New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-05
STOCKS ARE MAYNARD.
THEY GO UP IN SPITE OF ADVERSE CON
DITIONS.
THE SCRAMBLE FOR CURRENCY UNABATED-
BILLS BOUGHT Akp SOLD At PREMIUM
MORE CLEARING HOUSE LOAN
rrpTIEIC<TE
CERTIFICATES.

HILLS BOUGHT A&D SOLD AT PREMIUM
MORE CLEARING HOUSE LOAN
CERTIFICATES.
Such an assorted lot Of news developments as
cropped up yesterday was not the basis OH VIM"
the stock market would have been expec'eu W
take the course that the actual quotations i,u,
Gated The morning had opened gioomily eho"s"
from a financial point OF view. with abundant h,o'
sels for the bears. who expected as ala "os' o'".
people. that the depression of.Thursday wou'u 'on
,,nue There were rumors. apparently wei srou"u
A of imminent trouble in Western centres FRANK
statements OF the troubled condition OF some Wes,
.rr railroads: talk Of a cholera ship In New-iork
u.rbor and an absolute certainty OF an aohofin"
,,on.tarv condition During the day came inc
news Of important failures IN the vs.
and of the further issue OF clearing mus
certificates and against II all there was on's w "a.
der,ns Of little more gold. notwithstanding the ao
vsrce discount Of rates In London, and the nope
cherished by some operators. that President CieVe-
lands message and the extra session OF Cohs'e''
are going to work wonders.
Vet shares went up. and stayed up. Advances
we're scored which. unless explanaole oy 'he ~"
nipulst,ons OF some strong hand are remarkao'e
such explanations were freely offered ana WV "
,hree well-known operators were credited WIN tne
Influences that governed the days variations Inc
active stocks opened tribe under i"u'7 u''
close but their net advances ranged from W
4 vetnts American Sugar, ST. Paul Ch'caso "a
General Electric. Western Union and chicago anu
Northwestern were the leaders OF inc ''' "
scored the big gains In values
The extreme scarcity Of currency was caheo
even more emphaticaly to public attention yes
terday than II was Thursday. the EFFORTS VI
corporations and firms here and elsewhere 10 oo-
tain q sufficient supply Of small bills 10 "ee' '"e.
payrolls to-day resulted in regular scramo'e ,o'
funds As a result the money brokers ana ouii,o"
husip
gold and silver coin and notes OF sfnaii uens
tion tust as they would any article OF commerce.
The premiums paid and exacted were 10. gen
orally higher than on THURSDAY ou. "e -
actions were probably much arg er. Hni''e, a
a Forshay estimated that they handled over siVO'
oon and several other firms did an active husiness.
These dealers experienced less trouble YESTERDAY ~
Getting the money than they did earlier III .'ie
week This is explained by the iact INA, ie'a'
dealers whose receipts are in cash. nave ie'i"eu
that they make new proht oy seii''s ."I,-
currency to the brokers. They get their pa! III
large hills or certified checks. which they deposit
instead OF the money taken in during the day Inc
result is pleasing TO them and to the brokers' ou'
highly unsatisfactory to the banks, which nave
been for years depending on these daiiy oepoa'.'
for their supply Of currency. To the latter IL Is
a source of hardship for it leaves them WIN d
t,p stock of large bills Clearing House eN-
changes and a very limited stock Of the knd OF
money which their other customers are oei'anu,'e
for use In meeting payrolls In fact' cohsiue,ao e
hard feeling has arisen out of the situation gnu he
money brokers and those who are supplying .heI'
with currency criticised most severely os oai,N
ofacers whose regular business has been seriously
deranged. Some of the money brokers' i"'''.
ing Zimmerman and Forshay' nave "u
yertised in the newspapers their Willingness "
nav premiums on small funds. and others nav
scnt circulars TO retail business houses o"e''s
from u to "a of per cent for currency. Ihey sou
the money thus obtained at an average OF apou'
. per cent reaping neat profit. Their customers
came from all over the country. ana money was
shipped by express as far as Chicago
The steamship Augusta Victoria yesterday
horsb, IN abou, ,2g 600 in gold The large amounts
now afoat for this country should pesh " "'i'.
to-day The interesting fact developed yesteroa!
that a large share Of this gold VIII propapi! ~
into the sayings banks and the method IN whieh ~
vt1t get thee may explain the sudden decrease !"
the amount OF bonds obtatnable fron the saVhSs
tarks NV the National banks. Brokers found tha
the rate At which Government bonds were selling
warranted them in bidding an advanced inquire ioi
them at private sale. with the certainty OF oeihs
able TO dispose of them TO banks Tor Circulation
purposes at profit The savings banks OF
course were willing TO sell to the highest BIDDER
~, made the condition in many cases at least,
that payment must be made in gold. TO 90 this,
n Is said the brokers have purchased large
proportion of the gold now on the way 10 uis
city by paying a slight premium on us purchase
price When the gold arrives TINS part Vi H.
amounting probably to 100000, will go into the
savings banks ,
The Clearing House Committee yesterday ISSUED
q 100 600 In loan certificates, making the total out
standing s34S5o0oo The Sub-Treasury paid OUT
500 600 In silver in exchange for treasury notes ana
silver certificates. The gold payments over the
counter were about $4,000. and the currency eX-
changes an equal amount. The Sub-Treasury uepl'
balance at the Clearing House was about %o"V
which was paid In currency. ~-Aipments or money
IN the interior by the banks were estimated al
over 100000
The total dealings at the Stock EXCHANGE yes
terday were 326. $50 shares. American sugar he"h
ing Company topped the list the NUMBER OF shares
dealt In being s524. 1t opened at osz ana cioseo
at r. only II off from the highest point toucheo
These are the figures scored by some OF the inos'
active stocks: ST. Paul opened at 5lh closing al
b47t: Chicago Gas at 4, closing at ol's; |hicae'
and Northwestern at s3ia closing at sSes; burning
ton at 70. closing at 1915; Lackawanna az 100 eoa
ing at l4Oi.; General Electric at 49, closing al !"
Lake Shore at ILL., closing at 1854. Louisville ah'
Nashville at 53i. closing at 56A; Manhattan al ioo'2
closing at ll2Ia; and Western Union at 4rs' CLOS
ing at rs. ,
The Board Of Governors OF the STOCK EAcha''s
yesterday afternoon adopted this resolutioh'
The members OF the New.Yorx Stock Exchange II
ssnmon with all persons connected with financial Ill
stutops or interested monetary affairs have watcher
with admiration aud respect the courage ih'ehieeic
and mountainous poeton assumed during the eNcit'n
CRISIS by the banks OF Ncwyork CITY. Being d'-irou
therefore of expressing their sincere approval ana
uanfesting the community the unqnaiihei ihuofse
ment OF the taken by the banks am 'carin
uo,sa Assocat,on the Board Governors OF the Ne"
York Stock Exchange hereby resolve to spread upon e
minutes full statement Of thcir appreciation OF the In
ealculable good which has been accomplished by IN
brave and wise resoFtcd to Tor the genera
reIa,e. and they furth resolve that q committee
three be appointed draft resolutions. to be SUITABLY en-
crossed ana signed by the president Of the Stock IN
change and sent 70 the banks OF oe clearing hou'
Assor,st,on and given 10 the press for publication
In reply TO the statement OF PRESIDENT io"na''
Of the Chicago Trust and Savings Bank, that NJ
,a M, get s25 900 I'm currency from the WesterI