New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-27

WHAT WAS DONE IN STOCKS.

WHAT WAS DONE IN SlDlk
Wednesday, July aG-p. m.
The stock market undoubtedly was excited ut
times to-day, and the downward movement was
continued The total business however, fell
short of half million shares. and other
proof is needed that the market was no: panicky.
The increase in business naturally resulted in
lower prices. because the necessary liquiiaton
seems not to have been completed, but the process
is slow, even if gradual. IL may hardy be
asserted that the weakness was due III larg
part 10 the appointment of receivers of the Ere
Railroad because its financial embarrassment has
been known for some time, and the acton OF
its directors was wise in that X tend ii I, pr
tect the interests of both owners and creditors.
The prices of the company's securities were ne
pressed, of couie, but that fact WIS an IN
sufficient explanation of much heavier declines iii
stocks that could not possibly be anect'd by
the receivership. The Granger stocks, u nv
lie admitted, were Influenced to som" extent ny
the SUSPENSION of the Mitchell Bank at MI
waukee and possibly Louisville and Nashville
Welded something simply In consequence oi piilH
failures at Louisville With thcs' a lm!s'ion'' II
is apparently hard to say why West r; tni"n
should have fallen about per cn', Missouri
Pacific about and Manhattan Rnilw'y u pr
cent The floating debt Of the Mi'aouri fac.h;
is held by suppG;sd friends OF arn ah neo,a
ing to the statements of ohc"rs 81 the VI inhlltan
Railway, more than ever before IN rs hs'ory' ahl
the selling Of Western Mon must b" - 'i'h'r
the Baltimore and Ohio Railroad or the Dear
faction. Excluding the Granger stock@. "hith
may have been depressed unnecessarily 'hr 80,
called Gould stocks, which may hay" supmi''cI
10 sliilfuI manipulation: the anthracite coal
stocks. which threatened with forced sales
Of their product il il onlT necessary TO "Ap.iih
the sharp declines in Chicago Gas, Sugar Refining,
Dstiling and Cattle fecGIng anI ucncrai f.rt-
trc These stocks certainly were not Affected by
the failure of the Erie Railway, bT the iallihs
chi in the traffic of the East RI trunk lines; py
the speculative cyclone which seems to nave
struck some of the railroads in the H0dtIWf.t,
nor by lack II reported earnings. Ihc-. de-
clnes must he considered mere va2arlc' Oh an
excited speculation. The closing was steadN, my
the final rally was not spirited. Two 'niai
failures were reported
TIE DAY IN TIE BOND MkHKET
The transactions in GcTcrnment bonds were
larger than usual lately and Generally they Nrfr
made at full prices he market was 10; stioH",
however. and at the close quotations were lower
es follows
1922 N''N 's' Es scSs G: sa Is.
yer .S ss9s reg rssl g ie,4 ssar$, -
Dis Col.3 G5 IS3i.lli'a III !
State issues were neglected. OF city bank
stocks St Nicholas sold lj2l at l:J.
Although the business in the general Iona mar
l,ct WAS e,nallcr than il vas yesterday th" weak
ness was mole pronounced. In hiny l-'WH u,''
weT variations q c; a pr r, in the direction
# lower prices Tier. was apparently lack OF
bay ing power. and the selling pininiN lof , INn.
account Erie second cJnsOl5 were ha'uiliN
active and Opening 81 per cent lower ~ ~
They declined gradually 10 %. Di' on pi'n'T
OF $1,000 rallied TO II -. iin'i lohS OF 10y
prr cent Chicago and Erie incomes were per
cent lover al 90. bul the dealings ~ mem W'i"
only $40 400 early in the day. Mchi,on neW
i.l,lcs continued 10 be active and general ). i'l
49, NOR cont TO 90 IA and "A seconds per
cert 10 % In both caSrS last piir* w"t' t ,n','
Io,yrst Chicago aud Northern Pacihc hrs's zen
a "a ner cent to ,? 4 and there were no trnns- ,
actions in them in til" aSt honI' o an" st n.r
cont NJ Jg - Philadelphia and kea.In& ~
were dull. but 4 per cent lower a, u. me- ~
illustrations sufficiently indicate ,m, ro' ,hor
nrjccs The closing was weak w r r,n D," or
fnature Reference is made TO our iuil report Vi
bond sales. , ,,.;ouv do.ror P.neyy,ls
,,.ern mad" at & per cent. but the supply was
uneouaj 20 the demands for new business, aAd a.
one time late in the day pr'n1 o. ol , ,e
above legal interest was cNacNu las io""' WIZ
AZ about lOal2 per cent
Tho Clearing House statement was az follows
Exchanges, sS2.9sj. 953: balances, S%0355;' %:
TLr Sub Treasury was debtor TO the 'lcarih3
House S390,3Ge lis net loss on balance wa'
:3cG. col made up By loss o! $40
XIX in coin, lees q gain of Si5ool3 in c!r-
: a3c.:9s: payments, So ,G93,t,5; resulting IN
ccner.l balance Of 7S.702,3Gj, consisting OF
s55 COS 4l6 coin and Sl3,003,sso currency
The United States Treasury IT WASHINGTON r.
cajved to-day S,s,ll3 National bank notes i'r
redemption. occ. oso ,b. in
formal revenue receipts SJs3,2Os, and tiic HIS
rellancous receipts S27,66'. . 90 o,sh
To-days Washington Treasury statement OF CAS-,
ON hand and deposits in banks compares WIZ ~,
The figures Of the last previous statement ID
follows
Iuy o. July 90. Differences;
~. ,,d m hand soi ,so 100 s9J sGS $50 Dee slsl3o0
Ne lcl" ''"cr' 10 sos ,oi loo2l7l0 Inc liz 3oy
., -. ,, M Nj ~; ;l7 BIB 500 Dee l9I"'i
Actual cash In the
Treasury vaults
enrfreatas SIo2 2G2 sa7 1922 Oo3 oo5 Dec s;2 az
Deposits ia bank 12,0l05G2 900 De-, I''-
Net cash bal si34 os3 400 siS3 s45i5j Dec si3'o''
The foreign exchanges were nearly denoralitzen
nv the higher rates for money. CdttIe 'rans, l5
IN London were sold at 50 So IL, when snow.'
, rate OF 81 81. or better, for demand draft.
Rates for Continental cxchang" were enttnMi
,omina Following are quotations FOR actnai
business Bankers bills, 81 ana - goa
a 81 IL for long and short sterling respectively
french francs. 5.23 a-4 and Bal IA reichndr"s'
yl is and % rs. anal,
In London British consols again yielded sh .h
,...;nn cIn Of "A for both money ana tIir