The sun. [volume] (New York [N.Y.]) 1833-1916, 1891-11-08

the fact that tho export movement OF
cereals has revived during the past week.
Shipments OF grain and provisions have aver
aged fully million dollars day. 10 say moth
ing Of exports OF other products and general
merchandise. It Is not surprising therefore.
that the sterling exchange market has de-
veloped fresh weakness and that shipments Of
specie from abroad have been renewed. Rail-
road returns reflect the lnrGer volume OF BUSH
ness growing out Of enormous crops and the
urgent foreign demand for the same. No
far rs can be learned the railroads are hand
ling this immense amount OF business Mt
profitable rates. 1t Is their own fault II they
do not obtain adequate compensation for their
services, for there 10 hardly q road in the coun-
try that does not complain OF q shortage OF
cars The roads east Of Chicago. and there is
no moro important group. will soon enjoy in
creased receipts owing to tho closing OF raw
CATION. Certainly there Is nothing in tho rail-
road situation to provoke adverse comment.
Wall street ia suffering from u lack OF pat
tronngo for two reasons. One is that conf
dence has been impaired by two or three
breaches OF trust more especially by the NAL
adm Illustration of tho Maverick Bank at Dos
ton. The other Is found In the attention that
people are giving to their regular business
affairs and the employment OF their capital in
conducting them. 1t is not claimed that gen.
eral trade is especially profitable. but tho
larger volume OF business that is being tran
sacted insures larger aggregate profits. which
every ono Is anxious to secure In due time the
conversion Of the agricultural products OF tho
country into money will be reflected In the
market for securities. unless all presidents
arc valuelcss. In the mean time the market
for securities halts. and owing to the limited
support given 1t. chiefly by foreign operators.
professional trndcrs are able to make fiuctua-
tions within narrow limits. Dulness and de-
elmo are synonymous terms in Wall street,
hence the hesitancy which followed the Sep
ten,ber rise has been utilized to promote u
boar campaign.
The reactionary movement was sluggish un-
I'll yesterday. when food of malicious. and in
tho main groundlcss. rumors enabled tho
benrshp depress prices ~ II leve, that induced
them y, cover good many shorts to-day.
They Ind in .hoir favor to-day bank state
mont that was more unfavorablo than had
generally been expected. But the loss Of money
by the banks this week was thoroughly under
stood. hence there was less cause for nprro.
hcnslon in the decrease OF 81 millions in law
full money which was reflected in tho surplus
reserve. The increase In loans was tho largest
In many weeks, and is entirely natural. The
banks are strong enough In cash to meet all
demands that are likely to be made upon them.
plenished by heavy Government disbursc-
mcnts for pensions and continuous receipts Of
specie from abroad.
It Is extremely unfortunate that with tho |
financial situation sound and in every way
satisfactory. tho business community should |
be afflicted with Comptroller Of Currency |
who seems reluctant to perform his duties. |
As a matter Of fact. his most recent utterances
are calculated to create distrust. Hc might |
have saved the depositors 81 the Maverick
Bank several hundred thousand dollars had |
he called it's officers to account as soon
as lie was informed OF their irregulari-
ties. But so far as can be learned he
made no effort to protect the patrons
Of the bank or to discipline its officers
but allowed the concern to go on until 1t broke |
down Of its own weight. Under the law the |
Com ptroller OF Currency has autocratic pow |
ers. which. II wisely exercised. could save the |
public from innumerable losses; for tho losses
caused by the collapse Of an institution like
the Maverick Bank cannot be determined
simply by computing the deficit of assets
against liabilities.
To-day's stock market was irregular. with
frmness predominating. The London market |
appeared to he influenced by disturbing re-
ports from st. Petersburg and from this centre. |
but foreign arbitrage houses did not sell |
many stocks. The few that they did sell |
were absorbed by those who were bent |
upon depressing prices yesterday: from |
which it was inferred that yesterdays |
drive at the market was in the nature OF a |
bluff rather than based upon knowledge Of |
impending disasters. Lackawanna rallied !
sharply and the majority Of other stocks frac- |
tionally. Northern Pacific preferred was ex- |
ceptionally weak. and was the only one that |
closed materially lower. The closing was |
fairly steady.
As compared with the final prices OF last |
Saturday the majority Of stocks are lower. |
The more important net declines were in |
Cleveland. Cincinnati. Chicago and st. Louis. |
3s cent: Northern Pacific preferred. 3as; |
Reading. 81: Atchison and New England. 2is |
each: Lackawanna. 2i.: Rock Island and Erie. |
81 each: Canada Southern. Chicago. Burlipg- |
ton and Quincy. and Wheeling and Lake Erie, |
eitr, ~: North American. X; Northwest,
Louisville and Nashyille;. and Texas Pacific. |
j.; each: Lake Shore AMI Missouri Facific. X |
snch American Sugar Refining Company, Il,
kichm2rd and Terminal. Z; Western Union |
y. and National Cordage. \ q cen I.
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