New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-14
BEARS SHARPLY ATTACK STOCKS.
DECLINE PROVOKED EY DIS \rTSFACTIoN
WITH TIE NEWS FROM wNSIiNnTON-A
GooD BANK STATEMENT EXPECTED,
AND CLEARING HOUSE CEE11Fl-
CAFES CANCELLTD LITERALLY.


Gates CANCELLED LITERALLY.
Tho news from Washington yesterday produced
an unfavorablc impression in Wall street. II was
hastily accented by many operators rs foreshadow-
inc the defeat of the silver Repeal hl. and dSap-
pontment was the more keen because many specu-
lations had been built up upon hopes OF an early
passage of the measure in the senate me pears
also raided prices freely. The result was the pre-
cipitation of a heavy selling movement in stocks
which caused some sharp declines in values. Yet
brokers were gratifcd that the foreign exchanges
failed to show the strength which was cNp"cicd
by some to follow any doubt as to IN" tate or
the bill among European investors. STEERING oN-
change was higher. il is true. but this seemed 10
como partly from fear that the storms at the South
might check the movement Of cotton to tn" sea-
board and temporarily restrict the offerings OF
cotton bills The Washington news failed TO pre-
vent the continuance of the heavy cancellations "l
Clearing House loan certificates. There wcr' 81
100000 certificates retired. reducing the amount now
outstanding to siO55Ooo and calls were ISSUED for
the retirement of $4,000 certificates to-day. NJ
Boston, too $i coO certificates were cancelled l'aV-
ing only 100000 now in existence. The bank state
ment to-day promises to present "A favorable show
ing as 1t is estimated that several millions have
been gained in cash. The deposits are expected TO
show q substantial increase. which will prevent the
gain in legal money being fully reflected IN IN"
surplus
The weakness in the stock market most
pronounced in the industrial shares. which hav"
recently been sharply advanced American sugar
Refining once again resumed the position of leader.
over shares being dealt in. The price opened
down 1is per cent 9li2 fell TO $50 and then raj
lied TO ssI Dsiilling and Cattle Feeding the next
most active stock fell 3d. closing points lower AT
30i. Chicago Gas declined q. per cent 10 '''s.
National Cordage ss to as General Electric "a 10
42ts and American Cotton oil ~ per cent 10 &'2
In the railway list there fail Of 3is per cent
in Rock Island to elis 2i2 in Chicago, Burlington
and Quincy 10 1874 2is in 81. Paul TO 3' 22 IN hk"
shore to 2l. and ln2 per cent in other prominent
stocks The sales Of Union PACING amounted IN
nearly 49, 900 shares. and the price fell over per
cent before the rccevcrship was announced. When
that news was learned there WAS n feeling that
the worst about the property was known, ana inc
general market was disposed To rally. tiose
Observers declared that the short Interest had hee
largely increased by the days operations am
many of the bulls predicted an early rally when
the effect of the news from Washington had s2ent
it's force. >, ..
The failures reported for the week 70 r. g.
Dun & co. number 1913 In the United states ana
40 in Canada a total Of 49,. against 352 last "eek
and 215 for the corresponding week OF Ky Inc
number Of commercial failures, where the amount
Of liabilities exceeded S1OJOo Is fairly large. rms
IS traced to the maturing Of many Obligations on
October / which could not be met. The weekly
review reports waiting mood In business cHcI'S'
with some shrinkagc in activity.