Evening star., 1896-07-22
Sharp Repurchasing Movement
Causes Prices to Recover.
EFFECT OF THE BANKERS MEETING
Plan to Prevent the Shipment of
Gold.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, July 22-The depression
recorded at the close of yesterdays busi-
ness, due to renewed selling for the short
account, was followed by a substantial re-
covery in values this morning the result
of a sharp repurciasing movement. Lon
don prices were again fractionaliy i'm
proved and foreign cables were q trifie
more confident in tone.
The engagement of two millions of gold
for export by tomorrow's steamers, and
some disappointment as to the aggregate
sum pledged by the local banks to relieve
the treasury, resulted in a moderate reac-
ton just prior to the noon hour The ner-
vousness was distinctly less acute, and in
many quarters liquidation was conceded to
have dwindled to insignificant proportions
Inc raids Of professional traders are
to be guarded against, but the control
or the situation is being cautiously ac-
CURED by substantial interests
"A meeting of the leading drawers of
European exchange, held at the offices
or Messrs. Morgan & Co, was the most
important of the days devcopments The
opJect OF Ills conference of international
bankers was to devise method for the
prevention of speculation in gold to the
menace OF security values
A rostponement of gold shipments until
tii teF tHe IAN crop movement begins was
suggested aS the most feasible as well as
the most practical means of meeting the
present emergency. In order to accomplish
TINS result it is likely that a liberal supply
OF snort exchange Will be sold probably as
much as f1o.oOo,peo the sellers depending
on an increased cotton and grain movement
10 supply a sufficient quantity of bills to
cover present sales
"A detailed statement of the plan will be
given cut by Mr.. Morgan when certain
MINOR details are arranged.
Inc market Immediately became active
under an increased demand for both ac-
counts, upon the announcement that sucb
conclusion had been reached
1he sho-- interest has been antapoaiZef,
Twice during the last twenty-four hours.
yesterday's decision OF the banks TO sup
piy soia Dong the first check to the ruin
Gus policy Of the pessimistic element in a
perio1 OF ten days. AS previously stated.
oEerconfidence resulted in the OVERRIDING of
movement favored principally by surfac &c
conditions.
The determination to prevent further
raids on the federal gold reserv. NAV be A
matter OF se!f-presoryation to a very com
Siderable extent. but the bulk Of the finest
abilitv IN the street is behind the move
ment.
Silver and populism have mononoIiza5
newspaper space during the last fortnight
iiia nave caused apprehension by empha-
siZinS me apparent neglect of the gold
cause 1 ne crowd is following the band
now, but there will he some drilling in tho
iear rank which may attract attention later
FINANCIAL interests are awakening to the
nercehess OF the fight and are no longer
wiling 10 delay action. There is no occa-
son Tor an aggressive campaign 10 improve
values. but there is every evidence. of a
disposition 10 protect values The market
may work back toward a period of dull
ness, but the hest opinion is that the scare
Is decreasing, and that caution and reason
are 10 prevail.
he Gepos!ting Of gold a the suhtreasurv
ny !he banks under yesterdays agree
Hent was begun toward the close of the
days business "a '-ie