Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-09-28
IN WALL STREET.
Publication of the Presidents Letter
Stfnened Prices.

Special Dispatch to The Evening Star.
NEW YORK, Sept. 2S-President Cleve-
lands letter to Gov. Ncrthen, published in
the n orning papers. produced consterna-
ton among the bears and led to sharp
DlddlnS up of prices ranging from IA to
IL per cent. While no new views were
expressed on the financial situation, con-
siderable Importance was attached to the
empha tic reimbursement of measures sug-
gested at the time of converting Congress
in extraordinary session. Considering that
the Presidents attitude has never been
doubtful and that he has made every eff
fort to secure legislation in accordance with
his views, and thus far without success. it
Would seem that tocay's advance was
prompted by too slight a cause to be more
than temporary.
The immense short interest makes the
market very sensitive to good news and
one large operator is credited with covering
more than 2O,O0 shares on the belief that
the Presidents letter would clear the at
mosphere at Washington and hasten &C
ton in the Senate.
London was ID trihe higher and bought
about 10000 shares principally ST. Paul
and Erie. The Bank of England rate was
left unchanged at IL per cent.
The transactions throughout the day were
entirely professional, and the EarroWneSS
of the market was proven by the lull in
business that followed the covering of the
short contracts at the opening.
Sterling continues firm. but it is under
stood that provision has been made for ex-
tending some of the loans maturing next
week. which may prevent gold exports
Sixty-day bills are quoted at 4S6 less Is, and
sight 4SS less Is.
Private adviceS processing to contain as
suranceS of a speedy settlement of the sill
yer question were received at frequent in
tervals. and served to keep the sentiment
of the room inclined toward the bull SIDE
but the volume Of business remained I'M
changed.
The loan committee of the clearing house
association Cancelled 81. 0S0. 900 certificates to-
day and called for $66O.OOO for retirement to-
morrow. This reduces the outstanding to-
tai to $751; 900.
The regular clearing house business today
is reported as follows: Exchanges $74, coo :
$40; balances, A355, 725 and the sub-treasur-
erS debit balance. SIT. $50.
New England was conspicuousy strong
on prospects of securing an entrance with
good terminal facilities. in this CITY, Among
may be mentioned Manhattan which scored
an advance OF 1-2 per cent, to rs IL Bur
nngton gained Ia per cent to u 3-4 Rock
Island made similar advance, to IA L.
% IL. and Western Union sold up per cent
on covering, to 81.
The last four's trading developed no new
features and was dull in the neiRhborhood
OF last ngures. Today's rally was clearly
matter OF sentiment and leaves the market
without further incentive and in the same
helpless position it has always been since
the Senate inaugurated its present policy
The London Market.
Special Cable Dispatch to The Evening Star
LONDON, Sept 28-The Bank of England
reserve decreased nS3,00O this week, al
though $4,000 in gold was imported during
the week. including 100000 from Austria
liza, fSS,OOO from South America $4,000 from
Portugal and f125.OOO exported to Egypt.
The market supplies of money are some
what reduced. hut n still r,,f ri tly
tiful. Silver is unchanged. Spot was bought
for delivery in October at 3-Sd. less, and IN
November at SD less. Rupee paper was
1-Sd lower. The stock markets today were
quiet, except that bears covered Louisville
and other Americans on President Cleve-
lands letter.