New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-12
RALLY IN STOCKS AT LAST.
SLIGHT EASING IN MONEY RATES.
ANXIETY AS TO LONDON AFFAIRS GOLD SHIP

ANXIETY AS TO LONDON AFFAIRS GOLD SHIP
MENTs FEARED.
Tho Wall Street markets ENJOYED smart rally
Yesterday and IN consequence more checru ""l''
,rcvoiled among SPECTATORS at the close OF Inc o'!
The houses against which whispers lmd been ulr''u v"
Wednesday gave indications OF WEAKNESS "'" -
was the general opinion that all uou"'li 'o''''
had been assisted by stronger interests Every nay
that passes without open failures Is consumer" 7
TO the situation, even though SO" anu p"'"''''
nro,~.s may follow the prevention OF open c"h'Ns'hs
of insolvency The bank failures at 'he west were
unpleasant news. but it Naa a'c'rlaih'u "'"' '"'H
viii cause no losses here. Few disturbing r'loIS
wore In circulation, and the centre oil immediate
anxiety WAS Transferred from New-l 10 I"huoi'
IT. cah,o adyices from the British capital were
so,r.ssing I'm character The Bank OF England ~i-
vanccd us discount rate from per cent To " l.
NOR cent and the stringcncy OF lnhuS WAS Sno"h ny
a nromp maintenance OF discounts In the open marhct
a, the bank rate Houses with London connexions
r.nor,cd an unsettled condition of affairs In that
atv and It would cause no surprise II the -!ahh o'
rrclond were compelled to RAISE It's discount rate
again next week. The effect of the recent numerous
suspensions Of banks IN Australia, 1t Is adml'eu -
herlnning TO affect the English commercial World
Tho reserve of the Bank of England has FALLEN 20
al per cent, against 4l.37 per cent week ago
and 42o2 per cent at the corresponding date oil
III j
10 increase ats reserve in view OF the nhsauS"''o'
conditions abroad.
Foreign exchange here was materially s'ro"e'' -
tone. responding promptly 10 the higher money i",',
in Europe Sixty-day sterling bills were meIi'i "'U
IN uemand on account of the prospect OF sun "o'S
market for some time In London. Dcmaiiu S"i''7
drafts advanced IA cent to 81 % }-4GSi ~ 10 "p
,ouna closing strong with 81 c. "a BID. These quo
a,ops made SHIPMENTS OF gold TO London lcel'ma'y
profitable There IS extreme reluctance OH uic pnit
OF London. houses 10 snip the precious "'"''
experienced bankers look for triangular "'"'"' o''
IN New.York Paris and Continental ENoi'hse' why"
may moi DELAY gold exports beyond tomorrow l"cre
wore no ARRANGEMENTS for Shipments pul 1t - -,
,c,od that gold will be sent away on TUESDAY II
, aid ,hs, .here IS about 100000 gold III t"c
hands Of foreign bankers which was taken OUT VI
Tho sub, Treasury in the April Goiu Sc're' ~" nv
shnn.d after President Cevelands reversal VI :"
rotary Carise's threatened policy Of silver payments
an Treasury notes ii IS therefore possible that any
early shipments of gold on resumption oil VI '''.
.ard movement might be made without draining INC
National Treasury The sub-lrcasury received fi'o'
600 in gold yesterday, and Cashier MuhIeh""
pressed the belief that the Treasury no" menu sum-
hing Tin excess Of the $lOO,OOO,Ooo goa reserve
the Washington statement next MONDAY Sn'"
70 no corret 1t will be the first time tha' '"' -
serve has been restored since IL was CUT '"''' "
the statement OF April 23. ,
Money on call declined TO . per cent d, NV
Exchange yesterday. The reieas" OF liIu9 '' ~.
late liquidation in securities has slightly a"eo''u ',
time money supply. which is tiiile larger u nun
bnsiness I'm commercial paper was also reported Iro'
brokers in the open market. But bankers w ''
,,ok for any important change In financial cVi'"''
lions The increasing number OF bank anu lieI'-"
tile failures restricts confidence. and the o"'ioo" '
financial and tariff legislation Is so uhcer'"'" anu
mathematical that no permanent ease III rates VI
restoration OF confidence may be expected The very
element OF cheaper money rates j. l"'''''"e NV
facilities for profitable exports oil golu'
Al the Stock Exchange the early movement ol
prices was downward. american sugar ReihhS I'"
10 So against So 20 at Wednesdays cio7e' ~"
,ional Lead fell to 80 IL. against 81 "a on N'un'9
dav: Chicago Gas 10 7O against IL - ST. I""i
IN 60 81 against 20 34 Rock Island to 40 AGAINST
-. Western Union TO IL "a, against 80; mon
Pacific 10 30 against 81 34 Manhattan TO l&'
against 1870; Lackawanna TO l35 Il, against l'o Ia
Missouri Pacific TO 81 against 3d. ana ho"'Nlic
snd Nashville to CO 3-5. against Oo Inc pressure
Of uouidation ceased about noon and the market
became dull.
About O'Clock n sudden demand sprung up ana
rriees rose rapidly The best figures Ol the oaN
were not fully maintained to the close ana 'h' "'e
trading was rather quiet. ST. PAU common at
tr,c;ed the most attention, the sales assregaS o'c'
81 600 shares in a total record of 4oC"do shares
uh nrce rallied from 90 "a TO Il Ii. but at 40 "a
az tho end showed no change from Wednesday night.
Among other stocks which are dealt IN abroad 'hloii
Pacific closed down IS per cent Louisville ana
Nashville lost IL per cent. Erie closed Is lower
and Atchisons gain was only Is per cent. MOST
Of the net improvements Of the day in the railway
list were fractional Where the short interest coy
cred freely some substantial gains We're recorded.
General Electric. on President Coiins Official denial
of bear rumors to 20. and ended IL per
cent higher at 10. American Sugar gained ! =
per cent. Chicago Gas Ii; LackaWanna, "a
Missouri Pacific. l. Manhattan, Q: Philadelphia and
Reading, Is, ana Western Union. per cent.
in tue general bond market there were sharp re
cOveres, extending 10 per cent ana over.