The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-21
Stephen B. Elkins Plainly Lays the Blame for
The Present Trouble at the Door Of
DilstOry Mr.. Grover Cleveland.
The Longer Congress Waits to Act the
Worse Matters Will Become.
Ex-senator Henderson Before Taking Pleas
ure Trip TO Europe Chuckles and Says
the Sherman Law Will Have to 60.
WALL STREET NERVOUS.

WALL SAhELI NEhtOOSs
When TINT Row of Bricks Begins to Totter
Look Out for an Earthquake.
NEW YORK. July 20.--The nervous feel.
ing in Wall street which was so noticeable
to-day was said to be due largely to the
uncertainty regarding the identity OF some
corporation on behalf OF which an applica-
tion was m ade IN the United States circuit
Court for the appointment of o receiver.
without disclosing the name Of tho appli-
cant. By direction of JudRe Brown, the
papers, in accordance with the request of
counsel on both sides, were kept private so
that the name of the embarrassed company
should not be divulged. This action of
Judge Brown was vigorously condemned
in financial circles this morning. 1t re-
suited in the names of several prominent
companies being suggested as the one con-
cerned and In at least one case seri-
GUS decline in the price OF the
stock of one of those com panles
resulted. Prompt denials were. of course.
made by the officers of the companies
against whom suspIcIon was thus directed.
but. in the absence of precise information
as to what company the application re-
ferred TO, the rumors were not set at rest.
Well-informed bankers and others quickly
learned that none OF the companies men,
toned was referred TO In the application.
Several bank presidents SAID that the
action of Judge Brown was i'll advised, be.
cause it might be the means of doing q
great injustice to innocent persons. For
instance" said one OF them, this bank
;chx fns< xo A. "a
of this mysterious corporation. or accept
some of it's checks. only to learn. too late
to protect ourselves. that the company was
in the hands of q receiver"
Sterling exchange was weak and lower
this morning, the quoted rates being 81. S2la
04.S4l9, and there was some talk heard of
further imports of gold. The subtreasury
was debtor at the clearing house this morn
Ing S45l 200, of which about 100000 was
settled In gold. The subtreasury up to
midday had exchanged $500. .oO0in currency.
mostly "fives j" items" and "twentles." for
large greenback and gold certificates, and
1t was expected that little more would be
exchanged later in the day. 1t was sup
posed that the currency thus obtained
from the subtreasury was for shipment to
st. Louis and Kansas City. from which
points demands for cash were reported to-
day oy Two or three of the larger banks.
Regarding the shipments of cash to st.
Louis the president of one of the large
said that he did not regard the dc.
mand from that center at this time as
at all serious. 'St. LOUIS" he said, ''is do
ing what Chicago ought TO do. namely.
rallying TO the assistance OF her neigh bOrs
instead of boarding her cash. and, like all
the other big cities. it finds it has 90 come
to New York when its own resources run
out. st. Louis and Kansas City will soon
begin to reap the benefit OF the forwarding
of cotton. and some coin Is already being
forwarded. and, therefore, l do not think
any trouble need be anticipated there.
Similarly. did not view with alarm the
suspension of the banks in Denver They
are probably all thorougly solvent. and
have closed temporarily for their own pro-
lection, which as the best thing for them
to do under the circumstances. The threat
ened closing of the mills in the East re.
present situation than the closing OF the
Denver banks"
The situation in Philadelphia was said by
New York bankers to-day TO be worse. Ap-
plications had been received from there for
Dash. in order that this weeks pay rolls
might be supplied. The banks which re-
ceived the applications forwarded the
necessary currency. 1t is probable that
some of tue banks in this city Will adopt
some method this week to avail themselves
of their credit balances In Philadelphia.
The trouble is said to exist only with some
of the banks in Philadelphia. New York
banks say that they may charge q commits
sion of per cent. after to-day Onsall Phila-
delphia checks received for collection.
The cls8ring.hOuse committee this morn
ing issued $50. 0o0 loan certificates to q small
uptown bank. No certificates were re-
tired, but IL was regarded as probable that
$50 900 would be retired before the close of
business to-day.