The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-08-08
SCARCITY OF MONEY.
That Is the Condition That Now
COnfrOntS Wall Street.
Believed to Be Even More Serious
Than the Reputed Evil of
the Sherman Law.
Special to THE MORNING CALL.

NEW YORK, Ang. ASIDE from the
meeting Of Congress and its probable ac-
ton on the silver question, together with
the probable effect Of that action OH busi-
ness 10 general and The stock market in
particular. the principal subject of discus
sion to-day was the continued scarcity Of
all forms OF currency. notes and specie.
In fact. according to well-iaformed bankers.
that was in some respects the most serious
question of the day. Money brokers to-
day were paying as high as u to per cent
for currency and were getting as high as
311a for it in big lots. One peculiar feature
in connection with this scarcity Of cash
was that money brokers were bidding from
u to 81 to per cent for gold t. arrive. not
withs andng that theTatc- Of foreign ex-
change did not warrant the inn ortation Of
gold. Sight sterling was in demand in
consequence of the Offering of a premium
tor gold.
At the sub-treasury to-day it was said
that there was an abundant supply of cur
rency on hand which banks can have in
exchange for its equivalent. The Clearing
house loan committee issued S1.015,00O
more loan certificates, making the total
amount now outstanding $685. 065, 900.
Gold in the treasury is daily increasing.
1t stands to-day S102. 291. 1876, or So 291 395
above the reserve. The net balance in
the treasury. however, from the Treasu-
rer's statement issued to-day, shows de-
crease, attributed largely to the falling off
in customs receipts. The fact that Gus
toms receipts are falling off. while it
affects the Government revenue from that
source, has an opposite bearing upon the
general prosperity of the country, as it
shows that less money is being expended
abroad for imported merchandise.
Offers of silver to-day aggregated 565,0OO
ounces, and Of this amount q, 900 ounces
were purchased at .726 and the same
price rendered for the remainder.
CHICAGO. Aug. 1.-The Chicago Iron
and Steel Company of East Chicago, Ind,
has failed. There is no statement. The
plant was nearly new and cost S250.O0O
1t is claimed the liabilities are less than
100000
SPRINGFIELD. Mo-, Aug. THE Greene
County Bank failed this morning: no
statement. A run on all the other banks
resulted.
PHILADELPHIA, Aug. IA receiver was
appointed for the Chestnut Hill Iron Ore
Company. 1t is hopelessly insolvent. 1t
WAS once one of the largest manufacturers
of pigiron in Eastern Pennsylvania.
CLEVELAND. Ohio. Aug. THE Ma
tional Vapor Stove Company has made an
assignment. The assets are S125,OOO and
the liabilities $4,000.
WHEELING, w. Va, Aug. As a re-
suit of tho scare created by the assign
ment of the Exchange Bank, a run began
on several other banks this morning. but
it did not last long. Large deposits were
made, which counteracted the Withdrawals
by smaller depositors. and the run imme.
diately ceased.
STURGIs. Mich. Aug. THE directors
of the National Bank of Sturgis met to-
day and decided to suspend payment for a
short time. The assets will pay the iabiIi-
ties three to one. and the bank will prob
ably reopen sOOn
NASHVILLE, Tenn. Aug. T. AttilIa
Cox Of Louisville was to-day appointed
receiver for the Louisville, ST. Louis and
Texas Railway by United States Judge
Lurton upon the application of Post,
Martin e. Co. of New York.