The morning call., 1893-06-17
NEED NO HELP.
Banks Ready to Stand
Alone.
CAN HAVE CERTIFICATES.
But so Far There Has Been No Apple
cation Made to the Clear
ing-HOuse.
IN HAVE CERTIFICATES.
Special to THE MORNING CALL

NEW YORK.. June 16.--The clearing
house loan committee met this morning.
but did not issue any certificates. After
the meeting the members of the committee
declined to give any information as to
whether any applications had been re-
ceiyed for loan certificates. As matter
OF fact no certificates could be issued to-
day because there has not been time for
the directors of any bank to meet and au-
thorizs the necessary application to be
made therefor. 1t is not known yet
whether any bank desires to make out cer-
tificates. The loan committee, however,
will meet again tom orrow.
The action of the Clearing g-house Asso-
citation in deciding to issue loan certif-
Gates was warmly commended on every
hand to-day, and it is conceded that the
announcement of the resolutions has had a
very beneficial effect.
There was a slight falling off in the ship
ments OF currency, and it is estimated the
amount will fall a good deal short of
S1,000,000. The demand for currency has
had the effect of increasing the amount OF
free gold in the treasury. aud the amount
last night exceeded $4,000. 900. which is a
gain OF more than S2,000,0 900 over last week.
But for the fact that the treasury has had
to pay out large sums for pensions it would
show a gain in legal tenders, a large
amount of which has been received from
the banks for currency.
The Herald says the belief is general in
Wall street that better financial conditions
must inevitably result from the concerted
action Of the associated banks of the city,
and that the unanimity with which they
have agreed to the heroic measure of re-
sorting 10 clearing house loan certificates
will urge upon President Cleveland more
than ever before. not only the gravity of
the situation leading TO such course, but
also the Importance of devisng an imme-
diate remedy for it through Congress.
The President will, therefore, in all
probability. convene Congress at an earlier
date than he has already intimated. He
was reported few days ago as saying that
he would call an extra session not before
September 1 nor later than September 10.
The Herald is assured. however, upon
the authority of a personal friend of the
President that he has decided to call the
session of Congress before September l,
and that his act in doing so is based upon
his recent inquiries rs to the present atti-
tude of Congressman regarding the Sher-
man silver purchase act.
PHILADELPHIA, June 16.-Pursuant to
authority granted by the Clearing house
committee the association began to-day
the issuance of loan certificates bearing
per cent interest 10 such banks as required
them. 1t could not be learned whether
any of the banks took advantage OF the
authority. but as the action is mainly in
the nature OF a precau.ion against future
stringency, it is not believed that any loans
were asked.
PTTsBURG, June 16.-Judgments and
executions to the amount of S350,000 have
been filed against the Duquesne Tube
Works Company, covering, il is said. nearly
the entire debt OF the company. The fail
ure is caused by the financial depression.
The leading creditors are w. A. Dunshee,
5000, 600. and the Tyrone Iron Company,
S12S, 200. 1t is among the complstest pipe
plants in the country, and is valued at
$3.50, 200.
OswEGo. Kans., June Is. - Angel,
Matthewson & Co. filed at Oswega this
evening a deed of assignment of all their
property to c. L. Caldwell The liabli-
ties are 100000 and the assets are not yet
known.
RIVERSIDE, June 16-Bank Commits
sioner Gerberding is busy examining the
affairs of the suspended Riverside Bank.
A meeting of directors was held this after
noon, but no news was obtainable regard
ing what had been done.
PORTLAND. Or. June 16.-A small insti-
tuition known as the Oregon and Washing
ton Mortgage Company, which was started
some years ago by William Reid. and
known generally as Dundee" Reid, was
closed to-day under attachment to recover
S1173 Reid himself passed into Insolvency
some time ago and his mortgage company
now follows him.
The company did but little business and
the liabilities are said TO be small. No
statement has yet been made. Reid left
Portland some months ago, and is under
stood to be in London His failure is sup
posed to be due mainly to speculative rail-
way enterprises, the last of which was an
endeavor to build road from Astoria to
Portland.