The sun., 1893-07-26
WALL STREET IS VERY BLUE.
MIMI STOCKS SELL At THE LOWEST
PRICES YET RECORDED.

Break In the Shares OF the Granger
Trunk I.ines-The Remainder o. the List
Follows sThsm-PatiadeIphia Causes New
York Bankers Good Deal of Trouble
London Continues 10 Buy Stocks.
The question most frequently asked In Wall
street just now Is. when will tho decline In
prices stop9" 1t was more pertinent than
ever yesterday for, in n number OF the leading g
stocks n further sharp break carried prices to
the lowest figures that have been recorded in
the present downward movement When the
stock market opened. q largo number OF those
Interested In It cherished timid hopos OF some
Improvement In tho tone: for London quo
tatlons for American railway shares were gen
orally above the final figures of Monday here
and, besides, banking houses that do the bulk
OF tho buying and selling for Europe were
fairly liberal purchasers OF stocks for which
there Is an international market
The hopes referred to soon disappeared, for
the local selling at once outweighed foreign
buying. The principal bear operators. liz gnorine
London proceeded to offer stocks down oil
round the room. and. as usual. with the result
OF bringing out moro or less long stock. At
the decline thus brought about they covered
some OF their ventures but as soon as the
marke. began to rally In response to their pur-
much in their favor. First. report that the
good offices of the Clearing House had been
resorted to by one Of tho city banks for as
sistanca 1t was said that compliance with
this request would result In an Issue OF at least
o million more Clearing House loan certlf-
Gates
This report was soon disposed OF by an issue
OF only $4,000 Ionn certificates and q state
ment from the Chairman Of tho Loan Commit
tee that the amount iSauCd ALL that Ind
boen applied for. There was enough actual
news Of an pniayorable character to prevent
ths f%S sSn$
week Of the current month. which were re.
ported about midday. We're In both cases con
Sdera6iy less than for the week
with unusually heavy returns a yenr ago the
figures were promptly regarded as cumulative
evidence OF the elect OF the times upon railway
Next it became known that the banks were
terio on tor hsnny 1
Monday Tho final and hardest blow to the he
market was the news Of the suspension Of the
Milwaukee, Dcspatches from that city state
that the en- mbarrass ent OF the institution had
Sifa and d ing ehsasa For days.
1t Is intimated. too that certain ot the
Srmd sns On Of the sfs k s!a. had Res so %
IT, BANK. Unitsd States Senator AHH'Ss' john II
Wall street was quick to realize the magni-
tnde t, and Importance o. the failure Years age
sder ha
OF Alexander Mitchell ono OF its founders. it
WAS the source Of financial supplies and basis
and d Paa sroaa sss. he
fact that the bank was one Of the oldest In the
York and Chicago. having deposits OF about
$6.0O0O 900 impaired to its suspension An i'm
Ssa s'i Ia. sa
i ths Iarses. ono that las gone down down t& ia the
Before tho close of business news was re-
Seyed Of The % o, three more banks
country The cumulative force Of the bad
woke the market from s
S Before % the delivery hsar '' it Is eulmInstedd
the market was was actually demornlsod, nSsS
and for coed reasons: since ,Sorthwestern
and to haf to
55a... A number OF other stocks not closely
allied to the Granger group suffered fully as
Sre, New York Central at S5 and Western
greatest declines were in Atehison. G.. G.. G. and
st. Louis. Omaha common. Missouri Pacific.
RI Ps tSs sg,s nd TnOn rS
covered = cent. or more from the lowest
NSaSses eosed "s
ard STnGy Gent GhefgG Gas 81 New
C. c. G.. G. and St. Louis Ss' = cent. through. eh.
out the remainder Of the list the net declines
aysraeed about J: q cent.
Iittio given it by London and the covering Of
shorts in ono stock after another Whenever tho
% TSe bears. M who % are Absolutely in Control fa Of
the market now. work with great energy and
will Ps gsSSss 'tS0s n 4 that tSs may b y
IL ths way ny KEEP se 3, constant pressure
Go%Ss ne bns
sqS Sr Els tse #
broksrE Ths bSTr0wins dsmsnd Az ioE stosfs
hSi a MAKE tRsr q I've
The cSgrTespon,dcSHts in this city Of the sus.
hs as 6esa
banks said that the Milwaukee bank had not |
made especial demands upon them Of late for |
be learned none OF the city banks have been |
hit r hard by ther ,oftcTn # ,p eorrespondents.
ally large number Of country banks among its |
customers. remarked the other day that the !
Ost IL coulQ POSSIBLY 1850 by the failure OF |
business with him was about $4,000. This 10 |
The mere TemnarkNSls ,n yas yeonsiderng the greet
with their country correspondents
The movement OF money to the interior yes-
terday was heavy. being generally estimated |
at ST. .OUU.OOO. as against about $l,25O.OUu on |
Monday. Within the last three, or four days
points have been fully as heavy as they were
during the run on the Chicago banks. Owing
paying the debit balances out q tho Sub
he banks are using freely the gold thus re-
,eived In making remittnnces To the country.
lculty in obtaining the, proceeds Of drafts and
lther items sent to Philadelphia for collection.
md In consequence one or two OF them have
ieclined TO accept those items at all. while
'r three Of the largest downtown banks state.
however. that they experience no difficulty in
rett Ing Iemittauces from Philadelphia again
heir cSlleetiohs Az prevously stated state In Ia The
our banks which have gndertnkcn to do a
heir resources entltle them to handle.
That the proaont level Of prices Is attracting
ome actual purchases OF securities In shown