New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-24
CALL MONEY KEEPS HIGHER
STOCK EXCHANGE LOANS CALLED AND
MARKED UP.
THE CURRENCY PREMIUM FALLS nUT LATE
,rv.sn FOR GOLD SPRINGS UP-wHY MONEY
&c sTIFFENING-CHICAGO GAS
WEAK FEATURE IN STOCKS.

Is sTIFFENING-CHICAGO GAS
WEAK FEATURE IN STOCKS.
The hardening tendency of the call loan market
-, the stock Exchange was again noted yesterday.
."AIcat,ng that the furry of Tuesday was not
',ec,al In character The rate rose to per cent.
49,, the bulk OF the business was done at 5Q6 per
.,, IL was learned that number of the trust
r,nanies which have been lending money In
wall Street had begun to call In loans The
-.ason for this step not entirely clear. but II
"a believed that 1t has in some measure Deeh
made necessary because some of the savings
hanks are understood to be withdrawing deposits
On order to meet the Withdrawals OF their own de-
nositors under the thrtyday notices already gwen
The withdrawal Of heavy sums requires hoUce
NJ sixty days. but on amounts UP to $500 only nan
the time was required. and many of these houces
,,m fall due about the first week in september
still another theory for the advance in call ioalS
rates is that owing to recent disturbing rui'o''
The trust companies have been calling some
loans In order to place their money where II 10
deemed more secure and this leads TO shh''hs
of loans that increases the demand temporary
. mora nermanent cause for the higher rates Is
the increased inquiry for funds due 10 the season
for moving crops. which will diminish '"e S"fP'S
available In Wall street. ana also e"Oe
lenders In the idea that they Will be aoie - ST.
hotter rates from the Stock Exchahse' II was
learned yesterday that the American sugar ne.
a,;,s Comnanv which lends several mlIiohs oi
money in Wall Street. had few days ago oesun
~ mark up its loans from Si2 per cent 10 pei GEM"
SITTER rates for call money are reSi'ueu n"
a,,ro, outcome of the financial strinsency existing
,,,bere But the abnormal premium on cur
,ercv IS an Objectionable feature OF the sNuatioh'
-. -. banking community gratifed to hear
,as,arday morning that the premium was
annarenty about to disappear Ihe none!
brokers early paid III per cent Tor cur
rencv to fill buying orders placed with them al
off1vi inc
coon fell TO / per cent and sales were made AT
~ mar cent The premium on gold almost
,,ined ont and foreign exchange rates again fell
sharply But near the close OF business sunue"
demand for currency revived, and gold was sought
for Offers of ~ per cent for spot gold were MADE
and l Der cent was bid for gold TO arrive al any
time in the next ten days. No reason for this re-
yiyal was apparent. but the increase IN the soiu
premium caused the foreign exchanges 10 recover
half OF the morning decline in rates
The supplies of the yellow metal arriving yes'er-
day were only light. The steamer Teutonic broush'
in $500 gold and the Havel was sighted Win
from 100000 TO 10000 gold board No sales
of gold in London for shipment TO America were
reported by cable. bu, the Bank of England bought
10000 French coin and received A,0W from Paris
The gold now leaving the Bank of France now
ever Is believed TO be intended for the Cnited
States The Sub-Treasury yesterday PAID out ABOUT
$500 900 gold on checks cashed at the counter ana
in subsidiary CON- about the same amount OF silver
Was returned in the course of business
The banks in Boston were reported to have taken
out $4,000 Of Clearing House certificates, making
the total amout outstanding ll,i45Ooo. The work
Of the New-York Loan Committee resulted IN no
change in the net amount outstanding here.
Bankers condemned severely the Pener resolu-
ton in the Senate at Washington for an inquiry
as to whether the National banks were refusing
TO pay checks promptly. The resolution ana some
OF yesterdays speeches 10 the Senate were regard
ed as a reprehensible attempt to infame distrust
at a time when the National Legislature should
strive to assist the restoration OF commence. A
prominent bank president said that he had not
heard OF a single case where National oahk nae
refused to cash depostors check Inc banks
were adopting every device in their power TO facii-
tate the working of the machinery Of exchange.
and all Of the methods adopted had been considered
with extreme care ana with entire regard for
their legal rights and Obligations Wall street men
and merchants alike testify TO the forbeaTance'
wisdom generosity and SIKH with which the banks
have met the extraordinary monetary situation
and devised means for mitigating its rigors. The
influence Of the attack the banks in the senate.
Il II Is felt at all will be felt injuriousY 10 the
public financial men say, and there Is strong
feeling that the Obstructive element in Congress
should be rebuked in any attempt TO einhirrass the
beneficial work of the banks in handling the situa-
ton.
At the Stock Exchange yesterday the speculation
in Northern Pacific securities, as noticed elsewhere
almost threw the dealings in stocks into the shade
Business dull and the lack Of demand resulted
in numerous declines in values. The easier Ioahne
rates for stocks indicated reduction in the short
interest and trading confined almost wholly
10 the room" operators. There were few features
Of interest in general speculation chicago Gas
4s% against sos. Tuesdays close. The depres-
sion was due adverse reports respecting the next
dividend. Dow, Jones a. Cos news agency pup
lisnel the following : Chicago special Presi-
dent Billings says he will recommend passing me
Chicago Gas dividend. unless there Is a decided
change for the better In the monetary situation.
The dividend has been earned. but President Bill
ings thinks 1t advisable to keep the money on
hand. tie says the dividend may be considered
postponed, rather than passed" Friends Of the
COMPANY here declared their belief that Mr.. Bill
and Dow. Jones * Co. telesraphed to their Chicago
correspondent fOr additional confirmation. but IL
too late to receive reply for the day. Gen
eral Electric fell to 80. and was per cent lower
al the close Il IS. The bears raded the stock on
the announcement from Boston that the preferred
stock Of which there - outstanding A236,pU sold
at "A. against 70 on .aturday The price rallied
account for the break n the preferred stock
were n slight Improvement in -. Paul and fall
OF more than J per cent in Chicago. Rock Island
and Pacihc The Northern Pacific stocks
quiet and either unchanged a trihe better not
withdrawing the decision to ask for receivers
certificates The declines In the general market
were fractional In most instances. but the closing
heavy.