The sun., 1896-10-09

THURSDAY, Oct. 8.
The first movement OF prices on the Stock
Exchange to-day was n sharp decline In which
Manhattan Railway. Sugar Refining. and st.
Paul wero most conspicuous. 1t was generally
conceded that a good deal OF speculatively held
long stock was sold throughout tho list. There
were no fresh developments affecting prices
unfayorably, but fears Of an active money
market and continuation OF the uneasy
feeling that has recently been created re-
gardng the political outlook intensified the
bearish sentiment that prevailed yesterday.
At midday the market turned and much OF tho
ground that had been lost was recovered. Man
haitian Railway was the leader in the rally. as It
had been in the decline: 1t scored net gain of
III y cent, which was approached by only
two other stocks, namely. American Tobacco
and Laclede Gas. They closed III and y
cent. higher respectively than last night. Other
stocks that showed greater strength than the
average were Rock Island, Louisville and Nash
willie. Reading. and United States Leather pre-
ferred. The net Improvement In these, how
ever. was fractional.
There appeared to be no more substantial
basis for the rise than there was for the early
oppression. Both resulted from local market
conditions that were played upon almost en-
tirely BY professional operators of small caibre.
The announcement that S250. 900 gold had been
engaged abroad for shipment TO this port on
Saturday and that the Bank of England had
sold S500o00 in American eagles, also for ex-
port to this country. was referred to as an os-
tensible reason for the change in the tendency
Of the market Upon this meagre basis the
Bonrd-room talent fabricated report that
syndicate had been formed to import S5.000.-
900 Of gold. The best informed draw
ers OF foreign exchange are Of the
opinion that something less than that
amount may be imported in small lots
between now and the end OF the month. So far
as can be learned. no special effort is being
made to influence imports OF specie. Currency
transfers by the Sub Treasury day amounted
to 5000. 900. all OF it to Western points. Just
at the close tho market sold off on cable ad-
vices Of a weak market for mining shares in
London and Of an unsettled condition Of affairs
in Paris, on account Of the extensive commit
ments there in mining shares and in Spanish Sc
curities Sugar Refining was specifically
affected by report from Philadelphia of tho
organization of n small company there to en-
gage In the refining business in opposition to
the American Company. In consequence Sugar
Refining closed nearly a point lower than yes
teiday. and n number OF other stocks. notably
st. Paul and Atchison. fractionally lower.
The only important development to-day was
evidence of a relaxation Of the tension that has
characterized the money market for several
days past. This was due In part to the call of
the Comptroller OF the Currency for a report Of
the condition Of the national banks at the close
OF business on Oct. O. The city banks have been
holding themselves In readiness for this call for
some little time and Mt once began to let out
their funds. They not able TO OBJ
tain good rates call yesterday.
Us the absorptive condition OF yester-
days money market had disappeared.
Another furry in call money tomorrow
is not improbable. on account of the payment of
the final installment OF the assessments upon
Reading securities. Besides, it IS understood
that the syndicate which has uuderwrtten tho
Reading reorganization plan has been called
upon for 20 q cent. of its guarantee. 1t is esti
mated that the payments under these two calls
will aggregate about $4,000. 900. and. while
some OF the money will be paid in London and
Philadelphia. the great bulk Of 1t will undoupt-
edly be paid here.
Final sales compare with those of yesterday as