New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-23
NO DISTRESS AMONG THE BANKS.
REASON FOR THE APPLICATION FOR
CLEARING HOUSE OBSERVATION-DISCLOSURES
OF j. EDWARD SIMMONS.

The report sent out 10y the National Bank Of
Commerce through the United Press local bu-
reau on Friday evening to the effect that the
bank had placed with the Clearing House Loan
Committee an application for Clearing House
certificates. tho application 10 be used at the
discretion of The committee in case any other
banks should require certificates, was the chief
topic Of conversation in financial circles yester-
day. II is well known that the National Bank
Of Commerce has no need OF the certificates.
j. Edward Simmons a member Of the Loan
Committee. said that he knew Of no distress
among the banks. "Cr the contrary. he said.
the bank statement shows a good state Of af-
fairs. and while there may he an occasional ex-
cepton. there seems to he no need to take ad-
vantage Of the application made by the banks.
The statement as whole" he added. lis an
agreeable surprise. There has been an unusual
pressure on the banks Of late. but it was OF a
purely business character. Funds are needed
to move the Western and Southern crops. and X
Ii is found necessary 20 relieve the strain caused
by the application Of out-of-town banks. why,
then the committee may decide to act"
Mr.. Simmons said also that little commercial
paper had been bought lately by dealers. and
there had consequently been an abnormal de-
mand on the banks. "All efforts should he
made" he added. TO facilitate the transporta-
ticn Of the crops to the aeaboard. Up to the
present time there has been no difficulty in
meeting all demands
Mr. Simmons said that merchants had been
unable to unload their stocks. that people were
afraid to tuy because of the uncertainty OF al
fairs and that this stagnatiOn. at time wnen
great sums Of money needed for transport
ing crops naturally makes itself felt at the
banks.
As to the application Of the National Bank OF
Commerce and the American Exchange BANK
il was said that the certificates cannot be Issued
until the committee gives its consent The com.
mttee has held meeting. but IL IL o'neNeu
that one will be called for tomorrow morning
The committee consists of Frederick d. Happen
J. Edward Simmons. Henry W. cannon, U. VI
Williams and f. II. Perkins
on the subject of the stringeDcy or the money
market Mr. Simmons said: THE cause is the
timiditv Of investors ard the boarding process
on the part ~ timid people who are appre-
hensive OF the silver craze. A commence on the
part Of the people in the ability OF the Govern
nent To pay it's honest debts in honest dollars
would relieve the situation. and business wouid
drift back into normal channels.
W w. sherman. president or the Natioiia
Rank OF Commerce, said in explanation OF the
applioation Of his bank for loan certlhcates thal
the application had been made not because the
bank needed the certificates as 1t was as easy
as an old shoe" but to open the way for other
banks to take similar step. IT was reported
Yesterday that the Loan Committee would prop
ably receive applications from eight banks TOT
certificates at it's next meeting. President Hep
burn OF the Third National Bank. had long
conference with J. Edward Simmons at the
Fourth National Bank yesterday