New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-08
MONEY AND BUSINCJS.

Wall Street last week almost gave Hat con
tradict on 70 the old adagc that IL watched pot
never b0ils But because IL was not wholly
unexpected, the sc,cr"-t decline Ia ptUcks eNbo-
ricnc.d IN any single week for about twenty
years ended without single bank failure, or
serious question about any hank. and even among
brokers the failures w"rr not nearly rs numcr-
ou- nor as important as have occurred AT other
times. with far less change in prices. The AZ
cragc Of SIXTY railroad stock, fell from $50 06
per share Saturday. April 90, 10 sol ~ AT
the lowest point on Friday, or - - per shire.
The average price of the trust stocks fell in
the same time from So 90 per share 10 SIS 90
40 the lowest. Both recovered quickly from
the lowest point on Friday. that railroad
stocks closed the week ;? 30 higher. or with
"A decline of - i for the week. while the trust
stocks recovered almost $40 per share, closing
with a fall OF Sll 81 per SHIRE for the wrrk.
In does not seem 10 be- generally observed that
stocks have been much lower at other times.
In June 1854, the average OF railrond stocks
fell 10 81 -, N III" lowest point. ana aft'r
the Barlng failure in 1890 the average of lowest
prcc-, wa, one day only Sj3 81 per share Yet.
without including the trus, stocks at all, the
list is not known TO have had Il fall of - 30
per share in any previous week. unless IL may
The collapse OF the industrials though not en-
,;rolv unexpected. was 50 sudden and great
when il came that the excitement could hardly
have been stronger II came. in part. because
some banks and lenders had been gradually pre-
uaring against it by crrtailins their ventures on
such properties, Thus 1t came to pass that the
numIcr Of those who could command the money
for buying these stocks being limited, th" drop in
,hcn WAS startling: prices seemed 10 go ont like
srunrd candle. From the opening To the lowest
noint of the week Cordagc Preferred fell Of. Cord
,oe Common a. Sugar and General Electric each
Al Chicago Gas 30 and Tobacco - points. though
each aftrrward recovered IN part. But bankers
who had shown unwillngncss TO carry such stocks
~ collateral for loans felt that events gave them
abundant Justification.
Th. decline in railroad stocks not merely
svmpathctic or the result OF excitement and
momcntary loss of sense, some are disposed To
consider H. In part of that nature. no doubt IL
,,os alan in large measure the result Of the dis
trust which has been growing ever since the last
election. and which was much intensified by the
report about silver redemption Of Treasury notes.
The hard winter and bclatcd spring have been try
inc for railroads Also even though many have been
alac TO report an increase in earnings, - within
the mast month the condition of the great indus
tr;cs bas become less favorable. All these calses
made the sensational collapse in the Trust stocks
. fleet thc general list much more than it other
wise might have done Even at the worst, how
ever There were few signs Of difficulty in obtain
inc commercial accommodations. and scarcely any
busincss failure of the week. outside Of the spccu-
latiye markets. was of large importance.
IL was further obstacle in the way of stocks
that the speculative markets for products We're
rising with les, favorable crop news. The back
ward season and heavy rains have greatly de-
loveJ seeding IN some parts Of the West accord
ing TO current accounts, that full crops can no
longer be expected and the injury TO winter wheat
i also rcpresented as greater than has been sup
posed. Wheat has advanced nearly cents here,
and over mt Chicago Notwithstanding fairly large
Western receipts and comparatively light exports
for the week Corn rose = cents here and 2 AT
Chicago. and oats nearly a. much, and an cxcit-
ing speculation hoistel pork about 81 per barrel
1t il an obvious inference that il crops ar, TO he
az much affected a. these stories represent. the
railroads NAV find their traffic reduced during the
coming year Delay in completing preparations
for the Chicago Exposition, and small attendance
thus far. disappont some who expected much
from that source
Assurcdly those are right who say that Wall
Street exhibited marvellous STRENGTH and sound
ness in the face Of so many untoward influences
But the Street had no new monetary trouble 70
meet, and The Treasury gained little in res rvcs,