Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-04
THE SCARE WAS SHORT.
After Temporary Depression Values
In Wall Street Again Advance.
Special Dispatch to The Evening Star.

After Temporary Depression Values
in Wall Street Again Advance.
Special Dispatch to The Evening Star.
NEW YORK, Aag. The scarcity of, and
the existence Of premium Of anywhere from
one-hah to per cent imposed by the banks on
currency practically amounting to the suspen-
sion of currency payments for the time, had a
depressing effect in the street this morning
and led the traders to take a very gloomy view
OF the immediate future Of the stock market.
This FEELING was intensified Just before the
opening by the receipt Of dispatches from st.
Paul announcing the suspension Of the Ger
man American National Bank, the largest
financial institution in that city with a capital
OF $4,000 600 aud the selling noted late yester-
day afternoon was continued this morning.
hrst prices being from one-half to 2L per cent
below last evenings final sales, the western
specialties leading the decline.
There were some further fractional conces-
sfons, but the arrival Of the later cables con-
veying information Of the engagement Of
million and quarter gold for this port and
$500, 900 for Boston caused a better feeling in
the room. This, coupled with the fact that
most OF the active list is still in an oversold
condition. as shown by the demand in the loan
crowd, started rally, beginning in Sugar and
Chicago Gas and extending throughout the
whole list. Sugar selling to 7411s from 50. Chi
cago Gas to 5lal from 46, Telegraph to Tx from
741S, st. Paul to 54]1 from 81.
General Electric to 49, from As, Rock Island
to 59N from IS, Burlington to 70 from IS.
While these stocks monopolized The bulk Of
the trading the rest of the list sympathized
closely on lighter transactions.
AT the extreme advance the market became
dull and the rumor-mongers commenced to get
in their work. First, a report was circulated
in the board that the Anchor line steamer Mara
mlnia from Naples, arrived last night. had
brQuOht the ehalaro wit
reports Of further calamity at St. Paul, this
latter being confirmed later by the announce
ment OF the suspension of the Germania Nat
1onal. capital &400, 900 and large deposits; the
Peoples Bank. and the West Side banks, two
smaller institutions. Then came the announce
ment of another issue of loan certificates by the
clearing house and the stock mar
ket commenced to sag, the seven more
active stocks noted above leading the decline.
The scare was of short duration. and after O
short period Of dullness at the decline, the
bulls again took the market in hand, and at
this hour (2:S0 p. m.) the market is strong at
the highest prices of the day.
Money on CALL trife sitter, ruling at s per
cent, with few belated borrowers paying 8.
Foreign exchange, while . little frmer. was
quotably unchanged. Sixty-day bills 4s11f,
and sight bills 484 less
Clearing house operations were a. follows:
Exchanges, $sS .49s, 097; balances, "a, 265. 1913;
United States assistant treasurer at New York
debit balance. S75,l97
The clearing house loan committee issued
today 1900 900 additional loan certificates.
Grand total now outstanding, $34, $50, 900.
The market continued strong and on the
denial of the reported failure of the Ger
mania Bank at st. Paul a regular scramble
to buy stocks started the early bears falling
over themselves in their efforts to get un-
der cover The market closed buoyant at
the highest prices of the day, and from TO
per cent higher than the opening. At 3
n nfY,ry
failure of Providence, r. l.. but giving no
further particulars