New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-02
A FEW POINTS HIGHER.


IN sToCKs-sILvER CLIMrs
FEW POINTS HIGHER.
The prospect Of an early session OF Congress 10
consider for financial relief gave a better
tone TO the sentiment in banking circles YESTERDAY
without exception comment was favorable 10 'ie
convoking Of the National legislature and the char
acter Of the interviews lad with leading bahh'rS
and Wall Street was the same as that oil ,i'e
opinions expressed when the news reached the Guy
late on Friday IN general II Is declared that IN"
call for the early session Will help TO aiay oS'TS'
and by improving the temper Of the community ma!
contribnte largely 10 n successful maintenance OF
the business situation until legislative action can W
store faith In the currency Of the country
Rut tl,, top, OF comment IL somewhat HE that
which wnuii be ,.XOrd frtr. a drowning man II
temporary succM given TO him. FinahclerS
recognize that sentiment alone will not furnish OASIS
10 restore the situation 10 It's normal state ana
The calling Of Congress together Is only step 'o"arn
the rchn' ll!toton Of confidence. II use figure oil
speech from one bar. predcrt. qualification Is ex-
pressed that the strgcor aS been called in Dht the
Operation Il Is secr. has Yet 10 be periormeu' !"
their gratitude that the F,sc"rt ha' at Ast AMIN
don,i lis policy - iracti haipeS are ioa'h 10
critic', ia. d",aT OF IL Adj 'ri'traiion, but II Is
confessed b. candid men that the step would nave
had moro encctual results IL 1t had been taken
sooner The situation has already worked SUCH
hardship I, the financial and mercantile community
that the hope Of reform in the currency possesses
less power to inspire cheerful Views III Is l'ar1
that Their. MAY lie danger even In the tihe "hlch
must clapsc before the silver Purchase law can be
taken OF the statute books 1t Is realized That the
fight for honest money has not yet been "oh III"
while every Is hopeful OF the outcome
there Is no means for attempting to gauge the
temper Of Congress In It's treatment OF the legislation
which all recognize must follow the repeal Oh 'he
obnoxious law
WHEN THE FIRST TEST WILL COME.
1t being = halfholday yesterday there was no
opportunity for the monetary stress to manifest se
In any acute form at the Stock Exchange No loans
are made on Saturdays by stock brokers' and the hrst
test of the condition OF the money market as ac'uas
affected by the call OF the extra session OF congress
will be made tomorrow. But owing TO the fact thl'
many OF Fridays loans made until Wednesday
morning the greatest test will not come before the
middle OF this week. That the banks feel that the
tension Is by over Is proved by the neaVy
issue of Clearing House loan certificates YESTERDAY
ON Saturday q week ago the Loan Committee OF the
Clearing House Association was not in session and no
certificates taken out Yesterday, however, the
amount issued was 81 10000, making total now
outstanding of 5000. II is confidently expected
that further issues of certificates will be made this
week.
In connection with the issue OF loan certificates
there was a blunder In the making up OF the banR
statement as 1t was first given out The statement
crease of $4,000 in deposits. There was decrease
Of 81 934 900 In specie. and OF $13l66oO in legal
tenders, total less in cash OF S42o1.oO Inc sur
plus reserve reduced 81 ,23O, $50. The separate
Items were inconsistent with one another by showing
n reduction in deposits OF only $4,000, when the
reduction should have apprcximated $o,30O,OOO IN
vestiraton showed that numerous banks had made an
error In their treatment Of loan certificates, reporting
the total amount instead Of the for the week
Corrections were made hastily possible and then
the item OF loans showed increase OF S76G4,3OO,
the other items being unchanged and the reduction In
reserve being the same. Still the statement was
grossly Inconsistent With the loss In cash deducted
from the increase in loans decline In deposits should
have appeared of S3,4O0,OO0 instead OF a re-
duction of only $4,000 The statement gave rise 10
the suspicion that of the banks mad improperly
counted their loan certificates in cash resources, and
altogether 1t extremely unsatisfactory for anay sis
The statement throws little light on the actual con-
don OF the banks The surplus reserve is now re-
ported 81 .o51 725, against 81 Os6. 900 at the
responding date of 1892 and S1o,465,O73 in 1891.
AS matter OF fact ii is generally believed that
the banks above the legal reserve. The heavy
loss in specie for the week is due 10 the deposits OF
gold certificates at the SubTreasury for Transfers at
San Francisco, and the of certificates TO OBJ
tain small currency, which is now extremely
among the banks.
NO DEFAULT IN INTEREST AND DIVIDEND.
SO far was learned there defaults yester
city, Several OF the banks remained open after
noon in order meet all payments. The Sub
TrSasary paid for interest S15400 The deposits
lr transfers at San Francisco only 10000, and
about $4,000 currency was exchanged over the
counter. The Sub-Treasury was n creditor at the
Clearing House TO the amount Of 80 621 50 yesterday
morning. 1t has not had credit balance since
August II, 1891. Yesterdays credit due the
receipt OF interest by the Government OF 1890 900
from the Pacific Railroads bonds held for the
Sinking Fund Of the debt to the Government.
The fiscal year at the Sub-Treasury closed on
Friday night The total receipts In the year
81 a6I $50 GO IL, against 81 $50 $50 501 so In the
year ended June 80, 1892. The total payments were
81 $50 $50 49, against 81 570,0O4 "A In 1892
Included In the receipts were S142, 625, $50 o. 1br
customs, against 1925, 100 COG 80 in 1892. The ship
ments the Sub-Trcasury In 1893 aggregated S145,-
G55 900, against SIS 500 900 In 1892 The payments
for 1893 included s25 $50 A. for interest against
S177s6,651 In the previous year. and pensions
covered S91 1906 44 g. against $S631 253 "a. The
shipments of currency to the Department at Washing
ton and direct shipments 10 the interior $170,-
500 O1e, compared with S00,153,342 in s02
The stock market opened yesterday with small
sized boom In progress, for which the was
exultation over the calling Of the extra session OF
Congress. Those who had bought stocks Friday
In anticipation OF this action the part Of the
President quickly got rid OF their holdings and took
their profits and before the hour, when business
closes SATURDAY. reaction had set In. Al the
.lose however, prices skl showed general net gains
over Friday. The great bulk OF the business
donc In the first hour, and the usual halfh0liday
quiet then settled down the Exchange Chicago,
ard st. Paul displayed the most activity,
with dealings Of 11.43O shares. This stock opened
II 90 IL and sold down TO 90 5-sE0s "a. American
Sugar Refining came next, with sales amounting TO
lbs shares, and range OF prices from IS 12 Mt
the ope.ng mp to s5 "a and then down to SO $50
B3 So. Achson opened at % Ia. gained 16 and
then dropped to - a. Other fluctuations were:
Chicago Gas 30 "a TO co: Chicago, Rock Island and
Pacific, 70 to 20 1871 Chicago and Northwestern,
lO4 3-46105 l.: TO 1O4 1-o Chicago Burlington ard
Quincy 81 to Sc Is, Delaware, Lackawanna and West
.rn 147aI47 Is to 147 L. DstIliDg and Cattle Feed
ng "a Id 10 % Ii; Erie 170l7 3s TO 10 lea 10 SIS