Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-03
PRICES DROP OFF.
Bears Had Most Influence in Wall Streets
Transactions Today.

Bears Had Most Influence in Wall Streets
Transactions Today.
Special Disnatch to The Evening Star
NEW YORK, Aug. 3.-There we're some traces
left Of the bear panic Of the last half hour OF
Yesterdays trading this morning. but the news,
barring small importation OF gold by the
Revere Bank of Boston. was rather in the bears
favor. The first cables were higher, but were
accompanied by the announcement that the
board of governors of the Bank OF England had
increased the rate of discount &c. from 215 to
per cent, presumably 20 check gold exports to
this country.
A number of interests started in at the OPEN
ing of our market to play for reaction and
they sold the whole list freely. The room
traders followed them to an extent but as all
offerings were quickly absorbed at only slight
concessions from the opening prices, which
were, however, fractionally lower than yester-
days closing bids, the latter element turned
tail and prices advanced sharply. especially in
those stocks that have lately received '"inside''
support such as Chicago Gas and General
Electric.
London bought its specialties on q very
moderate scale, but the demand from the
sharps was large. A great many stocks were
returned in the loan crowd, but that there is
still large short interest outstanding is shown
by the loaning rates. a shave being still exacted
on all the active shares OF LEA to u, the higher
rate being for New York Central.
1t soon became apparent that the buying
power was not equal to the rapid pace, and on
the midday announcement that the loan COM
mlttee of the clearing house had authorized an
additional issue of loan certificates to the
amount Of 81, SOC, 000, bringing the grand total
outstanding up to $33, $50. 000 the interests
above mentioned started in afresh for reaction,
and the selling becoming general, the market
commenced to droop and material declines
followed all along the list, extending in some
instances to 4 per cent under the best prices,
but the bears are timid after the severe punish
ment they have undergone during the past few
days. and did not follow up their advantage,
ard the market at $50 pm. was more active
and stronger and gave every indication Of clos
ing higher.
1t is difficult to get accurately the gold ship
ments from the other side, but the total amount
shipped this week will approximate $40, DOC, 900,
rather over than under that amount.
Money on call continues very easy, opening
| at per cent and ranging 3a4 all day.
Foreign exchange was a little SITTER, owing
to the action of the Bank OF England in ad-
vancing the rate Of discount. Brown Bros.
posted rates we're 4S11Sa4s3]4.
The clearing house operations were as fol-
lows: Exchanges, S9l, SIS, 709; balances,
81. 693. 49S; assistant treasurer at New York
debit balance. s27S, 100. 1t was stated that the
big issue of loan certificates made to facili-
tate gold imports, but the announcement ere.
ated very unfavorable impression in the
street.
sudden break in Chicago gas during the
last few moments caused a renewal Of the sell
ing of the earlier hours, and market closed
irregular. with a feeble rally from lowest
prices. but showing 2a5 per cent net declines
from the best figures OF the day.