The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-07-02
FINANCIERS DELIGHTED.
But One Opinion Regarding the
Call for an Extra Session.
MATTERS WILL IMPROVE.
A Wise Step on the Part Of the Presi-
dent.
Views of Bankers on the Proclamation
Members of Congress Express the
Opinion That the Extra ses-
sion VIII Be a Short One.

New York, July 1.-The presidents
proclamation was hailed with profound
qualification in financial and business
circles everywhere this morning Men
of all branches of business were loud in
their praise of Cleveland's action In
Wall street the fact to a certain extent,
was discounted yesterday In rumcr that
such a step was decided upon SO that the
effect on prices this morning on stock
exchange was not so marked compared
with the close yesterday, but when com
pared with the lowest and opening prices
yesterday on prices OF the day before, the
improvement was at once seen to be very
great The difference in some cases was
as much as eight points.
Speaking of the proclamation this
morning, s. Pierpont Morgan, head OF
the house of Dre1el, Morgan Il company,
said: 81 am perfectly delighted that
Cleveland has called an extra session and
Trims bis action viii have very bene-
fetal effect everywhere.
George Nagoun, of Barring, Magoun &
company. said: II think the proclama-
ton z very good thing, and it is q most
wise st on the presidents part. He has
most decidedly done the right thing. 1t
is a little too early to tell the effect of it,
y
The belief viii grow that the dollar is go
ing TO have the same reliable meaning as
the English pound sterling for the tran
saction of business. We ought soon to
see reflected here better opinion in
Europe of all American investment
securities
There is but one opinion as 10 the effect
of President Cleveland's call Tor an extra
session OF the commercial community and
that is that 1t must necessarily improve
matters. For a long time merchants
have been unable to obtain accommo-
cations at the banks at anything like fan
rates. for the reason that the banks were
compelled to husband their resources
because of the uncertainty regarding
the future. Local bank officials almost
to man pointed to the Sherman silver
law as the great disturbing factor. With
the removal of what they term the prime
caase of the present financial distress
j. e., the compulsory purchase of silver
and nearly every banker whose opinion
is entitled to be quoted agrees that tht
call for Congress was only issued after i
was reasonably certain that the Sherman
law would be Tepealed-the banks of New
York are inclined to deal more Literally
with merchants.
., here is already more of a disposition
10 b ~ good paper-butnot in any volume
to speak OF. The gain made lies in TIN
fact that the administration having de.
termined TO do something to alleviate tn
distressing financial circles, capita
which has been locked up for long tim
past is now seeking employment, conf
dent that Congress Will iud way t
remedy the defect in our monetar.
system
4 return to the normal rates in tn
market for mercantile paper may
looked for in the early future. Sales c
paper were made today at 10 per cent. bu
the ruling rate tor the very best name
was about per cent. Loan certificate
for Il, 57J, 900 were issued today to clear
ing house banks making the total to dat
SIS, 500, 600.