The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-06

enterprises has been added to materially. ant
q number OF the additions have been OF tn,
FIRST magnitude. Every day has witnessed tn,
tying up OF large amounts OF capital and cur
tailment OF industry which is rapidly assuming
alarming proportions The problem Of dealing
with the constantly increasing army Of the
unemnloyed. which has already begun &c
tyee definit form at the West will soon be
presented for solution. This may prove to be
the most difficult question with which the pub
| lilo will have to deal.
The financial community. and to an extent
the public generally. has begun to cherish
| hopes OF relief from present conditions be-
cause OF the heavy imports OF gold now
| under way and the assembling Of Congress
on Monday for the special purpose Of deal.
ing with the financial situation. Relative to
the last. It can be stated with absolute posi-
tiveness. owing to the trustworthy character
OF the inform alton. that the message OF the
President to the special session OF Congress will
be devoted entirely to one subject namely. the
unconditional repeal OF the silver purchasing
and note-issuinR clauses OF the Sherman Sill
yer law. No other subject will be referred to-
The document, which will be brief. will also be
as strong Us the President and his i'm m ediate
advisers can make It.
The return OF q part OF the gold that has been
sent to Europe during the last two or thres
years. and prospects that the move-
ment has only just begun. together
with confident expectations that tho
Sherman law will be repealed with
In a reasonable time after Congress assemblies.
have been the primal causes that have shaped
the course Of the stock market this week.
They have been reflected In Wall street because
It is the most sensitive medium for the express
sion OF public opinion. Merchants. m anufac-
turers, the railroads, and. in fact every branch
OF industry and enterprise. require time TO
change the volume and direction OF their az
fairs according to the demands OF new con-
ditions: but Wall street, and especially the
Stock Exchange. responds to them with mer-
curial promptness and even anticipates them
with the accuracy Of baron eter.
OF the local or speculative factors that have
contributed to the sharp advance in prices on
the Stock Exchange during the last few
days 1t 10 hardly necessary to speak.
since they have been fully described and
analysed in The Sun from day to day.
At the end Of the week the circumstances re-
ferred to are practically unchanged. The
short interest appears to have been shifted
from one class OF operators to another rather
than materially reduced. Evidence that this
is 80 may be found in the borrowing demand
for stocks. which IL SO great that practically
every active stock commands premium for
use. The sharp advance in prices appears to
have affected investment buying unfavorably.
and 1t is quito possible that it has temp
some actual buyers Of securities to accept I'm
expectedly quick profits. For this reason
further improvement in prices might react
upon the Street with unpleasant results.
To-day's market was in harmony with the
events OF the week. both in and out OF Wall
street. Fluctuations were wide and the
course OF prices erratic. Early depression
was followed by a sudden advance. which
in number OF the active stocks ex-
ceeded 2 q cent. and in few exceeded q
cent. Then came the bank statement show
ing changes Of extraordinary magnitude all
OF an unfavorable character. In conse-
Quence the improvement WAS In many
cases lost as we'll as a part Of that
recorded yesterday. Still. only a few OF the
net declines were important. On the other
hand. number. including Western Union
General Electric. and Louisville and Nash
vile. closed higher than yesterday.
The statement Of averages of the Clearing
House banks shows a loss In lawful money
Of S12.OOOOO0. In the deposits this loss is
partially Offset by an increase OF two and quar-
ter millions In the loans The difference be-
tween the two items just mentioned is now $685.
100000: that is. the average loans are that
mu eh larger than the average deposits The net
result Is q deficit OF S14.OOO0O0 In the surplus
reserve. Of which S9.75O.OOO is due to
this weeks operations The loss in cash
Is believed to be due principally to the |
purchase by the banks Of Government bonds
from the savings banks. and the Withholding |
by the last named Of the money SO received
from banks Of deposit. 1t is obvious that I'M
less further and unex pected drains are made |
upon the banks next week. they will be |
able to strengthen their position by the amount |
Of gold which will arrive from Europe and |
which is now estimated at S14.OOO.OOO.
AS compared with the final prices OF last
the entire list Is higher. The more
important net advances are in General Elec-
trio. 12A cent: Western Union. 1OE: Lack
awanna. 10: American Sugar Refining 9h;
Chicago Gas. 81: Northwest, 80: Manhattan.
8: Burlington and Quincy. TX: Rock Island.
*: National Lead 81; Louisville and Nash
Vile. 5.; Lake Shore. 5: Missouri Pacific,
*: Cleveland. Cincinnati Chicago and st.
Louis. Az: St Paul. 4: New York Central 81:
Erie and Northern Pacific preferred. 3 each:
and Ohio. Tennessee Coal and
iron. and Wabash preferred. % each: Atchi-
ION. 2h: Distilling and Cattle Feeding. pa:
Ontario and Western and New England. Ia
zach: Union Pacific. IL: Reading. Is: Texas
Pacific. Ia. and North America. p q cent.
/