The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-03

dealings, Logical deductions from today
market are that the short interest was YER
. much larger than many operatives have be
lIeved IL to be: that liquidation on large seal
has ceased: that the absorption OF stocks b.
actual buyers both at home and abroad. Ia
been fully as large as conservative broker
have estimated; and. finally. that the onl,
effective offerings OF securities Of late hay,
been by operators who are now constrained Il
cover the stocks they have sold.
1t was almost foregons conclusion that the
bears would overreach Themselves They
have always done SO whenever tho tendency
OF prices has been downward. And 1t IL
equally true that many operators for long ac-
count Invariably become too enthusiastic and
overstay their market A stampede OF the
shorts such as was Witnessed this afternoon
usually foreshadows a reaction. 1t obviously
deprives prices Of n certain amount OF specus
lative support and at the snme time checks
buying OF a desirable character for long ae-
count There was a less urgent borrowing de.
mand after the Exchange closed. and the rates
| Paid for the use OF stocks were not as favora-
| BILE to lenders rs they have BEEN IL does lot
follow that the short interest has been entire
ly eliminated. but simply reduced from I'M
| wicldly proportions: and as the conditions AZ
fecting business OF all kinds have not yet under
| gone radical change. tho probability that the
| shrewder bears, who secured at least a part Of
their profits mt the extreme depression. will
attack tho market again ia we'll worth consid-
| erinR.
| Tho notevortbv transactions and net ad.
vnnces 70. day. the stocks being named in tho
| order OF their activity. were M follows: st.
| Paul. ~ y cent: Sugar Refining. tn; Chi
| cago Gas. 9S: Western Union. Az: General
Electric 0,s: c.. b. and Quincy. TX. and Rock
Island. o cont In no other stocks
did tbe total transactions exceeed 10000
sbnros Yet n number that did not nttain
that distinction scored net advances quite as
important ns those already noted. Among
these we're Lackawanna. 8 a cent: North
western. 5b: Lake shore. s; Missouri Pacific,
AZ. Manhattan Railway. AZ: baltimore and
Ohio Az and Disttlling and Cattle Feeding.
AZ ~ cant. Throughout the remainder OF the
list the net advances ranged from l to OK
cant.
A-cnreful analysis of the DAYS business.
which can be made from the tables preceding
this renort will sbow TINT tho entire list re.
amended easily I, n omparatiyely moderate
demnnd for STOCKS. The hest featurs OF tho
denIinps an the Exchange wns the better do.
mand for bonds. and prioes RESPONDED to It as
readily as thew did in tho stock list There
were no specific deyelopme nts affecting values.
md general considerations were certainly not
universaly in favor OF the bulls or
thesa Tho most importnnt perhaps. WAS
tbe enoapement OF additional amounts
NJ GOLD in london for shipment to this
country making tho total shipments
an for tb;a 1p.et 81 75O 600 and the total
amount in transit very nearly SO 600, 600 It
ia nossihle that this movement will now suffer
temporary interruption. The Bank Of Eng
Iond has advanced it's price for American gold
coin n nanny an ounce to 76s. Cd. Bar gold Ia
di.count IN london Is hirher. md IT ia e1-
nected that the Bank Of England rate will be
advanoed n. morrow. still. another deterrent
factor is a frmer market for sterling exchange
here aSs owing to tho demand for bills to cover
the shipments OF gold made during the last
day or two.
for exports Of broadstufrs and other food
products to Europe are certain to be made on
q large scale for several months to come This
is made d9SSy sure by the collapse
OF the speculation in those staples In ChieaRo
to deny or disguise the fact that the
ulation' while they have been denying 40
eoondents wlll no longer avail tortu.
o caao i in which tho ch,caso Dant. should
play an important part but have preferred to
shirk their responsibilities. those banks have
s ss s:: y e. 70 that
overtaken the spectators who tried to check |
-....-,... =, Al. ..o,i~ .~.a,.t. IN.
Tree movement VI the stapio prooucts VI INC
Western States
,.-. a. A. o,, -
incidents OF lnCereSt TO inc financial COM
munitv todav wara ma folIowa. CLEARING |
i""'' 'oo"' wv 40 'NAAo"0' o'eo.AAk
House loan certificates to the amount OF |
100000 were issued. -. m. aaa the total
amount GU tSta ndinR $50, 25O, 600. This means |
~. Al. ...t, -. ..a,...uut.a .h..,,,h.h