The sun., 1896-10-07

has not been impaired, but, as previously noted
In this column, every one who possesses or con-
trolls capital. whether the amount be largo or
small. is beginning to realize the gravity OF the
issue, and is therefore reluctant to take new
risks until II is decided. This being the case.
the chances are that the stock market for some
little time to come will be left in tho hands OF
those who endeavor to follow Its fluctuations
for q livelihood.
Tho only circumstance ofTsetting the dulness
Of to-day's market was the continued weakness
in foreign exchange, which. however. seemed to
have very little effect In the early dealings
the professional element was inclined to switch
over to the long side Of the market, but IL soon
abandoned that position, and In consequence
tho list, with the exception of American To-
bacco and few inactive stocks. notably Hook
ing Valley and United States'Leather preferred,
closed fractionally lower than yesterday. The
only noteworthy net dacline was that Of IA p
cent. in Manhattan Railway. AS that stock had
advanced sharply curing the last few days. in
the face of a slugRish and irregular market,
the reaction In II would seem to be amply
explained by that fact. Foreign arbitraRe
houses sold q few stocks on balance. probably
about IL 900 or 10000 shares. The final move
ment OF prices was influenced to an extent by q
sharp furry in the call money market that car
ried rates up to l2 Y cent A plausible expla-
hhtion VI tnIS uneNpeCIeu movement IN call
money was that many of the banks that usually
supply the needs OF belated borrowers on call
were practically out OF the market this after
noon on account of the protracted annual meet
Ing Of the Clearing House Association, which
engaged the attention of their senior officers.
Currency transfers to the interior through the
Sub-Treasury to-day were $275.oO0, of which
ell but $4,000 was to New Orleans Boston
advices are that mono of the sse5,ooo gold re-
ceived there from Europe yesterday will be de-
posted In the local Sub Treasury. The belief is
gaining ground that the increased tirmness of
the money market during the last few days is
due not alone to the effect upon banks and other
lenders Of money OF tho renewed Withdrawals
of gold from this centre apparently by those
who are constrained to hoard 1t, but also to the
Withholding from circulation in various ways of
part of the gold that has been received
from abroad. This could be done by not pre-
senting for payment Assay Office checks re-
ceived for gold deposited with that Office and
also by holding Sub-Treasury receipts for gold
coin deposited with 1t for examination. A
motive for the adoption of such policy can
readily be found in the effect of the rates for
money upon the foreign exchange market
Sight sterling is now down very nearly to the
rates at which heavy imports of gold were made
during the last six weeks. and foreign bankers
who were foremost in that NOV emcnt are OF the
opinion that imports OF specie upon q moderate
scale are likely to be resumed in the future.
Gable advices from London are that gold bullion
Is in good demand there for Austria. and that
the open market price has advanced another
farthing, to 71s. 1ll6d.
further advance in the price Of wheat. re-
sulting chiefly from an active foreign demand,
was the feature Of to-day IS commercial markets.
particularly as it was accompanied by reports
that inquiries are being made. both here and In
Liverpool. for grain berth room from this port
to India. In confirmation of these reports it
can be stated that one OF the largest grain ex-
porting houses received from its Liverpool cor
respondent to-day. in reply to an inquiry re-
garding the probability of shipments of Ameri-
can wheat to India, q cable stating that the firm
addressed sold yesterday to the Continent two
cargoes OF American wheat, with a provision
in the contracts that the charters might extend
to Bombay at tho purchasers option. This in
dicates that European dealers in breadstuffs
realize that 1t may be necessary for India.
which a few years ago lowered the price OF
wheat by its enormous yield OF that cereal. to
call upon the United States for subsistence.
Should this occur more than ono unsound the
orr that has been advanced IN wiifui disregard
OF the law Of supply and demand will be igno-
miniously and effectively exploded.
Final sales compare with those of yest ay az
follows: