New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-28
A REACTION IN STOCKS.
EASIER FEELING IN WALL-SE.
MONEY ON CALL. HOWEVER. REACHES 4
HIGHER FIGURE THAN ON WEDNESDAY.

hlJHEk flGUK IKE IHAN ON WEDNEcDAI.
OVER MILLION OF GOLD ENGAGED FOR IN
PoRTATIoN AND MORE LIKELY TO FOLLOW
ISSUE OF CLEARING HOUSE CERTIFI.
CATEs-THE DEMAND FOR FUNDS
BY WESTERN BANKS CON.
TINuEs-MEETIYG OF THE
STOCK EXCHANGE
GOVERNORS
There was the calm of summer evening on tho
Stock Exchange yesterday. Hardly remeni-
brance Of Wednesdays storm seemed to linger.
The stock market opened hopefully even IL weak,
and, in the astoniehmcnt caused by its own
steadiness, gained refreshing buoyancy. There
short-lved bear movement about midday,
but this panic-loving element OF speculative in
terest seemed to have done its utmost Shares
went up determinedly as they plunged down
precipitously on the previous day. The recovery
in most cases did not equal entirely the losses
of the great slump Of Wednesday, but they
ranged from l to per cent Wall Street men
expressed their sincerest qualification at the
change, and declared that such market as the
Street had experienced could hardly return in
years. The galleries of the Exchange were filled
with spectators and the early morning trading
was full Of apprehension of probably dircful re-
suits from the panicky conditions which had
existed. But the force of the storm had for the
time, at least spent itself, and Erie receivership.
hank suspensions and failures on the Street were
put aside as things that were past.
TALE OF GOLD IMPORTS.
As potent a factor as any was the news Of sub
stantial orders for gold importations with good
indication of a continuance of the movement OF
the precious metal this way. Banks were known
TO have given earnest of willingness to facilitate
the importations by the powerful aid which they
can render. Other things favored the expectation
Of large receipts from abroad. The posted rates
for sterling exchange from to points be-
low the rate at which it ordinarily becomes pos
sible to import gold without loss, and the buying
for London account, which has been marked Tor
several days, continued.
The heavy currency shipments to the West did
not dimrish fully Sl,5OO0OO being shipped to
Goston. Philadelphia. Buffalo, Cleveland and Chi
cago Although the numerous and important fail.
nres of Western institutions early in the week
have been followed by immediate bad effects
of great proportions the urgent calls for currency
show the pressing need Of cash under which West
ern institutions seem 10 be suffering and their de-
pondence on New-York. This helpless calling on
New-York banks has leen sore burden 70 tns
bankers OF this city, who feel that the necessity
of supnlvng the entire country with money is
trHe more than should be thrust upon them
STOCK EXCHANGE GOVERNORS MEET.
The hears made good use too, OF the meeting
of the Board of Governors Of tho Stock EAcna'ge'
at which was considered the advlsapnlty Oh ciosinS
the Exchange il the financial storm shouio con.
tinue. This method was resorted to in 1873 sno
the fact that the Board of Governors again tooN
il nm for serious consideration in formal ncetl"S
rave credencc to the very rumors which, the uo''
ernors said, it was their thought to quiet. INC
condition of the market itself was far more enec'
.;,.o for This nurpose than was the announcements
Of the Governors that they dld ho' ooh'iue' "
necessary TO close tho Exchange.
Tho s,ocks which recovered most yesterday
,,,or., in tbe main, those which had suffered moso
''s,oo.od,v Manhattan Consolidated rallied
nor cont from Wednesdays closing; Lake 'ho'o
and Michigan Southern, per cent "eo'c"
Trior TELEGRAPH, !, per cent: New-iorR Ceh'r"''
6 nor cent: Delaware, Lackawanna ana "eS'eiit
, nor conf. and Evansville and Terra Hau~' 10
nor cent All stocks traded in shared LII 'n'
upward movement.
rho news that Lazard Frcrcs had cnsageo
q 600 600 in gold on the other SIDE ana ,i'aO ~ ~
would be shipped on the New-iorK' "nc" WIZ
leave Southampton Tomorrow caihe W ',',
of Wall Street almost simultaneously WIN '"o
announcement that 81 100000 in Clearing hou''
certificates had been taken out. Inc Wo
facts were put together anu w
not long before the theory hao wv"
"yo,yed that the hanks We're endeavorng TO
stimulate the, importation Of gold by releasing
money for the Use of houses engaged IN inter-
no,;or,I cxchancc. 1t was also rumored that Q
syndicate had been formed to bring gold over.
doned II was asserted positively that the
issua of loan certificates had been made
in precisely the same manner and for precisely
rho same purposes as on previous occasions
,,roJv for local use 70 relieve the monetary
striroency. and without thought of the effect on
cold imports. Money on call was in great de-
mand and commanded high rates Of interest, ana
il was thought best for the banks to sep into
tbe breach once more and to try TO supply at
least part of the demand.
There is a general belief in Wall Street that the
conditions arc now ripe for a considerapie i"nuA
of gold LARGE amounts of stocks AMI oonis nfo
known TO have been bought within the last rev
davs for foreign account. and this. addeu " 'io
recent heavy purchases of American co'n"o"
by foreigners, should be sufficient 70 'u'" ~
tide ami bring back some OF the soiuea 30
that have flown away since the hrst Vi "' -,
Drihlets Of gold have been coming in for se'e'. err
weeks. and this fact is taken as an nnica''oh 'a.O
only slight influence is needed 10 mahe ,mo
movement perccptibly larger. ExchanSv ,a~
Yesterday ruled low. In times OF hnahcia' aa...
gold can BE- imported without ioss whe" s.e Ia
bills sell at 81 s5 IA. Yesterday sis"' VI "a
AZ low as 81 - and at no time brought ''e, 80.
Tbo ono thing that operated against the placing
n ,a.,o ordors for the yellow metal in LONDON
was the stringency in the money market ~
wac .oo. s"o ,he eject of this bankers expressed
vDT willingness to place what facilities they had at 40
wil''ls Of the importing houses, even to the
'he u'pv limo ont Clearing House certificates
an'fn an% lending the firms the money thereby reeased
ana ,;naI n rates No application for certificates