New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-10

per cent. The whole number shows an Increase
OF S2GO,966 or "A Der cent.
Fourth week in Julc
81 compare. issS s 1872 a7i ra R .,Ss
Is cSn'iaacs 32Js74l scsoaoi Dec G3i IS
To'al so 7o.7.oC9 s7ss7o75 Inc. .aCo sCo 81
THE WEEK ~ WALL STREET
Tho half-yearly settlements were computed with
out serious disturbance. Speculation at the stock
! ENchingc was At complete stand. and the
transactions in the week, which broken by
holiday, amounted to only A.; $40 shares. which,
less than one-thr of the bushes. in the
! preceding week. and was less than hall of the
business i'll the corresponding week last yea.
StaSnatlon is probably the best siicgulrd OF the
market It. is Il common belief that commercial
and financial conditions have been improved
greatly since the lightning OF the month AMI
there il no doubt that greater confidence prevails
| upon the price of money, ana because rates for
cad loans have been slightly easier the market has
resisted endcncie, toward a lower level of prices
| In the week savings banks winch had withdrawn
money in anticpatpn of demands from d"pnNitorS;
! have been returning II to banks OF deposit. ara
there have been small receipts OF currency from
! interior POINTS. The weekly bank statement
showed that no material relief had thus far
| been afforded by these movements, and as they
are. as Il body, over S5.OO0.0oo below the -
! per cent line and their aggregate loans rA-
| coed their deposits bv 100000 900, il IS dill
! cult to how they can Immediately extend large
| accommodations to their customers. In fict some
J large commission houses have begun TO charge
current rates OF interest. because they have becl
unable to extend their time loans. or to make
new ones. 1t is question of policy which
| stock houses must determine for themselves bu;
| for long time they have charged legal interest
when money easily accessible at about !"
| few weeks above that figure they insist upon
| the market price This is not encouraging I"
speculation but at least it indicates the opinion
of conservative stock houses in regard TO III"
! future course Of the money market There IS
every reason TO suppose that money ,%Li De
active in the remairdcr of the wear: The loan
! itiplfn Il
! direct obligation of the banks. and they bear
| Fer cent interest There is no bank in ne ne
| Gates which il has taken ont and loan the funds
at "A lower rate In order to cancel the certlii-
Gates there must he large acccSsons of money ,
| either from the country or nom Europe ne
! Government has done all in its power tv antcI
| pa,ing payment of the July interest on It's funded
debt If By any means the volume OF Clearing
House certificates should be reduced by SlO-
| 600 900 in the next few weeks. there would
| then spring up the seasonabe demand for money
from the South and West for the annual mc ,yc,
ment of tie crops. it is not cert 'in that th5'
| Would be large. because those sections undoubt-
edy hold more money today than ever p
| fore but the question remains whether or not
everywhere throughout the country money has
| not been boarded in direct consequence OF the
uncertainty about financial legislation.
generally admitted that is first work will be
| the prompt repeal of the Sherman Silver law or
at least of that clause which compels the monthly
purchase Of 100000 ounces Of silver bullion.
| II is hoped naturally. that this repeal will re-
| establish confidence at home and abroad. and that
money withdrawn from circulation, Will De al
| once returned and that investors here and IN
| Europe will he eager buyers of railroad secuii-
| ties. Some disappointment was 1elt tlat the
| mere call Of the extra session did not nave
| greater influence on the stock market If by
| any means the session itself should ba productive
Of uncertainty the disappointment might be sun
| greater The silver party IN the upper mouse Is
| strong and confident. and it will make bitter
opposition 10 the repeal OF the present law unless
| some measure by which the price of silver may
-. taI cb.,l no cd
| he prolonged discussion on financial topics ana
| perhaps in regard TO tarih questions, confidence
now expect. If nothing should he done BY Con,
| gress before the middle of September there would
be large demand for money for the hens m1v Gnd
/ difficult 70 supply without further additions TO
| the issue Of loan certificates.
! The foreign commerce of the country Is not
| favorable to easier rates for money. The imports
| of merchandise last week were larger IN volume
| than in any previous week IN inc Ido' w"
| months and larger than the same weeN II MANY
preceding years The exports OF nei,I ha In
have been fairly large in volume but thc low
prices Of grain make the money value hot lluun
larger than in recent weeks or in previous years.
| C,roD prospects in this country good. while
reports from the principal European countries
are bad. There Is every prospect that the l3rci9il
| demand for our agricultural products VIII be
| heavy and urgent, but the stringency III money
| operates against rapid movement outward wh',
| bankers have been encouraged IN antcipitl?i oi
| shipments to sell their drafts on Europe, 10
certain extent exports Of grain Tor several ""ck'
| ahead have been anticipated IN the lOr'ieh "N-
change market. ,eo ,oirl,.
steady Fluctuations were narrow ana wlulou'
| life There was selling pressure III any olIec-
ton and on the other hand there was no eager
demand The tendency OF prices was doWh"aii'
! but only in a sluggish way. and Tor thal reason
Nnal variatioaA poss'rrNi ,"tMe ~lgniilc'lGe 'o
largest loss in consequence OF the passage OF ne
| quarterly dividend The statement made ny the
| Company showed that the dividend had pcrh
| earned but the directors decided TO Keep 'te
money in the treasury III view OF lAe uhC ~i
| in regard to the mining industries In Eo!ol'uo,
| from which il derives large trahlc Inc nDsl
| active stock St Paul. III when the eNtirnr
| fluctuations were within per cent, ana lts HI'i
| loss was nearly as much. Sugar Refining movrl
| irreculally but ended with a loss OF '-o per
cent. Al rule the declines were 10, oHe d. P pr
| cent on an average while Philadelphia and iSeahlH1
! and New-YoIk and New-Engianh fecpru','' ". LEI,
! uortant Gains IL should not be 0NerloOk'u ti'i'
prices OF many stocks and bonds are cohSi',I VIZ
! below the lowest points recorded III th I|i'h@
| panic Louisville and Nashville, Tor liislah1'' Is
| - nor cent below the lowest price made III
| 1890 while Union Pacific IL over - l>r GEM,
| Nieoour Pacific over II per cent ana Northern
| PacGc nrc(errcd over 90 l-2 per cent lower Ifi'
i onL 3-s per cent higher than TN" lowest Pre-"
| made in the Barina panic. while stocks INK" Nv
! Work Central and Chicago Northwestern are ohlN
! aHant . ner cent higher and Illinois Central i
! only per cent higher than the lowest pfi,c
| mndo in $50 The bond market affords numerous
Illustrations in the same direction. but the Stfll-
! oencv Of money prevents speculative demand Tor
even the best securities;
| Folowing is our usual table giN ing the number
| of shar,-, sold Of ali stocks the highest, lowest
I .nd Tho final prices Of the Week, together with
| the final nrices OF u week ago, prclXcd by the
| average prices OF July .. lo92
WEEKLY RAEGE