New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-13
SOME RECOVERY IN STOCKS.
IA BETTER FEELING IN THE ABSENCE OF
RTMCRED TROUBLE.
UNFoUNDED REPORTS OF HEAVY GOLD IMPORTS
SMALL. LOTS TO \RRIvE-C CURRENCY COMING

There was no development Of the trouble which
made Wall Street somewhat apprchcnSive on luH"'H'
and on Il cessation OF the l1uldiilng sales nj the
stock Exchange values enjoyed partial recovery
In the general situation there was no Important
change but the incidents Of the day were somewhat
,ncouracimg Adviccs wee received OF coming Small
lots OF gold and the influx Of currency from the
interior reached moderate proportions
II has proved no easy task for Wall Street TO
learn the source OF the sales which caused Snch
severe break, In the best class OF dividend paying
stocks on Tuc-day. but 1t was gratifying to learn
that they had at least been suspended
The rumors affecting prominent capitalist idrnn
fed with the Vanderbilt Interests were disposed oil
by emphatic dcrials from friends OF the man, VIII"
saw that ne is In excellent financial condition and
WAS not respon .ibc for the breaks In the vanderbilt
shares and In General Electric. Nor was there the
slightest evidence Of the existence OF difficulties
which were credited 10 several leading commission
houses. The room trader who was said 10 nave
realized on a large line long stocks on Tuesday
had apparently recovered sufficiently yesterday 10
yentu,c again on the bull" side. Efforts were made
TO a.ciibc the break Of Tuesday to brilliant raj /
insplred hy Addison Cammacll. the leader Of the
hears but the impression still prevailed among the
closest Observers that his operations were the result
and not the cause Of the TALL, which is primarily
credited TO liquidation. The course OF yesterday :
stock market was not considered IL lending support
TO the idea that the bears were responsible Tor ne
preceding tumble In values.
TO take this view" said one wcllniormed broker
would be 10 confess TO dangcrou'N VuhTaoie
condition Of speculation 1t would have been reckless
for any man spcculativcly to sell down the Wander
shares done. ana it would have been
followed by severe squeeze OF III" Shofls 'oo"''
II the market can rally more than this from
bear attack sc a:e in a bad way l'nt 'h' 'n'o'
of liquidation Is recovered from less easily anu 'h',
would explain why piccs have not advanced iur'h'T
The total transactions in stocks yesterday amounted
.,-s trnSo on V.
The market particularly active In IN" first lo'u
and depression prevailed at the opening on selling
orders from London and local commission HOUSES
When the first pressure relaxed covering move
ment set In among the bears, which was stimulated
by free rumors that engagements had been made TO
import several millions of gold. \ bear rlm tduS"i
sharp reaction in the afternoon but
the final dealings witnessed another ten
dency toward recovery. The of prices
was extremely irregular. New-lork Central
opened per cent lower at - Ii. but subsequently
rose to 1OOdoo "a. Lake shores first price was
49, against Ia Tuesday. hut the stock closed
at ZIG 81 a recovery Of half of Its loss on Tuesday
Chicago and Northwestern cpcued up IA per cent ut
So L. fell 10 81 and then advanced 60 1oO0''o 3o,
net gain of 3o per cent against IA decline OF
SIS per cent on Tuesday.
The industrial group recovered only small part
OF the prcvous days declines. American sugar
Refining started at -. against IS Sd on Tuesday.
fell to 10 but then rose 20 IS. recovering only
third Of It's previous loss Chicago Gas sold two points
lower at 80. but ended at C2 7-S a net gain OF
IS Fer cent against the previous days d"clin" Of
Z 3-s per cent. General Electric opened down "a
per cent at CO. fell IS IL. rallied TO 90 l. and
closed at So "a recovery OF only about onc-sevcnh
Of its decline on Tuesday Manhattan Elevated rose
about Q per cent. Dit Tho other ne; rccovcrles In
important stocks were only fractional. Western
Union fell over l per 10 -. Dlt then advanced
TO 20 IA, a net gain OF IS per cent.
On the other hand there not n few importlnt
declines in spite Of the improved sentiment ~ spec
ulaton. Louisville and Nashville, Oh only moderate
sales after a rally from 80 "a to GO IA steadily
declined to SO "a, closing at 81 IL, against 81 IL
on Tuesday. I he T"daness Of ms STOCK was moi
understood and the decrease In earnings reported Tor
the first week in July considered simply
pretext The most active stock on the list was
Chicago Milwaukee and ST. Paul, which started at
80 L. against 60 IS al Tuesdays close, fell 10
- IS. and after rally co., -. shows net
loss OF l "a per cent. Union Pacific sold down TO
10 "a, and closed IA per cent lower OH recovery
TO 81 1-4a2l. Northern Pacific preferred opened
down / Ia per %. touched rs ID aud
rallied to 90 ala 90 3s Nearly all stocks showed
a sharp recovery from lowest points and the market
closed with the bulls showing some return OF courage
Rur>ors respecting gold imports played large
part in restoring confidence The only actual imports
known of 100000 spanish gold due here today
from Havana and $4,000 gold bars expected here on
special conditions. But Wall Street talked of probable
influx Of 81. 900 900 - 100000. far could
be learned however, there no grounds for expect
ing such heavy receipts for the present Houses Ike
Heidelbach, Ickelhelmer Co.. Lazard Frcres, L. Won
HOFFMAN, & Co.. Kuhn Loeb Co. and Iallrar'en {
Co. were ignorant OF the execution OF any large orders
The foreign exchanges, while closing somewhat rner,
lower early in the day, and rates are at point
where figuring may be done upon possible imports
Some bankers looking forward to an early be-
ginning OF the movement but most OF the foreign
houses regard the money market a deterrent upon
tmportations The unsettled condition OF money and
the fear Of possible spasms OF strngency forbid 1t Is
said the venturing upon operations which would
lock up any considerable sums OF gold at s"a for SIX
or seven DAYS. The precious metal may driblc this
way Nm small lots the exchanges continue favorable,
but no important influx is relied upon until Congress
shall have settled upon silver legislation OF chaiac-
ter TO restore European confidence In the American
currency. The attitude of the London markets was
reflected according 10 some cable dispatches. by an
advance in the price OF bar gold 10 US sd an ounce
on moderate purchases BY London banker for posi-
BILE shipment to the United states.
The cable news from London generally Of an I'M
satisfactory character. Further failures the Stock
Exchange were reported, although they small
ones American railway shares promptly responded
to the declines OF Tuesday in New-lork ana liquidation
was said TO be continuing. The speculativ" temper
was reported to be extremely unsettled although 1t
grew calmer toward the close.
Notwithstanding the reported tendency toward ease
in the LEGAL money market. the financial situation has
relaxed TO 10 notable degree. Most OF the loans made
at the stock Exchange ut 1O0 II per cent, with
exceptions up to 10 per cent. and ia" later decline
TO q per cent was after there had been diminutlon
I'm the active inquiry. The banks are sun rei"'thht
10 lend money on time. and there is large nnsupplied
demand while all short hans made command bonus
above the legal rate OF interest. Mcr antilc paper
4 still difficult OF sale. and only the choicest names
find purchasers nj substantial discounts. Bankers
frankly admit that the usual period OF the interior
calls for money move the crops, beginning Ia
August Is so near at hand thu. they are compelled
TO keep their resources available for III" needs OF
commerce. For the present, however there Is
drifting OF modcraie SIMS Of toward This city.