New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-19
WALL STREET COMPLACENT.
STOCKS GO TO HIGHER FIGURES.
THIS HAPPENED IN SPITE OF SOME UNFAVoR'
ABLE CONDITIONS.

THIS HAPPENED IN SPITE OF SOME UNFAvoR'
ABLE CONDITIONS.
The complacent attitude Of Wall Street speculation
was demonstrated afresh yesterday In stock mar
ket which reached higher figures In spite OF some
further developments not In the line Of Improvement
In the financial situation. The market did not holl
all OF rs improvements and, in fact the net deches
abouut numerous as the advances ana III maiN
instances more significant. The deadlock between
the Rapid Transit Commission and the manhattan
Railway caused fall in Manhattan stock OF nearly
3 per cent, ana the Gould stocks seemed TO be SYM
mthe,lcally affected. Missouri Pacific declined from
30 to 81 34a3s and Western Union Is OF a fraction
St. Paul. the leader OF the international stocks. lost
small fraction ana Lake Shore declined '-S per cent
American sugar Refining stock rose from ooa 81 l..
to So la closing with a net gain OF 23-o per cent
ut SO 10. General Electric advanced per cent. but
IN the railway list the net Improvements were unh
portant.
The hope that the Bank OF England might dTer
raising It's discount rate was disappointed. Inc
Bank advanced the rate from IL per cent to per
cent and It's weekly statement reflected heavy JOSS
I'm bullion and In reserve. The discount rate IN the
open market I'm London rose to 1-4a4 IL per cent
Monetary stringency was shown In these nehrps' al
though the cables brought wOri of rccovcries IN inc
English security markets. The higher money rates III
London Influenced some concessions IN the duo'a'o"'
for long sterling bills mere, Dut
firm No engagements OF gold for export Oh Sa'H
day will be made until today, but 1t was announced
that Iazard Ferries would ship 81 ,JOOOCo tomorro"'
Other exports are considered probable and cohs'rVa
tive estimates yesterday placed tomorrows ship
ments n, about s3OO0,0OO. Foreign exchange bro
ker, report continued scarcity Of commercial bhis Ill
the MARKET and there are security bills oHehhg'
The banks reporting continued he"'S ~
oucst for rcdlscounis from Interior institutions. Inc
demand for money through the country Is urgent anu
the pressure upon this centre Is extremely heavy
Dankers are not entirely graied at tn" talk OF inc
bulls I'm wall street that sp culation In stocks VIII
revive While the recovery from the unsettled ana un
happy conditions recently prevailing In the STOCK
market was welcome. an Increase In speculation
would add to the demand for funds upon the p'hhs'
and they are anxious to utilize all incr resources
pos,Iblr 10 meet the impratNe ra ri;
i"r money from the distressed mercantile
community. The failures OF banks In me Interior "
ported yesterday small ones. but tn'y ar A.
grct"i as a symptom OF the eAistiLe haH,i'i er,,
crucy The effects are also 10 be regarded III y'n-
pari,on with the size OF the communities III ""i'n
the fIilures occur. g., -. -o.,ordav
were more encouraging. secretary Nonhr. VI 'ne
Agricultural Department OF Kansas. was quoted as
noting a considerable Improvement III Inv ooP ""'
look In the western part Of the state. ,.,n
James J. liil president OF the urpat MT" n. hn
Railway /, IN the city. He Sad ye,ruh. ,i.' ~,
along the lines Of The Great Northern system am ,,
nrnsp..s POINTED TO crop ten - twelve uhIs cl,,
than usual. The conditions were extremely S'"'
factory.