Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-11
BETTER FEELING IN WALL STREET.
Effect of the Import of Five Millions
in Gold.

Effect of the Import of Five Millions
in Gold.
Special Dispatch to The Evening Star.
NEW YORK, Aug 1.-The cables this morn
ing described the London market as fat the
quotations for Americans ruling, if anything,
slightly under our closing.
The feeling here was Enthusiastically better,
due in part to the arrival Of upward of five
millions gold yesterday and to the more abund-
ant supply OF currency at a reduced premium.
The stock market opened very tame at I'M
changed prices. and for the first half hour Of
business dizziness was the only feature. few
belated bears then tried to cover their contracts
In Telegraph and industrials imparting the APP
pearance OF some animation to the spec
ulatlon and causing an advance all
along the line. That there was some
basis for the timidity displayed by the shorts
was SHOWN by the loaning rates, which are still
holding at a slight premium for all the active
shares. though the supply was much more plen-
tiful than for some days past. This was es-
pecially true of Lake Shore and New York Cen
trail
At the advance above noted the demand from
the shorts. who were the only buyers, became
less urgent, and the speculation became very
dull until just before the noon hour, when a
prominent trader commenced to dump lot Of
Sugar on the market. Tho traders who had
"'SAo'SN Al tuo chTly ADVANCE detected tuo
selling orders In Sugar and took the market
away from the commission brokers and it fell
away from 74S to ~, with only fractional
rallies.
There was no news to account for the weak
ness In this speciality, except n rumor OF pro-
posed unfavorable legislation in Washington
Inc weakness in sugar was sympathiZed in
by the rest Of the list to only q IN oderate ex-
tent.
Sterling exchange was weaker and rates for
demand were 1881 against 4901S. the high rate
quoted Yesterday. Sixty-day bills in good
supply at 1884,
f22O. 900. gold. was engaged in London TODAY
for shipment to this port by tomorrow's steam
ers. and 1t was reported that more would be
purchased later in the day.
Inc premium on currency declined to l15O
per cent, the bulk Of the sales being at the
higher figure.
Clearing house statement: Exchanges. ST.
s65. 656; balances, $685., 60s; o. S. treasury
debit balance, s142, POI.
The clearing house loan committee author
lied the issue Of $500, 900 additional loan GER
tihcates Total amount now outstanding,
$37, O65, 600.
The statement Of earnings Of the railroads
Tor the first week in August 10 very unsatis-
factory. The freight business Of the roads CEN
tering In Chicago has come almost to a stand
still owing to the refusal Of the banks to ad-
vance money on bills Of lading. There is good
export demand, and but for the inability to Sc
cure advances business would be quite brisk.
Money on call opened at 4 per cent, which
was the highest rate. Last loan and lowest. 8.
For the first time in long while time money is
ootainable on first-class dividend paying secur-
titles at per cent for four months
The selling Of the earlier hours had the an,
pearance Of being with the purpose Of testing
the market. Finding no long stock could be
dislodGed and that the market was bare Of
stocks OF the better class the traders turned
bulls again and a rally was started, which on
hight trading. sent prices to figures that in
some instances topped the beet prices Of the
day At $50. the market while dull. il Arm
with every appearance Of closing higher.