New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-08
PART ii.
PAGES IS TO 16.
CLOCKS HAMMERED DOWN.
APPARENT REASON FOR THE DE-
CLINES
nrARs MAKE USE FOR TIME OF A RuMoR
-uAr W c. WHITNEY HAD SAID THAT BRYAN
WOULD CARRY THIS sTArE-AN EN-
puAr1o DENIAL FROM THE Ex-sEc-

ro,.1n CARRY THIS sTATE-AN EN-
ptAr1c DENIAL FROM THE EX-sEC-
RrrARY-rHE MONEY MARKET.
s.ock market in more disturbed ana
lHe state Yesterday than on the day before
cepsau,ns Of loans by the banks and other LENDERS
the "a, orov N bridge over the trouble In Chi
10 P0' - rrove the cotton and wheat crops was
oaesA nv considerable liquidation OF long ac-
- IN stocks and the bear operators TOOK ao-
,arA ~ the opportunity TO force down values
- conceded that the decline was unwarranteo
y ,hora was an absence of purchasing power IN
u-' -narket and It could not be prevented. Ihere
'ne - huving orders from London. but not
- % furnish support for stocks On the o'her
GU .ooxs we're offered in which there had not
M ,-.nsaction for weeks indicating that sacri-
g.. had 20 be made TO secure FUNDS.
- 80, ~ sales was considerably larger tnan
-, The net losses in leading stocks. rs shown
tv comparing the Hii"i p''''' Wv"
Co,,on OIL ls. Sugar A. Tobacco Ia. Atcnison
q, burlington and Quincy 34. Canada southern :,
rt,oaco Gas Ss Big Four pa. Big -FOUR preferred
81. colorado Fuel 2's. Hockihg Nale' "a nv N'"e
-, ,rsferred IL Consolidated Gas o, Delaware
,ssor . Lackawanna AZ. Denver and Rio
90 "a, r-ia I Erie first preferred 8 Evansville
% 30 Haute IL. General Electric is. Illinois
, lava Central g. Lake Erie and Western l.
-. rr,s and Western preferred "a. LouisViie
lie
,,,s and Essex IL. National Lead preferred
- Io-ssv Central lie. New-York. Lackawan-
"a v-as+srn So SusQuehanna and Western pre-
ens . Northern Pacific rs. Northwest l. Pull
- % Rock Island Is ST. Paul rs 81. faul pre-
ma" ~ southern Railway preferred =. Tennes-
Gel and Iron l. Cordege guaranteed IA
,s.,hsr preferred ~. Wabash l. Western Union
:, Tvbael,ne and Lake Erie preferred 2is
~. downward movement was helped by rumor
.,., william C. Whitney had said Bryan would
.a-rv New-York State. Mr.. Whitney iater made
the following statement;
- am credited with having expressed the opinion
that New-York State is in doubt l have never eN-
ressad any opinion having any likeness TO this
statement 10 any one. on the contrary. have AL
vavs said that Bryan would. in my judgment. lose
This State by a large majority. l should not leeI
called upon TO pay any attention to rumors OF thls
sort except for the fact that am Informed that
in,nroper use is being made OF my ALLEGED opinion
,s,or Ny Whitneys statement the market re-
covered and closing prices were from II 20 "a per
cent the latter for Burlington and Quincy above
the low prices of the day.
There was little furry in call money as result
OF me calling Of loans. The opening rate was per
cent There was an advance 10 per cent, iollo We'd
by a relapse AZ and then rise 10 . "h'cn Wa
the closing In addition there We're heins. p, :
UPON borrowers for additional Collateral IN We" Oh 'e
sa.nkage Ia the value OF the original security. .
There was good deal OF discussion Yesterday as 20
me adv.sabNty of Issuing Clearing housv cei M
cs,es Il was no; that there was an actual ,ack OF
M nsy bu; il was thought the use OF certinca'es
would make lenders more liberal In ne past 'he
certificates nave invariably eXerted so iaNofaoie an
influence that I; was believed they YOU'D go IaF
coward improving the situation now The appFelel-
SON which exists has made banks ana othet
Unusually large lenders unwilling 10 make unle
ioans The rus; companies take their own ue-
losts ana redeposit with banks 10 corslQeraDe sA
tent, Several or them have Informed the Ddhhs thal
fheir deposits might be withdrawn, and me Dahks
have as consequence restricted their loans BROKERS
40 not like 10 carry large lines Of stocks with money
on CAL and they have advised customers 70 SELL OF
a eas. 20 refrain from buying Stocks II is lmpol-
,slt 10 note that the issuance OF Clearing Rouse
,sca,es 8 Already authorized The resolution OF the
Gearing House last winter authorizing them mas hos
been rescinded and the Loan Committee appolhtxeu
urde- II has no; been discharged The machinery lol
issuing them is therefore ready 10 De started d.
moments notice . T., o,,.
MOI only is IL difficult 70 borrow money IN any
amount on time because OF the unWl!lnsness oi
lenders 10 tie up their funds. but commercial paper
can only be sold rates which are very hlsh Wheil
Judged by the standard OF call money. Excellent
paper has offered 10 per cent in more places
than one. Ordinarily this paper would nave neen
promptly taken the average market rate. The dis
elimination present is not between commercial
borrowers themselves, but between commercial bor-
-owers and those have good collateral 10 offer.
Lenders say that call money has been decidedly too
low as compared with time money Everything points
- higher rates for money In the near future The best
opinions are that stiff call money market might
prove favorable factor In the situation.
There was a withdrawal OF 80. 600 In god coin from
me Suh-Treasury for shipment 10 Canada.