The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-08
BUYING AND SELLING CASH.
The Fourth National Won't Bank for Zim-
mermnnn az Forshny.

mermann az Forshny.
In these times people who have bank ac-
counts and who show any extraordinary pref
erence for actual cash arc likely 10 get into
trouble. Two weeks age Messrs. A. ]. We'll l.
Co. o. the Stock Exchange were requested to
close their account at the Manhattan Com
pany's bank q day or two after they had en-
deavorod to draw out $4,000 in cash. Yester-
day another Stock Exchange firm. Messrs.
Zimmerman Il Forshay. were requested to
withdraw their account from tho Fourth Ma
tional Bank. Their principal business is
dealing in money and bullion. They are al
ways active in the silver bullion market. aud
are ono of the principal houses dealing in
foreign moneys.
Last Friday Messrs. Zimmerman 4 Forshay
advertised in the daily papers that they would
pay a premium for bank and legal-ten-
der notes. and silver and gold coin. and an
nounced that they would pay for the same in
their certified checks. payable through the
Clearing House. They were DESTROYS OF
securing all the currency they could
at a reasonable premium. because OF
tho currency famine which made
it impossible for many employ ers having large
pay rolls to secure sufficient cash to meet
them. They have also received orders from
out of town banks to secure currency for them.
In fact the demand has become general in its
character.
One other Wall street firm has also ad-
vertised for currency. but in q more mod
est manner: hence its dealings have not
| attracted SO much attention. The Street
at once began to discuss the effect OF
Messrs. Zimmerman 4 Forshay's announce
ment. some arguing that the business
the firm had engaged in was perfectly leglu-
mate while others have criticised 1t as likely
RI incrAa the pravRilinR uneaSnesa
To what extent their action Influenced
the Fourth National Bank to decline any
longer to keep their account 1t is impossible
to say. President.Simmons OF that institution
said that he had asked the firm to withdraw
1t for the reason that he did not like
their m ethods OF business: but he declined to
go into particulars. The firm at once trans
ferred its account to the American Exchange
National Bank They had nothing to say re-
garding the transfer. except that they believed
they were engaged in legitimate business
and by offering a premium on money were
simply endeavoring to meet the requirements
Of their customers. who could not get money
from the banks.
Exceptional sales Of currency were made
yesterday as high as three per cent. but the
ruling rate was two per cent Gold coin was
sold in large amounts at one per cent. as 1t Is
less desirable for use in making up pay rolls
and in conducting small transactions
At premium OF one per cent
out of-town banks and other institutions to
import gold for them, and the Indications are
hn dSH Of T be
promptly reflected this premium on gold. both
sight sterling and cable transfers advancing
Some Of the gold which will arrive this week
from Eurore was sold YESTERDAY to the banks
greater TART OF it. however, is consigned to
some OF the larger banks that furnis he'd the
s S ha sSa sSsDsd from Ionaon
week came to hand yesterday. The amount
was Sl.5Oo.ooo nearly all of which went into
Appearance Of 4 ruu on tho National l;ank of
way Company keep one Oh their accounts in
thai bank ana on Satnrhiay Snnpc sd NON on -
ThsS % IN the BANK yesterday
morning 10 the nv n, Der p POO or more to got
oF did Of t he ae
or they might have misinterpreted it as a run
for the purpose OF DEPRESSING prices
Shipments Of currency to the interior were
unusually light yesterday. for the reason that
requests for It wereinot generously dealt with
respondents who really needed it, and in many
cases only part OF the money asked for was
Ofic!al announcement was made on the
Stock ExshAnge yesterday that eth the h iGm OF
the Rnsr
Admiral Worden. and has been a member Of
the Exchange since May s. 1860. The firm
was organized three years ago.
This Is pronitl9us tine s. to dissolve" said
OF the Exchange for twenty-five years. and I
expect to remain in the street another twenty
What about Mr.. Fanshawe"
Itch weiss NIGHT" replied Mr.. Worden. nom
chalantly.
dissolved because Mr. Worden wanted to go
to Europe. he and have not disagreed In
any way, We are tho best Of friends."