New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-08
WALL STREET Is WAITING.
THE STOCK MARKET HANGS ON THE PRESI
DENTS MESSAGE.
LITTLE BUSINESS DONE AND THAT ON FALLING
PRIcEs-THE PREMIUM on CURRENCY


PRICEs-rHE PREMIUM on CURRENCY
BREAKS IN SEVERAL STOCKS.
The attitude of Wall Street yesterday was that
of expectancy Little business was done. and, with
few exceptions. only losses, for the most part
small, were shown in stock quotations. Interest
centred In the extra session of Congress and the
all-important message which President Cleveland
was expected to send. The effect of this message
In its outline OF policy. will be 80 ar-reachng tha
dealers were In little mood for taking RISKS OF any
kind They waited for developments. and received
the news with chagrn that the sending of so sig
nincant a state document to the Senate had been
put off for a day through an adjournment or that
body. after the Presidents private secretary had
started with the message In his pocket
Theories and conjectures to the contents Of the
message were ndusriousy circulated. and brokers
and bankers seemed to color their expectations
with their wishes or their fears rather than with
any more substantial pigment. Some predicted
with confidence that the immediate repeal of the
Silver Purchase law. with an issue of Government
bonds and other measures would be recommended
report came from Washington that the docu-
ment TO MI just two columns of type (size of
type and width of column not specifed). and was
to deal with variety OF measures bearing on the
financial situation. One man unblushingly declared
that he had the message. and said that 1t would
not fill three-quarters of a Tribune column and
would recommend only the repeal of the silver
purchasing clause. One guess was as good an
other.
The effects of the scarcity of currency seemed to
become more widespread Money brokers did
thriving business. their offices being crowded
with sellers, and their books showing heavy buy
Ing orders The selling rate moved up to the uni
form premium of per cent and the purchase
price from Ia to per cent A premium of :, of !
per cent was paid on standard silver dollars. ana
every possible form of order which cash could
be forced out of the banks or the Sub-TreasuTy
was bought by the brokers. Bullion purchases
by the Government are paid for In Government
checks, payable in Treasury notes at the sub
Treasury. These commanded premium yester-
day. as convenient way Of drawing the coveted
bills from the SubTreasury vaults. although the
Treasury officials adopted such measures as they
could to prevent the supplies from getting
into the money changers hands
1t was learned yesterday that the Fourth
National Bank had requested Zimmerman
Forshay. who have been prominent in the pur-
chase and selling of currency, to withdraw theil
account from the bank The president, j. Edward
Simmons said thai this action had been taken
because the bank officials did not like Zimmerman
& Forshay's methods. Mr.. Forshay said: "Our
account has been thrown out solely because of
our currency purchases. We say that II is AS
legitimate for us to sell currency at premium
10 those who need it and are willing To pay for
II as ii is for the banks TO lend money on call
loan rates. All the currency we have sold has\
gone into the banks somewhere and we have
orders from five of the leading banks OF this city
Our has been beneficial in that it has
brought out money that had been boarded
A premium of liz per cent was offered yesterday
for the gold afoat. and small sales were
made. II seems certain. however. that the bulk OF
this gold will get into New-York banks There
were heavy applications for currency yesterday
from all parts of the country. The demand IN the
New-England States seems to increase and bust
Ness conditions there not such as TO indicate
rly finn Of he demand. Applications
also coming in great numbers to New-York banks
from Philadelphia and nearby points and from the
West 1t need hardly be added that under the
present conditions the large proportion OF these
applications is refused. The shipments OF currency
by the New-York banks yesterday probably did not
rtach $4,000.
IAN illustration Of the way In which call for
currency may suddenly be thrust upon bank was
seen Saturday, when the Erie Railroad PAID on
about 400 of its employees in checks on the Bank oil
the Republic Inside of half an hour the entire 100
men were throngng up the stairway leading to the
bank Several heads Of departments were there to
identify them and their checks ranging from 10
to $50 each. were paid as fast as presented
The Clearing House Committee yesterday issued
s0l5OoO in certificates, making the total outstand-
ing S60S5OOO The steamship Cmbria, which arrived
on Sunday brought about sl'@oo~ IN gold con
signed to Lazard Freres. and about 5000" to
Heidelbach Ickelheimer d Co. The steamship
Yumuri from Havana, brought $1,000 in Spanish
vet probably about sl2eNOo0 to arrive, and it was
said Yesterday that there were negotiations under
way for further imports. Notwithstanding the in
creased rates
Yesterday holiday on the London Stock
Exchange, that the market without the in
fuence of London trading. Sterling rates adj
vanced sharply. Cali loans were easy, but money
on time remained almost unattanabe.
Among the heaviest breaks In the stock market
yesterday that in Union Pacific. which opened
at 1914 and sold down 10 l5h. closing at H. y
crisis in the affairs of the system seems to I'M
pend. and the meeting Of the directors at Bos-
ton to-day is looked forward TO with some
anxiety. on the part of those mos, interested in
the road The statement has been repeatedly pub
lished that the meeting had been called for the
purpose of adopting methods for the reduction of
expenses. The policy of rigid retrenchment is al
ready in force however. a question fraught with
greater possibilities of danger is that of meeting
the obligations that will soon fall due dis
patch from Boston said that the company had
S.ooo.0oo sinking fund per cent bonds maturing
September l. against which The Union Trust Com
pany, as trustee. held nearly $1,000 cash. leaving
$S,G0000o to be provided for the security of
about 32S00,0oO land contracts. with nearly $1,000,
900 interest thereon and $4,000 acres Of land
valued at $3,O0ocO0.
No authentic information to Union Pacific
ana the probable outcome of the difficulty could
be obtained Talk of d recevership. which has been
freely banded about. revived. though 1t
promptly denied. and the compexity of interests
pointed out as an argument against it. 1t
was said too. that great part of the bonds
possible would be paid and extension secured
on the rest. To such extension, however the
assent OF both parties TO the contract is a
necessary prerequisite. and the result cannot be
accurately foretold
Other stocks which suffered heavily Gen
eral Electric and Missouri Pacific. The former
opened at 50. and after touching sea fell to 47ts.
with a final gain Of only \ above that figure. The
break in Missouri Pacific. following so quickly
after the return of George j. Gould. sur
prise IL opened at 49, but fell 10 1874. and closed
at 1875.
Much comment and criticism have been excited In
Wall Street by the circular Issued Saturday BY