The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-09

It has not fulfilled popular expectations 40 an
incentive TO travel.
Aehenge that IL most desirable. and which
seems certain to occur. would DO a turning OF
the foreign trade balance IN favor Of this coun-i
try The low rates for sterling exchange
which have ruled for some time past would
seem to indicate that the balance OF trade ~
shifting. At the same tlme imports continue
large. and are considerably In excess OF OK
ports. This may be explained partly By sales
OF exchange against prospective ehipme nts Of
grain and also by the high rates for money ut
this centre. The deplorable condition Of the
agricultural industry in Great Britain and
western Europe practically assures heavy OK
ports Of broadstuffs and Of other products re-
ouiEed to sustain animal life. Nor can those
shipments be long deferred, for the demand
abroad 10 rapidly becoming urgent.
On the other hand, the economies which will
naturally be practised hero for some time to
como are almost certain to reduce the volume
OF imports. At lenst one European country.
Great Britain. expects to DO compelled TO re-
linauish part Of It's stock OF gold In payment
for the nocessaries OF life which 1t looks to tho
United States to supply. but it's bankers are
doing everything in their power to postpone
an outward movement OF specie. These cir
cumstances place the United States In a strong
and envable position. for when the movement
indicated sots In 1t will accomplish great
deal toward correcting the evils from which
We have boon suffering.
The stock market has been very nearly at q
standstill all the week. and as the only az
gressive force has consisted OF small group
OF bear operators trading on tho floor Of the
Exchange, prices are. as rule not UP to those
OF week ago They have not however. sue
ceeded in lowering prices materially. because
there has been no liquidation worth speaking
Of: In fact the most conspicuous feature OF the
market has been tho absence OF any pres
sure to sell stocks. The bond market has not
yet responded to the enormous interest dis
bursements made at tho first OF tho month.
This Is not surprising considering the value
OF money In the loan market In fact, II the
money Is not boarded, It IL probably just as
well that the investment OF 1t 10 deferred for
time. until mercantile and other borrowers
can obtain the accommodations they require
at less exorbitant rates than at present The
temptation to pick up Investments now
should be very great for bonds Of we'll estab-
lished and recognized merit are selling at
lower prices than they have touched in many
years.
The bank statement issued to-day shows
loss In lawful money OF over S6,00O.O0O. o
change which is to an extent Offset In the de-
posits by an increase OF S5.O00.000 In the
than last week. In consequence the loss In
lawful money appears to the full amount In
the reserve. bringing that item down SIS. 102.-
600 below legal requirements. The aggregate
loans Of the banks are now about $40. 100000
In excess Of their deposits. but unless some
unforeseen emergency arises. the showing this |
week will probably be the poorest one the
banks will make. There was practically moth
ing done in stocks to-day. tho total transact
tons for the two hours being only $4,000
sharea- and In no stock did the trading foot up
5000 shares The only noteworthy fluctuas
ton was u net advance Of % q cent. in |
National Cordage, which was accom- panied by |
report that the Reorganization Committee |
will extend the time for depositing securities |
under the plan beyond next Monday. Tho |
committee states. however. that there is no |
authority for assuming that the time will DO |
As compared with the final prices OF last |
Saturday. the majority OF stocks are lower. |
The more important net declines are in Dem |
American Cotton Oil, q: Rock Island and ST. |
Paul. IL each: Northern Pacific preferred. *; |
American Sugar Refining and Burlington and |
Quincy. * each: Northwest and Louisville
and Nashville. }, each: Chesapeake and Ohio
and Manhattan, = each: Atchison. !: Glove
land Cincinnati. Chicago and st. LOUIS. x:
pistillers and Union Pacific, each: Western
Union. =, and Missouri Pacific. y = cent, The
noteworthy advances were New England. TX
Final sales compare with those OF yesterday
a. olloWR.