New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-04
MONEY RATES STILL HIGH.
LARGE DEMAND FOR FUNDS LOCALLY AND
FROM NEIGHEORING CITIES
THE SUDDEN CONFIDENCE IN'pIREp ny THE
PRESIDENTS PROCLAMATION SEEMS 7"
BE w,NING-sfLVEE STRONGER
AND STOCKS WEAK.

AND STOCKS WEAK.
TIE more deliberately and carefully ia" chances Of
prompt action b. Congress OF I'll" silver question are
,,,,,-i..oi IN. les .ccrs T., b. The c"nhicnc" OF
lanl. - AMI business mon q"n"rillN U' '"'''"'
Cleveland VIII be- AIDE 10 control hi, parts AMI secure
from II the legislation demanded. The NNrai'"N "i
such leaders as Congressman Ellrd ana GENERAL
warner indicate that the free coas" '''" NUS are
not going to give up the tight without Iohs ana
hard struggle and the active prrpar'u'"' '""NnH
hv silver men all over the Wet - carry 'H' WIZ
INTO Africa or Wa.hngton confirm th" Wow. Nh'i.
Mr. Cleveland may. ana und"u'i"iF VIII mn ""''
majority Of the mhcrs Of both h"n''' "i "'-"''S
agree with him and arr. prepared 10 repeal We pnr-
chasing clause The silver act Of $50 III" sentiment
Is growing IN wall street ard o"W'rr iha ''' H'r
calling together Of the National Lawmakers Oh N'""'
docs not mean an assured victory for hoi''' money
IN The. first flush Of enthusiasm over inc f!'Nd''t
PROCLAMATION stocks went lip with a bonnd ana
everybody seemed ready 10 ccrpt II" theory tt inc
sc object lesson" had done il, work an' the rip'r.i
fruit Of knowledge CLEANED from sd 'Npcn-
cncc was ready To drop. But ia" boom
vos SNORT lived II lasted about an hour
on saturday morning. and then a reaction SCI H. III
the final hour losses wcYr scored by nearly III the
active stocks on the list Yesterday after having
had a d,v to think tn matter Over In, dealers
seemed Of tAe same opinion still - in their second
,houct ON saturday and what transactions Their" were
we're 1t constantly rccc ling prices just before '''
close slight tendency toward recovery was man'''d
bu, II wa. not pronounced enough to raise quotations
materially.
Nor doe, the feeling Of confidence seem TO have
TASTED long in other directions IT was Thought mat
INC demand for money would l." light yesterday.
MANY of ll, loan, made Friday had been 80 ar
ranged as To prevent their being rAll'u uh'h 10
morrow and the need, Of the lars' c"rp'r'o'S
which wanted money for July disbursements imd all
been supplied. In spite OF these facts, however, ana
contrary the general expectation. lr money "rh''
developed considerable activity, and during IN" foN'-
noon rate, advanced 10 - per cent. Inc puIh 81
,h, business WA, done AT II per cent, and ArS'
omou.t ~ loans wa, renewed at that figure. Lat"
in the day money was offered at ana even pr
cent Int this wa, until the banks hal r''"ri'h
once more the Of Clearing li"u>" i"'h '''u"
Gates, ~ which $2.-G5.ooO ""r" taken ont Ih''
bring, the total issue 10 date up to TIE large sum oil
81 $50 900.
THE ,trlnc,ncv seems also stin 10 lie felt IN
noirhbotinc cities, Late IN the afternoon ia" banks
Lceau 10 receive demands for fluids from Hosi'h
Philadelphia. Iiti,bne ANA ether nearby points no"
much wis sent away could not be- learned b"' j.
