New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-01
STOCKS REACT SHARPLY.
REALIZING SALES CHECK TGE RAPID UP
WARD PACE

MARKET CLOSE-NO NEW
ORDERS FOR GOLD.
rbsre was fair demand for currency yesterday
At about the same rate of premium as preVaheo
on Wednesday. brokers paying "a per cent ana
selling at a. per cent The business done sho"eo
q slight falling oT. and would probably nave Deeh
less except for sons inquiry TO complete Septem-
her payrolls speedy disappearance OF even the
,riajng premiums paid is looked for by the
money brokers themselves The arrivals OF go'u
Yesterday were ISL 900 and 2l35.oSo francs by me
steamer Alier. The Sub-Treasury paid out $4,000
gold on checks cashed at the counter. including 100"
90 checks for salaries of Postofice and custom
House employees. There $4,000 silver paid OUT
hut $50 900 silver into the Sub-Treasury IN the
course Of business.
Two curious incidents yesterday illustrated the
change in the financial situation Of late. few
weeks ago a woman came to the SUD treasury
with 5000 in paper money which she hao WIFI
drawn from her savings bank. and demanded goid
Cashier Muhleman exerted his persuasive powers
in vain to convince the woman that her curreney
was as good as gold. and finally she receiver '.e
coin Yesterday another woman came to the SUD
Treasury with gold which she wished to exchange
for certificates notes. and she was disappoi'.eu
when Mr. Muheman explained that OWING 10 'he
scarcity Of notes she would have 10 Keep her so'u
Mr. Zimmerman. of Zimmerman X ForshaS' sa'd
that ne had purchased 100000 gold certinca'es at
3. per cent from a who had been boarding
them for three months. and who, about two weeks
ago had refused to sell them at 2l2 per cent pre-
MUM. -
The monetary situation shows no important
cbanpe The disappearance Of premium on goid mas
checked all new orders for importation OF the
precious metal. and the gold now arriving is part
-, tho lots that were taken when the premium was
high The discount rate In London Is down 10
ga ner cent but the Bank of England LETT It's MINI
mum rate of discount at 5 per cent although IL
Gained heavily in reserve and in bullion in the
lncS nf gold
weekly statement of the Bank Of France INDICATES
tho source from which the Bank of England mas
replenshed It's Golfers But 1t may De doubted 'na'
the Bank of France will permit larger uraih vi
its specie, and this account bankers are ho'
certain that there will be early reduction IN
the bank rate in London Notwithstanding the io"e'
open market rate. An indication that the Europea"
Continent is preparing to protect Its god stores
may be found in the activity and strength OF Con-
tinental exchange here.
The local money market is still stringent as re-
CARDS time loans and mercantile paper The for
ner command round commissions and rates COLI
s,derablv above the legal rate. and the rumors IN
Wall Street that time money is onered more ireeiy
cannot be verified among the banks Inc pest
grades Of commercial paper may be sold ohl! AT d
heavy discount Call money is oifered WIN "oie
freedom and it is into this market that the IN
croosed reserves of the banks likely to drift
NTH tho autumn demands for funds call the cash
away Bankers are anxious to nave any surplus
funds at the moment where they may DE reau'!
secured and they recognize that the next TWO
months will put severe pressure upon mo'e'als
resources in the transportation OF the crops ana
,ha nro,ection of hari-pressed merchants The
hardening tendency of the monetary situation II re-
fected In the action Of numerous HE insurance
companies In raising their rates on maturing io""'
on bond and mortgage from ii2a5 per cent 10 per
cent The effect is likely to be an indHereh' one
on the general situation, for borrowers VINO ca'io'
NEE, their maturing loans will be little able 10 CD
tain money elsewhere. and must then submit u
the raising of the interest rate Finahcia c're'es
are also watching with interest the developments
IA regards the depositors in the savings pahKS
whose time notices Of Withdrawals are now ma
turing Wall Street was pleased to learn yesterday
,ba, only about 10 per cent of these notices hau
been put into effect. 1t is not considered propaoie
however that the savings banks VIII return h'uo"
money 10 the banks Of discount until the temper
of their depostors is tested by longer experience
Although the motive Of panic which inspired many
If the notices of withdrawal has departed, II may
not be estimated how far pressing necessi'es' a'is-
ine from want of employment or reduced wages
may affect the taking out of deposits
The professional operators who have been assidu-
ously advancing the stock market in the last ten
DAYS were apparently disposed TO convert paper
profits ito cash yesterday. As the OUTSIDE demahd
has widened but little and London purchases nave
fallen off the realizing sales resulted III geherai
declines OF values. Some of the selling was aiso
induced by the labor diStufbd'ces III NHiS"5'' N'e
reported strike OF shopmen on the LouisViie anu
Nashville Railroad and reports of damage by
frost to the corn crop in several Of the far West
ern States. There sensational dealings Ill
Dstilling and Cattle Feeding stock. the trahsac-
lions reaching nearly f72oo shares The price
steadily declined in the first hour from III. 10
1884, and after a moderate rally closed at IL.
host of unfavorable dispatches came from chi
cago, representing the "Whiskey Trust to be IN
financial straits. and suggesting the need OF
an early recevership Another issue OF $wlo"
bonds was declared 10 be contemplated. Friends
and officers Of the trust sent contradictory ad-
vices. affirming that its affairs were all right
but the denals failed TO overtake the Original
stories Wall Stree. had more plausible expana-
ton in a story Of the disruption Of Speculative
pool recently formed In the stock II Is said tnat
one Of the Western directors was Invited into the
pool and after some demur. accepted the invita-
ton The price advanced from 1873 about three
weeks ago to 23'. on August q, but II Is rumored
that only within day or two some OF the New
York members Of the pool found out that their
Chicago colleague had been quietly unloading HIS
share Of stock in the tWenties.
General Electric stock also furnished sur
prise 10 the Street II opened at 80 fell TO 1884, ana
then rallied TO 40ss. But in the last hour nooh vi
selling orders appeared which swept the price
down to &C. from which there was nervous rally
10 37h a net loss Of 19s per cent for the day the
bears were not satisfied with casting doubt upon
the commny's next dividend. but the old story
OF an impending recevcrship was set hhoat- IL
brought out renewed denias from the officers and
friends OF the COMPANY who are indignant at the
persistent assaults upon the credit OF me CON,
pany. 1t was emphatically stated that therr mas
no need or danger of receivership me "a an an
tee syndicate is completed ana STANDS pick o. .
companys finances. The c0mpanS. Ia has funds
has met all its maturing obligations ana mas '"huS
e. meet ts future obligations. . , A.. 800,
There were other ir,Dortant declines IN the co.
erai list American Sugar Refining fell from @ss
TO Sia1ai. and National Lead declinsd from to-,
to g Chicago Gas was unsettled by the discussion
rae '".at az 49, go. ~, tho
delph!a dispatch quoted President Gest or tne
Fidelity Insurance. Trust and Safe Deposit Co'
pany stating that the dividend would De pa,
able in the scrip OF the Peoples Gas iign' an.