The sun., 1893-07-20
WALL STREET LESS GLOOMY.
LONDON TURNS BUYER AND ExERTs A
CHEERING INFLUENCE HERE.

The Bcnrs Secure Some OF Their PROFITS
Because the Liquidation In stocks Seems
to Have About Run Its Course-An Inter-
csting Trausnction In Government bonds
Refusal 10 Accept Gold on IA N Novel Ground
The Generalization ofth stock marx ct at the
close OF business on Tuesday did not, rs many
expected. run into panic yesterday. Tho first
check to the decline camo from tho same quar-
ter that precipitated tho selling on Tuesday,
namely from London. The situation at Lon
don Gle arcd UP q good deal over night and
long peforo business was resumed here
the firm that was said to be In difficulty on
Tuesday. Messrs Crows Llchtinstadt Il Co..
had convinced Its associates on the London
Stock Exchange OF its solvency and also OF its
nbillty to conduct Its affairs without assist
ance. The firm assumed all Of tho unlucky
speculations Of one OF its junior partners. and
has probably liquidated them by this time.
The partner referred to has retired from tho
firm.
AZ soon as London operators became ao-
qualntod with the facts they proceeded to buy
back the stocks they sold the day before for
both accounts. A sharp advance in the mar
ket for American securities In London indi-
Gated that this was no easy task. particularly
as Tuesdays decline appears to have attracted
good many buying orders from Continental
centres. Investors and speculators through
out Europe who at times take an interest In
American securities prefer to do their bust
ness through London. Still. q good many Or
dors have in times past been sent to Wall
street direct. For tho first time in many
months banking houses with close European
connections received yesterday good many
buying orders direct from the Continent Tho
appearance OF these orders. together with
ncaVy purCnaSeS Tor London, were regarded
by fOreigl bankers with nn0IsUuised SAtisfhn-
Long, before midday the offerings Of bank
ers bills against purchases OF securities for
market! and st the close Of BUSINESS lie rates
issy @f
msrRc. hore ao onsSie 1aSsS1s banF S
orm q gold from hoDdn IN hs
Drawn Whea WhiaS Is soIns 81 to
Europe at the rate of about 4,000. 900 bushels
week: q, and also against cotton futures. are
IN spite Of The improVe9ent mt IN the situation
sumed their attacks upon the market
promptly at the opening. They had IN
sEs over night and further local ca iH iauidaton fo
sls was soit mSst na In Chicago Gas
prices foS ths ilrst two were crowded down 10
hs sq5es in h
that at the decline Mr. Cammack aud his i'm.
their shorts: but another interest on the bear
side represented by younger and compara-
70 pos
rarily.
and carried prices considerably above the final
figures of Tuesday The stocks that failed to
score net Gains; were Rock Island. Dstilling
few others that were com parntively neglected,
On the other hand. stock s that suffered severe:
uaey sna al. New Yoqs sne
CentrsL Missouri Pacific. and Lake Shore.
se hsse n sns shs
nThIs ., change tOr The better naturally @ made
shor's 'f fo ee q!
specific news affecting values Alarming re-.
ports were, circulated. however. to account for
fne fa Il Mo' Tse aSa
for the last named WINS influenced by the
Ss Of .ss
company; Il is understood that the ,iiauida.
what extent liquldaton sha poo, the market
TOR Rock Island 1t was impossible to deter
The bears have now become so emboldened
sorted to tactics that have provoked pr % the the dis M
SpprOys Ssnn. xs, ., the stree! tie
bear leaders Contributed e the success s .eS oi
clients. They have dona so by Selling for the
account Of leading bears the stocks they
and besdes have % accepted r'Ae ordess that
have made them conspicuous on the floor
seses Il Ses wers thSS the
holdings Of those who favor the long side.
One Of the comparatively recent recruits to
SsSshs VIII eTotheis: (: J. .Pd H. O.; came nssts e
which their father had aceum uiated In the |
clothing businesss H. q. We'll boughta seat
ts e' up Iel 0ssnsss e. Tnes Tnesr l:s 1ns
distinguished themselves by exploiting a mine |
motors. q good deal d MONEY More rssentiy
ths atdnt firm hss been conspienoTsS g On the floor
aeprsss prsss XceordIns to common o nGeis pepor s
sho short side until they now aggregate abodt u.s.
hTSfsS fYS,;sS e%H,S!sssa H,s!s g; osreS sSS9oo
member Of Harvey Fisk. SH' sons. Ds Which % makes
osrsd boek G Ss bsaker soeS
Pioyed BY Wsif Co.. acting under instrue.
tons GSn from the them. then offered The bopds
ppics Mr. To- bqashs ths 9ssisrdsy morn.
Ing one Of the Wells delivered the bonds in
person. and was rendered In payne mt approxi-
matcy $5G.00G In cold coin. which he declined
to accept; saying that he wanted hills. He
bills. and nothing else.
Mr. Fisk Informed him that gold coin WAS
currency certainly legal tender, and that
payment would he made IN no other medium.
Mr MI Vel then said he would take q certified
nus sns e. 6she
Weil then left the Office. and was soon after
not deliver the bonds ~ | By y. NJ tssy %S %wSouid
request the ChairYnap OF the Stock Exchange
rule"
This brought M. We'll back to renow the dis:
cussion. and on this occasion he was informed
that the buyer rendered him gold because 1t
was the very best currency provided by the
United states. apd that he made him mself liable
to to prosecution by discriminating against the
GoISorGrHsnt 10y rpI Hnm Finally NJ We'll hred Ga and
however. The Street lad learned ,cf tho cGntro.
yersy. and tho authorities OF the Stock Ex-
change had sent word to Messrs Fisk urging