New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-07
WALL STREET is WAITING.
EFFECTS OF THE PRESIDENTS ADDRESS
UNCERTAINTY OVER THE sITUATIoN-H1GH

UNCERTAINTY OVER THE sITUAT1oN-Hl'h
RATES FOR MoNEY-GOLD SHIPMENTS.
To INV crcduous person believed that the g;tterhe
renoralities of President Clevcland's Inaugural N
dress would act Oil the financial sea ana sh'o'
its troubled waters. he must have peeh so'e'' WI
pointcd Yesterday. Not only did the s'och '""i"''
omen weak and close mt net loss FOR Iarse "i'-
fority OF the shares dealt In Oh the stock EAchas
INIT money was particularly scarce In Wall street ana
commanded high rates OF interest while $2o'oVoo III
cold was Withdrawn from the Sub-Ireasufy ior ca
port in the face Of low rates Tor exchange. IL 10
only fair to say, however, that This cohdiuoh WIS
probably NOR: the result OF realization Of the dl
6culties that BEST President Cleveland ana OF Ills
pojnted remarks about trusts than OF the lack OF
de0neness IN what he said the silver question:
The Presidents views free silver are 80 well o"h
that his declaration for honest money Is frankly
construed as promise 10 do all that lies In ms power
for the relief OF the present stnined situation lie
trouble lies In the douDt Us " uIs Po"e' " '
the cause
President Cleveland is believed to agree with the
great majority OF bankers and financers that the
only permanent relief for the monetary situauoh lies
In the repeal OF the Sherman silver purchase "c'
Il was to test the feeling Of the new Congress on
this polnt that the famous llarity circular was
sent ont The result OF the canvass Is said 10 nave
been double disappointing TO Mr.. Cleveland, lnasmuch
as 1t aroused decidedly better feeling among large
number OF Democratic Representatives, while at inc
same time it showed that the LIld Congress Is even
more nrmly welded TO silver than the Lilo was.
Mr. Cleveland's plan, so 1t Is said, was to call an
extra session Congress to repeal the sherman law
n he found from his canvass that repeal measure
could be passed. The canvass showed mat ms cOui
not be done; the hope of relief in That drecuoh
WAS reluctantly given up, the President OF course
having no object In calling an extra session OF u
Congress that he could not control
The only temporary measure OF relief that has
sfpd Is issue
gold reserve and aay all fear OF the parity of gold
and silver not being maintained. This the bankers
believe would have been effective two weeks ago,
but the conditions have changed so within that time
that many are beginning to doubt the efficacy OF
such an issue now. The feeling of insecurity en-
gendered by the near approach OF the gold reserve
to the S1Oo,OOO,OoO limit established by precedent,
has not only helped to expedite the gold outflow,
but it has created sentiment on the part OF bank
managers outside Of this city which has led them to
withdraw their deposits In whole or in part from
New York Institutions and to lock their funds up IN
their own vaults. This movement has in the last
two weeks resulted In q loss of nearly S2O,OOo,oOO
In deposits In city banks and there no sign OF any
diminution in the demand Bankers say that there
are trade conditions which Justify this demand
and that 1t Is wholly due to the feeling OF financial
unrest now prevalent. Newly DIRK banks have not III
years had their low, and altogether the
Wall Street view Of the situation is decidedly gloomy
The stock market opened weak and nstless yester-
day, and when the stock Exchange closed 1T O'Clock
the total dealings only represented about 3l2.OO
shares The heaviest losses were scored In the in.
dustrals," doubtless result Of the pronounced
attitude taken by President Cleveland on the subject
OF trusts. American sugar showed net loss OF
3-e Per cent. National Lead Of l-e per cent, VA
uOnal C0rdAge of = rs per cent and "Whiskey' OF
per cent Reading dIoppd to 30 34 and closed at "a
with net loss for the day Of o.S per cent. only
few stocks showed advances, and these were 1Iac-
tiOnal with exception.
but II the stock market was dull. the money mar
ket made up the by particular activity Mon
day is usually day OF much loan shifting, ana yester
day the decline In stocks. the heavy drafts on the
banks from the interior, and the large gold engage
monts for export made the replacing OF loans not an
easy task Rates for money on call JUMPED quickly
TO 15 per cent and 20 per cent al which large sums
placed but the supply was inadequate and rates
continued to so up. considerable money being Dor
rowed at 30 per cent. At the close 90 per cent mad
been offered.
To-day's German steamer will take out e2.5O0.OO0
In gold 81 100000 being shipped by Lazard Freres.
and 81 ,OC0 by Heidelbach. lckelhemer u Co. OF
this amount ~, 900 withdrawn from the sub
Treasury. The latest treasury statement from Wash.
ington showed the free gold, above me 0oOO0
reserve, to be S3052,662. Yesterdays withdrawal
win reduce this to less than IL 100000. the
lowest point reached since the resumption of specie
payments in 1879.