The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-23
HAD TO CART AWAY THE GOLD
We'll and Pliny Fisk Have a Disagree
ment as to Currency"
From, tho No,v Vorlr U1ribupa
From the New York Tribune.

An interesting story came out yester
day which caused laughter or jeers among
Wall street men according TO their re-
spectivte proclivities The facts. as relat-
ed by Pliny Fisk, of Harvey Fisk &gSons,
the big government bond house, are
these: Shortly after the regular govern
ment bond call at the took exchange,
Mr.. Fisk went from the rostrum into the
bond crowd. Prices for United States 4
per cents were about 11l@ll2. While
standing there Mr. Fisk observed II. G..
We'll, of A. j. We'll & Co, whisper to an
other broker, who Immediately called
out loudly: What are Governments
Mr. Fisk says that he was surprised at
this unusual method of trying to deal in
these bonds, but replied that the bid was
Ill 3-S Mr. We'll whispered TO the
broker, who then called out: "Fifty at
Ill 1-2p' Mr.. Fisk replied with a bid of
Ill 3-S. Finally, after more whispering
between Mr.. We'll and his friend, the lat
ter offered fifty 1000 per cent bonds at
40 "a for currency" Mr.. Fisk
promptly accepted the offer.
The word currency has, in Wall
street and banking parlance, a distinct
significance from its technical meaning
1t is invariably used for paper money-le-
gal tenders and treasury notes in CON
tradistinctiOn to gold. But Mr.. Fisk. ac-
COrding TO his own statement, suspected
that the sale inspired by Mr.. We'll was
made in terms intended to be used to ag-
gravate the situation, as We'll Il Co. are
large operators on the bear" account.
Mr.. Fisk quietly sought the advice Of
James Mitchell, the chairman of the stock
exchange, who consulted with Frank
X Sturgis, the president. Mr.. Sturgis is
a partner in big bull" house. He
advised Mr.. Fisk that currency meant
gold, and expressed the hope that coin
would be offered when Well 81 Co deliv-
cred the bonds Several bank presidents,
Mr. Fisk says, gave the same advice. So
Mr. Fisk had the $50 900 odd to cover his
purchase spread out in eagles and half
eagles in the rear office of his Nassau
street banking building Yesterday
morning A. j. We'll came to Fisk Il Sons
with the fifty bonds he had sold for cur
rency"
where's my currency2" he demanded
"There it is" replied Mr. Fisk. point
ing to the glittering yellow piles of coin
on a table, presenting a bulk which would
require the services of several men to
handle.
Then followed heated squabble, Mr.
We'll insisting that notes were "curren-
cy," and Mr. Fisk asserting that gold
coin was "the best form of currency"
his brother, Fl. G.. We'll, who had sold
the bonds The latter had another warm
controversy with Mr.. Fisk, who finally
delivered the ultimatum that if the bonds
were not delivered by 2;l5 p. m, the de-
livery hour, he would send notice to the
chairman of the exchange, requiring the
purchase of the securities under the
rule" Mr. We'll rushed away in intense
excitement, but at 40 p. m. "A cab drove
up TO Fisk ~ Sons office, the precious
coins were carried by two men into the
cab and Mr.. Fisk received his fifty 81 900
per cent. bonds.
The bulls in Wall Street seemed to
gloat over this incident yesterday They
charged Mr.. We'll with having a motive
in offering governments for currency"
which would help the bear" side by
making a low quotation TO be cabled
abroad But the bears" wanted to
know how 'point" could be made in de-
clining gold coin and insisting on notes,
which at one time were under cloud
placed upon them by the Secretary Of the
Treasury.
Mr. We'll himself declined to discuss
the incident He declared that there had
been a misunderstanding which had been
adjusted and that the story was not
worth attention.