New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-07
LOAN CERTIFICATES RETIRED.
TINE MONEY OFFERED At LEGAL RATES OF
INTERESTA REACTION IN STOCKS

TINE MONEY OFFERED AT LEGAL RATES Oh
INIEREST-A REACTION IN STOCKS
Two favorable Influences to be noted in the
financial situation yesterday one was the in
creased supply OF time money at the legal rate of
interest. and the other the cancellation Of
Clea ring House certificates. The amount OF time
money in the market is not believed to be eN-
tensive but several round lots offered for
sixty and ninety days and four months by in
surance and trust companies and foreign bankers.
Mixed collateral Of "a good sort acceptable to
the lenders. but there comparatively little de-
mand for funds. The increase in the supply
naturally works TO reduce tine urgency OF the de-
mand.
The Clearing House Loan Committee cancelled
100000 loan certificates. but il ISSUED S%i0DO. This
made the cancellations s26If'i and reduced thu
total amount outstanding TO $%ol5.oJ. Wall Street
disappointed az the snallnr-s OF the retire
ments. az il had been expected that t.eJ.ON 10
81 10000 would be Withdrawn. But bankers were
plea sel 10 see small beginning Of the move
ment and when the surplus Reserves OF the banks
are restored it is expected that cancellations will
proceed more rapidly.
The attitude Of the New-York banks through
the recent crisis has been warmly appreciated BY
the members OF the Stock Exchange. Yesterday
the following letter sent by +. *. Stursis
president Of the Exchange to the presidents OF ihe
city Institutions.
THE Npw-Y York Stock Exchange through its Gov
Banks Of the city OF New-York Tor their able ad-
mnIs,raton OF financial affairs during this period
OF unprecedented disturbance. The pronpin-ss with
which the gravity of the situation was realized ana
the efficiency OF the means adopted for lcss"nine
the disasters which threatened the financial world
have excited respect and admiration II IL difficult
estimate the value Of the services thus rendered
20 the business interests Of the United States. but
We feel sure that these services will be appreciated
and that the financial supremacy % New-Nork Will
BE- strengthened and assured by the MANAGEMENT Of
those in charge OF its banking Institutions.
The New-Y York Stock ExchanFe BEES to
sure the Associated Banks OF the city OF New
York that its members deeply conscious OF
their Indebtedness 10 those institutions. and tina,
no effort the part Of its members TO assist In
perpetuatirg IN. present wise and able policy will
be lacking"
The stock market Yesterday suffered a reaction
from the recent rapid pace Of its advance. The
demand TO cover short contracts diminished. and
the Street imaeined ii evidences Of reazations
The sales for London account We're heavy. and all
the international favorites suffered. Chicago. MI
waullce and -. Paul fell to a9ss and 5s's. against
Gls4 TUESDAYS close. The annual report was Is
sued showing that nearly per cent had been
earned on the common stock. but doubts are still
entertained as to the distribution OF the regular
dividend. Louisville and Nashville declined per
cent Erie. linton Pacific and Northern Pacific
preferred fell over | per cent. and Atchison sold
from 2llAu221 to IL Lake Shore was exceptional in
recording a gain Of nearly per cent The in
dustrial stocks were extremely Irregular but after
rising SHARPLY their course was downward at the
close The American Sugar Refining Company di-
rectors declared the regular quarterly dividends,
but the stock after rising nearly per cent to
vi. fell 10 ssiass, General Electric early dropped
10 A. but rallied 1917. a fresh break Ia the
afternoon took the price 10 10 Lul on sInaIl safes
:, recnv.red 10 az. at the close An officer of the
ro,nnsnv stated that contract had been closed TO
furnish the brooklyn city Railroad WIN ~ mo
,",s ,h. terms being cash mis- necrssitatcd an
incr.ase d, me coInUanVs working force. Chicago
o. ran m from 81 co.. but II closed al bt4
M ,iiltns and Cattle Feeding fell over per cent
other important fluctuations were as iolio%S:
f,hicaeo burlington and Quincy rose 10 &t@ but
ac,.d 10 s,0S,ss: Rock Island sold from o,Hc. :
49, go. 81 Paul and Omaha from HOO 10 o.
Nussnnri Pacific from 2G%,d2i's 10 Zts: D,ih"aie
= act.wanna and Western from lsAuliO1i 70
ias7LS,Igs. New-York and New-England from -Sn
I l9 10 22s. and Western Union Telegraph from
KS. Gs}s4 to S23.