New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-20
GOLD GOING OUT, STOCKS UP.
SHIPMENTS OF sa,soo.ooo TO-DAY.
PRESSURE FOR MONEY on NETWORK BANKS
THE RIG RALLY IN WALL STREET.

PRESSURE FOR MONEY on NEw'YoIK BANhs~
THE BIG RALLY IN WALL. STREET.
Wall s,reet continued ,o take a serene view Of the
situation Yesterday Notwithstanding the siaflhg o'
heads that goes on IN some bank parors. Inc SUI"
market was more than serene. dcVe'opi"S ''"
buoyancy and rising rapidly with 'h' o'''a III =
stampede Bankers report no change In outSue con
dittops The country banks are sill cain'e VI"
New.YorS for funds and the demand for redis'o"h'-
Ing OF commercial paper was prOpnDi; 'o'' "e
yesterday than any day In the week son' u Wv
hanks have about reached the limit OF their ability
to accommodate country correspondents II - NOV
improbable that this week leads the record III '"e
amount OF rediscoun,lng done by the CITY BANKS. III
the open market commercial paper IS sun almost I'M
possible TO negotiate. The weekly bank statement
due to-day is awaited with keen interest but observers
=, ,h co,,ee NJ money and loans are at sea in their
estimates O, what the exhibit will show. The loan
account will doubtless reflect large increase Dn'
the changes in deposits impossible to GUESS, so
that no trustworthy idea may be formed as to the
changes to be shown in the surplus reserve
There was 81 100000 gold withdrawn yesterday
for shipment TO Europe to-day The French steamer
Ia Gascogne will take ont 81 100000 FOR Lazaru
Freres and $4,000 for Heidelbach Ickelhemer d
Co. In addition there will be 100000 gold sent dl-
rect from Boston by Kidder, Peabody & Coz accord
Ing to dispatches sent from that city. Ihese snip
ments will make the total exports OF the precious
metal for the week S3.OO0.OO0 There was oh'E Il
light demand for sterling exchange yesterday bn'
rates are firm and still above the goldexpor1ns
point Cable advices from London reported inc
private rate for discounts at ID per cent ia per
cent above the minimum rate Of the Bank OF Eng
land. Bankers here say that continuance OF "h'
monetary strength In London will probably ie"u 10
another advance In the banks discount rate mex.
week. 1t may he significant that OF the @I'ooo'ooo
cold taken from the sub-Treasury yesterday only
In nil y.
the rest being received exchange for Treasury notes.
The specie withdrawn for the shipments earlier IN me
week was paid for almost entirely In legal tehuers'
Yesterdays Withdrawals for export at the SUD
Treasury here were 81 100000 less than had been
expected In banking circles the prevailing opinion
&c that there will be additional exports OF gold next
,,ceh Tho country's trade balance. monetary con-
stions and the international movement OF securities
all favor the ef'ux
Tho stock market was duh large part OF yester-
day and there was little demand on the rallies until
the late afternoon. Then fresh spasm OF nervous
ness seized the bears who bought generously to cover
short contracts. The Granger shares genera'lv
closed . per cent higher. American Sugar Refining
tumpd 3 per cent. Manhattan rose over 3 Ia ana
the rest OF the active list enjoyed advances approach
ing per cent. The Improvement In prices ms
week has been so rapid and sharp that many CON
sentative commission houses are aStonlshed. Inc
foreign houses have generally been sellers OF STOCKS
IN tho rally and the outside investment demand Is
small. except in particular instances. 1t has oeeh
suggested that part the buying this week mas been
for the account OF not overstrong brokers' "ho
q week ago. nnding that money was hard 10 get.
may have thrown over their CUSTOMERS
stocks hoping to buy them back at u lower range,
The sharp change In the tone OF speculation spoieo
these plans and Of the stocks had to De re-
purchased 1t is pretty we'll agreed that large
mart OF the short interest has been eliminated rom
the market. The weeks advance in values ahoiu
TO buy in the recent depression. The magnitude
of the rally is shown in the following table. giving
the lowest prices made in the last week and the h'a
quotations Of yesterday OF the principal stocks:
~