The Superior times. [volume] (Superior, Wis.) 1870-1912, 1893-07-01
HE SITUATION In WAL SIREEI
Traders Disposed to DO Little Trading
I-nder ~ lnnAitinnS (

Under Existing Conditions.
New \ ORR, June 27.-The situation in
Wall Street has been further cpnpij-
Gated by the latest developments in I'll,
Yer. This started renewed Huudat!or
Yesterday and rivalcd attention on the
attitude of the incoming Congress re-
gardIuc the Sherman silver purchase
law. The great majority of Wall Street
people are anti-silvertes and their in
tercst lies in a repeal Of the law. They
argue that the compulsory purchase OF
silver monthly must be abolished hr-
fore there can be any lasting improve
mcnt. In the meantime speculation
at the Stock Exchange is at a very low
ebh, 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 az huvers
the lack of money for borrowing pur-
poses would prevent ventures. Con-
seryativc houses are doing everything
In their power Ia 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 Is per cent. and -
and 20 per cent, the rates Yesterday.
Meantime, even these fancy rates did
not bring out any money to speak ot.
Orders to purchase outright natur-
ally are not refused, but the
absorption of securities from this source
at present Is insignificant and confined
chiefly To stocks selling AT low figures
and uhich have been cut in two So far
as price is concerned during the past
six months or SO. The Ciparing-hoUsc
banks have not taken ont loan ccrtiti-
Gates in sufficient amount to influence
the market to any apprcClahle extent,
and il is hardly to be expected that
they will consult the wishes of stock
spectators in this respect. especial
" when distress prevails III the
mercantile community. 1t Is trur
that shipments of currency to the
interior have fallen oft and that the
only urgent call now Is from California
points The feeling at Chicago is also
distinctly easier, and indications point
To- a return flow of TIA" currency TINS
way. Still no great relaxation in rates can
be looked for for some time until July,
after the semi-aunual interest and dIvI-
dord payments have been completed.
one of the bright spots If the situation
is the decentralization Of sterling
exchange This holds ont the hope
Of gold imports To-day il was rumorrd
that about 3 ,uo0, 900 had been
engaged in London for shipment t0
New York. Here again money comes
in az an important factor, as the wide
fluctuations in rates brings in an cIr-
ment of doubt With money nj 6 one
minute and - or 20 the next the ship
pcrs are apt to 90 slow before ordering
this way, and the profit at best Is a
small one After reviewing the stua-
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. TIL
best bid for the certificates at the Stock
:. .Ian.r" wa ~ ae"jnst - ~ -
close yesterday. commercial bar silver
dropped To -, while Mexican dollars
are nominalIy 90 cents. Brokers pre-
fer, however, not to give a quotation for
the latter. At the Stock Exchange.
Ontario silver mining stock broke 45 To
l23. The market is still influenced by
the closing of tho Indian mints
Money on call opened at 20Ea to25
per cent. and then rcCccdcd To 100 -
per cent. The market is still feeling
the influence of offerings by foreign
tile paper are merely nominallv.
There was little demand for
money for New Orleans this morning.
The movement will not assume heavy
proportions. At the sub-trcasury mp
plcations for transfers of currency 10
San Francisco were smaller than usual.
Foreign exchange opened unsettled,
but later became somewhat steadier.
mcnts 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