The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-07-02
WHAT COMPETITION MAY DO.

This afternoon the Clearinghouse issued
statement that the bank statement issued
earlier was wrong. and new one had to
be given out. The corrected report is as
follows:
Loans. 81, 230. 600; decrease 81. 028, 600;
deposits decrease, $685. The banks
hold S1.251, 725 in excess Of the require
ments. -: -.
=: The explanation is given that some of
the banks deducted the whole of the loan
certificates taken out by them during the
week, whereas they should have deducted
only the average. AS the statement is
made up on a system of averages. the other
items were not affected in the least !.
When this bank statement was given
out showing the amount held in excess OF
local requirements to be $1.251, 725. the
whole market weakened. The decline
l:from the top figures of the morning was
equal to u to 2s4 per cent. and the re-
action. was greatest in indnstrials, Mis-
souri, Pacific, Changers. Lackawanna and
Western Union. The market left off COM
paratively weak although a majority of
the prominent shares show net gains for
the day. Governments were steady; petr0-
leum was neglected. ...
Tie silver market was decidedly irmer
to-day. 156,000 ounces changing hands at
II Y to u. The closing quotation was 73A
bid, 76 asked. Commercial bar sold at
70 to r. Mexican dollars IS. *..+...
Considerable CONSERVATION was felt
among importing merchants to-day, when
the new circular fixing the values of foreign
coins for the next three months appeared
from the Treasury Department at Wash
ington. The calculations OF the circular
are based on the average price Of silver
for the last three months. The circular
shows that there has been decline of only
Il per cent, whereas during the past week
the decline ia the value of silver has been
about 10 per cent. For example. the China
tael Is valued by the circular at only cent
less than in the preceding circular. but its
value to-day has fallen IA cents. Merchants
say they have paid for goods in silver at a
high valuation, and they are not only
losing by the depreciation in silver, but
are also paying duties on the higher value
of silver. Thus they are much concerned.
:. CHICAGO, July 1.-Wheat promptly ad-
vanced cent this morning on tie Presi-
dents action in calling a special session of
slightly. The price for wheat remained
steady till shortly before the close of the
market when bulge took place, sending
July options up an additional 1 Y. making
the advance for the day 2A. The close was
strong at the top. 1t is generally felt that
the crisis has passed.
Corn continued firm to the close with an
advance for the day of %.
LONDON, July Bar silver has advanced
Sd TO 331s. The rupee paper has risen IA.
owing TO the recovery in the price of silver.
Shortly after the opening Of the stock
market this morning prices became easier.
At the close, all. with few exceptions.
showed fractional de cline. The opening
quotations were the highest of the day.
The market closed dun. italian and
Spanish securities were specisly affected.
Operators on tho Stock Exchange regard
Spain as bordering on bankruptcy and be-
lieve the securities Of that country will
fall 90 per cent.