New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-24
VI e'p~"c''-'-' 34l3123 3.o60s25 Dec. $40 cos 1O2
Total oi COS s0s'o,5ss 20, 1875 ~ De- tI7o,1sd %
HE WEEK In WALL STi,Err

ioSa Vi co s0S'o5sS 20 JOS ~ De- .I73ts0 81
TIE WEEK IN WALL STREET.
s,acL was rs.S week 81 forced Liquidation at the
n.ock ENcnanse The most remarkable feature
oi the deilings was the evidence that tho Iinui-
Cation was principally for European account Many
I", mIi' ~ regard to the financial situation in
i-ohuoh were set IN motion, but Stock Exchange
failures There rarely occur between the fortnightv
set'lchiehts. anu the rum)rs promptly denied.
At ,he same time st. Paul was the most active
slorh, ana III spite OF a rally of over ] per
zen! ron us lowest point yesterday il suffered
Ic" "hni oSs and Of H. per cent The selling of
cliic preferred, was on q smaller scale, hut these
losses were no LEST significant. The wealSness in
Eric securities became marked toward the end of
'hc week. and its second consols declined in two
uaAs u. per cent. Ii was reported that tho
company was having some trouble in managing
us floating debt, and that efforts to renew some
OF It's loans had not yet been crowned with sue
cess. st was even limited that possibly y tenn
pofary receivcrship might be resorte1 TO for the
pufIos" OF protecting the interest Of creditors and
s '3, Officers OF the company denied the proba-
niilty OF such action. whic admitting that the
,,ioalIns DEBT was causing little trouble. Tho
largest loss suffered by any stock in the week
was y per cent in General Electric. although
mat rallied over rcr cent from its lowest figure
n n% regular re- d%deTd Of ner cent was declared
payment is in bank. At the present price of the
stock investors would secure over Ii per cent
interest providing that the present rate of divi-
bends was maintained. In other industrial shares
me declines were sharp and Sugar Refining and
Chicago Gas lost over per cent and American
Cotton Oil and Distilling and Cattle Feeding
about ) per cent
Tho downward movement was not confined,
however. either n stocks that have intcrna-
tlonal market or TO industrial and special shares.
western mon, Tor instance: seemed pressed for
sale and its final loss exceeded 3 per cent For
this weakness there was the excuse that tn" Bati-
more and Ohio Railroad had been marketing the
10000 SHARES of Western Union stock which 1T
received in payment for its telegraph plant. The
rnmor was denied explicitly and cmphaticallv by
otli 0f Tho Dn1f md Rail-
road
The depression was pronounced that, in tho
absence OF really ds1uctng news. il excited tho
hone that the worst had been seen. Congress
will meet in two weeks. and there is a general
impression that it will immediately repeal the
purchas, clause. at least. Of the Sherman Silver
law. Whether this opinion Is well founded Is q
question which may not be easily answered
Friends of silver talk hr d perhaps y
camille situation is snch that in that event the
halls of Congress arc likely to be besiegcd by mer-
to the compulsory purchase Of silver bullion under
the present law In the present month the Treas
urv Dcpartment appears to have adopted new
polcv in regard TO silver purchases making the
London price the basis Of its buying. There
is no probability that the monthly quota of
$500. 900 ounces will be filled. The Treasury De-
gold coin in settlement Of its balances at the New
York Clearing lIoue. Its stock of gold has not
D nS" de Sso by tSs Soa o &
tender reserve II may he that the Ad-
ministration prefers that until the meeting
of Congress the egal-tender reserve should not
reach the limit provided by law.
The selling for European account was lneNpiica-
ble except by the poverty OF European holders,
or by fears of financial or political disturbances
which are not appreciated in this country. The
quarrel between France and Siam seems TO DE
small affair. but il is not certain to what 1t may
lead European war would not BE- q disad-
vantage TO this country in year when the
harvests in Europe short. There would be
brisk demand for the products and manufactures
of the country, which il very much needed. Al
presont the most unfavOrable condition here IS
the closing of mills and factories in almost every
branch of industry In the Eastern states the
movement appears inst 10 have begun, nut II
may become epidemic. and II must DC aa-
mitted that in that conservative part OF 'ne
country the action would he taken only III
response to sheer necessity. In one or two of tho
Eastern States the announcement has been maze
that mills which have not ceased operations ne
fore in fifty years will be closed IL conditions
remain a. they are.
the Stock Exchange undoubtedly have made
numerous mistakes. Members of the bear fac
ton were warned officially by the president tIlit
they must be careful not to circulate rumors
derogatory to The credit and standing oil th''i:
associates or of corporations III the stocks OF
which they were dealing The law OF this Stat"
makes no distinction III regard To the clfculalo
of false rumors Outside OF financial ana COM
mercial conditions it is evident that the long con-
tinued depression in prices has not been the re-
been no such decline as has occurred unless prices
of some stocks had been forced t. point far be
yond the intrinsic merits of the properties
Following is usual table. giving the number
Of shares sold of all stocks, the highest lowest
and the final prices of the week. together WIN
the final prices of week ago. preiiA"d by the
average prices of July %, 1897