Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-09
SEE.SAw IN PRICES.
Early Depression In Wall Street Fol-
lowed by a Rally.

Special Dispatch to The Evening Star.
NEW YORK, Aug. 9.he London prices
this morning were about unchanged from
our closing, and the speculation there was
described as fat in all departments.
The feeling In the street nere at the open
ing of the stock market was much iepress-
ed, owing to the failure of the Madison
Avenue Bank, a state institution, with a
capitalization of $500. go. TO open its doo,s
for business. and prices opened lower all
around the room. As In yesterdays decline
the 'tndustrials' were the weak spots, ai?d
they were joined a little later by Western
Union. the borrowing rates for which show,
ed that the short interest was pretty well
out, and as this interest has been the suS-
tanning power during its recent advances
the bears hammered Vt at will.
General Electric, the feeling on which Is in
tensely bearish. 1t opened at % and AFTER
some hesitation during the first hour OF
trading, it broke and sold down to ~ with
scarcely a reaction.
Chicago Gas was not far behind General
Electric in point Of interest opening , "a AT
lively light trading.
While the industrials are noted as fea-
lures Of the trading the whole market was
down prices they melted away, yet without
any excitement or evidences of panic.
Except when the bear crowd were active
business was dull to the point OF stagna-
ton. the only real buying seemed to come
from London. and that to very moderate
extent.
The demand for currency was even more
urgent than on yesterday at rates of 3 or
4 per cent premium, and in some instances
as high as per cent was paid.
Messrs. Brown Bros. advanced rates of
sterling exchange sharply to 4s4 for sixty
day bills and 4ss 1-2a4s9 for demand. These
porting point, but the premium attracts 1t
to us. as is shown by the fact that s.. OOO 900
se ssts for to this
way now amounts to over SCI. oo0. oO5.
The clearing house operations were: Ex-
changes; ss5ss.sl7: balances. A.lsS no;
bit balances. Ss.2s2 The loan committee
authorized the issue of 5000 additional
loan loan certificates. Amount of these certifi-
Gates outstanding, $37 OILS, 600
a rally on the shorts took place about 2
o'clock. no special reason being assigned
except e that. owing to the narrow charac-
zone the selling business during the earlier
hours. The market now (2:30 PM is firm,
with prices showing full recovery from
Rates on Called Loans Advanced.
NEW YORK. Aug. 9.-Wall street re-
csived a big surprise this morning in the
shape OF an announcement from the ma
uonai banks of the city that they had
unanimously decided to increase the rates
on ar can loans Of recent date to Il per cent
to 10 per cent. The action of the national
banks In no way affects Wall street The
banks raised their rates simply because
the out-of-town bankers. merchants and
others have shown disposition to lie down
on their contracts
decisive action relative to the silver law
is likely to be taken at once. The action
Of the market indicates that the scarcity
Of stocks rather than the magnitude of
the short interest is the principal support
Of speculation.
Important news today is the policy of
IL and 10 per cent for loans with the view
OF attracting money to New York.