New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-03
STOCK BEARS IN WILD PANIC.
A REMARKABLE ADVANCE AT THE STOCK
EXCHANGE.
PRICES RUSH UP TWO TO FIVE PER CENT-TIIE
BANKS MAKE HANDSOME SHOWING
THE DEFICIT IN RESERVE PRAC-
TICAILY WIPED OUT.

TICAILY WIPED OUT.
| The bank statement issued yesterday proved to
he all that the most ardent "bul" stocks could
desire. 1t gratifying in all OF its features
and in the gain in cash shown came up fully 10
conservative expectations The liquidation or loans
which is desired by bankers who hope for re-
turn to sound conditions continued by con%
traction for the week OF $3.43S10O. The banks IN
creased their holdings of money by $,9296Oo specis
and s2l23.lo0 legal tenders. n total OF s6o52''"
There was increase of s353O,9oO in deposits-the
first gain of consequence in this item for long
time There also qualification at an increase
of S,lS 400 in circulation. making an expansion in
this direction of over 100000 In the last two
weeks. The result of the changes In cash and In
deposits a reduction OF S.170l50 In the defcit
in the legal reserve which now stands at $l1oI-
55 against surplus of SIC 500 in the correspond
ing week of 1882. and OF s9156O0 In 1891 The loans
are still more than s26OoOC0O in excess of the de-
posts. The deposits amount to s3740l0,lW against
s5O90652O in 1892 and $4O2 sis 400 in 1891 The loans
aggregate 800. 10000. compared with As7,1N7W In
1892 and sOO5S060 600 in 1891. The banks now hold In
lawful money sol 5000 against s3iSslSoo In 1882
and slO9 s6S,50O in 1891. As the currency receipts
largely fell toward the close of last week. II is as
sumed that the statement is made on rising aver
ages" and bankers thought that at the end OF
business Friday night the banks as whole held
a surplus above the legal requirements of reserve.
It is expected that next weeks statement will re-
fleet substantial surplus once again.
The easier condition of currency matters Is re-
fected in the increasing payments OF cash in the
settlement OF Clearing House balances between
the banks. The balances yesterday were in excess
of 100000. and fully q per cent was paid In cash.
The debit balance of the Sub-Treasury at the
Clearing House was sl05,3Sj. Of which 100000 was
covered by gold payments The SubTreasury paid
$4,000 in gold and $4,000 in Treasury notes on
checks cashed over the counter. The payments OF
silver $4,000 but $4,000 silver was received in
the course OF business. Some of the money brokers
declared that they sold a little currency yesterday
at a small premium. but the market Is so insg-
nlfcant that the currency situation may be said
to have assumed n normal aspect There was
about 100000 gold the European steamers
which arrived yesterday, but 1t Is now thought
that there is but little of the precious metal
still In transit.
The stock market wild in the short session
yesterday. The bulls took hold OF the specula-
ton at the start and the short interest covered
freely and continuously in 4 state Of panic. Wall
Street read with rejoicng the reports from Wash
ington that the oliver repeal bill would be pressed
to an early vote in the Senate and belief Is uni
versal that the measure will pass beyond doubt.
1t was predicted that the vote would be taken at
an earlier day than any one expected week ago
The bull" sentiment received important slim
Illus in the publication of the bank statement,
and prices of stocks rushed up with an appearance
Of never being able to reach the top The total
business was large for a lf-hoday and 1t IS
said that heavy amounts of short stocks were
covered on unconditional orders by two promi-
nent operators who have been bears the
market for months past. The bull operators.
who are understood to be led by James r. Keene
and w. f. Connor pressed their advantage to
the utmost, with view TO influencing dealings
in London Tomorrow when the New-York Stock
Exchange will be closed on account of the Labor
Day holiday.
Prices went up whether the dealings in stock
were large or small. American Sugar Refining
was the leader in activity, and 1t opened up z
per cent at S5a. and rose to S7asnS6is. Chicago
Gas however made the best gain. the bears
covering preciptately the announcement of
the satisfactory arrangements made to distribute
the scrip dividend. The price struck 6Ol2. and at
597. closed with net gain Of "a per cent. Even
General Electric which has been dscredited
in bear" talk, rose to 43i4M42i2 from $685.. All |
the other Industrial shares were higher although |
Distng and Cattle Feeding gained only frac
ton. The Street is satisfied that the Chi |
cago, Milwaukee and st. Paul Railroad will pay |
its next dividend. and the stock sold at 81 and |
ended up rs per at 6lia. Chicago. Burling- |
ton and Quincy rose 2i2 per cent to So. Louis |
Vile and Nashville, spite of its strike troubles, |
rose 2+s per to 564 and many OF the special
ties scored sharp and sudden advances.
There were few of the important stocks which |
failed to IA net advance OF per cent or over.
The market closed boiling" with the bulls in |
high feather.
The advances of the week ranged from 2 to |
nearly 10 per cent with frequent instances of |
the extreme low prices Of last July and early |
August have now reached remarkable extent. |
The following table shows the bottom figures OF |
1888 and tine final prices of yesterday and the |
preceding Saturday OF the stocks named: