New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-04

what too rapidly the prices of their specialties
mere were, 10 he sure most excellent reasons for
an upward movement in the lar,e vote In the lower
House of Congress in favor of a sound currency
IN the relaxation III the money market and in the
partial restoration Of confidence here and abroad.
mere can he no genuine All, 3ncc. however, until
time money Is readily Obtainable at about per
cent There l. little prospect Oi that rate so long
as the city banks have outstanding over S3s.e00.-
600 OF loan certificates. The great bulk OF these
certihcates was issded for the benefit OF country
banks and especially Of merchants who are unable
- obtain needed accommodation.
The certificates can hardly h. retired until the
banks have rcplcni-hcd their balances in New
York and merchants have been able 10 make
Their collections more promptly. II is improha
Die. therefore, that any considerable part of Tin"
Clearing House certificates will be retired and
cancelled until confidence has been more fully r.,
stored until collections are easier and hoarde1
money returned To the natural channels OF trade
No apparent progress has been made, in the
United States Senate toward the repeal Of the pres
cnt silver law Ii j. even uncertain how soon q
vote may be reached. There have been YET
indications OF filibustering on the part Of the
advocates Of silver, and il is possible that the
protracted discussion may be- Of some benefit in
increasing the majority in favor of repeal when
the vote il finally taken. IL is an unhappy fact
that apparently the Senate dsrcgaIds the force Of
public opinion. and that il il anxious TO pre-
serve the dignity Of the nody that il is reluctant
10 move except with the greatest deliberation
The delay in its action cannot he considered rcas
surng because it involves the danger of Legislative
tlctics against the repeal bill which might even
impcril the result
it is exceedingly difficult for business men 70
endure the great strain placed upon them, ami
in the last week some disasters have narrowly
been averted. The Senate ought 10 establish a
new precedent by ndorsing the action of the
popular branch OF Congress without further hest
tation
The trade deposits at the end of the week were
more encouraging than they have been for some
time, and il is probable that with the repeal Of
the silver law many mills and manufacturing eS-
adjustments will be reopened. At the same time
the recoVerlA that is Indicated in the reports H.
only partial and while il has been even 70 that
extent more rapid than most people anticipated.
business men have been laborng have not been
relieved While il il the habit of Wall Street
to discount the future the advance in prices last
week was 10 some extent artificial. An improve
ment was reasonable, but pace in the leading
speculative stocks was altogether too rapid.
stock market which depends almost entirely on
professional manipulation is uncrrtain in its 70
vance when made by professional operators. may
attract realizing sales. which, in the crrum-
stances, ought 10 be discouraged. There We're
few indications that public interest in specula-
ton had been revived. although small lots OF the
most substantial stocks and considerable amounts
of railway bonds were taken both by foreign and
home investors. If the advance should not be
supported, this movement would cease. There is,
however, a great scarcity of the best stocks while
the short interest in the market is believed still
10 he extensive in spite of the covering of con
tracts which has marked the dealings in the last
two days.
Following is the usual table, giving the number
OF shares sold Of all stocks, the highest, lowest
and the final prices of the week. together with
the final prices of week ago, preiiNed by the
average prices of September 3, 1879?