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IN WALL STREET. Bank Failures in the West Helped to De press Values. Special Dispatch to The Evening Star. NEW YORK, July 25.-The opening of today's market recorded variations of 1-4 to 3-4 per cent either way from last night's closing. Financial institutions in all parts of the country are daily closing their doors and communities not yet affected are apprehensive and cautious. The demand for currency in the south and west continues, nearly a million and a half being shippped to these points. Yesterday and today's large. shipments, it is expected, will be quite as The sentiment among traders early in the day was a trifle more encouraging, and they hoped to see prices rally somewhat on good buying of small lots, but the bears were aided in their efforts by several important bank failures, the decreased earnings of St. Paul and Atchinson, and the utter lack of support on the part of the bulls. Louisville has been watched with more than usual interest for several days, and rumers of impending trouble were verified today by the announcement that the Merchants' National Bank, with a capital of $500,000, and the Louisville Deposit Bank, capital $300,000, had failed. The Indianapolis Bank, which closed its doors today, had deposits amounting to $1,700,000. These suspensions were announced shortly after 1 o'clock, and a vigorous and successful assault was made all along the line, prices yielding easily in consequence. St. Paul sold off from 51 3-4 to 48 7-8, Rock Island from 57 3-4 to 55 7-8, Western Union from 74 to 72 1-4, North West lost 5 per cent to 90, Lake Shore 1 1-2 to 114 and Burlington 4 to 70 1-2. In the industrials the result was the same, General Electric declining to 46, a loss of 3 per cent from the opening. Sugar sold down to 71, a loss of 1 3-4 per cent, and Chicago Gas conceded 2 points to 50 1-2. Atchison's earnings second week July decreased $91,429. St. Paul earnings third week decreased $77,000. The clearing house statement today shows a large volume of business. Exchanges, $93,834,693; balances, $5,015,437. The subtreasury was again debit $604,622. Money on call was easy, loans being made at 4 per cent. Time money at moderate rates was offered to railroads having obligations to provide for at an early date, but was not accepted. For speculative purposes, however, time money is not obtainable anywhere in the east except at fancy rates. At 2:30 the market rallied somewhat from the low prices recorded during the preceding hour, during which time the lowest figures of the day were reached, and from one-half to one per cent were added to values. Northwest touched the lowest figure of the year, selling at 89 1-2 on report of the failure of John L. Mitchell's bank of Milwaukee, one of the largest banks in the city. Owing to the connection of the Mitchell family with this property, it was feared that considerable stock might be thrown on the market. The closing was dull, but at slight advances from minimum figures.
