The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-08-03
THE BULLS TURN NOW
Prices Rise Steadily on
Wall Street While Gold
Sets This Way.
SAVINGS BANKS BRAeING UP.
Notices of the Withdrawal With
drawn-Fewer Suspensions
Very Busy Slsel Concern.
SAVINGS BANKS BRAcING UP

| NEW YORK. August 8. 1898. Business
on the Stock Exchange this morning was
less excited than yesterday. The bulls
were disposed TO rest after their campaign
| OF yesterday, and to arrange along their
| fences the bear hides captured n the
fight. The bears who survived the round
up of yesterday had got their pluck back
over night and were more disposed to
dispute the ground with their antagon-
lists. The fight began right at the open
ing
| First prices this morning in conse-
| quence were irregulariy changed.
Some stocks opened above and some
below their closing prices. 10 spite of
drive made by the bears as soon as busi-
| ness began, there were enough buying
orders left over from yesterday to ad-
vance the whole list in the past thirty
minutes. After that the market became
| irregular again.
| The four stocks that showed tAe livliest
| fluctuations today were General Electric,
| Chicago Gas, Manhattan and Sugar.
! General Electric closed at 43 Is, opened
at 40. dropped to Al 5-S and rose nearly
points to 81 1-2. and then dropped points
| again.
Chicago Gas also fluctuated rather
widely swinging around a range of
| points, and Manhattan opened up 2
| points at a Jnmp and held on TO its adj
vance. Iu sugar the fluctuations were
active. but on smaller range.
THE BEARS SIDE.
| The news of the day was more divided
| in favor CT the two sides. AS had been
| anticipated, the discount rate of the Bank
of England was advanced TO meet the
- 1ftx- A..
| per cent. fixing the rate ct per ceuu.
| Another point which the bears made
much of was the fact that the bond
| transfer from the savings to the national
| banks would be on q smaller scale than
had been hoped for.
A great many notices of Withdrawals
from the savings banks have been can
| celled, aud as the excitement has subsid-
ed, there may be no necessity for the sale
OF q large quantity of bonds by the banks.
| Still great deal has already been ac-
| complished in this directions.
Early dealings in exchange were also
| at somewhat higher figures. The gold
now on its way to this country, ontside
of that on the steamship which sailed
Saturday, amounts to al,95o, 600 and is
d1viced as follows: There are ESQ, 600 on
| the Normannia. eS50.000 on the Spree
| and e350, 900 on the Majesri !.
There Is still an urgent demand for
currency around the Street, but no prem
iums were bid. as the demand does not
really develop until late in the day and
enough was obtained yesterday to ease
off great deal OF the demand for pay
rolls. The general use to which gold
coin Is now being put is shown in the
usual ten days statement Of customs
payment made pubic today.
1t shows that l 12 per cent of these
payments were In gold coin ana 4.6 per
i'm 1
per cent. twenty days ago. The down
town banks are generally paying out gold
for petty cash, checks, and, indeed. for
| nearly all checks unless the Dayees can
show urgeut reason why curr ency notes
are needed.
IN LONDON
The London marRet this morning for
American securities was fairly active,
aud the high quotations made here last
night were generally accepted there.
The loaning rates for stocks showed
diminutlon OF the borrowing demand,
but .he bulls made the point that much
of the stock now loaned on the Street is
stock that was bought for European
account and was not shipped in or der TO
get the advantage OF the shares paid by
the bears for the use OF the stock.
When the loaning rates disappear the
stock will be called In and q fresh
squeeze may then occur.
Early rates for money were to 6 per
cent.
JAMES r. KEENE's VIEWS
Mr.. James r. Keene said this morning:
There Is q short uteresI In the market
OF at least 1000 600 shares, and 1t is dis
tributed throughout the country. For
weeks people have been educated to bear
stocks. Every office was either sold out
or was carrying along customers who
have made heavy losses, part of W hich
have been assumed by the brokers'
There is no doubt that Western traders
operated on the short side of the market.
believing that the troubles would of
necessity be reflected in lower prices in
Wall street. The market is hea vily over
sold, and the rise that we have had does
not begin to eliminate the bear interest
tnat is very general"
The Chicago and Alton has liecla red a
quarterly dividend of SO per share on the
preferred and common stocks, payable
September.
DEPosIToRs CONFIDENT.
A new feature has developed in the
savings bank situation, which acc ou nJs
to some extent for the refusal of some
savings banks on Yesterday to sell Gov
ernment bonds to national banks in order
to enable the latter to increase their cir.
culation.
The announcement by many of the
savings banks that they NO uid REQUIRE
notice from their depositors of with
drawals OF deposits caused o mum ber of
small depositors to become some what
alarmed, and consequently to try to get
their money out OF the banks.
The heavy draw on the savings banks
which had existed for some time before
and which caused them to take the action
requiring notice of Withdrawals was
somewhat increased.
Tho tide has now turned, however. and
many depositors having recovered from
the first furry of excitement. have de-
cided not to take out their money
The President OF larQe savings bank
said this morning that on yesterday
many depostors VINO had pre- viousIy
given the required notices Of witnd rawal.
came to the DRnk aud asked to have their
notices rescinded
AT other saving institutions there
were like occurrences, aud it is tho ught
many more notices will be rescinded d In
the future.
RELIEVING THE CASH SUPPLY.
Ihls Will relieve to a e eat ex tent the
pressure on the savings banks, an d they
will not have to obtain SO much cash. in
order to pay their depositors when the
lime OF The notices of withdr awals ex-
pire.
Relieved in this manner Of the neces-
sity for securing sucn large su ms of
money as 1t was at first thought would
be needed, the reasons for selling govern
inent ponds are not OF the same urgency
and the savings banks will iu tha5 case
be able to hold on to their bonds unless
the price offered is sufficiently high.
Some Of the savings banks refused on
yesterday TO sell bonds to the National
nff a Il ~.