The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-19

sustained, not 40 mucn ne eusplcion wa
breatbed as to the stability OF single concern
doing business on the floor Of the Exchange
A disturbing rumor relative TO one OF thu
smaller banks became current but inyestiRa
tion proved that II was groundlesa
| The suspension OF number Of the prlncipa
| banks OF Denver. the decrease In railway
earnings as indicated by number OF weekly
| returns published to-day. and reports from al
| over tho country OF the shutting down OF va
rious industries and the curtaiment Of actlv.
ity in Others intensified the gloom that had
| already enveloped the Stock Exchange. The
liquidation In every line OF business
and every channel Of enterprise ap-
pears to havo gained such hsseway that
| neither legislation nor any other human
| effort seems likely to check It Its destructive
progress can be controlled by natural laws
alone In the opinion OF certain bankers who.
owing to their relations to the credit system
OF the business OF the country. are In posi-
tion to Judge moro accurately than tho major
ity OF people OF the nature and extent OF tho
liquidation that has taken place In legitimate
undertakings. Wall street has during the last
few days begun to catch up with the remainder
OF tho country
In tho banking disasters that have befallen
Denver nearly every one soes retribution for
the seditious and in1ammstory utterances Of
those who will suffer most from these caami-
ties. the managers OF the suspended banke and
their depositors. are not responsible for the
elevation to power Of tho present oc-
cupant OF tho Gubernatoral chair: nor.
according to trustworthy Information. do
they share his views. He owes his
position to the mining camps and the
worst elements in the State. whose credit he
has seriously damaged. So far as can be
learned mono Of tho banks that suspended to-
day owes money In New York. On tho contra
~. they have balances to their credit with their
correspondents here. 1t is Also beloved by
those familiar with their affairs that the more
important institutions will resume as soon as
tho excitement at Denver dies out
The downward movement to-day was not q
discriminating one Wherever there was &C.
tivity material net losses were recorded. And
many stocks in which the transactions were
comparatively light suffered as severely as
those that received more attention. ST. Paul.
Chicago. Burlington and Quincy, Sugar Re-
filming. and Chicago Gas were the most
active stocks. In the order named. The
last. however. suffered the most as to prices.
closing sH q cent. lower than last night.
81. Paul, on sales Of nearly 10000 shares. shows
net loss OF 81 a cent while C.. B. and Quincy
is Az and Sugar Refining Az p cent lower.
Other evidences OF the shrinkage In values
may be found In General Electric. Louisville
and Nashville Manhattan Railway. Northwest.
Lackawanna. New York Central. National Lead.
and Missouri Pacific. In which the losses range
from 3h to 81 y cent
Except for the falling off OF S67, 900 In the
gross receipts Of the st. Paul Company for tho
second week in July, there was no specific
news affecting any OF these stocks. A COM
paratively moderate decline in Western Union
WAS accompanied by q report for which 1t Is
believed there is some foundation. that tho
Baltimore and Ohio Railroad Com pany has re-
Gently sold part OF the $4,000 shares Of
Western Union stock which 1t received some
years ago in payment for Its telegraph plant
Northern Pacific was sold not because
Of the rate troubles OF the transccnti-
mental lines. but for the reason that
the company has suspended tho publication
Of its weekly traffic returns. The last state
ment Of this description made public was for
the third week in June. 1t remains to be seen
whether the management will consider It wise
to take a step backward by disseminating the |
OF monthly statements OF its opera |
lions. Holders Of tho compnny's securities |
md tho public will draw but ono Inference |
from such q course. namely. that the earnings |
are not satisfactory: and then Imagination |
will do more than tho facts would. II known. |
toward DISTRIBUTING the company's securities.
Money on call was easy enough all day. and |
time money can be had in moderate amounts |
on frst-class securities for short periods at 9 |
p cent. and a small commission. Tho Wall |
street money market, however. is not much Of |
\ factor In the stock market just now. Tho |
necessities Of holders Of securities and |
Tho lack OF confidence on tho part OF
hose who might buy for speculative &C.
,ount. both OF which are taken advan.
age Of By powerful bear party
flushed with success. are tho circumstances
hat make prices to-day. After tho close OF
business foreign houses expressed the opinion
hat the liquidation in London had about run
It's course. and many brokers found little
In the fact thatthe decline had
stimulated some buying Of stocks by actual
purchasers. The closing. though at slight
from the lowest prices, was heavy.
Final sales compare with those OF yesterday
es follows: