New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-29
BEARS RUNNING TO COVER.
A GENERAL "BOOM' IN STOCKS ON RE-
PORTS ABOUT REPEAL.

FAVORABLE EFFECT ABROAD OF MR.. CLEVE-
LANDS LETTER-CHEERING REDUCTIONS IN
RAILROAD ExPENsEs-No GOLD EX-
PORTS NOW CONSIDERED PROBABLE
THE RANKS RETIRE sl4oo,ooo
LOAN CERTIFICATES.
xv.u stree, was in a more jovial mood yesterday
than In several weeks. Good news produced DuoS
ant effect upon speculation and the Duls we'e ~
high feather. while the bears were uesPoHu''
ferror-stricken The postponement Indefinitely oi
the gold exports which were feared carr! III nv
week reports of decided change ior the Deter Al
Tho nrosnects of the silver Repeal BILL heavy re-
auctions in railroad operating expenses anu '"'
retirements Of Clearing House loan cer'iHcd'es "e
among the encouraging influences. -,
The stock market affected al 'he s'ait ''
a,sorohe nurchases by London houses, who re-
,,r,.d that their clients abroad had been faVoraoy
Influenced by the letter of President CieVeahu -
the Governor of Georgia. European specui"'o'' W
investors appeared to have read the ie''ei "S We
'prous protest against compromise Oh 'e ON
question and as likely to hasten decisive results !"
81. United States Senate The London market was
'e,rorg on this influence, and at the opening mere
there were purchases for foreign account Vi al Wv
International favores The foreign puFi"s w
supplemented by large purchases TO cover s"oi'
contracts which kept prices on the up"di" ~
mont IN the close of business. IT was coihihol'
.,o,.a that about 10000 shares bought in
for Addison Cammack. who is the reputed pear
leader and 10000 shares for A. j. Wen VINO - "
good lieutenant to Mr.. Cammack wall street ~"
came permeated with the idea that vote "ou,1
Se taken on the Silver Repeal bill early next "VN'
rh,s statement was made with postiveneSs pE
numerous brokers' although the advices from " "''
ington on which the belief became current were
private and unofficial
GOOD NEWS FROM WASHINGTON
II was somewhat curious that some Of the pear
marty were more confident of cnanse III 'ne az
n.ct of affairs at Washington than comrhisso"
houses Of bulish procvities. Ten minutes "i''
49,. o,arire If busness one broker for MI Gam
r,.ck offered to bet 800 that the Repeal Dill "ouiu
mass within ten days. Mr. Cammack was c'V ~
with receiving private limitations from "9',H
ton which led him to retreat from the "ei"' 1 -,
th. stock Exchange closed there was genera t'''A
' $4,000 of n vote being reached in the Sen
-. nv next Wednesday. one banker In the Mhs
Ruilding asserted that his advices PROMISED '0''
for next Tuesday -, .o,,o. wore
r~b,cago Gas and American Sugar Rehhihs' III
rago Gas led the list and rose from 95's 10 o',s"
teTI American Sugar opened Is per cent hshei
~ ssn and closed at S7$i Distilling anu Oa'ue
Feeding improved only q per cent pu' ' -.
In the other industrials reached Ia per GEM" I'M
,a~o Milwaukee and st. Paul was the most active
railroad stock. and after opening eX-ulViue"u "a
> nor cont at S. against 59as Wednesday night
ssi,.dend on" the quotation steadily improved
to 59iS059as the last price being equivalent "
61a. Chicago Burlington and quincy advanced
from 7es to sls.Gs1i2 and Chicago ROCK lsIaho anu
Pacific rose from 62is to 46i3n6h4. LouisNiie anu
Nashville closed 90 per cent higher AT o-i9' Ci'
pac,ec rose per cent to %. and Northern racine
preferred gained 1% per cent at Il. Deld"ai''
Y.ackawanna and Western was a Dull caiu ny an
advance to 1872 closing 92s per cent better AT 100
Encouragng reports from the coal ud"e anu
efforts of the Toledo, Ann Arbor and North Mchi-
ffip
'~anna explained the advance. Even Philadelphia
md Reading shared in the boom by rising over
= per cent TO 16ssGl6A. Manhattan Elevated rose
nearly 8 per cent to 125i2 Western Union E'nhed
Q per cent at S5s after sales at SOS In fact stocks
were exceptional which failed to score gains of
] or per cent The market cioseI s'rohs' Win
the bulls confident.
NO EARLY GOLD EXPORTS LIKELY.
rbere f. a general opinion among bankers now
%hat there is no probability of gold exports for the
present. Sterling exchange was shade hrTner'
although yesterday an or day but the rates
are considerably below the gold-shippng point ana
brokers hope for a continuance of the European
buyng of stocks because Of their belief in the
favorable prospects of repeal. The fortnighy set
Element at the London Stock Exchange was com
'pleted without friction. and the bears at that
ycentre were said TO be covering short contracts
If the change of Europe attitude is maintained
the bugaboo of gold shipments will be dismissed
from consideration here.
ToMORROw's BANK STATEMENT.
1t is expected that another big gain in cash will
be shown in to-morrow's weekly bank statement.
"A large increase in deposits is looked for, but the
met results expected TO reflect further heavy
expansion in the surplus reserve. The banks have
fbeen receiving large sums Of money from the In
heYior all the week. The liquidation of the Clearing
House loan certificates continues on an extensive
scale There $4,000 certificates cancelled
YESTERDAY reducing the amount outstanding to $26.
2550O0 Notices given for the retirement of
$3.50 600 certificates to-day and the actual cancela
lions will doubtless be much larger No certificates
were retired in Boston yesterday.
The annual election Of the Clearing House Asso-
citation will be held next Tuesday The official
ticket has been printed In The Tribune. The Clear
Eng House Committee met yesterday TO complete the
closing Of accounts and preparation of statements
preliminary to the annual meeting.