Article Text
New York Market. NEW YORK, July 25.-The critics had another jubilee today and the result of their work is a loss all along the line of fro one to six points. The presence of a larger numbers of brokers than usual at the Winsor last evening, thei ports of gold, the higher prices for grain and the extraordinary shipments of cereals all (ell upon the market like so many drops of water on a deset Good news has no effect in these days. Only bad news is of avail, and today there was plenty of it. Whenever the wires were bot with declining quotati ns, they were telling of hot weather, decreasing earnings, discouraziug traffic and bank failures. The news of decreasir free gold in the treasury non $97,977,000 to $96,549,000 was followed bv sentences like these: "The Merchants National bank of Great Falls, Mont., has failed;" "The Taylor County bank of isconsin has failed, cashier sconded, assets $16,000." "The Merchants National bank. capital $500,000, and the Louisville Dep sit bank, capital $300,000, of Louisville, have closed their doors." "The Wi-consin Marine and Fire Insurance company. capital $500,000, has failed." "The Bank of Commerce and the Indianapolis Notional bank of Indianapolis are in trouble." "All the banks of Mil waukee are r eported to have closed tweir doors until aft. r the financial troubles blow over." One after another such dispaches were delivered to the stock traders and price S acted accordingly. There seemed to be no bottom to values. Even the critics tumbled over each other in their anxiety to sell. The wise ones shook their heads in vain. President Rembart of the Atchison sent word that the outlook for his road was favorable. The loss of silver freight would no effect on it and the corn crop promised to be phenomenal. If let alone le predicted that a similar management to shat of the last five years would resule successfully. He forgot to note that the corn crop will not be out of danger for six mon ns and predictions on Bit are quite useless. Nor has the management of Atchison for the last five years been such as to Precommend It as a goo I precedent for the future. Erie was much talked of. The financial committee met last evening and discussed measures for taking care of the floating debt. They say the road is earning a surplus above all the inter st charges, and they see no reason for the decline in its bonds. They can have no occasion to contemplate a receiversh ip even for protection. There WHS an unusual demand for money from the interior today. The banks scrutinized not only the character of borrowers, but of collateral. The market for commercial paper was almost at a standstill. London he-itated to buy because of the pending settlements tomorrow. Late in the day the "critics" renewed the r attacks and the grangers reached rie lowest prices yet recorded. Northwest dropped from 95 to 89 3/4, Burlington to 70 and Atchison to 13%. All were sellers. No one bought and tue declise seemed only stopped by sheer fatigue of the bears. The quotations: Last Sales at New York.
