The sun., 1893-08-05
BEARS PUT TO FLIGHT ANEW
THEY HAVE oHBRsoID THE MARKEr
AND STOCKS ARE SCARCE


| AND STOCKS ARE SCARCE
Up Went Prices Yesterday In Spite or An
| tho Adverse Reports with which the
| Day Openod-why Chicago CANE Draw
| Currency Here Against It's Cheokss
| s18.ooo.ooO OF Gold Comine-ssvinGs
Banks Buy Some OF It with Their Gov,
| ernment Bonds-Two More Banks 90
Down In 81. Paui-some OF Those stsn
Open stand Heavy Ruus-wslker d Co,
| the Chicago Successors to A. t. Stewart
81 Co., are In tho Hands OF Receivers.
| very extraordinary condition OF affairs
| existed in Wall street yesterday. The news
| regarding the business situation was anything
| but favorable. The failure Of the second lara-
| est bank In st. Paul because OF It's inability to
| convert it's assets into cash with sufficient ra-
| pidlty to meet the demands Of It's depositors,
| the evidences OF a currency famine at every
| important business centre. and unjustihabls
reports OF the appearance Of cholera at this
| port made bank officials and people who were
! long OF stocks look very serious.
Every one at all interested In the stock mar.
ket expected lowor prices for securities. and
perhaps no one m lore confidently than tho bears.
They began to sell stocks on large scale
promptly on the opening OF the Exchange. but
their operations did not produce the same effect
| that they had produced up to the end Of last
| week. There was market for all OF the stocks
| they offered. and the unimportant decline they
| brought about did not provoke any uQuida-
| tion to speak OF.
Long before the expiration of the FIRST hour
| Of business the market developed avery strong
| tone. and as this circumstance was at variance
| with the preconceived notions of the profes.
sonal element. 1t proceeded to change its 20.
stion without waiting to discover the underiy.
| ing motive Of the speculation.
The most plausible theory regarding yes.
| terday's stock market is that q number Of
| prominent operators who as rule. prefer to
| operate on the long side. have combined or at
| least are acting In concert, because they sec
| In the low level Of prices and tho existence Of
an unwieldy short interest an opportunity to
| make q profitable turn.
| 1t is currently reported that incidental to
| operations for profit, they are bent upon
forcing tho bears to cover their stocks. Tho
| street is Of the opinion that the most astute
! operator on the short side. Mr.. Cammack has
| covered the great bulk Of his shorts. and that
| q few others who enjoy his confidence. and
who work with him at times. have pursued the
| same course. 1t Is equally confident that the
| so-called Wei!-Combs contingent is still short
| OF a good many stocks which It undertook to
cover yesterday. Mr.. H. J. Weil is currently
reported to be short OF fully 100. 900 shares Of
| various stocks.
However this may be. It 10 apparent and has
been since the beginning OF the week, that tho
bears are now without leadership. and from
se II sess
which would naturally encourage them to
assa
day On both occasions, ms, they appeared to bs
Thay unOuaatf0nRblv haunArAd nv the
Il d!esinE xisS shs n, ,s5.ssSSdiIaaFy dSsSisis:
preaching session Of Congress and xpeotations
Of = reassuring message from tho presidonti
stocks, It is becoming plaiper every day that
which Speculative holders have been COM
PEELED to throw oyer during the last fey weeks
OF tho street by Investors who have been
he 81
secured in London yesterday fot shipment to
hs sSsSs .fs5o5 .Tft5RSo tpo Sssty
tS1 5t 81
signed has been sold at q premium averagipg
81 one Res cent t9 number ths
Clearing House issued yesterday $1,500.000
oas cerhcHtes sth 6%t bringing tho totsI issue
considerable portion has been issued 70 facili-
amount @ to ena BE the VS Clearing House banks tS
buy Government bonds as q basis Tor inereas-
ns 'nsle sfaG'tsaR information has gone
from Chicago fsls,ye t9 In, The attituds q tas
nome ] Of the % New York banks nj % has enc desveredt e
cssrna Hoase
tillcates are available only for settlemen be-
itself LIABLE % to IN ne oi 500. and It can Be fSr.
ther disciplined By the management OF the
The Pfssidont Of the Chicago Trust and g SAY; y.
gsp thu on
gave the banks OF this city an opportunity to
% fsceny Of n S9 Whs
President Toman OF the Chicago Trust and
saSa not Collect In a.
Institution from the westsrn Nationa! Bank d
through ti,rc one % Of the express companies with
Ysw Of M IN tS. %ss
promptly i'm proved: not only the benefit Of
ss HTo es xd Sr' 2s tds House
have mot refused to do So In
Savings Bank:
here does
his date Your deposits here are In Clearing House
funds and receiving Clearing House certificates
IN payment of balanceA
This telegram is word for word the same az
kilograms sent to tho First National Bank OF
Chicago by the First National Bank here the
and the City National Bank. In fact, the ao-
tion taken by the Western National Bank In
with the officers Of other leading banks OF this
city. and Is quite in harmony with their viows
and their aston in similar cases.
THE remittances Of Chicago banks to their
New York correspondence consist. almost with:
very largely on banks outside New York. Fol-
lowing custom and agreement. these checks.
moved eved fro from m New y York % are O. credited to the
Chicago banks accounts. although. In many
Instances. the money Is not received for
. week. Consequently. while technically
the Chicago banks have money here. as
only paper credit pending the actual colleo-
ton OF the checks. At present. when remit-