New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-18
PANIC AMONG THE BEARS.
STOCKS MOVE UPWARD RAPIDLY.
THE MARKET CLOSES BUoYANr-GoLD WITH
DRAWN FOR SHIPMENT.

THE MARKET CLOSES BUOYANr-GOLD WITH
DRAWN FOR SHIPMENT
The OF affairs In Wall Street was Var'eu
yesterday by panic among the bears which icu "
q general and rapid rise IN values ut the etocH En-
change. A decided change seemed to come across
the minds OF operators. and they Abandoned '"'"
recent pcssimism for a more hopeful view OF the
future. The reversal Of speculative temper was az
complished without any important change ID we
underlying financial conditions. Another Aus'''''"'
bank failure announced. that OF the Royai haih
OF Queensland This was one Of the smaller OF the
Institutions Of the Australian colonies ai'honeh Tvs
deposits In last December amounted to sso''!oo ana
its advances 10 cI.O4o.l07 The capital was S3' 'ooo
and the reserve fund stood at ci3ooo' mere were
aivces from London Indicating that there was as
position look upon the Australian SITUATION as nav
ing reached rs most acute stage. The remaining
large banks are few and II is hopea 'hat thev NAV
weather the storm.
Gable dispatches from London represented 4 COR
dition of considerable generalization In the markets
al that centre. American railway shares were eX-
friendly weak bat this WAS explained later bv word
that rlmor prevailed in London 20 the effect that
some American house falling II was thought
here that o' the bear rumorS of last week had
had n beiatcd arrival In London British consos de
clined 3-sal.o. but money slightly easier at 3@
3l2 per cent for discounts In the open market.
There was $3.50 900 gold withdrawn from the sub
Treasury for shipment TO Europe. The German
steamer Augusta Victoria will take ont to-day $1,000
900 gold for Lazard rrcres part OF the whole amount
coming from the city banks The specie taken from
the subTrcasufy paid for principally in United
States notes. The sub Treasury received $4,000
gold from Western and city banks Inc sub
Treasury this week far has lost net $l,34o'ooo
gold. and yesterdays Washington Treasury statement
showed :" free gold to the amount of S2.233.07l 50
that the Treasury doubtless stll has after the snip
ments Of Tuesday and yesterday a small sum in ex-
cess of the SlOO.OOO,OO gold reserve. II l. I'M
possible say how much Of The precious metal may
be exported saturday, but sterling exchange stu
rules strong, with posted rates "a od"Si 90 ana vita
cable transfers In demand at 81 30 Lea ~ 90 81 TO
the G.
rhe city banks this week have been called upon
heavily by banks In all the principal interior cities
for redisconnts Of commercial paper This Indicates
the extreme stress for funds through III" country
Another indication Of the existing srngencv + given
In the fact that many large commercial concerns re-
port that merchants generally are declining TO cX
crcise the option of dscountng their bills for cash.
This forces first hands borrow money more freely.
and II this omission to discount bills continues the
New-York money market may soon begin 10 show
more s,ringency. Commercial paper is still difficult
OF sale, the ruling rates where small transactions
are accomplished being 500 per cent.
The stock market strong after the opening
which was somewhat unsettled because of the adverse
London advCes and the selling for foreign account
The effect of these sales was shown In the lack OF
buoyancy OF Of the stocks dealt In abroad. com
pared With the general list. Chicago, Milwaukee
and ST. Paul. which remained the leader In activity.
made a final gain of only 1 9 per cent. Louisville
and Nashville. while recovering from 60 IL to
67ls showed no net change from Tuesday night
Union Pacific gained only IA per cent. Reading only
"a and Atchlson J per cent BIT the stampede OF
the shorts the close carried the greater part OF
che market buoyantE upward Northern Pacihc
preferred jumped from "a Ia to 3o 1-4"5s loRe
Shore advanced 1-2 per cent: Chicago. Burlington
and Quincy rose IS; Lackawanna gained o,s;
Missouri Pacific rose "a Chicago Gas gained 3s
and Manhattan advanced = IL per cent. The mar
ket closed boiling with the bulls In high feather.
THE GRAND JURY WILL LOOK INTO THE AFFAIR.".
District-Attorney Nicoll yesterday announced that
he had caused the issuance Of snbpoenas to several
persons TO appear before the Grand Jury 10 testify
about the false report OF the failure OF H. b. loino