New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-09
THENESSAGE IN WALL STREET
HOW THE BROKERS RECEIVED MR. CLEVE-
LANDS RECOMMENDATIONS
STOCKS DECLINED AFTER THEY WERE MADE
pUBLIC-THE SCARCITY OF CUR

STOCKS DECLINED AFTER THEY WERE MADE
puBLIC-THE SCARCITY OF CUR
RENCY CONTINUES.
Wall Street was not active yesterday, nor was 1t
happy The ongexpected message OF the Presi-
dent was at last spread before the public ana
It's Influence wherein 1t not neutral was bear
ish This was due, probably to the fact that
| the recommendation that the silver purchase law
be repealed had been discounted long before in
the Street and the expectation OF ringing sem
| fences which should map out policy for the
| party in power had been set at too high pitch.
| The matter was complicated too. by the REFER
ences in the message to the tariff, with the clearly
conveyed meaning that soon as the money
| question has been disposed OF the doctoring Of
the tariff should begin II there is thing above
others that the business world has been fearing
, IL is that very Democratic tariff tnkering II
need hardly be pointed out that the present Is
sorry time to have any unnecessary burden or
anxiety thrust upon the banker. the manufac-
| turer and the merchant \ full showing of the
general tenor Of comment on the Presidents mes
sage is given in another column Of this paper.
There were other elements OF depression yes
| terlay though several 81 them did not become
known until late in the day. The failure of II. j..
IIotchkiss & Go. was announced just before the
Stock Exchange closed Tho announcement was
entirely unexpected. and therein lay It's greatest
effect. otherwise the suspension although Of a
prominent firm. not looked upon as OF far
reaching Importance. IL was rot thought that
other firms seriously involved. The reported
troubles OF two banks In this city were not made
known until after business the Street had
closed. AS the banks involved were compare
lively small institutions and not members Of the
Clearing House Association, their troubles, car
red 10 what extent they might, would have a
limited effect. TO have long continued strin-
gency pass unmarked by such Incidents would be
the surprising thing.
The stock market passed through fever and
aguc stage yesterday. and, even on the small
business done. fluctuations In some cases
wide From a lower opening there was slight
and rugged rally. until the Presidents message
came when values began to fall. The heaviest
loss was shown by General Electric which opened
at IN, and sold down to iss.. with final rally
to i3ss The cause of the drop not readily
apparent Runors that meeting OF the directors
to he held and action taken that would have
an adverse effect on shareholders proved ground
less. At the offices OF the company no explanation
OF the downward OF the stock could be
given there. The sale of securities for the pay
ment OF the floating debt. 1t was said, was being
rapidly arranged for provided at the lao meet
ing OF the Board Of Directors. and the amount
necessary to be thus secured had been in large
measure underwrittcn
American Sugar Refining stocK was the most
active the list. though the dealings in il reached
only 81, i09 shares The opening price 1874, AMI
the early advance carried 1t to -. only to drop
again to 7Ois with a iira advance Of only l.. Chi
Gas also prominent. 1t opened at Il and
sold down To IsS after touching MA. and closed
at A. or the other active stocks. Chicago and
Northwestern opened at s6ta. and fell to % after
slight advance closing at 9Sl.; Louisville and Nash
vile opened 81, advanced to $685. and closed at
the lowest figure. a.; and Western Union closed
at 1875. from an opening at IA. Slight but Sig
and Union Pacific. The former sold up from l9i;
20k. and closed at 1875 on the feeling that the
obligations Of the company would be carried by its
most Interested shareholders and creditors. headed
by George J. Gould. Union Pacific showed net
gain of J.. at close of l,l2 on basis of the plan
agreed upon by the directors for extending the
maturing bonds.
The extraordinary scarcity OF currency grew in
effect yesterday. a premium OF per cent
paid throughout the day by money brokers' and
purchases made at 1 per cent. This
OF course. indicates that buyers must have as high
) per cent for the currency they needed. In
stances Of the trouble arising from this source
multiplied. and found elimination in the inability
York Central Railroad with funds for payrolls
without delay. AS the payrols amount TO over
81 100000 month. the trouble In securing the cur-
rency IL easily expainabe. Some railroads have
been compelled TO use their banks storage ware
houses leaving bags and bundles of coin and hills
there not on deposit. but for safekeepng until
needed Tor payday. Letters from Boston CORE.
SpondentS or the banks complained that they had
to pay per cent for currency In that city. Money
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