The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-05-14

1 " Y ia ~ ShNSN
ing circles, who arc coRnizant OF II,
affairs. advised IL to attempt to silence
current attacks upon its credit by O
formal statement to the Stock Exchange
| Tho advice was taken. but unfortunately the
reassurIng letter OF the firm did npt reach the
Chairman OF the Exchange until a few min
utes before the closing OF business. and when
Il was read the market was excited and do
| moraliged. In consequence many habitues
OF tho Board Room. who did not hear
tho tenor Of tho letter. but caught the
nam OF tho writer. jumped to the conclu-
| sion that it was n notice OF suspension instead
OF a communication Intended to allay the ap-
prehensions OF the Street. Ono OF the news
agencies. in its anxiety to distance it's COM
~petitors in the publication Of news. disscm-
mated a definite statement to tho effect that
the firm referred TO had suspended.
This was deplorable. yet It may serve to IL
~lustrate the slIpshod and Irresponsible man
ner in which Wall street is furnished with
what purports to DO news, and 1t may result in
q correction Of the morals OF the Street in the
matter Of attacking and damaging regulations.
In the present case the facilities for transmit
ting and distributing a station emit. precisely
opposite to the facts. are owned or controlled by
the Western Union Telegraph Company, a cir
cumstancs that should be a guarantee to the
public that steps will be taken to prevent n ro-
currence OF the outrage. A detailed account
OF this extraordinary episode in the history Of
Wall street will DO found In another column Of
THE Sun.
Tho list OF suspensions by institutions and
assignments by firms and individuals this
week Is long one. As foreshadowed in this
column . week ago. the effects OF the opera
lions Of the Sherman Silver law have
reached a point where every weak and
mismanaged business concern Is almost
certain to yield to the pressure which
the business OF the entire country Is Begin
ming to feel. II that were the only result Of
Senator Sherm ans compromise act the coun-
try could look on with eQuanimity. but unfor-
tunately. as long as business Is conducted
moro largely on credit than on u cash basis.
meritorious and well-managed enterprises are
compelled to suffer as we'll as those
that do not belong in that category. For
tho same reason railway stocks OF acknowl-
edged merit. and for which there is an estab-
lished market, have declined in value on
account OF the distrust which first became
manifest in the Industrial stocks.
In addition to domestic troubles the stock
market this week has reflected fresh financial
disturbances abroad. The London market for
securities having passed through the collapse
of it's Industrial craze. and II frightful
reaction from its infatuation for South
American enterprises. has now reached
the period OF retribution for It's over
speculation in African and Australian
schemes. In consequence the London
money market has become active. and.
as usual for some years past. the foreign
ers have turned to this country with its
heterogeneous monetary system for tho
means to fortify themselves against further
Atsaatar Tn nthar w0rHl London In
spite OF the low level Of prices
for American railway securities. is
now selling in this market the stocks
1t recently bought. an operation that in con-
nsction with an adverse trade balance Is al
most certain to result In a heavy eGiux Of gold
in the near future. This condition OF affairs
ought to convince the most doGmatic theorists
who have advocated q sale Of Government
bonds abroad to replsnish the Trsasury's gold
reserve Of the fallacy OF their views.
OF the market in detail this week 1t is hard
ly necessary to speak. The course OF prices Is
still 80 wildly before every one Interested in
the stock market that It would seem like re-
opening . wound that has not yet begun to
heal. to attempt an analysis Of the ssri-
Gus shrinksge in values. The net re-
suits Of the week's liquidation are
enumerated In detail at the end OF
this report. To-day's market was only fairly
active. but weak throughout. and the net de-
clines were out Of all proportion to the trans
actions. The heaviest trading was in the
Granger stocks. Sugar refining. Chicago Gas.
and Distilling and Cattle Feeding. and they
also sustained tho greatest net losses. which
about tx p cent. Manhattan Rail-
way. on light: transactions. closed ~ q cent.
lower than yesterday. Chicago was .
conspicuous seller Of stocks. presumably be-
cause OF rumore OF impending disasters in the
West and Northwest. Its sales were supple
.ented by local liquidation. and also by sharp
attacks against the Granger stocks by two or
three OF the larger Room traders.
Tho weekly mt OF averages Of the As
ISOLATED Banks shows a further increase in
their surplus reserve Of nearly $1,000. COO.
that item up to Tx millions
result was brought about by heavy !
receipts OF legal tenders from the in
terior and moderate imports OF spe-
,ie from Canada. which increased tho
banks supply Of lawful money over So y O0O.
In the deposits this increase was virtually or
set by Withdrawals to liquidate loans. The
closing OF the market was weak at about the
prices.
As compared with the final prices OF last
the list is lower. with the exception
,f Manhattan. which is IA q cent. and Ameri-
an Sugar Refining. IL z cent. higher. The
moro important net declines are In National
JordaRe preferred. u q cent. National Cord
&c common. on: General Electric. Sls Rock
sland. ia: Omaha. Ga: Lackawanna. 81:
american Cotton Oil. %: Missouri Pacific and
J. s. Rubber. S each: st. Paul. Louisville and
and Northern Pacific preferred. AZ
ach: Burlington ana Quincy and New York
Az each; Now England. Al; Atchison.
(: Union Pacific. 3H: Cleveland. Cincinnati.
hicaGo and st. Louis and Distilling and Cat
10 Feeding. 81 each: Western Union. 81:
,atlonal Lead. 3: Chicago Gas. ~: Wabash
referred. 2h; Reading. IA; Erie. ~: Chesa-
cake and Ohio and Toledo. Ann Arbor and
'orth Michigan. II each: Pacific Mail and
edmond and Terminal. ! q cent. each.
Final sales compare with those OF yesterday
8 follows: