Evening star., 1896-07-21
Good Effect of the New York Ban
Assurances
MARKED INFLUEFCEOH STOCK VALUES
How a Crisis Was Overcome by
Practical Patriotism.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK. July 21-Assurances that
the local banks would come to the relief of
the treasury and deposit coin to offset re-
cent drains upon the reserve had a marked
influence for good on stock values this
morning. The actual pledging Of upward
of S1S.oO0O00 during the morning insures
the success of the undertaking. The de-
posting Of s2.VH.eb0 by the National City
Bank was followed by a general bidding up
OF veiues in all parts of the list. Brokers
active In depressing prices during the last
ten days were particularly urgent in their
demands for stocks. loaning at embarrass-
Ing premiums The demand at the OPEN
ing OF the market was too violent to hold,
however. and general recognition Of this
fact invited new selling.
subsequently prices were forced back be-
yond the opening level on a demand in
sp!red by a growing belief that The action
or the banks means market as we'll as
treasury support Large interests could
no longer stand by in idl.nass while pro-
fessional traders carried on n campaign of
ruinous depreciation. crisis had been
reached and reason had all but succumbed
to recklessness
The situation has been met by a plan of
relief which sustains the reputation of the
national banks for practical patriotism. and
mas no complicated features 10 destroy its
Immediate effect. A rally OF any consid-
erable proportions will. in all probability.
attract new selling for both accounts ow-
'hs 10 the PROFESSIONAL character OF the
market, but the one-sidelness of specula-
ton has been destroyed for the present
POLITICS are destined TO at least three
months OF uncertainty and values will
naturally yield to the varying phases Of
the campaign, but as the date of the cleo
tlons approaches the average level should
improve The question of dividends on
several active securities will be determined
~itnln the next few weeks perhaps, and
reduction in present rates seems prob-
able This prospect is not encouraging
owing to the sympathetic effect on more
fortunate properties, but advance informa-
ton Is likely to warn conservative onera
tC rs against surprises
decreased demand for foreign exchange
resulting In reduction OF about l-3e in
dctuai rates, was one of the days encourage
ing ueNeiopfnents Gold can still be ship
ped at profit, and the prospects are good
Ior further loss by Thursdays steamers
Inc position of the banks in this matter
| should tend TO discourage large shipment,
dl.er present orders are filled Rates are
extremely sensitive however, and all esti-
mates beyond the present are valueIess A
traders movement around delivery hour
resulted IN reaction from the best prices
ot .he day; The volume of business was
| apout equally distributed between the two
accounts. and was not particularly sienif.
can't
Ire industrials were active during this
peilod, advantage being taken of the tenn
porary absence Of support 10 depress
prices. While the Eet result of the dav'.
| transactions Is somewhat irregular the
tension OF the last few days is undoubtedly
less acute.
The Improvement in the situation in
scarcely reflected in values, but tha, a rno-a
] hopeful view prevails Is demonstrates IN
the character of current market comment
leaning rates are quoted on nearly all of
the active issues. including a large ont
standing short interest. The forced COW
ering Of this interest is the only source
| nom winch material Improvement is likely