The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-10-10

The weekly statement of averages of tho As
ISOLATED Banks shows that about half Of the
gold received from abroad this week fig
ures in the statement for the entire six
business days and the remainder for about
half of that period. making the aver
age increase in specie nearly 81 600. 900. The
shipments Of currency to the interior, as indi.
Gated by the statement, exceeded general ex-
pectations. being slightly in excess OF "a, 3oO,-
900. The banks in consequence show
a net loss in lawful money Of S2,719.-
900. The loans remain very nearly un.
changed, being only 1862 900 smaller than last
week. Those two changes are pretty accurately
reflected in smaller deposits. and the net result
brings the surplus reserve down to a little less
than thirteen and q half millions. That item may
appear relatively small, yet cannot reasonably
cause appreh nsion. In view of the fact that
over 80. OOO. 900 gold is In transit to this coun.
try. and that further large shipments in the
immediate future are inevitable. The bank
statement, considered by itself. might DO re-
garded as foreshadowing an active money mar
ket; but that possibility Is disposed of by the
impending heavy imports Of specie.
The professional element seized upon tho bank
statement as an ostensible reason for selling
stocks. Another circumstance that was made
much of by the advocates Of lower prices was
tho drought that has prevailed for several weeks
in q number Of the important cereal.producing
States. Tho local political situation was also q
factor In tho limited speculation. For several
days past the Street has professed to believe
that Mr.. George might be elected Mayor of
Greater New York. 1t changed its Wow to-
day and began to regard the Tammany Hall
candidate a. the probable winner. The
selling was moro pronounced and effective than
on any day when tho speculative community
VA ral 3 ha hAtfinn mn Tho NJ tkA
outand-out Populist candidate. An entirely
different view may obtain next week, and should
the present Kaleidoscope political situation seem
to favor the election Of an absolutely sound
money candidate speculative sentiment would
be influenced accordingly. The absence OF
seasonable rains have caused apprehension
regarding tho next yield Of winter wheat,
and should tho drought continue much longer
certain localities would doubtless suffer
severely. The total yield for the next crop year.
however, may be made up by the spring wheat
crop. the conditions affecting which arc a. yet
an absolutely unknown quantity.
1t may properly be questioned whether either
the local political situation or meteorological
conditions at the West have az much to do with
tho course of prices on the Stock Exchange as
tho apathy of substantial interests In securities
and their apparent acquiescenCe in tho reaction
In prices which has assumed tho character of a
bear campaign. 1t Is now evident that largo
lines Of stocks were marketed on the rising mar.
ket that eliminated q few weeks ago. If they
had not been, the various interests that
have protected and supported the mar.
ket from time to time for many months
past would have combatted the decline that
has taken place. As both international and do
nestle trade conditions are In favor Of every
legitimate industry and enterprise. 1t Is perfect.
| lu aanna hla tn that Mt IN prina fha
stocks sold a month or 30 ago will be repurchased
by those who are capable OF giving q fresh
upward impetus to the market Tho money
market IL certain to continue upon a comforta
BILE basis, exports OF merchandise and OF securi
ties will BIO largely In excess OF imports for come
time to como. and unless some political disturb
ance occurs. which seems improbable, q more
satisfactory condition Of affairs could hardly bt
imagined.
To-day's market was almost at q standstil
during tho first hour OF business. but during tn,
last hour aggressive selling, particularly II
Chicago Gas. induced liquidation throughout tn,
list. Sales for both accounts were effective, no
because Of their extent. but because they encoun
tered no special opposition. 1t looked very mucl
as II the combination that has been hammerinl
prices all tho week was bent upon closing thu
market at as low figures as possible. In onl!
two stocks other than Chicago Gas did thu
trading exceed 10000 shares. Those two wor'
st. Paul and c.. B. and Quincy. In those stocks
as well as q number Of others. the net declines
were disproportionately large in comparison
with the transactions. The closing was heavy
at about the lowest prices.
As compared with tho final prices of last Bat
urday, the entire list 10 lower. The more i'm
portant not declines arc In Chicago Gas. 81 4
cent; Consolidated Gas. 6la; Omaha. 4; Missouri
Pacific, 3k; Burlington and Quincy. 3ls; Ameri
can Sugar Refining and Rock Island. % each
Northwest and Northern Pacific preferred. 20
each; Tennessee Coal and Iron. 2is; Bay Stat
Gas and Louisville and Nashville. 2ss each
Reading lists preferred. 2isi Kansas and ToxA