| Show FiNANCiERS DELIGHTED I But One Opinion Regarding the Call for an Extra Session MATTERS WILL IMPROVE f A IVibC Step on the part 01 the President Presi-dent Views of IJanliurs on tho Proclamation Members of Congress Express the Opinion That the Extra Session Ses-sion Will lie a Short One Nw YORK July IThe presidents proclamation was hailed with profound gratification in financial and business circles everywhere this morning Men of all branches of business were loud in ni their praise of Clevelands action In Wall street the fact t 0 certain extent J was discounted yesterday in rumor that such a step was decided upon so that the 1 effect on prices this morning on stock exchange was not so marked compared with the cioso yesterday but when compared com-pared with tho lowest and opening prices yesterday on prices of tho day before the improvement was at once seen to be very great The difference in some cases was as much a eight noints Speakins of the proclamation this morning S Pierpont Morgan head of the house of Drexel Morgan ti company t said I am perfectly delighted that Cleveland has called an extra session and tiling hIS action will have a very beneficial bene-ficial effect everywhere George Magoun of Baring Magoun S company said hI think the proclamation proclama-tion a very good thing and it is a most Wisest i on the presidents par He has most duido31y dono the right thing I is a little too early to tl tho effect of it but i ought to beery reassuring abroad The belief will grow that the dcliar is co lug to havo the same reliable meaning a the English pound sterling for the transaction tran-saction of business We ouglit soon to see reflected here a better opinion in Europe of all American investment becunties There is but ono opinion a to the effect of President Clevelands call for n extra session of the commercial community and that is that it must necessarily improve mater For a long time merchants have been unable to obtain accommodations accommo-dations at the banks at anything like fair rates for the reason that the banks were compelled to iiusband their resources I because of the uncertainty regarding the utura Local bank officials almost II to a man pointed to the Sherman silver lw l as the great disturbing factor With the removal of what they term the prime cause of the present financial distress ie the compulsary purchase of silver and nearly every banker whose opinion is entitled to be quoted agrees that the I call for Congress a only issued after it was reasonably certain that the Sherman law would be repealedthe banks of New York are Inclined to deal more liberally with merchants merbants 4 I here is already more of a disposition 10 bay god paper but not in any volume to speak of The gain made lies in tho fact that the administration having determined de-termined to do something t alleviate the distressing financial circles capita which has been locked up for a long time past is now seeking employment confi dent that Congress will find a way to remedy the defect in our monetary system A return to the normal rates in the market for mercantile paper may be looked for in the early future Sales of paper were made today at 15 per cent but the ruling rate for the very best names was about S per cent Loan certificate for 1570000 wero issued today to clearing clear-ing house banks making the total to date fib500000 |
