New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-26
! RrG BANK GAIN EXPECTED.
w.rJ. STREET CHEERFUL OVER PROSPECTS
OF A HANDSOME STATEMENT.
,AvoRABLr INFLUENCE OF THE EARLY VOTE
IN SILVER LOOKED FOR AT WASHINGTON
CURRENCY PREMIUMS FAST

DISAPPEARING
c..ot MT on its bull" cap yesterday. and
,,re circles were elated over advances III
.S .tocks and bonds. Good feeling ran high
- tho common report that James r. keene' WASH.
..r,on E. Conner and the Wormser prothers ma"
-,anned again into the arena, prepared 10 give '"e
.nsars', a drubbing. Bad railroad earnings were
,crored and the relief Of the Street at the steps
taken to avert threatened Stock Exchange failures,
. q, WAS said was to be utilized by the old Dull
leaders for a vigorous drive against the short
interest. w.,
The activity Of Chicago. Milwaukee and st. PAU
made II the leader Of the market and as mat stoch
always has following whenever 1t moves Sharply
in either direction. there were plenty OF traders
10 buy when its course upward became RAPID. Inc
price rose to 5i7s and 1t ended with net gain Oh
IL per cent at say The "bull' argument was tha'
the low price had discounted the heavy decrease
in earnings and reports that the directors hao
virtually concluded to pass the next dividend was
faced with complacency. 1t being urged that 'h's
would indicate the wise conservatism Oh '"e ma"
agement. and would strengthen the property io'
the time when general business should revive
About the only other active stocks were 'he III
dustrial group American Sugar hehhhs i's"ie
over per cent Chicago Gas ~ ana ueheiai
Electric / per cent. Western Union was In the
active list but its net gain was only rracuonai'
The market closed strong and with material ao-
vances as the rule Railroad bonds also were
stronger and there sharp recoveries In the
Northern Pacific issues.
There were two important influences that cheered
the holders of stocks. The vote in the House Of
REPRESENTATIVES in Washington on Monday Is ex-
pected to show a handsome majority in favor OF the
repeal Of the Silver Purchase law. and favorable
sympathetic effect is looked for among wavering
Senators The Street has reached strong con-
viction that in about two weeks the United States
Senate will complete the work Of wping the Sher-
he MOI; fafu he
Street has also prepared itself to enjoy an ex-
tremely favorable bank statement to-day. 1t is
assumed that the last statement was made on
rising" averages. so that the banks were better
off In cash than the published figures showed The
imports of gold are expected to count
high in this weeks averages and large
gain In specie from the Sub-Treasury is counted
upon. Enthusiastic estimates place the probable
gain in the reserve Of the banks as high as &c.
100000 and considerable increase in deposits is
looked for. Conservative bankers were more mod
crate in their forecasts of the weekly exhibit -Four
prominent Clearing House managers compared
notes yesterday and their estimates of the gain
in reserve were respectively Aoo0,0M ScO,OoO
100000 and S.00o00o. The net gain of the banks
through the operations of the Sub-Treasury this
week S. 100000. and unless the shipments
to the interior were heavier than is generally sup
posed there will be several millions of imported
gold to be added to this amount Should another
heavy reduction in the deficit in reserve be
rejected to-day IL is argued tnal the foreign golu
hands OF the commercial banks. 49,
Bankers felt more cheerful over the rapidly
diminishing premium on currency. The rates yes
terday. were the lowest of the week. and again it
is predicted that the premium will totally dsap-
pear in few days. The money brokers said
that active business done in currency. but
supply is the increase tending 10 reduce the
premium. Zimmerman q Forshay quoted the buy
Ing rate at 4Ql per cent, and the sell
ing rate at IA per cent Message. Colgate &
Co. quote rates at i2Ql per cent. There are no
bids for gold to arrive. The arrivals of gold at
this port yesterday were f45S.IS The Campania.
due to-day, has heavy amount on board oaa go 40
rotary Carlisle ordered the immediate payment.
without rebate, of interest due September on
the 1891 bonds continued at per cent: Bank OFF,
GERS also say that there signs OF the new Ma
tional bank note circulation coming into the mar
ket, as several applications from banks at other
cities have been made for the placing of their new
currency In this city in the ordinary course OF
business
'Duns Review will say to-day:
The improvement observed last week has become much
INCREASED but little the change public feeling is note
worthy There failures either Of banks Of
important commercial manufacturing than for
some Many disasters have been avoided by
general pooling of and greater spirit OF
mutual hepuness ard fol bearance than some
weeks
The number Of industrial establishments resuming
begins TO compare fairly the number stopping work
1t said that the army OF the unemployed
has begun but the additions to 1t much
smaller than in previous weeks
The failures for the number 40 in the United
States and 20 in Canada. OF the commercial failures in
the United States. 65 in South
md IN weStarn