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

failed to impair the tendency toward Inn
proyement. The engagement OF large
amounts OF specio IN London on that day. and
OF further amounts yesterday. bringing the
aggregate In transit up to about SloOOO.Oo0
bas encouraged all OF the substantial inter-
ests in Wall street; and this sentiment has
been reflected In the stock market
Another circumstance that stimulated the
advance In price yesterday was strong circum-
stantial evidence that Chicago operators have
bsen short OF stocks In anticipation Of the col
jepse OF the speculative deals in wheat and
provisions at that centre. They naturally want
I'D TO cover when the worst about "Plunger"
Cudnhy and his associates became known.
Ever since the covering OF shorts by the
rank and nle became apparent on Monday IL
has also been growing palmer to close observ-
ere OF the stock market that the extent OF the
abort interest and the absorption OF securl-
ties. particularly in small amounts. have not
been overestimated by those best qualified to
siso became more apparent yesterday.
These circpmstances increased the alarm i, OF
d tsS Ssos ana to
secure their profits. For a short time yester.
day morning some 81 them msnesty
would hold I did hold hoT ;sSfs
eliminate rivalry In buying stocks that car
ried prices up a quarter and a half point be-
An advance Of this character was Indu btable
evidence that there were no stocks In 81 sight !,
tth %
for long account. ~ Tor no other reason than
that It was 90 rapid as to make" reaction we'll
fRe shsrpest advances were IN stocks thu.
have suffered the greatest decline chicago
cfosed bt points higher than on Tuesday;
Sugar Refining held all Its Improvement and
f Paul was another stock TINT did not react any
in the final dealings though # was more OK
At the close It was -, per cent. higher than
on Tuesday dackaWanpha; S on very mG desnae
Esesric c.S wseh the Bears mist worthless
jumped np g, points. and reacted 2
All OF the Granger stocks were exceptio n;I
higher Northwest 81, and Rock Island o per
Lake Shore. Western Union. Missouri Pacific.
Manhattan ailway. and number OF others
recorded net advances ranging , Z, TO per
fSnt Seen msde
progress toward hlshe, prices. 49,,
The audiences and sharpness OF the q "a,
great satisfaction from the fact although the
ment yesterday The derelopm ents in that
quarter: as well a. iu COMMERCIAL affairs. are
"a At The close Of business on The Exchange IT
was apparent from the borrowing demand for
stocks that the short interest had been re-
duced materially. but by no means driven out
altogether
There were no special developm ents yester-
day in the negotiations between certain Of the
savings banks that hold large am cunts Of Gov
eminent bonds and national banks which de-
sire to secure those bonds as n basis for note
circulation. These negotiations. it is proper
to state are being conducted between indi-
vidual institutions and not between n num-
Der Of the savings banks jointly or by any,
thing IN the nature OF syndicate COMPOSED
nnmher OF the last named have already OBJ
tanned from savings banks the bonds they de-
sire. and further negotiations will depend upon
the prospective needs Of the savings banks for
cash and the prices the national banks will
pay for bonds.