The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-13
WALL STREET IS EASIER.
LIQUIDATION CEASES AND THE BEARS
BEGIN TO CoYER.

|
mereinI Papsr-The Outlook 4. brighter.
| The storm that seemed likcly to break upon
| tho Stock Exchange on Tuesday afternoon
| passed away soon after the resumption OF
| business yesterday morning. Before their day q
! work was done the brokers had como to re-
| gard it simply as shower. At tho same tim
| It was q severe one and did good
deal OF damage. Some OF It was re-
| paired yesterday. owing to the recovery
| OF part Of the losses sustained on
Tuesday. The rally was naturally sharp
ost in Northwest and Lake shore. There was
no pressure upon those stocks and on con-
siderably smaller transactions than on the
previous day each recovered moro than half OF
the loss 1t had sustained. General Electric
and Chicago Gas. which were the principal suf-
fercrs on Tuesday. also showed recuperative
power. but to much less degree than the
Vanderbilt stocks
The change for the better that has been in
dictated did not take place. however. until after
nfurther sharp decline at the opening. London
helped to bring 1t about. for the market for
Americans there was depressed. another stock
broker confessed insolvency. and British
operators cabled a fair volume OF selling or
ders. Tho stocks sold by foreign arbitrage
houses. Us we'll as those offered by commits
sion houses and local traders. were promptly
taken by the bears. an indication that they
were responsible for good deal OF selling tho
day before. That thoy did not succeed in
closing all OF their contracts was shown by the
borrowing demand for a number OF the lead
ing stocks. including those that became sud
denly active on Tuesday.
The Street abandoned yesterday the theory
1t had formed on Tuesday that the phenom email
declines in Northwest, Lake Shore. and Gen
eral Electric had been brought about by
liquidation by a capitalist identified with the
Vanderbilt family who is active In the man
agement OF corporations other than those con-
trolled from tho Grand Central Station. K
number OF his friends familiar with his affairs.
and who were authorized to speak for him
in his absence from town. said that he had
given no orders In stocks for some timo past.
with tho exception that he sold 800 shares OF
Lake Shore on Tuesday to close out small
transaction in which he was interested.
The clearer atmosphere in and about the
Stock Exchange during the last half of the day
was brought about by q number OF causes.
Chiefamong them was the evidence furnished
BY the market itself that the pressure Of Tues.
day no longer existed. Then came the aban-
donment of the theory referred to above. and
finally a comparatively easy money market.
The first rate for money was 10 per cent. but
q broker who lends money for many Of the
largest institutions promptly broke the mar
ket to Q per cent by lending S1.OO0.00O in
various amounts. Tho remainder of the day
the ruling rate was per cent. A number OF
institutions. particularly trust companies,
that have not been In the market fer some
time. were lenders yesterday.
There arc as yet no offerings OF time
money. and only two or three OF the
city banks are buying commercial paper.
The supply OF frst.cass paper. how:
se they had
made n canvass OF their local clients with a
view Of aseertaining whether any dcsirable
to possible buyers. They found. however that
no one was sufficiently pressed for money to be
or per cent; whereas recent trans aus
actions have been t at 10 per cent and upward
tailed to I an oxtent that many concerns can
get along with their own capt. al. In fact. the
statement vas made mac o by nTmhes O.
their business, and that they did not care to
The banks reported that they received con-
and this encouraged chem to extend accommo-
dations to their customers. On the other hand.
on G a5a s
the amount asked for us compared with week
ago. Wall street Is not worrying about money
hensive Of the effect abroad upon American
credit. which. OF course. includes securities.
81 sta@ Of e%% rs@ IL
eea1e tbe at
and his kind they would not give them an
audience to talk to. and might even be inspired
In reference to the appearance Of their names
in the London Tunes about ten days ago in
Denver relative to the silver mining Industry
IN that State. Messrs. Watson x Gibson made
the sso Hhss e Ms
free coinage 1f silver c we ,eleEraphed t.
s ss result T Sas "a H. repg w %
Se dali" ally s Stock eai.
and we did not give It to the press. The same
at benSer AND Was here and to
London as having been sent to us. Tho opin-
Ions ere not ours 9nh any the may
securities was without our knowledge or
a feature Of the dealings on the Stock Ex-
change on Tuesday. and 1t was much more
pronounced Yesterday. was the unusual mum;
fractional iots, that is. amounts Of loss than
ao9 sharss AZ very neaEy Al Of these trans
that small lots are In demand. This means
investment on small SCALE which Is the
10 the market Tor many weeks, The total sales
OF odd lots yesterday were 5000 shares. and
for the two days over 1900 shares.
Upon this same point 1t may lie noted that
firm doing business on the Stock Exchange
that makcs spocialty Of executing orders for
fractional lots and Of breaking 100 share GER
tifcates UP into smaller amounts was up 20 a
short time ago a lender Of money. Now 1t H. q
borrower. for the reason that all Of It's funds.
and more. too. are require to handle the large
amount Of stocks which 1t has in process of
transfer from large into small certificates:
Questions relating to- imports Of gold nre
Street as the exports 81 gold did a few weeks
ago Shipme9ts from London TO this city
cure fine gold bars in the open market at Lon
don ~ or american gold coin from the Park
coin Of that description in Great Britain.
VEN tner eayy %, t5e
exchange market. VIII unauertionably cempel
American gold, THIS will take place as soon
s,s !, exchange drops tN roint that win
the United States and that. IN the opinion OF
foreign bankers, Is NOT far distant
Ia.aAA