The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-28

ton were phenomenally large. The oficial
sales sheet shows that there we're approx
| mately 5000 shares
Foreign purchases for other than arbitrare
| account were equally large, and In addition to
both there must have been good deal Of le-
| Ultimate domestic buying in amounts OF 100
| shares and upward II Ia n conservative cal
| culation that at least one-sixth OF to-day's
| business consisted OF the execution OF orders
| given by people who intend to pay for
the stocks they bought and teke them
| away from the Street The opinion was
| freely expressed by tho Street that the pub
| LEGATION in The SuS this morning OF tho In
| come which large number OF dividend and
interest paying stocks and bonds would yield
investors Mt Yesterdays prices. together with
few salient figures from the latest reports OF
number OF corporations. was influential in
attracting investors to the Stock Exchange.
The hesitating character Of the market was
not alone due to tho unexpected DEVELOPMENT
OF demand for stocks over night, but also to
reports that the management OF the Stock EX
change had been induced to consider the ad-
visibility OF suspendinC business for q timo
until a moro settled condition OF affairs should
prevail. A special meeting OF the Gov
ernors Of tho Exchange at 1880 O'Clock
seemed to corroborate these reports. The
facts arc that tho Governors were con-
vened for the special purpose OF dlspos-
ing OF these reports. which had attained an
Importance they did not deserve. largely
through their publication. as statements OF
facts in n sensational and INSCRIPTIONS news
paper. There was no discussion as to the
expedIency OF closing the Exchange, but It was
decided that the Street should be informed
that no deviation would be made from tho
routine and methods OF doing business.
d ~ ,xt, tato
trading. and prices began to take definite
upward course In the face OF an active money
market The highest rate for call loans was
@ y cent. and a commission OF y, which is
equal to 81 q cent per annum. A good many
loans were negotiated Mt that figure or little
less. but the bulk Of the business Was Mt much
lower rates. and Mt tho close money was
offered at 9 a cent. The activity was partly
due to the inability Of the banks to determine
how much money thcy could lend the Street
until after the demands for currency by
out-of-town banks had been received and dis
posed Of After 1t became clear that the re-
Quirements OF tho interior were considerably
lesslthan yesterday, the banks came into the
loan market. Another factor that contributed
to lower rates during the last half OF the day.
was the weakness OF the sterling exchange
market and Information that gold to the
amount Of fully So. 600 900 had been secured
in London for shipment to this country.
Several absurd reports relative to imports OF
specie became current One OF them was that
a number OF the larger banks had aged to act
in concert In furnishing drawers OF foreign ex-
change with several millions OF dollars at n
low rate OF interest to enable them to buy bills
to cover shipments OF snocie from London.
Judging from the credence given to these
rumors the Street seemed 10 overlook very
fort to force gold from abroad would be certain
to react upon tho situation here. No such ac-
ton by the banks as was suggested by
the report is necessary to facilitate n
natural movement OF specie this way.
All OF the leading drawers OF foreign /
exchange have the opportunity Of negotiating. |
each with its own bank, for whatever accom- |
dations 1t may desire in the matter Of buying |
and forwarding bills. None OF them needs |
any such special arrangements as were ind-
Gated. and II they were made their purpose
would be thwarted. because the Pank Of Eng
land and Its allies would at once increase ex-
sting difficulties in the way Of securing the
gold desired.
The total transactions in stocks were con-
,iderably smaller than yesterday. but they were
'ully as we'll distributed. The stocks that were
most active yesterday were again the leaders
10 that respect to- day. and as rule those that
suffered most yesterday enjoyed the greatcst
Improvement to-day. In a number Of cases
he net advances carried prices above the
lnal figures OF Tuesday. This was true
II New York Central. st. Paul. c.. b. and
Quincy. Northwest. Atchison. Louisville and
Northern Pacific preferred. and
American Cotton Oil. Other stocks actively
iealt in recovered a large part OF yesterdays
lecline. Manhattan Railway for example.
cored a net advance OF Spoints. Lake shore
). Chicago Gas 81. Rock Island 81. Lacka-
wanna 3. Western Union 5. DistillnG and Cat
10 Feeding 2A. and General Electric 29s q
emit Stocks that were less extensively dealt
n made proportionately as good showing.
n the last hour the bears. at least some Of
hem. became tn thoroughly alarmed. and bought
% literally that they impaired buoyant tone
o the market at the close.
Final sales compare with those Of Yesterday