The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-11

market. It IL to be noted that since May 1 thu
national bank circulation has increased L
| date about S4.400.00o Nearly all OF this new
circulation was taken out by Eastern banks
| A further increase 10 expected: in fact II
| known to be under way. us number OF the
| Now York banks have taken advantage OF the
| relatively low prices for Government 4s tc
take out now circulation. At Washington
It Is estimated that upward OF $1,000.
900 OF bonds will be deposited this
| month to secure national bank notes. \
| change in the law that would permit
| the banks to tako out circulation up to tho par
value OF the bonds deposited TO secure the
same would obviously result In a very consld-
ernblo expansion in the volume OF national
bank noto circulation. The Government con-
tinues to buy silver in an extremely cautious
way. aud refuses to accept tho prices made by
dealers. At the came time the exports OF all
YER nre constantly increasing. More than half
n million ounces will be taken out by to-mor-
rows steamers.
The Clearing House Loan Committee issued
s250,0O0 loan certificates to-day. making the
total amount outstanding S22. S1E. 900. 1t 10
probable that other small amounts may be Is
sued before the end Of the week. The return
flow OF money from the interior Is not yet suf-
nciently large to warrant the banks in retiring
any considerable amount OF these certih-
Gates As to the amount OF money with
hsld from use by savings banks and
trust companies opinions differ. A care
full inquiry upon this subject by GER
tain bank officials leads them to express the
ooinion that the amount withdrawn by the in.
siitutions referred to. particularly by the saw
ings banks. has been grossly exaggerated.
One OF these officials said to-day that. in his
judgment, the amount withdrawn shortly be-
fore tho end of the hall year was not 50. 100000
more than the normal requirements OF the
savings banks
An interesting incident occurred Mt the Sub
Treasury to-day. Ever since the banks began
to take out Clearing House loan certificates.
the settlements OF the Clearing House have
been effected almost entirely by tho use Of
these certificates. and recently It has happened
that the Sub-Treasury. which cannot accept
the certificates, has been o creditor at the
Clearing House daily. This has been brought
about by the action OF many Of the banks in
presenting checks on the Sub Treasury to
that institution direct in order to obtain cash
for them On the other hand. checks upon the
banks receive cd at the Sub Treasury have gone
through the Clearing House. and at the last
minute each day several OF the banks have
been com PEELED to put UP the cash to liquidate
the Sub-Treasury's credit. Presumably with
the view OF discouraging the banks from pre-
senting their checks on tho Sub-Treasury
direct that institution made all OF its payments
to day in gold coin, thus causing the banks
some littlo Inconvenience. 1t 10 understood
that tho Clearing House will devise plan to-
morrow that will prevent certain Of its mem
bors from endeavoring to take advantage OF
others In the manner described.
The Reorganization Committee Of tho Ma
tional Cordage Company announced at the
close Of business that the time for depositinc
the stocks OF that corporation under the plan
had been extended to July %. and for the pay
ment Of the FIRST install mont on subscriptions
to new preferred stock by assentinG stoek
holders to Aug. 10. with terest at the rate OF
9 p cent from to-day to the date Of payment.
in which to make their first payment, during |
which period the trust compnny. which acts as |
depostary. will. OF course. hold their shares |
as security, for the payment of the subscrlp:
ton. At this writing the exact amount OF |
stock deposited cannot be ascertained. owing !
to the lnrge amounts turn ed in to-day; but in |
the opinion of the committee tho holders Of |
a majority OF the shares have asssnted to the |
plan. |