New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-06
4 CLOUD OVER WALL STREET
NO RELIEF IN THE SITUATION.
THE TONE OF COMMENTS BY BNNkEhS NM
TN,NCIFRS Of THE NACILLNiN''
pnf1cY OLE TIL ADMINISTRATIONS.

THE TONE OF COMMENTS BY BANKERS MD
IX,vc1rRs ov THE vAcILL>TING.
POLICY OF TIE ADMINISTRATIONS.
There was not q rift yesterday In the cio"' VI
| gloom and dependency that has settled over wan
! .t,ec, Truc the Stock market fairly strong
4 b,, # was al.o dull and what strength was shown
seemed to be The result ~ feeling among o"'ra'ois
! that the Administration about 10 wake up If""
#. lctharcy and find panacca for the hh"h'ii' n''
~ the country. How why this miracle WIS W
/ he accomplished AZ this late DAY did not appeal
/ ,,.o,ch ,tcra was more or less talk ~ an extra
s,s.ion Of Congress nici would repeal th" >h~rhah
| silver Purchase law ~ course. the assumption
loldnd tn, view l. that the silver men ID '"hs'',
/ have either been won over to Mr.. 'IcNel'hnS S'''
bv a uudcln't. usc of patronage. or nave '""'" -
lcart and und .r- landing the teachings OF the ohJ"'
/ lesson with which the country has b''h i'No''i'
Here and there also was found a banker VINO TOOK
a hopsnn view of tho situation and expressed "'h
confidence a belief i.at everything wouIn turn "u'
all ilshi~ hut hc Va IN an almost hopeless III
noriy and was always careful . qualify his ra'rRS
/ with an explanation that lie by 10 means under
estimated the serious condlton 81 ah"is' anu ''"'
hi. oIJi relative oniy.
- s.rl. i tie situation considered by most "i IN
conservative ju-incs, men In Wall street 'ha' 'n''
hesitate 10 say how worried they really feel Tor i'a
Of adding fuel the financial fever already rdghs
| What the end will b.. when, they declare 'h'm
-fiN
! ce,t any remedy except the repeal of III" silver
Purchase law, aud Of the possibility Of obtaining mat
! action from Congress they are not over '"hsh'"'
Tia. time i. thought have gone by when bona Issue
would b. .nicacious. IT the Administration ""r'
mo- s,in oppcs,i 10 one an faith In the ability o.
Mr. Cleveland or any member OF hi, Cabinet to devise
a means OF relief /, al, lu,ely lacking
IN. particular disturbing elements yesterday cau'
from all the country. In this ci'y the ann
- rect l,ank was found - be in trouble. ana h"uc'
was given Lev IT'S Clearing House agent. the Nauohi
Shoe and Leather Eank. that after to-day inc m'''r
Noud ccclinc handle the formers hinges. FROM
| Chicago came reports OF the failure =" M'a"""''"''
brothers AMI the runs that were being mad on wv"
saving, AMI tSo National banks in that city. IN
| Milwaukee the situation u1recvcd anu runs
! were al,, reported IN progress there. From the
Far West came The Of the failure OF the Bank oi
| u0lanc Falls. In -andu,ky savings bahR went
into receivers hands. Other troubles were re-
| por-cd in TcXl>. in ST. Louis and In Kansas 'ny'
There wa, also The announcement Of the Withdrawal
OF ~ coo gold from the sub Treasury Ter export
to-day by Lazard Ereies. This raises the amount
.hD,rd in ten day> to 80 go Ooo. an average Of
~ 100000 day Including two surdays and one
holiday.
All these things furnished fruitful themes for dis
crs,ion and the, were discussed long and earnestly.
ana many remarks made by Democrats and Re
publican, alike that must have caused the ears OF Mr.
Cleveland and OF his cabinet advisers 10 tingle Win
one accord aul without regard T political affiliations
conservative bankers united In condcmning the course
OF the Administration since March rs little short "l
criminal. Those Republican members OF congress
allowed the expectation 81 plPfisan advantage u
cause them TO vote against the repeal Of the silver
Purchase ldll II the last session. also came In for
their share of tac criticism. But II was against the
yacllating impG;ct policy Of the Administration
that the shafts OF the critics were chiefly leveied
II I, believed that large part Of III" present FoneN
could have been avoided had Nj. Cleveland ana MI
Carlisle when they took the direction Of me hhhhce
OF the country into their hands pursued IL" urse
that was 80 strongly urged upon them by the fnsn
cers Of the East. They chose 10 hy In the opposite
direction and 10 seek their Inspiration IN the silver
producing and growing states and the coun'r!
at large IS now paying the penalty. As one banker
expressed 1t:
We told Mr. Carlisle when be came here to con
sui, with the Sew York bankers, Just how We thought
the trouble that already In light could b'
avoided. We urged him 10 do certain things 70 nd'
affairs over the crisis until The root Il the who'll
evil could DC taken out by The repeal OF the Act o
, 1880. We told him iuJ what wOnd happen II ihos'
things were not done. Mr. 'ievGnha , nSo,c :,
think that all New-lork insnciors are wall orce
Dnnco ,ns country. instead Of takng means &c
allay the alarm thai already existed h" let affair
hn S S as is ' TO- ve TO he press now and then
View that have tended admirably 10 inCreass Inc
happened is happening. until now affairs have
reached such Il pas, that II Is beyond the power %
the administrator Or anybody else but Congress
TO relieve the tension"
other bankers talked in similar strain. The fcv
who were comparatively hopeful for the future fonn
the grounds for their faith partly In the Increase
exports during the last week OF wheat and bread
stCns and partly In the fact that a general Dquda
ton Is going on locally all over the country. an
this l. expected TO relieve the strain somewhat
l., also pointed out that the gold movement shonl
work out Ns solution by reducing the rates 10
money abroad and increasing them here. whic
WILL II 1, argued. check the export and stop IN
5 demand AZ the same time while the present 10y
: price OF food products should heavy frCg
buying and help 10 restore the balance Of trade.
J. The excitement In Chicago and other Western citlr
was not Eel, here yesterday further than In hcav
a demand for currency, which was shipped West ]
\, large amounts. This was partly in response
u demands from the banks and partly IN payment
: wheat recently purchased