The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-09-17
requIr. to facilitate tn. msrkatIns OF

cotton.
The FIRST effect OF the condition Of the banks.
90 shown by to-day's statement, will probably
be the retirement OF large amount OF Clear
ing House loan certificates next week. 30 far
as can be learned those certificates are now
being held by banks as precautionary meas
ure rather than from necessity. Many OF the
banks have gradually been getting their own
certificates back into their vaults. but have
not presented them for cancellation. fearing
they may be compelled to use them again
should the inaction OF the Senate relative to
the Sherman law create fresh distrust with Its
attendant evils.
This week fully so per cent. OF the Clearing
House balances have been settled in cash. and
the percentage will unquestionably DO larger
next week. 1t would not be surprising.
owing to the heavy inflow Of currency from the
country II they we're compelled to use notes OF
small d. omnation in settling Clearing House
balances. A large part OF the money they are
receiving from the interior comes to them in
that form. and as they gradually retire the
loan certificates they will have to use small
notes to an extent in making Clearing House
payments. for the reason that the Treasury
Department will no longer issue currency GER
tiacates against legal tender notes deposited
with It for Clearing House purposes.
The accumulation OF money ct this centre.
as shown plainly In the bank statement. is
certain to have IN effect upon the markets for
time money and commercial paper. both Of
which made malaria! progress this week to-
ward a normal basis Incredible as It may
seem. tho publication Of tho bank statement
half an hour before the close OF business had
not the slightest effect upon the very limited
speculation in stocks. Something more than
tho unlocking Of the vast amount OF money
that has been boarded and the acoumu-
lation Of part OF It at this CEN
ire will be required to galvanize the
market for securities. The Same is true Of
business Of all kinds throughout the country.
And that something Is confidence. which will
not be absolutely restored until the monetary
system OF the United States is put upon per-
fectly sound basis. The moment that is done
Europe. 1t Ia claimed by those who are In a
position to know. will transfer large amounts
OF money to this side for Investment. and that.
OF course, would stimulate both enterprise and
speculation.
Until that desirable end is reached the m st
that can be reasonably expected Is u volume OF
business limited absolutely to the immediate
demands for consumption. The country will
exist but not grow. A recovery from the alb
normal depression and forced liquidation. re-
sulting from panic. has taken place. and that
is all that can be expected In the circum-
stances. What is true Of the general business
situation is equally true Of Wall street. which
simply reflects It.
The market for securities this week has mar
rowed steadily. and prices have in the main
worked lower. 1t is becoming palmer every
day that the rebound from the panic prices Of
midsummer eliminated nearly two weeks ago.
as noted In this column at the time. The
shrewdest operators who participated in. and
to an extent accelerated that movement have
apparently retired from the speculative arena.
A fairly large short interest still exists and
furnishes some support to prices. but the mar
ket as whole is in the hands of small pr ofes-
sional operators whom no one is ever likely to
mistake for leaders.
As compared with the final prices Of last
Saturday the majority Of stocks are lower.
The more important net declines are: Chi
cago Gas 3h q cent: National Cordage. 3:
UnionPacifc. Oh: National Lead and Reading
2 each: American Sugar. Omaha. and Louis
vile and Nashville. Ia EACH Atchison. IL:
Burlington and Quincy. and Northern Pacific
common, IL each: st. Paul. Lake Shore.
Northern Pacific preferred and Wabash pre-
ferred. l each: American Cotton Oil. q: Rock
Island. Cleveland. Cincinnati. Chicago and st.
Louis. Susquehanna and Western. and New
England.x each; Hooking Valley. Missouri Pa
cihc. and Western Union. X q cent. each. The
noteworthy advances are in Manhattan. Az y
cent. Lackawanna and General Electric. q
cent
Goyernm emit bonds steady at I'm ch aAged quo
tattons. Railway bonds dull The features
were Chicago. Burlington and Quincy Is.
Chicago and Northern Pacific lists. Laclade Gas
lists. Northern Pacific consol 5s. Nashville and
Chattanooga lists. Rock Island extension 5s.
st. Louis and Southwestern lists. Texas Pa
ciic Ids. and Union Elevated lists. The more