New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-23
MONEY SEEMS HARDENING.
CURRENCY PREMIUMS LOWER But A
FURRY IN CALL LOAN RATES.
THE DEMAND FOR MONEY FOR THE CROPS on
THE INCREASING FRESH ORDERS FOR
GOLD IMPoRTs-sToCKs DECLINE
on LESSENED DEMAND
on A LESSENED DEMAND
FROM THE " SHORTS. "


terday. but the call money market at the Stock
Exchange disturbed by a slight furry in rates.
The quotations steadily hardened from to per
cent and between these figures considerable bust
ness was done. In the afternoon the rate ran up
TO per cent, but increase in supply quickly
followed and the quotation fell to per cent
There some dispute to whether the frmer
rates yesterday meant more than passing furry
Apparently reason existed why the market
should not have enjoyed its usual plethora of
offerings at per cent, but whatever may have been
the concealed cause. it is certain that the rates
were appreciably harder. The extreme in call
loans has been at no time any indication OF the ex-
tent of the monetary stringency. The stagnation in
speculation has kept the Stock Exchange demand
at a low ebb. and the business done has been
merely in daily balances Of brokers and few
foreign bankers. The banks. of course. have made
no offers. because their funds could be we'll en-
ployed elsewhere. and while they paid per cent
interest on Clearing House loan certificates 1t was
not to be expected that they would lend their
money at lower figures
1t would surprise in financial circles.
however II the call money market Should at last
begin TO reflect the stringency which exists else
where. The time money market Is practlcaily
closed to borrowers and commercial paper of the
best class may be sold only at heavy discount.
Meantime the demand for money TO move the
crops is increasing daily. and when September is
ushered In the pressure TO secure funds Is
pected TO be extreme. To meet this call Will tax
the resources and devices Of the banks severely,
and every available of the Stock Exchange
will be off, outside of the surplus balances that
brokers may have over and above their daily
qurements. In these circumstances it is believed
that brokers will keep their money requirements
70 the lowest limit and ii would be surprising il
lenders would not be tempted to ask for
their balances. AS there would be chance OF
securing assistance from the banks. the lenders
would practically control the call loan rate.
taiy until 1t had passed above per cent
higher call loan market would not be unacceptable
10 many bank officers the low Stock Exchange
money quotations hamper them in the work Of
keeping requirements of out-of-town borrowers
down to the minimum. The NewYork banks in
order to protect local merchants. compelled TO
fight of as much possible the demand of the in
terror for money.
Curiously enough. although the premium
rency fell TO . per cent yesterday the money
brokers reported that they did the largest bust
ness Of any day since the brokerage in actual cash
began TO be active The transactions were in
larger separate sums than usual an indication that
the demand from institutions and concerns
which attempting to finance the moving Of
the crops But, owing to the currencys being
purchased by the brokers in large blocks. they
were able TO secure concessions from recent prices
and so were able 10 offer large blocks at slight
concessions to buyers The demand continued
brisk to the close and when business was over
there were several large buying orders untitled
The banks also reported a good demand for actual
money from the interior and the shipments Of
notes and coin were on an important scale the
South is clamorng for funds but at the West there
are several important centres where currency Is
badly needed to break the blockade in grain The
pressure for money is growing so severe that the
banks are being forced further and further to-
ward the use Of checks alone in satisfying the
needs OF depositors. The Southern National Bank
has decided establish two separate accounts on
its books paying out cash only cash deposits.
DIR
During the present scarcity OF currency this
bank will keep separate accounts Of deposits made
in cash and deposits made in checks
Customers requested to stamp all checks
drawn against deposits OF checks: Payable only
through New-York Clearing House
Cash will be paid against cash deposits
The reports concerning the premium on gold 10
arrive were conflicting. The decline in the foreign
exchanges reflected a weakening in the premium
One well-informed banker said that the Canadian
Rank of Commerce had tried sell round block
Of gold now on the Campania, due here Friday or
Saturday and the best bid firm" 1t received was
- per cent. Money brokers also quoted the pre-
MUM lower. on the other hand we'll
informed Wall Street man asserted that promi-
nent house had sought to secure 100000 gold deliver
able any time within a week and could not secure
II at IL per cent premium.
That the demand has diminished somewhat. how
ever is shown in the absence of announcements
of fresh engagements for import although the cable
in American coin The arrivals of gold on the
steamer Ems Yesterday amounted to about $500
OO The Sub-Treasury paid out N,l92,COD on checks
over it's counter. all but $4,000. which was IN
Treasury notes. being given in gold The Sub
Treasury also counted and returned 10 importers
about 81, OO00DO in the yellow metal Treasury OH
Gals have noticed that they receiving back
about as many silver dollars as they pay out ~
Is argued from this that the demand for small
currency is decreasing, and also that 1t is ex-
tremely hard force the big white dollars into
circulation The usual ten-day statement of the
kinds of money received for customs dues shows
increase for the latest period Of l21 per cent IN
certificates O2 in silver certificates III in United
States notes and 16 per cent in Treasury notes
silver coin O3 gold certificates. SO; silver certii-
Gates 40; United States notes, $50, and Treasury
The New-York banks yesterday had need
to take out Clearing House loan certihea,es; o AT
amount outstanding sll 1900
Tho stock market, at the stock Exchange, en-
but when the demand to cover short contracts
sackened. there was recession In quotations
some OF the large bull traders who bought rsa
izng sales and the market declined all the after.
Western LINEN fl iTa IVA to the sM
General Electric to 4l&.. but receded easily
to 3sa.Q3s. Chicago Gas advanced y. per cent to
80. to 74u7is. Disting and Cattle Feeding rose
IN but then dropped to a. Chlsag9 M%susee
Burlington and quincy from 1871 to 15i2@76; Chi
Rock Island 9 apd from from TO
e. Atchison from l6 to liMglS, and Missouri
Pacific from 2 to 2l LGssv pea Sna N1s scka
wanna wanna and western from 1856 to l3ilsql$4A
Lake Shore from 114a. 70 lSls and Manhattan Rail
stocks closed easier, and there was IA diminished
borrowing demand.