Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1893-07-05
THE SITUATION IN WALL STREET.
Traders Disposed to Do Little Trading
Under Existing Conditions.

Traders Disposed to Do Little Trading
Under Existing Conditions.
New YORK, June 27.-The situation in
Wall Street has been further cOmpii>
Gated by the latest developments in sill
yer. This started renewed liquidation
yesterday and rivaled attention on the
attitude of the incoming Congress re-
garding the Sherman silver purchase
law. The great majority of Wall Street
people are anti-silverites and their in
terest lies in repeal of the law. They
argue that the compulsory purchase OF
silver monthly must be abolished be-
fore there can be any lasting improve
ment. In the meantime speculation
at the Stock Exchange is at very low
ebb, and the variations in prices which
occur from day to day save, perhaps for
the closing out of account of some be-
lated bull, simply reflect the operations
of the professional element. Even
if the general public were dis
posed to enter the market as buyers
the lack of money for borrowing pur-
poses would prevent ventures. Con-
sentative houses are doing everything
in their power to limit trading, for the
reason that the leading firms do not
care to charge their clients more than
the legal rate of interest on their trans
actions; neither do they care to pay the
difference between per cent. and 30
and 40 per cent, the rates yesterday.
Meantime, even these fancy rates did
not bring out any money to speak OF.
Orders to purchase outright natqr-
ally are not refused, put the
ABSORPTION of securities from this source
at present is insignificant and confined
chiefly to stocks selling at low figures
and which have been cut in two SO far
as price is concerned during the past
six months or so. The clearinghouse
banks have not taken out loan certiti
Gates in sufficient amount to influence
the market to any appreciate extent,
and it is hardly to be expected that
they will consult the wishes of stock
SPECTATORS in this respect, especial
" when distress prevails in the
mercantile community. 1t is true
that shipments of currency to the
interior have fallen off and that the
only urgent call now is from California
points. The feeling at Chicago is also
distinctly easier, and indications point
to return flow Of the currency this
way. Still no great relaxation in rates can
be looked for for some time until July,
after the semi-annual interest and divi-
dend payments have been completed.
One Of the bright spots of the situation
is the decentralization of sterling
exchange. This holds out the hope
of cold imports. To-day it was rUmOred
that about $4,000, 900 had been
engaged in London for shipment to
New York. Here again money comes
in as an important factor, as the wide
fluctuations in rates brings in an ele-
ment of doubt. With money at & one
minute and So or 40 the next the ship
pers are apt to 90 slow before ordering
this way, and the profit at best is a
small one After reviewing the situa-
the situation Wall Street IS content to
90 slow until Congress shows the way
in the silver matter and the money
market returns to something like nor
NAL condition.
Silver was weak again to-day. The
best bid for the certificates at the Stock
'',-,lo~r~o waS 20, n"";nst 70 r:'l - 81 ne
close yesterday. Commercial bar silver
| dropped to -3, while Mexican dollars
are nominally so cents. Brokers pre-
fer, however, not to give a quotation for
the latter. At the Stock Exchange,
| Ontario silver mining stock broke a to
| l23. The market is still influenced by
the closing of the Indian minis.
Money on call opened at 20@to25
per cent. and then receeded to 10@12
pei CCIIU Lie IldIh6O 10 SI1Il 160IIIlS
the influence of offerings by foreign
| bankers. Time loans and mercan-
tile paper are merely nominally.
There was little demand for
money for New Orleans this morning.
The movement will not assume heavy
proportions. At the sub-treasury ap-
plications for transfers Of currency to
San Francisco were smaller than usual.
Foreign exchange opened unsettled,
but later became somewhat steadier.
Rumors are current that arrange
ments have been made for the
importation of 100000 gold, but
firms usually prominent in a
movement of this kind cannot confirm
the stories. The supply of commercial
bills is larger, owing to shipments of
grain. Some exporters are less dis
posed to buy exchange believing that
better rates can be obtained next
month. Leading drawers also incline TO
the belief that the market is grounding
on the bottom