Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-24
AN ENCOURAGING OUTLOOK.
A Dull Day in Wall Street.-The Situa-
ton Improving.

Special Dispatch to the Evening Star.
WALL STREET, New York, Aug. "a
The market has again relapsed into dull
ness and prices are permitted to take care
of themselves during this period Of wait
ing. There are features of the present sit
ation, however, that daily grow more
encouraging and preclude the possibility
of a renewal of liquidation. Banks in all
localities where money is periodically need
ed to move the crops have carefully hoard
ed their funds and have to that extent
lightened the burden of the New York in
situations that have annually been called
upon to pay heavy drafts drawn against
these shipments. BY system of clearing
house certificates or certified checks, &C
cording to which is the more acceptable
to the particular community. banks in the
south and west are in fair condition to
provide means for moving this years crop
of cotton and grain to eastern and northern
markets While the banks have resorted
TO a system of money equivalents in order
to tide over the present stringency, such
as those mentioned above. our railroads
have gone back to the eHectual but primi-
tive method of paying their debts in mer-
chandise. In this way the Reading rail
road succeeded in canceling a debt OF a
million dollars due to the Lehigh Valley
Company by the delivery of from 100000 to
10000 tons of COAL which the latter COM
pany accepted as full payment of the obi
cation.
Time money, of course, at easy rates is
always the first essential to a>bull market.
and prospects even in these times of fancy
prices are growing better. This Is indi-
Gated by the comparatively small sales of
long stock and the willingness of those
who hold II 20 pay nearly three times the
usual borrowing rate rather than sacrifice
1t in a market that must soon work back
to normal conditions.
majority in favor of repeal and II the vote
proves this theory to be correct many meas
ures that are now contingent on such &C
ton will at once become operative and aid
materially In restoring confidence.
Northern Bacific bonds have been very
active for the past day or two, yesterday S
sales aggregating 5000 These are the
bonds of the North American Company re-
ceived part of the assets of the old Ore
gon Transcontinentai. and which the former
company were forced to sell. The weakness
in the common stock of the Northern Pa
cific is probably attributable to the same
source, as the company also numbered sew
eral thousands shares of that stock in their
assets.
The preferred stock of the General Elec-
trio Company, listed in Boston, sold down
to "A yesterday a loss of Is points in three
days, and has caused considerable specula-
ton. especially as the common stock during
the same period has held remarkably well.
AS was expected, the Bank of England
increased it's rate of discount to per cent.
but the announcement had no preceptible
effect on prices.
After an irregular opening the market
sold down fractionally, but improved grad
ually during the afternoon, and at 2:3O was
from l to per cent higher. North West
was duh and strong at an advance of Ii
per cent to S5. Rock Island gained l IA to
So IA. Western Union advanced point to
Il II. and St. Paul, Notwithstanding ru-
nors of decreased earnings sold up l per
cent to 80 rs
The industrials were all strong. and Sugar
sold up a point to "a Il per cent TO 40 3-4,
and General Electric advan ced two points
to 49,
Currency rates were easier and sold down
to 1-2 per cent premium.