The sun., 1893-07-01
WALL STREET MUCH EASIER.
Reports OF the Extra Session Stimulate tho
stock Market. -

Stock Market.
The Loan Com mitiee OF the Clearing House
Z issued yesterday $5.225.OOO of loan certifl-
Gates The bulk OF them were taken out by
the banks represented on the committee. and
that agreed to take them yesterday in accord
ance with their policy Of relieving the money
mnrket, 1t Is the intention OF the five banks
that won't into that operation to redeem their
certificates Just as soon as the money market
becomes sufficiently easy to warrant their re.
tirement without disturbances. Other banks
\ that took some Of the certificates were the
Ph9nix National. the Chatham National. and
1 the New York National Exchange.
Tho amount Of certificates now outstanding
8 is1lI 900. and at least S75O.OOO. probably
H.0D00QO. more will be taken out to-day.
Although there has been. and was again yes
terdey. . considerable shifting OF loans. Incl
4 dental to the interest payments due to-day.
the money market was fairly comfortable
one Brokers with good collateral were able
to renewtheir call loans until next Wednes-
n day at 9 per cont and one-eighth Of per cent.
commission. which. for the five days. is equal
to about 15 per cent per annum. The rates
4 for new loans ranged from 20 to 25 per cent.
With exceptional transactions at higher fg-
&ufaA and also at rates as low as per cent
: The market. though active, was not stringent.
There 10 as yet no improvement In the COM
mercial paper market on account Of tho issue
Aof Clearing House certificates. nor Is any ex-
pected until the enormous amount OF money
disbursed to-day gets back into its usual
channels. The shipments of money to the
Z interior yesterday consisted Of S300.0o0 which
was sent to San Francisco. The Sub-Treasury
Y gained S750.0O0 in gold. OF which $5O0.O0O
was deposited by Messrs. Barring. Magoun
CO.. who received it from London on the
nteRmship Columbia. and S250.000 was OBJ
< tanned in part payment for S50O.00O Of small
notes. which are to be sent to the South.
Efforts are being made by q number o; lead
ing foreign banking houses to obtain gold
from abroad hut they aro unable to procure It
4 IN London. for the Bank Of England will not
name price for American gold eagles. which
are the most convenient and less expensive
coin to handle. There are no finc gold bars in
the London market at present: consequently
startling exchange will have to 60 quite little
lower before tho London correspondents OF the
bankers referred to can ship English gold coin
I TO this country at profit That importntions
of gold will take place In the near future
seems to be a foregone conclusion. though
they may be deferred fora time by a natural
rally ii the foreign exchange market
In the afternoon Wall street obtained an ink
ling Of the decision OF President Cleveland to
call an extra session OF Congress. and. in con-
sequence. the stock market. which had been
Ftet. though fairly steady. advanced sharply.
d many stocks closed very much higher than
Thursday. In this movement brokers who
Dress prices were heavy buyers OF stocks. and
the few bulls who have any courage left spared
siye lp as possible 1 The best feature Of the So
curity market yesterday was the appearance
s sss name ar S gis f he
This was attributed to the reinvestment OF
some Of the interest money which will be paid
As Wall street has all along attributed the
misfortunes that have oyertaken 1t, as well as
law. IL argues that any definite step toward it's
repeal. such as the calling together Of CONGRESS.
Extra session It is likely to trade more re- exten- t
Soqrse @ S'fs, bs the fact that the movs%spt ear
TSs leads the to
fairly good s% showing BY the banks * ,ao n their
rsese3 that Eenson e S
~ the c9Lyening OF S1n1igrsss 1i to deal with the
that sneourssed the Street % yesterday Was the
absence Of news OF commercial failures II Is
that some 20 Ss which
time may find themselves unable to meet
their. engagements to.morrow.
sSee se2psratiysy ~ light trans
was one OF the most interesting ieatpEes OF the
ciesed at %, while none was offered bsiow q.
IL sSsas t sad yss
Die Of this country realized that only six OF the
forty-fopr States and three Territories pro:
their product Is something less than $4,000
100 per, annum. Now this talk by the miners
I Colorado and other silver producing
tates that they proposed TO shut down ali
cir mines and demonstrate to the world
Z silver Is absolutely necessary to tho
'uat Of its business Is sheer nonsense.
lntter Of fact more than half, or about 80
IT.. of the silver produced in this coun-
es from the smelling Of lead and cop;
leprodueton 10 OF lead and copper, will
ind. In consequence. about $:s5.OOO.-
VOC will be produced. oven il those
Tor tho precious metal alone never
terations-
seems 10 me desirable that the pub.
Understand that the suspension OF