New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-21
PRICE THREE CENTS.
BETTER TONE IN WALL-ST.
NO NECESSITY FOR CLEARING HOUSE
COMMITTEE MEETING.
CONDITIONS MUCH IMPROVED - CRISIS
THOUGHT TO BE OVER-DEPOSITS
OF BONDS UNDER MR.. CAGES
ORDER-THE COURSE
OF STOCK

IT was not found necessary yesterday to hold
a meeting Of the Clearing House Committee, as
conditions in Wall Street were much improved.
and the market, although it's course was erratic
and its tone not strong throughout showed no
signs Of a recurrence Of panicky feeling. F. d.
Tappen. president Of the Gallatin National
Bank. in whose hands was placed on Tuesday
for loaning on call the S1O0O00O0 subscribed by
the syndicate OF banks, and who loaned about
S., 600 900 Of the sum in the course of that day.
said yesterday, sas quoted in regard TO the
resolution adopted by the Clearing House Com
mittee asking the trust companies to loan United
States bonds to the depository banks for trans
fer to the Sub-Treasury security for deposits
Of internal revenue receipts
The clearing house committee has no apologies
to make for its action OF yesterday. II helped
matters at once, having most salutary effect.
have been informed by several trust companies
One in particular having no Government bonds
but holding 100000 in municipal securities. sent
Issues, lending them 10 the banks as collateral for
internal revenue deposits II such transfer could
In my opinion the crisis is over. Things are re-
suming their normal shape. What remains of yes
sstance to-day is unnecessary. In the natura:
course OF trade money Will soon come our way TO
replace whatever gold IS, shipped to Europe.
1t is understood that copies OF the resolution
to the trust companies which clear through
members Of the Clearing House Association.
among these companies being some Of the largest
and wealthest in the city 1t is entirely i'm
probable that the United States Trust Company.
the Central Trust Company and the two or three
other institutions which by their own choice
have afflliaton with the Clearing House will
turn over any bonds to the banks. although there
seems to be no foundation for the suggestions
heard that IT would be violation OF law for
trust company TO loan out its securities. The
law requires" said the vice president Of a lead
ing trust company yesterday in discussing this
point that the amount OF trust companys
capital be invested in certain securities, but any
surplus II may have invested in those securities
or In United States securities 1t could turn over
to the banks"
The deposits Of bonds yesterday at the SUBJ
Treasury collateral for internal revenue re-
ceipts. which are to be deposited in banks under
Secretary Cages order of Monday. aggregated
! 81 S35 eco These receipts are going into the
banks at the rate Of about Sl0o000O day.
The stock market opened strong, with call
money at G per cent the prevailing rate
throughout the day, although at one time II
touched Q; the close being at per cent. The
weak spot was Brooklyn Rapid Transit, which.
under the Influence OF false ana sinister pedr
rumors. ostensibly emanating from Boston.
though believed on good authority to have had
their origin at this centre. sold down from a to
| 81 ralying however, In the last hour TO ool2,
net decline for the day of 9A per cent. The
success Of the bear tactics against Brooklyn
Rapid Transit caused a sympathetic decline In
the general list, a movement which was aided
by the circulation Of falst reports that leading
Stock Exchange houses were in difficulties, oy
exaggerations OF the significance OF the nom
compliance by certain trust companies with the
Clearing House Committees request for the
loaning OF bonds and by the announcement OK
one gold shipment and the probability OF large
additional engagements OF gold for export
Closing quotations. however. reflected recoV-
cries in almost all the more conspicuous stocks
Total transactions aggregated about soo'o~
shares. with bond sales OF $3,42O,5OO par value.
New-York Central advanced sharply on the
news OF its increase OF dividend, selling as high
as l3Ois and closing at l29l4. a net gain for the
day OF 2% per cent Manhattan was weak, on
the uncertainty regarding the outcome OK the
company's negotiations with the Park Board
relative to the occupancy Of Battery Park by
the elevated structure, the stock ranging be-
tween 94ia and S9l. and closing at 9lia, net
Of II. cent.