The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-13


terday Northwest recovered more than halt o
yesterdays decline. Lake Shore also recov
cred more than half Of yesterdays loss OF
lighter transactions. The net advances II
these two stocks were tho greatest recorded
Other noteworthy gains were those In Chi
cago Gas. General Electric. Sugar Refining
Manhattan Railway. and Distilling and Cattle
Feeding. The advance in the last named wa,
due to an announcement from the West tina
the management Of the company had finally
brought to terms an obstreperous agent who
had becn placed in charge OF distillery which
had been purchased from him.
Upon the surface the rally in prices appear.
| ed to result almost entirely from tie covering
| OF shorts. At the same time a much better
feeling was induced Ivy the fact that money on
| call ruled Mt about u = cent Besides, 1t begins
| to look as II investors we're picking up few
| stocks. One OF the proofs Of this is to be
! found In the number OF fractional lots
dealt in. especially where the prices paid
! for them are slightly above the regu-
lar market. Transactions OF this de-
| scription yesterday foot up about $500
shares, aud to-day they aggregated 5000
| shares. total OF more than . 600 shares for
| the two days or course. there Ia no way OF
| determining the purchases for investment OF
| lots OF 100 shares or m utiples thereof Many
brokers assert. however. thnt they have re-
| Gently executed a number OF orders for legitI-
mate buyers for amounts ranging from 100
shares and upward. and still have on their
books many buying orders OF this character
The opinion was freely expressed to- day that
from this time on the market for securities
will not be affected by the condition OF the
money market as much as by the inflammatory
and seditious utterances OF such wild advo-
Gates OF silver as the Governor Of Colorado.
Such proceedings as those at Denver yester-
day are especially to be deplored. be-
cause OF their effect abroad. where. as
noted In this column this morning. their
true value is imperfectly understood. 1t is
strange that large proportion Of the friends
OF silver In this country should be so short
sighted as not to perceive that their intern per-
ate talk impairs the commercial credit Of the
United States abroad. and to that extent pre-
vents the investment OF foreign money here.
In other words. 1t reduces the supply Of loan
able funds at the service OF the country as
whole.
Chicago furnished Wall street some amuse-
ment to-day In a despatch relating to the mar
ket for New York exchange at that centre.
Among other things il contained the state
ment that the New York banks are not as
rule able to ship money to the West to pay for
the large shipments OF grain and other pro-
duce to the seacoast bank official was
quoted as saying: I'VE have been disposed to
be lenient with New York because we knew
she was in hole. but 1t is plain We cannot go
on honoring shippers drafts on New York
much longer without insisting on payment by
New York banks. IfChirago was in the position
that New York now is. the whole country would
shut down on her at once. and she would either
have to pay or confess bankruptcy"
These hystercal remarks were provoked by
the fact that New York exchange was offered
to- day at q discount Of S1.5O per 1000.
Hardly a week has elapsed since New York
was sending currency at the rate Of more than
81 100000 q day to Chicngo to enable num-
Der OF its institutions to meet the demands
made upon them. At the same time the New
York banks have had to meet unusual de-
mands from the interior for rediscounts partly
because the Chicago banks absolutely refused
to render any assistance whatever to their
country correspondents. The New York banks
did this, even though it necessitated the TAX
ing out Of many millions OF Clearing House
loan certificates. They have by their action
won the confidence and good will OF provincial
banks all over the country In view OF these
circumstances. censorious talk from the
Windy City naturally exctes the disabilities Of
every one at all familiar with financial affairs
The easier money mark ct to-day was brought
about In part by moderate receipts OF currency
from the interior. principally from nearby
points. Money from a number OF the larger
trust companies was offered on the Stock EX-
change In sufficient quantities to keep tho
rates down to normal figures. At one time
the speculation In stocks was stimulated lit
tie by reports that several millions Of gold had
been secured in London for shipment to this
These could not be confirmed but |
are probably based upon the efforts OF GER
tain banking houses abroad to secure gold
for export Several small amounts are known |
to be under way. aggregating. perhaps. $780, |
600 Late in the day 1t was learned that an |
other consignment Of 100000 Spanish gold |
coin had been received from Havana. which.
like previous consgnments. will probably be |
turned over to the Assay Office. The Clearing
House Loan Committee issued S350.000 loan |
to-day and cancelled $780, 900. re- |
duc!ng the amount outstanding to So 635. 900. |
The closing OF the stock market was In the |
main firm: still. number Of stocks did not re- |
cover all Of the losses they sustained early in |
the day. st. Paul. which surpassed all others
in respect to activity. closed Ia I. cent lower
than yesterday, and Louisville and Nashville.
on very light transactions. 4 a cent lower.
This was the only really important net de-
cline. Others. averaging about 1 y cent,
we're sustained by Union Pacific. Northern Pa
,iac preferred and Chesapeake and Ohio. Es-
pecial efforts made to depress Western Union
resulted in greater activity In that stock than
has boon witnessed for some time past but at
the close the price had recovered to about the
inal figures OF yesterday.
10 follows:
il: # IL s ss:s +! e. I''
annds south. ~ aS,. Sorth com com VI III SsS