New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-31
WALL STREETS STOCK BOOM.
LIVELY ADVANCE BUT LITTLE CHANGE IN
BANKING CIRCLES
THE BANKS PREPARING FOR AUTUMN MONEY
DEMANDs-A SMALL PREMIUM CLINGS TO
CuRRENCY-CHCAGO GAS AND

vos little changed yesterday although the stock
ejaculation developed buoyancy and traders were
IN haste to discount" the improvement in affairs
which is now expected all hands. The premium
on currency shows obstnacy in taking complete
departure, but the impression still prevails that
oven a nominal premium cannot long remain In ex-
istence The fell insignificant figures, but
still money brokers paid Is per cent for cash
and sales made up to q per cent. Paper
money seems to continue scarce but gold Is pent-
ful owing to the recent heavy arrivals from Europe
which pressing upon the currency market.
BROKERS' said yesterday that in spite OF the low
premiums on money the transactions in currency
ran I'D to about 100000. One broker reported that
two blocks of $250.O0O each had been sold. Most
Of the currency bought by the city banks. 1t
was stated, and one lot of S200.00 was taken FOR
Philadelphia.
The supply OF currency. however, is chiefly on
the increase The steamer Elbe brought in f6l.SS
gold and it announced that a large linen
thread manufacturing house would receive %OVo
eagles on the steamer Umbria, due on Saturday
The Sub-Treasury. in cashing checks over its coun
ter paid 900 gold and $50 coo Treasury notes
on silver bullion purchases. There was Ssioco SILVER
paid out. including some small telegraphic trans
fers to out-of-town cities but $4,000 silver was re-
ceived in the of business. The proportion OF
cash payments in the settlement of Clearing House
balances again increased yesterday. one large
hank paid balance of 100000 in cash, ana on Iues
day il paid 100000 in money, instead or using loan
certificates. The city banks report mat cohsiuer-
able currency is coming in from the country, part
of the receipts representing repayment or loans by
country correspondents. 1t is thought that the in
flow OF currency this week will exceed the outflow,
and this, coupled with the foreign gold which has
arrived is expected to give another faVoraoe DahK
statement Saturday. gain in deposits. as
well as cash. is looked for. and it is believed that
there will be large reduction in the deficit in the
legal reserve.
A setback has been given TO the posslpie eN-
tension Of the plan for establishing separate cur
rencv accounts by the Southern National Banks
cancelling its recent circular Offering TO open
such accounts against which currency cou'u
no drawn on all checks. Frederick ID. Happen,
chairman of the Clearing House Loan Comhit'ee'
called on President Flanagan. OF the southern
National on Tuesday, and the result OF tle inter-
viaw was the issue by that bank yesterday OF
q new circular withdrawing the previous one
Tho other members of the Clearing House COM
r,ittee Objected strenuously to the previous &C
ton of the Southern National as contrar! u 'Ne
shirt and letter of Clearing House regulations
as we'll being possibly IN CONNECT WIN 'ne
National Banking law. When the Government
resumed specie payments the New-York banks
forbade discrimination against any form OF legal
money in order to abolish the custom OF Keep
ing special gold accounts In the oa'hs. -
.snecial' currency account would be equivalent
IN discrimination against the regular 'ieaiihs
House funds. with which all settlements are ho"
made. 49,, ,a
Bankers were disposed to discourage the iuea
prevalent to a large extent yesterday 'ha' 'he
increasing resources of the banks could be 'aNeu
10 stimulate Wall Street speculation. The banks
are strengthening their resources to proVioe i"r
,novinp the crops next month and TO take care
NJ the heavy mercantile settlements 1aiIhs uue
in autumn big bull speculation would III
crease the demand for money ana this Il Sdiu
TO be a most inopportune time Tor lhcreashs
the drain On the resources or the paihs' MANY
commission houses are taking this view OF the
exigencies of the next few weeks ana are au
wishing conservatism on the part OF their cheh,s'
The stock market. however. enjoyed a suos'ah-
tial advance in values yesterday, and there was d
decided increase in the volume OF business done
About half the total record of transactions was
covered in the first two hours OF BUSINESS anu
IL was in that time that the best prices generally
were scored. Through the afternoon the influence
of realizing sales was Witnessed in some important
,aact,ons although they left large part OF the
gains at the close. The sensa tional feature was
American Sugar Refining. which nohopohzeo aoo"'
one-ouarter the total dealings Since last lhu's
day the trading in Sugar stock has been steadhv
prowine and prices have been rising at the rate
of . or 3 per cent day. Yesterday the price ran
UP to So representing net advance OF nearly 10
per cent in a week and a recovery from the July
panic'' price of "A per cent 1here was
late reaction 20 Srs. showing a net gam LOT the
day of Il. per cent. The other INDUSTRIAL sha'es
were generally higher Chicago Gas rose to 90
IN 5Sa, against S3s Tuesday night. The street IS
full of contradictory rumors regarding the dstr-
button OF the scrip dividend declared IN 'hicago
on Monday. The following dispatch was receNeu
from Philadelphia: president John b. Gest' OF
the Fidelity Trust Company. furnishes TINS III
,arvia,v relative TO Chicago Gas Companys divi-
dend in scrip
The Fidelity Company has not been advised OF
the declaration of dividend payable In scrip III
the first place. the Chicago Gas Company does not
o,in ,tnfGr
troll can declare dividends. but the money thus
appropriated is sent to We in turn forward II
TO a trust company in New-York city, which dis
blirses IT among the holders of Chicago Gas Com
pany's certificates, issued by u.s. the Fidelity COM
rany being trustee for the certificate holders. We
arc opposed TO paying dividend in scrip, ana
am free TO tell you now that the dividend will not
paid in scrip. We do not propose making the
Fidelity responsible for it, If the four companies
In the Chicago Gas Company declare DIVIDENDS III
scrip and forward il for distribution. we sha
hold the scrip until redeemed in cash. Friends OF
the Chicago Gas Company. however. declared that
another trust company would be found willing 10
undertake the distribution of the scrip dividend
and ii is reported that the Central Trust 'oh-
pany, of this city. would be selected
The weak features of otherwise strong specu-
lation was General Electric. This stock was wildly
erratic. opened off = per cent at 4Ols. fel! TO
5s7.. and then rose quickly to 4O'.. From that
point 1t sold down steadily 10 SSs a net loss o.
IL. per cent. There were no fresh developments
except rumors that the next dividend would DE
passed. ON this point Vice-Presdent Grimm OF
The company. was quoted as saving that the
question of dividends had not come up in any
meeting before the Board Of Directors ana II any
director had said the dividends would DE passed
IL was his individual opinion only. In the general
list the OF values may be iiustrarea py
close TO 5SIz. and fell to 5I12; ROCK island
from COS Tuesday to g. ending al oiit;
Chicago. Burlington and Quincy rose from '9's 10
Selz ending at 79S4; Western Union rose from Us
10 81 ending at 50: Atchison rose from II 10 lS,p
ia; Louisville and Nashville rose from "a to 31i.d
5a.: Missouri Pacific from 22,2 to zil2n22l2 New,
York and New England from 22i4 TO Z}'4uzz's' anu
Reading from II TO 1SlsNl12 - tn.
OF the active stocks in the market not one iais
TO show advance yesterday OF more IMAM per
cent from the extreme decline in late July or cary
August. The more numerous gains nave reached
to 10 per cent. The following table compares