The sun., 1893-07-26

| OF taking more than negative advantage OF
the situation arc denied to those who are en-
| gagged in legitimate business. and the only
| class that can reap q positive benefit from IL
copsists OF spectators on the Stock Exchange
whose mental idiosyncrasles are such that
they are never happier than when utilizing the
| misfortunes OF their fellow mon.
| No ono in Wall street questions the leGIti-
| macy Of sales for short account. but when
operations OF that character are supplement
! by attacks upon credit, both corporate and
| private. by Ingenious marking down Of prices.
| and by other manifest efforts to aggravate the
situation and intensity the strain which is
rapidly pnralyzing all business. tho great ma
jority OF people in Wall street feel that It 10
time to call halt. Tho moral right OF fow
hundred speculators to stalk roughshod over
the investm ent interests OF the country is dis
tinctly gu uestioned In Wall street to-day. Andin
time II will become plain To the hears, as It has
on more than one occasion to those who hnvo
committed themselves too entbusia stically to
the long side OF tho market. that the course
thoy are now pursuing will react upon thom.
They aro striking opponents who are down
ana helpless through fear and lack OF organl-
zation. namely. tho entire body Of investors,
many OF whom might show some resistance II
their resources were not impaired by the
shrinkago in values. tho locking up Of their
funds In financial institute, rs that have sus-
pended. or in efforts to assist their associates.
This view Of It makes the car appear in the
role OF n guerrilla and q cown rd
The first depressing influence this morning
was report. for which lie was speedily proved
there was no basis. that u large amount OF
Clearing House loan certificates would ts Is
sued to-day. fully S1.000.00O. to carry over one
OF the Associated Banks. The amount issued
was $50. 900. and the Chairman OF the Clearing
House Loan Committee is authority for the
abatement that larger amount was not ap- |
piled Tor genuine shock to the market was |
given by the news OF the suspension Of the |
Wisconsin Marine and Fire Insurance Bank. !
This failure Is by far the largest and
Cured. The suspension Of a number Of smaller |
banks ut various points intensified the un-
settled feeling until 1t eliminated in the spasm |
ofliQuidation already referred to. That move ,
fnent carried Chicago Gas down to 30. Rock |
Island down to 55k. Northwest to 80. c.. B. and
Quincy to 10. St. Paul to 49,. General Elec-
tric to As. Louisville and Nashville to 20. Mis-
souri, Pacific to 21. New York Central to 95.
and Western Union to 72'.. Other stocks
yielded In proportion. but the declines msn-
toned produced the more profound impress
sion.
At the close many stocks had rallied a
cent. others not as much. while st. Paul.
which led the list In point Of activity. recov-
cred two full points. To appreciate fully the
effect Of the extreme depression. 1t must be
borne in mind that money on call was in
abundant supply at a cent. until Just at the
close OF business. when higher rates were OBJ
tanned. and that moderate am cunts Of time
money for short periods can be obtained at 9
y cent. and moro liberal supplies for longer
periods at the legal ratio and a commits
sion. That the downward tendency encounters
little resistance is evidence Of the abject
timidity OF capital The only conspicu-
Gus buying to-day other than that to cover
shorts was by London, which took upward Of
5000 shares OF various stocks. Tho cover
ing OF shorts WAS not extensive. nor did 1t ap-
pear to diminish the short interest us whole,
Tor the borrowing demand for the NOR active
shares was excellent throughout and resulted
IN the payment Of premium for use in many
,ases. Stocks that did not command q pre-
MUM loaned considerably below the rate for
money. The closing was unsettled. and In the
main heavy.
Final sales compare with those OF yesterday
- |