New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-02
STOCKS CLOSE WITH AN UPWARD RUSH

THE BULLS SHOW RFNFwro AGGRFSS'oN on
EXPECTATION OF A HANDSOME BANK STATE
MEST-MoNEY CONDITIONS EASIER
The financial situation presented further signs
NJ relaxation yesterday. Another advance TOOK
place in New-York exchange in Chicago ana 'iiie
money in that city was reported TO be more reeE
offered The currency situation in Philadephia
was also easier. and the Improvement throughout
the country was reflected in the increased re-
payment of loans redscounted for interior banks
nv the New-York banks Currency here continued
to be in moderate demand. owing to the MAKING
I'D Of September pay rolls. The money brokers' paid
isak per cent premium for purchases and their
selling rate was about Y per cent The arrivals
of gold yesterday f2ll3O by the steamer
Germanc. $4,000 by the Gallia ana t"~ py the
Augusta Victoria
The stock market was taken in hand by the
bull operators the close. and furious ad-
vance took place the frightened shorts. the
announcement Of the suspension Of the Equitable
Mortgage Company had only passing influence on
values and no effect produced by the losses
in net earnings reported for July by number OF
railroads. Rumors of threatened strike upon
the Chicago Milwaukee and st. Paul Railway were
contradicted by President Roswell Miller The
market ruled dull until the final dealings. and
some reactions occurred. The final upward i'm
pulse was given by predictions Of splendid bank
abatement to-day A number of elements Will con-
tribute to an extremely favorable showing by the
banks. They have gained about 2.5OOoc from the
Sub-Treasury In the week. Since Friday week
axo the importatons Of foreign gold have ex-
ceeded So 100000 and 1t is believed that large part
of Il has lodged with the banks Of deposit. More
over the movement of currency from the interior,
Il 10 thought has considerably exceeded the ship
ments the country banks having been largely re-
having loans and re-discounts. or sending new
circulation to the big banks here for distribution.
II Is considered certain by the Street that the banks
a;n IF
unless there should be an unexpectedly large In
crease IN liabilities on account of deposits, it is
thought to be more than probable that the def
icit of 900 In the legal reserve shown to exist
a week ago will be wiped out
The most active stock in yesterdays market was
American Sugar Refining. which advanced from "
to s. General Electric. on denial OF the re-
ceivershp reports rose from S6l2 to 3s4. and
Chicago Gas advanced from 52% to aAnSass
Chicago. Milwaukee and st. Paul led the railway
ssr Win aaya TSss WeEe in ROCK Island from coz
62h: Chicago Burlington and Quincy, from "a sca 70
A chlSasS and o INV 20 a Western Union.
fr oSn s& 1 To- % IaeEawsnqa and West, t.
lis and Canada Southern, from IS to 4S1a ~
The business failures reported to r. g. Dun $3.50 q CO.
against rs for the Corresponding week Of 1892 and
for Canada against 2S last year s vi noyine
capital exceeding 10000 each, and only 81 Others
were employing capital exceeding 5000 each The
The House has passed the silver bill by a ma
jorfty astonishing to it's friends, and a favorapie
result In the Senate is now believed to be not iar
distant Instant improvement In the stock market
Followed the average OF prices rising over y per
share. and there was also a rise in wheat. cotton
ana pork. Money markets throughout the country
are more healthy. failures diminish I'm number. and
resumption by number of banks and other estab,
hshments Illustrates the general tendency toward
revival OF confidence Manufactures do not yet
rss the spw sHns mpTss and exhibit on the whole
After some days OF encouragement. too. stocks
began to drag again. and In speculative circles
somewhat less confidence was seen. But in these
and In the money markets the record of the week
recovery.
ceiling which dispatches from all parts OF the
cc,,nfry report, has as yet affected manufacture
- the actual volume OF business comparatively
i,,,,e n confidence continues to revive. the in
1ustrtes will presently be stimulated to greater