mu t. have been con idoriAlc an'in', Tor ore Damn
alone forwarded .35oooo 10 its CORE p'nd"n' IL Ill"
CITIES named. In addition TO ih, :i")'op was sent I"
California ly Telegraph. At tn sub treasury over
81 coo coo In Inr-, b, wa, taken in In cNchanr'
for smaller denominations. Ilh-, however WIS
thought tn De mostly for locl ne, ptrti' n'"rly among
the saving. banks. which want th. money FOR pay
rcnt Of July Interest. The >ub Treasury Wa A'"lh
a creditor at M, Clearing lI.n-r. TIL was 80
r,.,,., ,r 49,, fact ma, ono. bank, wAi Il hnI hr.,
i,r ,tn,, ,i,. .,, rr.,.urv collected thrii over
"a, ., t...., -, .,u,ul.. tf..u a.. 70 through
-, .,t ,o,,., m. r.n-,u given f,r their action
va, that they needed the money. ana II ih"F AN
sent m" check, through The Cl'ar's ll"n'" ilN
would have been obliged go taxi 'hc!r balances b.
s,,c.,,. r. cl.,~iu, uou.. settlement,
are now made almost entirely IN tlc.~ certificates
~, r,tt,, "a p.r cent Of tbr lalau-o, w.r,. 80
,, 1 m SUNDAY th, proporiinn was -, pr
,,
. ,, o. ,.t.,. .,,,, Ga. ,,r,.nnt action
~, ,n ,,,,,s L.t week when a large amour, ~ ccrtli
% '"' ""''N' ~ ""' wa " 49,, t,,
cate, taken ont by lhr M'In"IN "i "'' '"''
committee v,s t,e result 81 Eronlrl, that ufl,.
tt , ,,, and ,b.r, afforded a lrc. railway
''H'I N'a "'" "'" az ...,
corporation wri default ON j., Interest "n Hihii"N'
Had III, happened serious palio would doubtless
i.,. ,,uo,rd w.lku..,n railroad mlli4nalr.
nav ,,. ,r,... ,.uc,', H. 49,. .o,,.,e for ready
money, ard there /, no telling "ln' disaster msA,
n, have been wrought ha' b" AID A, railroad
e'n" down. 1his wa 'ou''..1. VIM y ''''''''
me "'i' az" , xa .. ,,.-.,t
Baker. simmons, cannon ana M" "'' ''''.'"
plnc. the worst mt ms country ever exp rlrnc"i
-n,,. go. .t,.,r, .,,i, Yesterday lulllion Ger
taca. -'llms mp 70 10 Amy bar, 'rrr qno''a
Al 1870 cents %" ou"''. !" h"h''n NV
@i p,ftr 1T oolpch. VIE l. took sudden
, o,,,t =, ,.n,. n.,l,.. ,n
jump alu ''''i 30 "'t" - ~" "
silver hnllion not at all pleased With secretary
d.ci ior ,n II, receive, any tenders Of silver
mn 49,, ,.tt,,. D.,
yesterday. IL" i'"'" h'niSIu Tor ''i' "''i i'' 'N
The Mint Officials The rush 81 business Incident
. ,, .,,,,.1 ,tti. ,,nt. huf in,.much a, no -,.ch
., an, T., ,.,.,,,,,. ,..r.
"T"'r H"u Nv" ''' a." ''' "
dealers were inclined {" Interpret I'D" explanation
.,,..,. a. an cx,u.. rather than q ron .ou. ~ least
t' u.u, .,'t,.., 49,, ,i il.,,,I
i'''o" ""h''N u INV VIZ ~ "'Ff VIZ va ~
today.
Tanker, ycr, I'm such a hurry yesterday 70 g,t
. t ,,.,,.,. rd ,.-; ,n ,..r ,,da, maj
""'' H'" '"''' 49, .
they did rot INA inu'l uul' I" discus IL" auE-''I"l'
for monetary reform made 10 secretary Carlisle 10y
go, -.,,,,r II.rd,r.or and given to III. r..- ly tl,.
,1,,,,r T,n.r Who did SION moment To- cNpr,,,
49,, ,,irio, declared that n WAS = sound ana able
J',,,,.rt I'M hoy were q, Tie opinion that the
ru',Iv ,r,. loo drastic 10 make IL practicable II
,,',ld l Inun..uJr th.y said 10 ,.rure NOR. lllu