The sun. [volume] (New York [N.Y.]) 1833-1916, 1888-01-22

SATURDAY, Jan, 81,

SATURDAY Jan. Il.
II Wall street fairly represents the repression
which general business suffers on account OF
the Saturday half-holiday. as 1t undoubtedly
does. the demand for the repeal Of that law
ought to be universal and urgent. 1t is proba-
bly, a safe estimate that tho general business
Of the State, and certainly Of New York city, is
placed at a disadvantage as compared with
other cities Of at least ~ per cent. by the opera
lions Of the Saturday Half-holiday law. Con-
sidering the close competition that prevails In
every branch Of trade and in every industry, 1t
Ia q serious question as to how long the En-
pire State and the metropolis Of this country
can suffer this tremendous disadvantage and
maintain it's supremacy. During the summer
months the bad effects Of the measure wore
not so apparent, but they are now being
felt mofe and moro each week. 80
far as Wall street is concerned tho law
compels banks and all others who are the GUS
todians Of funds to allow interest on q large
amount Of money received every Saturday and
which they are debarred from using until the
following Monday. 1t not only makes Saturday
count for nothing upon the Stock Exchange.
but 1t decreases the business Of Friday as we'll.
Unauestionably the low prices at which seats
on the Stock Exchange are selling. as we'll as
the dulness Of which every one Is complaining,
are due quito as much to this practical ~curtail-
ment OF business By one-sixth every week. The
banks and the Stock Exchange are both begin
ming to appreciate this condition OF affairs. and
are taking tho necessary steps toward Impress
Ing upon the Legislature the desirability Of re-
pealing the obnoxious law.
The only actual news to-day was, as usual,
tho ban statement. 1t was. owing to the largo
receipts OF money from the interior. much
better than any one expected. Tho banks have
gained In cash t5.577, 200. There has been
further liquidation OF loans. while deposits
have increased only moderately. Tho increase
In reserve brings the surplus up to nearly SAL
0 0.OO0. In anticipation OF q good statement
there was some covering OF shorts. and this,
following upon the good buying noted yester-
day, gave the market a very strong appearance.
Trustworthy advices from the coal regions are
OF a perceptible yielding on the part Of tho
miners. Some people usually we'll informed on
Reading affairs are confident that the strike is
on the eve Of disintegration, While the entire
list gained fractionally in the brief period of
trading, some Of tho specialties were most
conspicuous. notably Oregon Hallway and
Navigation and 1t. Paul and Manitoba, both at
0f the Week In Wall street there Is very little
to be said. The dulness was broken q little
effort to scare the holders Of Heading out Of
their stock does MT appear to have been
pripeipai Gould stocks, Missouri and PaeiAc
and Manhattan was the feature Of the last two
coded that Mr.. Gould can, owing to tho low
cost OF manufacturing Thorn, afford to sell his
while 1t is a matter OF history that no never ro-
purchases those that he mas made and sold ex-
that they are being felt in the market, NATURALLY
ALLEVIATE from him whatever OF following he
MAJ, have had when he formally retired from
'Moasy continues ssss OF Q to ~ can't On