Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-08-04
TINES on THE MEND.

The stock market was in much better
form yesterday. The great strength OF
the market in New York and the inn
provement In the money situation in
consequence OF gold imports brought
buyers into the stock exchange corridors
in large numbers. and the opening prices
for about everything on the list proved
10 be the lowest for the day. The bears
looked on the advance with indifference
for a time. but toward the close, after an
advance 81 over 40 points for the street
railroad shares, the situation began 10
look trifie serious. Some OF them at
tempted TO cover. but found il practi-
cally impossible TO buy anything except
ct a big advance over previous quota
tions. The talk on the stock exchange
is that some OF the insiders have sold
West Chicago on the theory that the is
sue q new stock would knock that Sc
curity down To par. and il is believed
that the short interest In this stock.
both for inside and outside account, is
large. North Chicago was in demand
at the close, at a rise OF - points. West
Chicago showed a gain for the day Of
l21s points. The industrials were all
higher. Straw Board rising to 80 and
Diamond Match selling at %. One sale
Of City Railway was reported at go. an
advance over the opening Of 70 points.
1t was reported on excellent authority
that the new West Chicago stock will be
issued az par and that in addition the
holders OF leo shares Of the stock will
get al. 0O0 tunnel bond as a bonus. IL
this should prove TO be correct the new
issue Of stock will be bull argument Of
great importance, and the rights will be
worth. even at the current price CT the
stock. anywhere from go 10 $50 per
share.
Monetary matters seem 20 be or the
mend from one end Of the country 10
the other. Yesterday more gold WIS en-
gagged for import. the aggregate amount
ing 30 about si.OcO.Oo0. Ii l. now figured
that the total engagements since the
movement set IN about a week 80 are
IA tie vicinity OF Sl5.OOOO00 This will
exert an important influence ia lccssn-
log Up the money situation. Already
some az the banks are beginning 20 feel
easier At the Illinois Trust and Saw
iugs bank yesterday number OF old lie
posiiors who had pulled their money cut
and put Il into safety deposit vaults re
turned if. being influenced 20 this action
by the news that the bank vas import
ing gold Bank officers are - the opin-
ion that money which has been wish
drawn from the banks during the last
ninety days viii now be speedily re-
tnrned. aud that within tho next ten
days tho money situation throughtut
the country viii become normal again
Another factor operating Ia this line is
the plan - the national banks to In.
crease their circulation 20 the extent Of
sl0WO0o0 10 si5.0voooo by the pTir.
chase ~ government bonds. the yri,,ea
If which have fallen - an important
extent lately.
The sterling exchange market was a
trifie trmer yesterday. rejecting the
heavy engagements ~ Eo!d Or import
lt WAS stated. however. that the engage
ments n lard and rlhs Ter export wire
on an enormous scale. and az the cfl,es
e tae local hanks the sfstemert Was
nlaae that The supply = bills vas still
very large. suggesting a confinua'lan %
gold impofts.~r Chicago Herald. Au
gust 3