The sun., 1893-08-11

Brokers who are engaged In the business
do not believe that the present condition OF
AFFAIRS will last long. and are therefore re-
luctant to buy larger amounts than they can
dispose oil at once. In other words. they are
not taking any chances. but simply endeavor-
Ing to I'LL their orders and supply demands
over the counter.
The premium on currency and tho high rates
for money. other than on call. will speedily
alleviate the present distress. for they will at
tract money to this country. and particularly
to this centre. The action OF the banks In rais-
ing their rates OF discount to out-of-town bor
rowers Is operating toward the Same end. 1t
would not be surprising. therefore. IL a de-
cided improvement in the financial situation
took place before the end OF tho month irre-
spective OF any action Congress may take
relative to the repeal OF the sherman Silver
law.
As viewed from Wall street. tho outlook for
unconditional repenl OF the silver purchase
and note issue clauses OF tho Sherman act are
not ms bright as they were generally believed
to be when Congress convened. The absence
OF definite policy or course OF pro-
cedure by the anti-silver members OF Con-
Rress has apparently encouraged tho
friends OF silver to make more deter
mined fight than was generally expected,
In consequence n prompt settlement OF the
issue seems improbable. But circumstances
have changed so rapidly and radically during
the last week or ten days that it Is quite possi
Bile that the country may realize that its busi-
ness mtsfortunes are not due entirely to the
existence OF the Sherman law.
Among other favorable developm ents dur
ing the last few days are the financing Of tho
Union Pacific Railroad Company's maturing
loan and the extension OF certain floating debt
obligations Of the Atchison Company. The
financial interests OF these two corporations
and OF the Missouri Pacific Railroad Company
are 80 closely allied that 1t is very gratifying
to learn. from sources Of the most Trustworthy
character. that the finances Of all of them have
been placed upon basis that removes them
beyond the reach OF malicious attacks upon
their credit.
The dealings in stocks were on little larger
scale than yesterday. and the transactions
were somewhat better distributed. st. Paul
received the most attention. but General Elec-
trio, which was fourth in point OF activity.
scored the greatest net advance. namely. IA
d cent. Other noteworthy dealings and net
advances were in Sugar Refining. Ia a cent:
Chicago Gas, 2a,: C.. b. and Quincy, 27,: Rock
Island. .. and Western Union. Is q cent. On
comparatively light transactions Northwestern
closed 81, 2 cent higher than yesterday;
Lake Shore. 4: Manhattan Railway. IL. and
Lackawanna l !, q cent.
Receipts of gold from Europe to-dny were
S4.2500uO. and S5.250O00 is in transit on
steamers due tomorrow. There was also re-
ceived from Havana S1460O0. In spite Of tho |
advance in the Bank OF England rate Of dis !
count to y cent. and further advance in |
the Banks price for American gold coin |
to 76s. 10d. gold to the amount OF |
s. 100000 was withdrawn from the Bank |
OF England to day for shipment to this coun-
try No Clearing House loan certificates
were issued. and it was currently reported
that several millions would be retired within
the next day or two. This report. it is learned
is premature. At the same time there are in
dications that e. round amount OF certificates
may DO retired next week. The closing Of the
stock market was strong at abou. the best
prices.
Final snlcs compare with those OF yesterday