New-York tribune., 1894-01-07
A WALL STREET BOOM AGAIN..
.,,oprs DRIVEN TO COVER ON A RISE
OF TWO TO THREE PER CENT.

rpSNrxT BOND LssUE-BANKERs INTER
EsTED IN TREASURY CONDITIONS
puN's STATISTICS AND RE
VIEW OF DEPRESSED
TRADE.
sneculaton In Wall Street yesterday developed
sudden activity. and prices rose buoyantiy with
tsv exceptions Only two hours were devoted to
.,.sng at .he Stock Exchange. owing to the half
holiday rules: in that time more than 10000 shares
changed hands The recently formed bull pools
10 aggressive purchases and bid prices up on the
.oors who ran 10 cover. IT was the KIND OF
.ooIIng" market which demorazes the short in
,s,est and encourages buoyant feeling among
III hut the most hardened bear operators. The
a,c,l change from the doubt and irregularity of
rr,dav's speculation due to no particular news
sore,onment But sentiment influenced by
,be emphatic denials by George j. Gould of any
contemplated receivership for Missouri Pacific, and
hy the expectation of important results from the
ocent railroad conferences held to provide means
tor maintaining rates The prospect that the Gov
eminent would speedily be forced to issue bonds
ros urged as bull argument. Prices have dis
counted' the worst news; any change must be for
the better the slogan OF the bulls, and 1t
vas effective in causing q general ana nasty cover
ing of short contracts.
The hank statement figured for little in public
sentiment owing to the nominal rates for money
bere and the decline in European discount rates
since January !. The statement simply reflected
n further accumulation OF idle capital The banks
gained ss,OoS9c0 in legal money. OF which A7o7,0o
MAS in specie due the large payments in gold
nv the Sub-Treasury debit balances TO the Clear
ing House. The deposits increased Sl20S6.SN. but
loans were expanded only $l.207o. The banks now
hold in legal money s213427,So. against sl227s 400
et the corresponding date Of 1893. and Sl3S3OG.1W
IN 1892 The surplus reserve Is sSS.79665O. against
Ssi2 $50 in lSe3 and NS96l25 in 1892. The deposits
amount TO s5ls52AGOO compared with si553G7.soO in
iSe and si77ss2 800 in 1892. The loans aggregate
600 against si 2s3,7oo in 1890. and sii2S9gN
IN 1892 striking feature OF the statement is not
merely the unprecedented aggregate of surplus
reserve but the fact that nearly H00oo,ooo of the
derosts in the banks withheld from loaning
nurposes of any sort This capital lies idle. and
rhotorraphs the still existing doubt and dstrust of
money-owners.
GEORGE ]. GOULD'S DENIALS.
The denial Of the Missouri Pacific receivership
rumors by President Gould were regarded with
rra,ifcation by Wall Street. They were compared
favorably with the utterances of officers of the
Northern Pacific and the Atchson prior TO the in
solvency Of those railway systems Mr.. Gould
gave the stamp of sincerity to his declarations by
Offering to pay the February coupons of the com
many in advance If any bondholders doubted the
good faith Of his denial announcement was also
felt because Mr. Could added his opinion 10 ~ ,h9se
PAU, and Vlce-President Green, of the Pennsyl-
ngs had about touched bottom. and that a turn
for the better was near at hand The rise IN STOCK
onotatons also Increased the faith Of speculators
mai the new rate agreements OF the railroads
would not have the unfortunate fate or previous
arrangements. , ,.,o
There is growing impression in H. sPscuiatlye pc ,sre
circles that the a .SVe5SS % as # IS arsned se
that this action will be favora6ie IN eect anxps up1s
oao or some assurance that the Treasury viii lean
upon them for protection against the exports Gd Ti
.hsesre be any renewal of The outward flow Of the
.. obo in he
banks TSud be willing tho to 9sasnns ins have fallen
" ,o low that the banks are loath to part with their
gold supply unless steps are taken at once once 70
Gan5scd the wR,h R2hshGn ha sbs Si
looking anxiousy to see what attiIudes IN Rpond
Scheme to issue $4,000 in silver coinage sesn.
C you'd se Phs lsasur2 s ahether 81 sSs
sSs Ss Of gJ 3qP1T 4e!ers oney But ferssn
that such policy would have decideniy au1esse s
Influence on European investors IN America" Sc
curtes.
nIFFERING VIEWS ON A BoND ISSUE
The issue of Government bonds is not welcomed
unanimously IN Wall Street as beneficial measure
for the general monetary situation The views o'
the scentcs were expressed yesterday by prom
inont foreign banker as follows: Il do not regard
a Government loan as bull argument even
though any step enable the Treasury to meet
is obligations is perfectly proper When the GOV
ernment was paying off its debt or refundns II Al
Government securities and compelled to go into
frst-ciass railroad, State municipal bonds For
the Government to borrow money would be re-
versal OF this process Surplus money would be
absorbed and that would tend 70 make the money
market frmer Bull speculation could not be con-
Quoted so cheaply as at present Ihen the oner oI
Government Obligations. even at a low rate or
interest, would attract investment from capitalists.
large and small. who hold railroad. state or
municipal bonds in which they may not have su-
rrene confidence. Especially would Government
loan appeal holders of railroad securities VINO are
now disirustful Of the future trafic ana business
prospects and who fearful OF the unknown
power for evil OF the floating debts now 50 com,
mon As speculative influence. should dread
fhe announcen1nt Of a Government loan. but II Is
Infinitely preferable from the view OF sound ec0no-
mics 10 any scheme that would add 10 the REDUNDANT
currency issues OF the Nation
The advances In the stock market Yesterday We're
general and almost continuous from the opening
u the close. The bull pool in Western Union Icle-
graph ran the price up from Si2 TO ~ An ac,iVe
demand from the shorts carried Chicago. Mil
,eaul,ee and ST Paul from 81 to 53js7s and the other
Granger shares went up per cent and over louis,
Missouri Pacific which active on Friday
was dull hut IL per cent better. y brilliant cam
pagn I'm the industrials left American Sugar re.
fnjng and Chicago Gas over per cent higher. ana
General Electric rose from 33i4 70 35lsn%+. The
feature OF the cOalers sudden rise OF per
cent in Delaware, Lackawanna and Western. The
stock speculation closed buOyant at about hlgnest
prices From the lowest prices Of last week the rise
has averaged 2uJ per cent but for the week the net
gives the lowest prices made in 1893 On nOsc caScS
IN, rha I'M