The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-02

| the gold imported as soon as Il comes to hand
| In this way they will during the next ten day
strengthen their reserves materially and a.
the same time accom- lish great deal toward
restoring confidence. without doubt everI
dollar OF gold received from abroad means ad
dtlonal accommod ations to the business com
munity to three or four times the amount.
II ia not surprising that this change for the
better in the m monetary situation was promptly
appreciated by the speculative element. both
here and in London. The market for Ameri.
can securities at tho centre last named was
strong. and foreign operators continued their
purchases here. The alarm Of the short inter-
est became more pronounced than It was at
the close OF business yesterday, and buying for
that account was an important factor
in the sharp advance In prices that took place
before midday. During the first two hours oil
business a number OF stocks. notably Sugar
| Refining, Western Union. Lackawannn. and
Manhattan Hallway. advanced 3 n cent. or
more while n number OF others. including St
Paul G.. H. and Quincy. General Electric and
| Chicago Gas, rose q cent. or more. The en-
| tire list was strong. though the upward move
ment was not altogether uniform.
Tho news OF the speculative collapse at Chi
| cago did not Mt first have much effect upon the
| stock market possibly for the reason that the
| bears on stocks had not foreseen or been adj
yised OF the crash AS soon as they could turn
| about thoy did 80 and began to talk OF the pos
sbe effect OF the Board Of Trade failures
upon Chicago's financial institutions. Local
bears. not commission houses with close Chi
cago connections. were tho heaviest sellers OF
stocks during the last hour ortwo. 1t appears
that Chicago operators were already short OF
stocks to q considerable extent. possibly
as hedge against the dangerous con-
dtion OF their local market. However
that may be. there was nothing approaching
extensive liquidation by Chicago houses. More
over. the hest information obtainable 10 that
the advances Chicago banks have made upon
wheat and hog products have not OF late been
excessive nor on narrow margins. Wall street
was again to-day informed by Chicago OF the
intention of It's bankers to perfect arrange
ments for dealing directly with the leading
foreign markets In disposnR OF its accumula-
lions OF wheat and pork but details OF the
proposed arrangement are still lacking.
One despatch received from Chicago early in
the day and published in Wall street afforded
the Street no little amusement before the
close OF business. 1t related to the alleged
ability OF tho principal lake port to establish
itself as an independent financial centre and
Of its intention to ignore New York in its export
transactions. because the banks OF this city
have tied themselves up with Clearing House
practically unable to pay cash." The despatch
concluded Bankers here are more confident
than ever that Chicago is becoming the flnan
cial centre OF the country and that New York's
prestige in money matters is on the wane."
1t may be remark ed incidentally that II Chi
cago had been the financial centre OF the
country during the last few weeks the num-
Der Of suspended banks throughout the coun-
try would be very much larger than 1t Is.
Copies OF this vainRlorious manifesto had
hardly been delivered in brokers' Offices when
it was followed by news Of the collapse OF
Cudahy and his associates In speculation. and
that was soon followed by reports. which 1t is
to be hoped are unfounded of the possible en-
barrassments OF more legitimate undertake
ings.
1t is to the credit OF the Chicago banks
TINT they are still consistent in their
policy not to take out Clearing House GER
tlfcates- But should resort to that we'll
tried method Of meeting an emergency be-
come necessary. Chicago bankers may have
occasion to regret that they did not avail
themselves Of the advantages Of cooperation
simultaneously with New York. Philadelphia,
and other Eastern Cities instead OF waiting
until events like those Of to-day has made
them suspicious Of one another.
In addition to tho prospective relief to the
money market furnished by to-day's heavy
engagements Of specie abroad the Street
learned with o good deal Of satisfaction Of
negotiations which are under way for
the sale by a number OF tho savings
banks Of part Of their holdings OF
Government bonds to certain OF the ma
tlonal banks that wish to acquire round
amounts Mt about current quotations as q
basis for taking out new circulation or adding
to that which they already have. A number OF
4 fl,, ed hail. all
lation up to the limits allowed them. while
others have taken steps in the same direction.
The progress Of the negotiations referred to is
noted in another column Of THE Sun.
further issue OF $4,000 Clearing House
loan certificates was made to-day. 1t Is I'M
derstood that recent issues Of those certih-
Gates have been largely to facilitate i'm ports OF
specie. The market for call loans was easier
to-day. which is the more remarkable in
view OF the comparatively heavy disbursements
for interest payments duo to-day and the shift
ing Of credits incidental to the imports OF gold.
Obviously several millions of dollars were
placed to the credit OF various foreign banking
houses to enable them to buy bills against
their shipments Of specie from London.
The most extensive trading in stocks was In
Sugar Refining. St Paul. Western Union. and
Chicago Gas. The last named, owing to the
selling movement during the last hour closed
slightly lower than yesterday. while the others
scored advances averaging fully l 2 cent
1t IL reported that some OF the holders
OF large amounts Of Chicago Gas certificates
are discussing the advisability OF asking the
management to give them an opportunity to
subscribe for whatever amount OF bonds It
may be necessary to issue to pay for recent
addition to the plant. SO that net earn
ings can be used for the payment of dvi-
dends which have been earned. and to
which holders Of certificates are clearly
entitled. The only real weakness In the mar
ket was in Hooking Valley securities. result
ing. 1t 10 said from the closing out OF loan in
which they figured largely as collateral In
spite Of manifest efforts to depress prices dur
ing the last hour the list, with very few ex-
ceptions. closed higher than yesterday. and in
many cases the net advances exceeded 1
v cent.
Final sales compare with those Of yesterday
Is follows:
AIAs F.: is4 ish NJ G. Is. 4. T +. Il i aug" Il