The herald., 1893-07-01
THE STRAIN IS ABOUT OVER
A Feeling Of Relief in Finan-
cial Circles.
Money Relieved of Some Of Its
Stringency.
Silver Rises in New York Despite q
Further Fall in London.
Surprise Created by the Calling of an Ex-
ira Session of Congress In Aug
ust-Scarsd epeculstors
in Chicago.
By the Asrociated Press.

New YORK, June 30.-Money today
was the center of attraction in financial
circles, rather than in the stock market,
as the result of the united action OF
some banks represented in the clearing
house committee, in taking out clearing
house certificates for their respective
banks. The situation was reported to
be much easier in consequence OF the
prompt steps taken by ths banks to
avert a money panic, and on every hand
praise was heard for the presidents OF
those banks. The banks which took
certificates freely lent the money thus
made available. without decreasing the
cash in tho vaults shown by the debtor
balances at the clearing house this
morning, which OF course was paid in
loan certificates, which had to be taken
by banks having credit balance.
RATES ON CALL MONEY.
The rate for call money this afternoon
prior to 2 O'Clock was 55 per cent. Many
loans, however, were renewed until next
Wednesday at rates varying from 20 to
20 per cent. 1t is said there is not much
commercial paper offering, and 1t ia ar
gued from that fact that the merchants
reported demands from the country
much lighter in amount, but the appli-
cations very generally distributed. 1t
was noticed that only very short time
paper was being received and that is be-
lieved to indicate belief that the strain
is about over. There are no extraor-
dinsry shipments of country currency
by quotations from London. where all
American securities are higher.
THE BREAK IN SILVER.
The break in silver to 301l pence per
ounce in London did not have any In
hnence on the local market. In fact,
silver certificates we're somewhat firmer
today, selling a. 67@68, SO, 00O ounces
changing hands. Yesterday .saias were
made 80 low as 81. Commercial ailver
today was weak es 63. Msxican dollars
were nominaily 55@5S. Mining stocks
were again lower, but business was on
very limited scale.
TRANSACTIONS IN MONEY.
The first transactions in money at the
stock exchange were at l2@15 per cent.
Subsequently the rate rose to 35. A
broker for clearing house banks, who
was conspicuous lender of money yes
terday, renewed all loans at 15 until
Wednesday next. This relieved the
atringency to great extent.
BEARS LOCKING UP THE MONEY.
Stock exchange houses are indignant
over the methods employed by certain
beara in locking up money. They claim
that firms employed by bear operators
bid fancy rates for funds, and after OBJ
tanning funds have not used them. In
other words, they secured a call on lot
OF money, tying 1t up, depriving those
in actual need of funds from using
them, and thus, they have brought
about Generalization in the stock
market, which is their main object.
This has been carried go far. that the
governing committee OF the stock ex-
change has been requested to act, and
will investigate the firms engaged in this
manipulation. Feeling rune high
against the parties engaged in this fcti-
tious borrowing.
CLEARINGHOUSE CERTIFICATES.
The loan committee of the clearing
house issued $4 900 900 additional certif-
Gates today. A member of the commit
tee states that the banks will protect the
money market against any extreme
stringency. If necessary, loan certifi-
Gates will be taken out to any extent by
the banks.