New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-24

,~1rsroRs SCRAMBLE FOR THE BARGAINs-FA-
vosAsLE REACTION ON ALL THE EXCHANGES
THE CLEARINGHOUSE COMMITTEE AUTHOR
lies THE ISSUE OF cERrIFIcATEs-Two
SMALL FIRMS FORCED TO ASSIGN
AN EXCITING ATTEMPT AT MUIR
DER on THE EXCHANGE STEPS.
Wall Street resumed something like its normal
.,ate yesterday. There a great improve
men, in stocks. and the panicky feeling had en-
Nrely disappeared. There were two failures. but
they were not important. The firms which
.,onped business were James Walsh & Son and
r. l. I.anghaar & Co. both Of which had offices
at No Wall-st.
Quotations for American stocks on the London
Stock Exchange were received before the opening
of the New-York Stock Exchange, and they were
from 70 points better than the closing fg
rres OF Saturday They set the gauge for prices
here. and when operations began there was al
mos, as much eagerness to buy stocks as there
had been TO sell them on Friday and Saturday
Of last week The galleries Of the Exchange were
crowded with spectators. who evidently expected
10 see exciting times. In this they were disap-
nointed The scenes presented were only those
of an ordinarily busy day.
FINAL PRICES THE HIGHEST.
The final prices were. as rule. within frac-
ton Of the best recorded during the session Of
the Exchange. The net gains for leading stocks
were: Sugar common S&. Sugar preferred 21a,
Tobacco "a. Atchison 2. Burlington and Quincy
8. Canada Southern l. Chicago Gas 5h. Big Four
"a Colorado Fuel ~, Consolidated Gas s, Della
ware and Hudson 3N. Lackawanna 6. Whiskey
ga Kansas and Texas preferred pa Lake Erie
ard Western preferred g. Lake Shore IN. Louis
VILE and New-Albany preferred 2h. Louisville
and Nashville ~, Manhattan 2%, Missouri Pa
cifc 2L New-Jersey Central 6, New-York Cen
tral @ Omaha common g. Omaha preferred 81,
Pacific Mail 2%. Pullman g. Rock Island 51a,
ST Paul 34. Southern Railway preferred 2.
United States Rubber common 81, United States
Rubber preferred 81. Western Union IL, and
Wheeling and Lake Erie ~. The advance in
bonds was almost large as in stocks The
total sales Of stocks 392. 72s shares, and Of
bonds. s3.2o1,0o0.
Money opened at rer cent. and by 1890 p m
had got up to 80 per cent. At that hour ]. P. Nor
gan offered 81 800 900 at per cent. and that at
once became the ruling rate. The last loan was
al per cent Sterling exchange was strong.
Demand bills were held at 81 ss11, although some
were sold at "a 1914. Engagements at the Assay
Office of gold bars for shipment to Europe by
Ter. schall & Co. and $25O,oOO by L. Won Hoffman
e. Co. 1t was said that these engagements might
he cancelled There wee withdrawals Of gold
from the Sub-Treasury for transfer to Canada
IS follows: British-American Mortgage Com
nany $3.50 600: Bank Of British North America,
800 900 and Merchants Bank Of Canada, 100000.
There were deposits Of gold in the Sub-Treasury
OF 100000 by the Phenix National Bank ana
$4,000 by the Bank of America.
TIMELY ACTION OF THE COMMITTEE.
thing which contributed materially to the
better feeling in the street was the action of
the Clearing House Committee in authorizing
the issue Of loan certificates. Before the Stock
Exchange opened it had become known that a
meeting Of a majority Of the members OF the
committee had been he'd at the house OF Fred
erick D. Happen at midnight Sunday. at which
Il was informally arranged to make use OF loan
certificates; and information Of this determine
ton was sent by cable to Europe in hopes that
II would have reassuring effect on foreign IN
vestors and SPECTATORS in American stocks.
When the committee convened at noon Its work
was so well prepared that the meeting lasted
only seven minutes. The following resolution
was adopted:
Resolved. That committee Of fve be appointed
rom banks. members Of the association. bill: re-
oajVsble' and other securities to be approved by
ss4 tn such Sepostins banks
bearing at per cent per annum s ana me.
Clearing House Association. and such loan Ger,
thcaes shall not be in EXCESS OF 70 Xii s reeevabe
so deposited and such certhcstes s sra Clearing
se!ved in settlement 81 oaa ad Oscillations hereto,
fore adopted In the issue OF such ceruhca'es SNAIL
be in force in the present issue
MEN TO BE RELIED UPON.
The following were named the committee
Frederick d. Tappen. president Gaiiatlh Ma
tiona Bank. chairman; f. H. Perkins. )r.' presi-
dent Importers and Traders National BANK
George c. Williams. president Chemical Ma
tional Bank: ]. Edward Simmons. president
Fourth National Bank. and Henry w Cannon
president Chase National Bank. with William A
Nash president Corn Exchange Bank and presi-
dent Clearing House. ex-officio. The committee
is ersctlv the same in personnel as the Loan
Committee which performed splendid work IN
The manic Of 1893 The committee will nave
meeting at II o'clock this morning to supply
such banks as may desire certificates ana 70
pasa on the sec ,rities offered as collateral 1of
them Tho extra charge Of lie OF per cent Is
for expenses.
1t was said that the employment OF loan GER
tifcates In settling balances at the clearing
House could be made to serve In RESTRICTING
gold shipments Exporters take checks or oral's
received by them to the banks where they Keep
accounts and ask for greenbacks which they
exchange at the Sub-Treasury for gold coin OF
for orders on the Assay Office for gold pars
The banks can object to furnishing greenpacks
On the ground that they will not receive cash ioi
them but instead loan certificates which are
useful only in paying balances at the Clearing
House.
Loan committees have been appointed IN the
past as follows: The year. date or nrst ISSUE
date Of final cancellation and aggregate OF issue
are given: 1s60-November %. March D. 1901
S,3750O0. 1s61-September Is, April 20. 1867 W.
$4,000. 1sS3-September 49, February !. 1864 ~
COS 600 lsG4-February 20. June Is. 1864, slS4ls'-
00O 1s73-September 22. January a. 1874 $500