New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-19
EXPORTS N APRIL.
OF Brcadstuis.

Totals.............. sG,36O,9u s7775,362 s5263927
Totals of both sI6,269.IOO socialism sI752lII2
H%ts lo3'I I53 i'ii i6!o
The occurrences in and about Wall Street last
week were Of a character that attracted the atten
tior of the entire business and financial world and,
in that way if no other disturbed the usual routine
Of commercial affairs. But they did more. The
incidents of disaster following another in rapid
succession have been daily recorded and
are so fresh IN the memory Of our
readers that a repetition of them at this time is
hardly necessary. But, briefly, it may be stated
that Monday passed without any developments of
new financial troubles beyond better understand
ing of the serious nature of the Grant e. Ward and
Marine Bank failures of the preceding week. The
air was heavy with rumors of an underlined and dis
turbing character, however, aud values at
the Stock Exchange reflected a secret know
ledge in marked weakness. Tuesday
morning recorded sharp recOyeries at the Stock Ex
change but after noon rumors of trouble at the
Second National Bank were current, which, al
though promptly and officially denied, caused
values again to weaken aud to close lower than on
Monday. After hours 1t was learned that there had
been large deficiency at the Second National, that
the Continental Ban had refused certifcatiOn for
MeSsrs A. Dyett & Co., and that other brokers held
that firms uncertifed checks for about $25O,OOO,
and, although it was positively announced that
the woe matter was arranged that the checks
would be good on Wednesday morning, the way
was prepared for what afterward occurred. On
Wednesday. hardly had business begun, when
Messrs. Nelson Robinson & Co.'s announcement to
the stock Exchange of their failure was followed
by the announcement that Of six other firms, had
suspended aud that the metropolitan Bank had
closed its doors stock panic followed
and prices went down with run.
The Clearing House Association was called
together and promptly voted to issue to the banks
of the association certificates receivable at the
Clearing House in lieu Of money, for the hypOthe-
cation of the same banks securities upon which
they had loaned. This movement, which virtually
is a general bank suspension, had soothing effect
upon the markets. particularly as 1t was an
nounced that 1t would enable the Metropoli-
tan Bank to resume On Thursday morning
there was a better feeling, and some recovery
in prices for stocks and bonds, that hardly
checked by the failure Of Messrs A. W. Dmock Il
Co although that announcement sent the price of
Bankers and Merchants Telegraph stock from 119
down to 45. Later general uneasiness and
special weakness in Government bonds, was ac-
counted for within the last twenty minutes OF
business by the suspension Of Messrs. FISK d
Hatch The lateness Of the hour saved the
stock Exchange from another panic, but the
final prices were lower than on Wednesday. The
a
gravated by Mr. Sage's failure to respond promptly
in the settlement of his outstanding privileges.
Friday market for stocks and other securities VIC
feVerlsh and irregular; but II was undlSturDed by
any additional important failure only one small
default was announced yet a forced liquidation by
heavy sales of Lake Shore and ST. Paul stocks ex-
erted some influence upon general values that
otherwise were inclined to improve; Satur-
day was quiet day, with none
other than usual features, except that fluctuations
were vide and frequent, but WIFE an advancing
tendency that reached such proportions that con-
siderable portions of the weeks decline were re-
covered.
As natural con sequence money became stringent
and was obtanable only by the payment OF eX-
orbitant rates Of interest-up to 3 per cent per
of course, demorazed the foreign exchanges so
that business was ~ standstill, while the rates
were nominally sharply reduced. That in turn
checked the exports of our produce The reduc-
ton IN rates alone would do that. but as 1t Is the
almost impossible 20 sell commercial bulls, at any
price, all transactions for the moment stepped.
Yet the speculation IN grain Was well supported
wheat SHOWS decline for the week
Of only cents, and corn IS
practically unchanged for May and June, and is
cent higher for July and August: Pork shows no
material mai changes, but lard declined ~ cents
Cotton for spot Is 3-l6 lower; for May and June
10 and points lower respectively but for the later
month Is from l to points higher.
Inc strIngency IN money was not cohnheu 10
the Stock Exchanges; 1t pervaded All cII 1 les
The action Of the banks probably VIII hoid the
rate at about per cent. because t Is no OBJECT 20
lend at less rate than has tpbe paid upon INC
IledIlHB lOuNe certificates. VI LucSo
9l7,OOO,OOO have been issued III three days. that
is, those banks which have taken them out are
borrowing credit at higher rate than they nave
lent their own. As matter of course the DahH5
will be anxious to retire their securities at as early
a date as possible, and to do so, they must
strengthen themselves by contraction OF their own
loans. Yesterdays bank statement shows that the
average OF the Metropolitan loan was increased
$4,000 during the week, the loss IN specie was
S6l3.OOO; In legal tender S274.00Oi total loss III
cash Sss7 900. which left the bank u ,3o30O0 IN
cash, and the deposits were duced @l,OZt OOO.
The second National SHOWS a reduction OF $o93,-
900 In loans; 1891 900 IN specie SllZOOOl IN
legal tender, and SG45, 900 in deposits
The occurrences at the Stock Exchange nave
been sufficiently referred 70. except az to quota
tlOns. Government bonds were not active tlll on
Thursday. On Friday the 10 were down TO 1852
and the los to 10. The final bids, however,
show no change, except IN the Is at IZO;
against 1928 last Saturday. The railroad
bond market was not badly democrat
lied as the share market but
a few issues fell very heavily. East Tennessee,
Virginia and Georgia cOnsol 5s declined from 1913
TO So and recovered to 60a4G60 Erie second CON
soils declined from 6sQ70 to 59at and recovered 20
6sl4 Missouri, Kansas and Texas general rs fell
from IS TO 70G72; West Shore and Buffalo 5s from
63ls 10 47a5l34 Chesapeake aud Ohio hIsts, series
Is, from 100 to 90996l2 and currency Us from 4s
to 38G37 st. LOuls and Iron Mountain % from II
TO 63064 Northwestern dsbenture o. from 90 TO
ahaah oaneral ia from Az a asiAl3