver the sverproducng States Will dare
TO resist the popular demand.
THE PRESIDENTS COURSE A WISE ONE.
II. w. Cannon president the Chase National Bank
President Cleveland has undoubtedly taken wise
in calling extra session Of Congress for August In
stead OF September. The action Of India In closing her
minis reduced the price OF silver TO the lowest point in
its history and continuing Issue full legal
money based upon silver bullion action should
by Natfou cbanp
Ing law. 1 presume the President has made a thorough
ranvass Of the subject In one another the
members Of Congress and expects send a message
asking for the repeal Of the Silver Purchase act. am
Informed the Presidents financial scheme but In
NY opinion II any additional circulation is TO be supplied
the country hereafter 1t should be through
tona banks By Increasing their issue Of notes to the
value OF Government bonds held by them and reducing the
Id National banknote circulation per- enaec
sufficient pay the OF conducting Of
the Controller Of the Currency. National banks shOuG |
encouraged take out full line Of circulation from
lime 10 time as needed do not believe It is possible |
the Silver Law be repealed without other financial
legislation providing for additional circulation the use
II the country.
J. Pierpont Mogan-I much pleased with Mr. Cleyc.
and action In calling an extra session OF Congress for
august Z. II should have q good effect all over the
ountry
WHAT GEORGE c. MAGoUN SAID
George C. Magoun, OF Barring. Magoun & Co.,
think Mr.. Clcvcands proclamation very good thing
most wise step his part lie has decidedly
lone the right thing. 1t Is little early % tell the
Of IT, but II ought TO be very rcassurng abroad
The belief grow there that dollar going t have
he reliable meaning the English pound sterling
or future transactions. We ought reflected
the better opinion in Europe Of all American invest
securities There is no Immediate prospect Of the
import OF gold and hardly likely any until
Dur exports OF cotton, become very heavy :
utumn IL seems 70 that what this country needs
law like that in force in the Dominion Of Canada.
The Canadian law Il similar the old NewYork Safety
Fund law The allowed to issue cur. g
ency for 70 per Of their capitalization and
und per apart for the redemption OF the
otes failed banks. The operation Of the law has a
zen very successful In Canada. There much crit.
ism the old NcwYork law. but 1t based on a u
wrong construction that given its incu Ly .
awyers In England a 20-shilng piece Is OF fixed n
aue the same last Year this year and year. Our