The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-28
STOCKS TAKE A JUMP UP.
SMALL INVESTORS BUT MILLION
DoLLIRY WORTH OF BIRGAFNs

port. of Gold, with More to Conc,
Brighten Up tho uorizon-si .aso, 900
More I.onn Certificates which Have
Nothing TO DO with the Movement Of q old
The uncertainties OF Wall street were dem on
strated afresh yesterday On Wednesday
night tho bears were. as they have been for
weeks past. in absolute control OF the stock
market. At the close OF business yesterday
the ylctors OF the previous day were running as
II for their lives.
The event which the bulls. beaten and down.
hearted had hoped for came to pass That is,
operators on the short side. who hud become
overconndent by reason OF their long con-
tnued success. suddenly found that there was
limit to tho liquidation in securities and also
range OF prices attractive to actual buyers.
The absorption OF stocks yesterday was
upon n scale that surprised even those who
welcomed 1t. And 1t was OF a character that
when fully understood aroused In Wall street
a more hopeful feeling than has existed for q
long time.
The Suns compilation OF the prices OF dirl-
dend- paying stocks and q number OF bond is
sues. showing the returns from investm ents
In these securities at current prices. was the
talk Of the Street, especially as the publication
OF the tables referred to- and Of facts and fig
ures relating to the earning capacity OF the
properties mentioned. was promptly followed
by an unusually large demand for small
amounts OF securities, ranging from to 100
| shares OF stock.
As a rule. sales OF odd amounts OF stock.
that Is. less than 100 shares. indicate IN In
vestment demand. The total transactions OF
! this description yesterday footed up nearly
| $4,000 shares The bulk OF these purchases
! was OF dividend-paying stocks.
! The demand was most pronounced In New
York Central. Northwestern. St Paul. Della
| ware and Hudson. Chicago Gas. General Elec
| trio. Western Union. Manhattan. Atchison.
| and Erie. The movement extended TO the I'm
! listed Department. in which American Sugar
Refining and National Lead are traded in.
The only non dividend paying stocks that
received much attention from the class Of buy
ers referred to were Atchison and Erie The
average price Of the securities purchased was
| probably not less than $50 q share making the
market value of tho purchases nearly $1,000.
| 900.
| 1t is learned from various brokers that q
! large Part OF the money paid for small amounts
| OF securities comes out OF trust companies
| and savings banks. This ls important. be-
| causes it increases the supply Of money avail
| able for the purposes OF banks Of deposit and
also because it reduces the floating supply OF
stock: in other words. helps to Offset the
| liquidation that has taken place.
! Possibly Wall street has had no greater sur
| prise in n long time than Europe gave 1t yes
| terday morning. The London market for
| American securities seemed to ignore the low
prices made here on Tuesday and besides
| banking houses all over the Continent cabled
orders to buy stocks.
Many OF these orders were In response
| cable Advices sent by foreign banking houses
on Wednesday night advising the purchase OF
fhar
day. Banking houses that executed these
orders estimate that Europe bought yester-
day about $1,000 shares OF various stocks for
Investment account.
The volume Of the arbitrage business be.
tween this market and London was unusually
large. and the net result was the purchase by
London Of fully 30 600 shares OF stock. This
brings the total buying yesterday for Euro
pean account UP to $4,000 shares
The offerings by foreign bankers OF bills
drawn by them against the purchases referred
to depressed the market for sterling exchange
to lower figures than were recorded Yesterday.
This gave drawers OF sterling exchange an
opportunity to secure gold In London. Messrs.
LaZard Freres announced that shipme emit Of
$1.O00O0O had been consigned to them.
Smaller amounts have been consigned to other
banking houses, making the total that will be
In transit to-day upward OF S2.00O001
Wall street does not attem pt to disguise its
satisfaction that the return flow OF gold has set
in. but 1t has very loolishly participated in the
circulation Of rumors that O number OF
the Clearing House banks and certain
drawers Of exchange have agreed to stimu-
late imports OF gold. This could be done by
an agreement on the part OF the banks to sup
ply drawers OF exchange with money to buy
bills on London. very careful investigation
shows that no such com bination has been
fnrn Ia n nfAl m nFn ~ ipn nd
Gested, except by Wall street rumor mongers
known bank officials said terday Nothing
could be more absurd than formal effort on
the part OF bankers here to attract gold from
III the Bank Of ENGLAND should become sns-
Is for shipmest sotSs coanty Would
once raise Its price Tor double eagles and
Sw he g thf resena
As a matter of fact no combination OF the
is to be brought here from abroad, both bank
officials and private bankers realize that It
leleading down. town bnnks are not averse
70 a{ordnG ihelr natr9ns who arr ENGAGED t6 IN
they may require to bring gold this way. But
they have not entered into any combination to
For a time yesterday forenoon the members
OF tho Stock Exchange and their clients be-
came apprehensive that the the stock EXCHANGE
the country has disappeared. This fear was |
temporarily aggravated by 9 meeting, Of the |
Governing Committee soon after 10 o'clock.
II Is learned that the com ittee was unHni-
nous against closing the Exchange. though u
formal vote upon tho question was not taken.
The Governors simply decided that nothing
had occurred as yet to warrant u departure
from the ordinary methods OF doing business.
An effort was made to induce the Clearing
House committee to advise the Stock FIX.
committees. however. declined to take the sub
joct up formally 1t Is understood that the
Exchange hal so far responded to all of the
requirements OF the banks In the matter OF
loans
In brief. the Clearing House committee
failed to see that they were called upon to nj,
wise tho Stock Exchange. and II il to the credit
OF the Exchange that 1t did not want advice
, A prominent member of the Exchange ex-
pressed the views OF a great majority OF his
fellow members when he said that II would be
after the Associated Banks had closed their
doors.
This vicw In detail ia that "a long as the ma |