The sun., 1896-10-08

To-day's stock market furnished evidence of
q growing belief. on the part OF professional
operators, that for some time past they have
been practically the only buyers OF securities.
Those operators attempted to realize on some
OF their recent purchases to-day. and by do
ing so made 1t plain that substantial
interests are holding aioof from the market: for
on comparatively moderate sales the entire list
closed considerably lower than yesterday.
The susceptibility of the local speculative
element to untoward developments was
shown by its tendency to magnify COM
paratively unmportant Developments and
to invent reasons to account for the decline in
prices. For example, press dispatches that the
Turkish Government has decided not to allow o
United States guuboat or ships OF tho Grecian
and Dutch fleets to pass through the Dar-
danelles were exaggerated on the Stock
Exchange until 1t reported that the
Turks had fired upon an American man-of-war.
rumor gained currency that the Gar had
been poisoned in Paris. and the market was
further unsettled by advices from London
of the embarrassment of large Partisan
operator in Kafir mining shares. Pub
lished Statements from directors of the
Metropolitan Traction and of the Manhattan
Railway companies that no negotiations
for an alliance between the two systems are
pending contributed to a net decline Of 2La y
cent. in Manhattan Railway. while trustworthy
information that a prominent and wealthy
mercantile concern has decided to engage in the
sugar refining business depressed the price of
Sugar Refining 2ls = cent.
A further decline In sterling exchange and
the announcement that 100000 gold had
been withdrawn from the Bank of England
to-day for shipment to this country had
very little effect upon the speculative tenn
per. On the other hand. the activity in
call money. tho smaller supply of time
money, and the higher rates for commercial
paper. owing to the virtual cessation of pur-
chases by recent buyers, created an uneasy feel
ing that was reflected in the final dealings
the Stock Exchange. The condition Of the
money market Is not adequately explained
by the known movements OF money
namely. the receipts OF gold from abroad.
the shipments of currency to the interior. the
shifting of deposits incidental to the payment
of taxes. and the disposition of the banks TO
maintain Q strong position because a statement
of their condition is likely to be called for any
day by the Comptroller Of the Currency. The
most plausible explanation of the stiffen-
ing of the money market is that lenders
generally have become conservative in
consequence OF tho efforts that political
managers are making to incite every one to
work with extraordinary zeal for over
whelmlnR sounu-noney victory next month.
While the probability OF defeat is not consid-
cred, the possibility of such n catastrophe makes
capital tmid and restricts business operations
OF all kinds. This condition Of affairs is chiefly
responsible for the relapse OF the stock market
into the hands of local professional traders.
The trading in stocks was about so q cent.
larger than yesterday. Ths increase was due
principally to greater activity In Sugar Reiin-
ing. ST. Paul. and Manhattan Railway. Other
stocks that sustained noteworthy net declines
were Rock Island. c.. b. and Quincy, Atchison
preferred. Louisville and Nashville and Tennes-
see Coal and Iron. or the less active shares I'LL
pois Central. Northwest, Colorado Fuel, General
Electric, and Lake Erie and Western preferred
suffered most severely. Transfers of currency
to the interior through the Sub Treasury to-day
were $430, 900. of which all but $4,000 was to
New Orleans Gold to the amount OF $4,000
was received from Cuba and was deposited in
the Assay Office. London Rdyices OF an
other advance OF a farthinR in the price OF gold
bullion to IT'S. 1l94d per ounce. The closing
of tho stock market was heavy, though at a
slight recovery from the lowest prices.
Final sales compare with those of yesterday as