The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-30

seem TO Indicate To be sure. business ha
been contra ted IN every direction. and tn
Necessities OF many holders OF securi
ties have compelled liquidation. But tn
fact remains that there are over 65.o00. 900 o
people in this country who must b
fed and clothed. and many OF thcn
ore in position to indulge in lux
uries Some OF Thorn may DO Temporarily
thrown out OF employment. but the result o
| that will DO that stocks on hand will the m or.
| speedlly be reduced to quantities that vii
| Affect prices and bring about tho employment
OF those who are idle.
A great deal OF encouragement Ia TO b.
| derived from tho fact that securities ant
| staple products are now going out OF the
| country In large quantities. and have
| already brought about return movement
OF tho gold which Europe has acquired
from us during the last two years. II
is almost q certainty that the partial
failure Of tho crops in Europe the low
prices OF breadsturs and securities here,
and tho plethora OF unemployed CO pital abroad
will soon result in II trade balance favorable to
tho United States similar to that which fol-
lowed tho resumption OF specie payments.
In the opinion OF bankers most competent to
Judge Of tho absolute requirements Of Europe
and also Of the temper OF Its investors an ex-
port IN ovement OF breadstufr ifs and securities has
begun, which Is likely to result in the return
to this country OF S5O.O00.o0O or moro OF the
gold taken from It during tho last two or
three years. so far as tho movement Of
securities is concerned'it would unaucstion-
ably be stimulated by the repeal OF tho
Sherman Silver law. While It Is not
safo to say that the repeal OF that
disastrous measure is foregone conclu-
sion. the probability Of such action by Con-
Cress seems to DO gradually becoming a csr-
tainty.
Imports Of specie to-day we're S200.0 600. and
It is learned that S1.25O.OOO more was
secured In London to-day for ship
ment to this city. In view OF the mis-
leading reports that have boon circulated
and printed OF concerted action on tho part OF
Clearing House banks to facilitate imports Of
specie 1t is proper to state upon the best au-
thorlty. that those reports are abso-
lntely without foundation. The only ba-
sis for them Ia the fact that cer-
tain banks. acting independently. have fixed
upon rate which they will charge their GUS
toners who are engaged in tho foreign
exchange business for the money they may
London.
In making these transactions a low rate for
money is not as desirable as stability. The
figures at which Imports Of gold can
be made arc determined ultimately by
the cost Of the bills unon which the
are basod. and that basis
no matter what the rate
for the money involved may be. the
banker who undertakes the operation can
proceed without anxiety as to the
risk he has taken. II every bank
which numbers drawers Of foreign exchange
among Its clients would pursue the policy in
imports Of gold upon large scale
would Immediately follow.
The return Of any considerable part Of the
gold which has recently been shipped out Of the
country. together with Difference to the senti-
ment. now al ost universal. that the Sherman
Silver law is chiefly responsible for the exist
Ing lack OF confidence. would in all probability
be followed by q revival Of activity In all lines
Of business and this would. as usual. be
promptly reflected upon the Stock Exchange.
In the mean time it appears that those who
control small amounts of capital. which are
arge In the aggregate. have been induced by the
unparalleled shrinkaGe In values to in vest their
money In securities listed on the Stock Ex-
change. European investors have also
been Influenced by the same, consid-
grafton. OF course. It is impossible to
determine to what extent legitimate pur-
.hases have Offset liquidation by actual hold
stocks and the desperate tactics rcsorted to
by Of securities Is being diminished rather |
han increased.
To-day's stock market was In the main dull. |
md the tendency was toward lower prices.
rho recommendation OF the Standing Com
nittee Of the Savings Banks Association
hat those institutions should take ad-
antage OF tho time clause relative to
no withdrawal OF deposits was favorably re-
eived: but prospects Of O bad bank state
nent and vigorous efforts on tho part
I bear operators to depress prices. re-
ulted In lower figures for nearly every
tock on the list. Tho most noteworthy
reception was General Electric. Two trans
ctions Of 500 shares each were made In that
took ut the opening at 80. as against
5h at the close yesterday. At the Same
lme that these transactions were made tho
took sold at 80 and at various other prices up
0 80. The sales at 80 were equal to all OF tho
alcs at lower figures. The efforts to open the
took at low figure were SO palpabe that 1t
possible the authorities Of the Stock EN-
hanRe may investigate the transactions at 80 |
General Electric closed at 3S. which was
n advance Of 2h a cent upon the
nal prices OF yesterday. Efforts were
lso made to open Chicago Gas at lg
res considerably below tho final price
n Friday. The official sales sheet shows that
900 shares were sold at the opening ut 4404l.
he next transaction was at 40. from which fig
re the stock rallied to A.. It is now pretty we'll
nderstood that tho next dividend upon this
ais stock will be reduced. II not pc ssed alto
ether. and That an issue OF bonds will have to
0 made BY some ono OF tho constituent COM
anies to meet the expenses OF additions to
10 plant
One Of the directors Of the company said to-
ny that the net earnings for the present fiscal
eNr would be approximately 100000
fter paying all interest charges which Is
qual to 3 p cent upon the certificates.
10 added. however. that additions to the plant
ould cost 81 $4,000. and left 1t to be inferred
rat when the security market is moro salts
Ictory than at present, bonds will be issued
reimburse tho company for this expenditure.
The financial situation at Chicago is begin.
Ing to attract fresh attention. While
10 banks In that city may not ad-
1t tho fact they have unquestionably
,uun to reaLza TINT thev mada