New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-01
A FURTHER ISSUE OF OVER s5,oOo,Ooo GER
TIFICATES.
LOANS RENEWED UNTIL NEXT WEDNESDAY
SILVER RECEIVERS FROM ITS EXTREME
DEPREssroN-ENGLAND BATTLES
EFFORTS TO IMPORT GOLD


munity with comparatively little trepdation, even
| II confidence has not fully returned There were
many expressions OF relief heard yesterday among
brokers and merchants who had trembled on Thurs
day lest the machinery OF credit should be compelled
to stop and men are now chcercd with new hope
that the financial may be smoother sailing until
permanent of the situation may be effected
| by Congress legislation.
The five banks which dipped s, literally into their
resources avert panc-the First National. the
| Chase National, the Fourth National, the Gallatn
National and the Corn Exchange did not weary In
wel-doing yesterday. The money which they threw
into the gap the day previous promptly rcoaned
when the stoca Exchange opened In the morning. The
loans were extended until Wednesday morning at q
per cent plus is per cent commission. This Is the
rate That was made on Thursday, but five days are
by yesterdays loans the rate Is really reduced
to about 10 per cent per annum. The explanation OF
this action by which borrowers had their salts
fled until the middle OF next week instead Of being
called upon their loans Monday, is simple.
TIE banks wished 70 give the borrowers assurance
from anxiety long possible permitting the force
OF the funds which will begin to-day TO flow out In In
terest and dividends TO b. more fuzzy felt before an
other readjustment Of loans required. BY this ar
rangcment too, the removal Of arsa demand from
Mondays money market Is assured and this alone Will
have the tendeIcy 10 increase offerings OF funds on
that day. helping to lower rates and facilitating re-
turn OF confidence.
After the emergency loans, so to speak, were pro
vdcd for yesterday the rates Tor call loacs at the
stock Exchange Ductuatcd around 20d % PER cent.
The market was naturally nervous toward the close
as requirements Were felt, and the quotation
rose 40 per cent several times, and touched 80
per at the ecd. The high rates were natural,
notwithstanding the relief supplied by the banks.
because borrowers compelled by stock Exchange
rules TO arrange for their loans to-day and To-
is no ctcdi N
thGt anything like ordinary will return 10 the
money market Immediately. Good stif rates OF oalO
per cent are generally looked for next week. The
use Of Clearing House credits will regulate the
market automatically around per cent. Open
market cannot for the present fall below that
figure, for that Is the rate OF interest which the banks
compelled to pay for loan certificates taken out
should the open market rates fall below per ce:!,
the banks will call loans In order to cancel their GER
uhcatcs. II will take some time for monetary con-
GitlOns 10 resume their ordinary workings after the
strain and shock of this week, d bankers do not
look FOR II return to nominal state until the root
Of The currency troubles is torn up. 1t Is said by
Conservative bankers that II will be hurtful to the
situation II idea is INDUCED n that extreme ease
will result from satisfactory completion OF the July
settlements but II IS declared that financial circles
warranted In looking with more confidence into the
future of the moicy market.
At the close Of business Thursday there were
outstanding Slo,O05.OOO Clearing House loan certif
icatc,. The total issue yestcIday was Sj.225,OOo,
raising the entire amount TO s17 230. 900. Further
issues have been authorized ana probably than
81 100000 will he taken ont today. The complete
list OF the banks to which certificates have been Is
ued stands as follows: First National Chase
N.lionaI Fourth National. Gaatln National Corn |
Exchange Phoenix National. Bank Of America. Nm
tional Bank OF New York, National Bank OF Com |
mercc. National Bank Of the Republic. American Ex |
Nati al Ran \uf
National Ncw-YOrk National Exchange, Mercantile |
National TruIcsmcn's National. southern National. |
German Exchange. First National Of Brooklyn, |
Chatham National and New-York County National |
Bank-wcnty one In all.
The sub Treasury paid out 1928, G26 in anticipated
Government interest yesterday making total since
last week Of about Si25oc00. There S5000o0 !
small currency exchanged for large notes. and Of
this amount abont half. II Is estimated. intended
for shipment Of town. There was 100000 gold |
deposited Tor Geographic transfer at san Francisco.
The subTreasury I'm addition received the $500 900
gold brought by the steamer Columbia from England |
on consignment TO Barring Magoun d Co.. ordered on
June u. The gain In gold FOR the day amounted TO
$500 900.
The ontinmancc OF currency transfers to san |
Francisco reflects the effect OF the panic which
30 severe recently on the Pacific Coast The total sub
Treasury Transfers since Friday week ago amount
to 81 100000. The movement Is not considered as
Indicating any acute dlstruNt now. but IS believed
TO be rcmittanceS to California savings banks which
In the panic exercised the rule requiring timcnocc
for the withdrawal OF deposits. and have since then
been selling Government bonds and other
curcS To rcplrnish their cash resources The ship
mcnts ont of town to other points were In small
parcels. and excited special nneaSincss.
The foreign exchange market yesterday dun
owing 10 the lndlSpoSition of bankers TO draw bills
freely Mt existing low rates. Buyers also in
IA Isl D.pd IN freely mi
ply OF commercial bills drawn against wheat exports
may d'presS quotations further The large banking
houses here still endcavoring TO figure out profit
On gold mportatiOns. II Is understood that J. * W.
scrman & Co. tried to arrange for bringing in some
3,Ooo0GO. but the Eank Of England refused TO sell
American eagles at 76s OIL ounce the regular
price. and refused n bid Of 7Gs Cd. Should
sterling exchange fall to ~ SD - ~ Il for demand
bills. it is expected that English sovcrclgns will be
imported.
rhe silver market resumed a more normal tone
Yesterday. There sales Of 100000 silver bull
lion certificates the stock Exchange. the first price
Being o. cents and the last price 90 cents, against
81 cent, nj Thursdays close Commercial bar silver
yns rmcr also and rose cents TO Us cents an ounce.
N London slight recovery occurred In bar silver.
which quoted at 80 l-2a 81 It'd an ounce. a
,ulish Influence on the market dispatch re-
eived from Denver from Ex-Governor u. B. Grant,
II the Omaha and smelling works and chairman
Il the silver meeting held at Denver on Thursday.
The dspU,ch said:
"ln accordance with the resolutions passed by |
miners and smelters' meeting yesterday afternoon.
he Missouri Valley representing almost 90 per cent
( the smelling business Of the United states, have
ecldcd to purchasing silver ores and to go out
I business. They have approximately but 100000
nnces OF silver IN stock With this limited supply
be- Government cannot purchase the amount made
lgutory by the sherman bill during the next two
Ilnih.'
The lessencd strain IN the money market. the rally
silver rimors of gold imports and report that
II early session Of Congress will be called caused
harp advance AT the stock Exchange The Indus
rial shares led with net gains OF 2a3 IL pr cent
II the railway list t. Paul rose per cent. ana
erSey Central Il per cent and numerous stocks
bowed mt gains Of N,er per cent. The close was
onfdent. with feeling In speculative circles that
the worst over :