New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-06
NORMAL MONEY CONDITIONS
CURRENCY No LONGER COMMANDS ANY
PREMIUM
vrNns RETURNING TO NEw.YORK-R UMoRs OF
RETIREMENT OF LOAN CERTIFICATEs-A
BUoYAST SPECULATION TAKES PRICES

RETIREMENT OF LOAN CERTIFICATES-A
BUoYANT SPECULATION TAKES PRICES
BACK TO NEAR THE JUNE LEVEL.
The new business week opened yesterday with
an almost normal condition of monetary anairs'
and with a buoyant and active stock speculation.
The feeling banking circles one of increased
cheerfulness while the Stock Exchange was MAR
inns In its views of the situation. The premium on
currency has at last disappeared entirely ana
money brokers did no business in buying or sell
ing money. The relaxation throughout the country
was made evident in the receipt of large amounts
of funds from the interior banks and at Chicago
the quotations of New-York exchange reacheu
par. The eased conditions will now permit nor
NAL resumption of commercial relations between
the different cities. and it Is hoped that WIN 'ie
embargo on currency removed the crops al the
West and the South will now move freely 10 'ne
markets.
The arrivals OF gold since last week nave pee"
f2aseO the steamer Imbria. 5ll@Ooo francs
on La Champagne. and f6SO and l.iSpoV h'aiAH
on the Saale Cable advices reported that the
rank of England had sold $4,000 American coin for
sbpment to America. The Sub-Treasury coh'ih-
ued to pour out gold. paying SSso"o soiu u u"
Clearing House in settling its dent paiaice' anu
putting out 81 036,OO0 in cashing checKs over i''
counter 1t also paid out $4,000 Treasury ho'es
on its counter. The officials have coun''" a"'
verified 5000 of gold received from the Ha
Francisco Sub-Treasury on Monday. IL Is almost Ell"
tirey in doube-eagles, which IS u'sappoi'i''"."'
10 the Office here as half-eagles anu eas'v
coming scarce, owing TO the heaN! " "
the last few weeks
Tho hanks and note brokers report that COM
noercial paper Is beginning to move again. al
though 1O015 per cent are stii the rniihs rates
The demand comes principally from out-oi-'o"h
hanks where the money panic mas eh'"eH SUI
;aod Az 70 time money there is a CONNECT or
assertions One prominent Stock Exchange money
broker reports that large amounts are oneIiiis a,
nlain & per cent, but he is VIGOROUSLY peal
ON money Offers of time money at the legal
rate OF interest were made to number oil houses
.h;cb did not need any accommodation An oo
and experienced money -broker, however !eS'ei-
dav emphatcary declared that time loans couu ''o,
he obtained except by the payment Oh d ,ou"
commission and the banks generally reported tia'
there was no change yet in the s''ua'o" III '''''
respect. , ra,ire
Wall Street is now looking Tor an cary .,s
,oent of a large amount OF Clearing HOUSE Vo',
Gates One prominent Wall street panh !es'e'u"'
renuested the Loan Committee 10 can III '' ~
standing certificates, which amount
$500 600 This is an Indispensable step 10 'he car
collation. of certificates but bankers We're "o' sur
that the notice meant an immediate re'"e ~,
the issue At the Stock Exchange IL was Rere,""'
,y.roa thot tho hank referred intended 10
re,ire all its certificates amounting to about s''V
OOo There is strong opposition among So"e U
seryative bank officers to premature 'a''
ITO, NJ loan certificates. They fear that the VOL
,me now outstanding may be needed TO carry 'ie
mercantile community through the autumn se''ie-
ncnts and they think that If ceruncates "e'e
now retired and necessity compe"eu INC"
issue later. the sentimental enec' Oh '"e ''
would he bad 1t is privately conceded by some
.u,..xa ,hot MANY loans TO merchants falling
dive in the next sixty days may have 10 DE To-
newed owing the poor COLLECTIONS 'hious"ou 3D."
the country. 1t is expected that commence W."
,o.duv revive but the monetary strain OF 'he
summer months has been SO severe 'ia' ie"P
49,, NOV, not he fast enough 10 relieve the ne
cesstv of using large part of the outs'ahuihs
Clearing House certificates Inc movement %
the cotton and grain crops will also put norma"
nressure upon the cash resources OF the Guy Dan"
II is impossible to conceal the TACT 'ha' "i
are MANY conservative bank presidents who regret
the extent TO which the good feeling IN 'ie s'ooN
market has expressed itself The DAMS are ana
ions TO see a quiet and steady appreciation ~
values which will enable their customers u nv"
date loans which now tie up the reserves OF the
institutions. but they fear that an overhasS speo
ulation may invite premature reaiizatohs VI pro-
duce a speculative setback that might re'ard SUI
s,antial Improvement. An excessive bull specuia-
ton also makes greater calls upon the oaihS lo'
funds a demand which would be nopportuhe III
the present state of affairs ana WIN large ue
mand before the banks natural to TINS season
Rut whatever view conservative bankers take OF
tho s,ock market, the speculation yesterday iorseu
along on wave of confidence ana enthusiasm
The hear" faction showed renewal OF the panic
manifested last week, and covering went ." an
ery almost regardless of price Foreign HOUSES
continued TO with moderate
Tho smaller SPECTATORS directed their ol,era,io.
10 the long account Their Was on my ss'
hesitation al the opening of the Stock fNcian i
and before the upward impulse Sss pnse
su onnositon before II. General f.lec,IIc 10
nearly per cent 47i.. American sugar He, e., sai
advanced 10 sOs and ended up q. per cent az o..
This stock was favorably influenced by tht az.
nouncement that the Executive Conmitiiee OF OF tn
comnsnv had recommended the declaration ol .'io
1smsI ni,arterly dividends per cent on me con,
mon and ia per cent on the pre1erreta st Gain of
caeo Gas rose to 63s.. and closed with gam ~
% per cent CPS The other ind9 9isgo Nil
Generally advanced 1.n2 per cent. tincaso IN, ~
waukee and ST. Paul the only Grange Iii
which showed signs of realizations anu ait AZ
ing Al 62s. IL closed only ,. per cent ilishsi, d"
eIs, Chicago Burlington and Quncy ross -, oN' n.p
n.r cent and the other Changers were IoI'4 pi
cent higher Missouri Pacific shot up pr 80 80
and Manhattan rose nearly per cent ime NJ cnnt
non advances in the general Hist were per - az
or over The railway bond market arse , wo
Two and the advances were general hhu mp -,
OF fwenty-fou OF the more active stochs ~
have recovered to or gone Deyonu u~ crisis
MANY other stocks close TO me Jun n 49, "f
lions The following table shows the final prices 81
Yesterday compared with June 80 ana the io"e''
panic prices of the stocks named
semi D..