New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-31
''"''""'''' ooZo,o9I 9O79,7ea De-. s45oo7 l4.2
Total 81 Co.sS7,5o,ee2 so,777,5oI Dec. ssIoi a.
THE WEEK IN WALL. STprur

9s1.l23 i'll the corresponding weel, lo, ,oo,
While the market, therefore, WAS fairly active and
the movements wide and violent. there was an
u'er absence OF excitement. and az no time was
the market III the state OF panic. The downward
movement Ill prices was most pronounced on Tues
day. and especially on Wednesday after the an.
nounccmcnts Of the rcccivership Of the Erie Rail
road and the failure Of the Mitchell Bank in
Milwaukee, From the extreme declines there was
sharp rally Oh Thursday, stimulated by the
engagement in London of 81 ,O0O, 900 GOLD for
shipment to this country. Tie gold was ATTAINED
mt III" Bank of England and il was promptly
inferred That that venerable institution hld oosencd
It's pVrs'strings and the return flow had set in.
Inc puoNahcy which was manifest Oh Thursday
was continued only for few minutes on Friday
morning, anu aftcrward the course of prices was
again downward. In spite Of brief rallies the
closing was weak and unsettled.
Inc importation of large amounts Of gold from
Europe would quickly relieve the financial situa-
'lol III inns country. At present no other remedy
seems 10 be attainablc II is the season of the
year when an inflow Of gold ought naturally 10
u" expected. The exports Of merchandise. and
.iFclaiN OF food products, are increasing. while
me low prices of grain ought still further to
stimulate the European demand. The first i'm
p0rtant engagements of gold. however, have stiff
l1hcd the rat" Of money in London. and caused
the Bank Of England TO raise its price for gold
lars to - Shllngs an ounce If this has resulted
i'I'lN lIOiu tH' engagement OF S9,UUOUUU gold,
ue chances fol large lmpOratiOns Of the precious
metal may hardly be considered brilliant IL has
befn the traditional policy of the Bank of Eng
land to check the outflow of gold by advancing
IT'S rate Of discount and that is preceded invaria.
Ply ny advancing I'll" rat. in the open market
iiactlcaily all the gold available for shipment j.
held by the bank, and upon its decision must rest
cur hopes of obtaining relief through imports of
2old: Onc prominent banking firm has been try
ing Tor nearly two weeks to secure small amount
OF the metal in the open market and yesterday il
SIT il
that IN the open market in London there is no
gold obtalnable. Sanguinc estimates that the
lmpOr'atIcns i'll the next two months NAV reach
S40,0OO,000 or Sj0,000,000 in the circumstance
may hardly be depended on
=, he repeal Of The Sherman law, or at least Of
The claus" compelling the monthly purchase of
silver bullion. would afford relief by strength
cnlng confidence ut home and abroad. Tn. buying
of securities for European account in the last
Week has been unusually heavy and at the current
prices this buying would be- continued on still
larger scale, provided dOubt about currency
legislation was removed. There is apparently no
absolute certainty that Congress will take prompt
action. but on the contrary there are many in
dlcatlons that i'll the upper hOu~' Of Congress
the struggle HAY be long and bitter. In The
nenn time the closing or mines. mills and factories
throw many men ont OF "'npl 3yinrnt. and the
bank suspense ns. which recent Is hay: grown
Important, tend to restrict III" volume Of
rncy % well as 10 iniure credit; The volume of
business Is narrowed, necessarily, by tlcse
currences, and not only in mercantile trade. but
III the transportation interests, the contraction
becomes daily NOR" The constant issue OF
loan cate- by the Cca ring House Associations
her" and at Other points is proof of the gravity
of The financial situation. The demand for eur
rency from all sections OF IN" country has bccOnc
burdensomc. There j. reason TO believe that in
some citi"s particularly Philadelphia and Chicago.
the banks are practically Eoarlling money
hicago lrnk. which within a lew days was re-
ported TO be in need Of aid was said TO have iii
cash about one half the amount Of il deposits
The perccntag" of reserve held 10y IN" Clearing
House banks of this city is barely abov" - per
cent. Even in this condition they hay" displayed
constantly a pra>cWorthy desire 10 accommo late
their correspondents The action of the savings
banks in enforcing the time clause previous 10
the Withdrawal of deposits was equally 20 u" com
mcnded. although the first announcement. which
was Il complete surprise. excited fears that II
might prccipitat" runs on soine Of the weaker
institutions. Happily these fears were wholly
The sharp contraction Of business and credit
will be followed naturally in some cases by the
suspension Of dlvidrnd'; and possibly in othr,s
for the number of unpleasant surprises. That
the Erie Railroad should SEX the protection of
the courts not entirely unexpected, because
il had been known for some time that II had "\
prricnccd dlihculty in extending its hDatlng IN
debtedneSs. The suspension of the Mitchell"
Bank of Milwaukee caused no little astonislm"nt
even among bank officers I'll" fai!lr" r"adily cN-
planned the recent heavy selling III this nnrk"t
of the Granger stocks and bonds. The Official
announcement that the General Electric Company
had floating debt Of 81 600, 900, and that II was
forced to sell treasury assets in order 20 meet tc>"
obligations, was most dsagIccahle surprise. IL
only two months ago fHdt an Oillf'r oil tile CON-
pany stated that III" sale Of Its Edison Electric
Illuminating stock furnished money enough 10
meet all its obligations for som" time, ana ~ l.
within two weeks that fhc directors declared the
usual quarterly dividend of per cent. II l. no
wonder that the price Of the stock fell abruptly
Another surprise still more unpl"aSant appears 10
be threatened In Chicago Gas prominent az
rector of that company said that the earnings III
the fiscal year, after the payment oi all chaIge'
would amount to about S@,coo,oo1 whlcl; i
equal TO about pr cent on the snare cap1ai,
IA, ba nloin le
thrcc-fourths Of this amount III new constrn'
ton and that for this reason the directors "ouId
be likely 10 pass the next diNidend IL mas pen
fashionable lately To calculate tn" amount rcsH ~
on the investment AZ the present prices OF 'ir
leading stocks and bonds These caic9la1lon1
would be more valuable and interesting II som,
guarantee were afforded by them that tiie prTs'h,
rates of dividend and interest payments would DE-
maintained. .,.. .
active more than 0nc-half Of the business WIS
two were railroad stocks. They were IN tlie oru,i
named Chicago Gas, which lost ~ PEI ~
81. Paul, 2 IS per cent: western .mon ir"
graph Us per cfm, ve| nnr cent and Chicago
darlington and Quincy, 5-s per r.ht ih . tn'
rest of the list the business was iarN disIriou,'u
49,, tho declines were extremely irregular. One
% po minor incidents was fall or - per cent ~
Evansville and Tcrre Haute. The so-caled Gon,i
.Lorns rxcepting Western Union, were not specially
active, but Missouri Pacihc los' . - am Wan
ha,tah , nalawi PacG. has declined from 32 Is
70 Is s and Manhattan from IA j.! 10 io4;
Following is our nsna' daoe, KYLE g, . Inycst
VI .he final prices Of the week. together with
anu i G ;,o nriccs Of week ago, prclXcd by tn"
avcraGe prices Of July %, ls'2;
WEEKLY RANGE.
RAILWAY STOCKS
ACTUAL SALES"
'u,y ngh. Low. Final july sIslrs