The herald., 1897-09-28
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Sept. 27.-The stock mar
ket today showed a very marked falling off
in activity, the total sales of stocks reach
ing only 10000 shares. The diminished
activity was in part due to the observance
Of the jewish new year holiday by many
brokers and operators. But there was be-
sides a disposition on the part of many
large interests which have recently been
active in the market to stand saide for
the time being and allow prices to take
their own course. The professional ele-
ment, which has not very generally
espoused the bear side, was not active to-
day. Prices rose after the opening in
sympathy with the quotations received
from London, and there was buying also
for London account here. Later some trad
ers professed to be disappointed at the size
Of the increase shown in the August gross
earnings of Omaha and that stock was
sold down sharply. The decreased freight
tonnage shipped eastward from Chicago
last week was also used as an argument
for a depression in prices. Rock Island
was one Of the stocks under special pres
sure. The market receded below Satur-
days close under these influences, so that
the extreme advances during the day con-
siderably exceeded the net gain. All the
general news continued in favor of ad-
vancing prices, and, free from pressure,
the market advanced in the afternoon to
the highest point Of the day. The money
market continued to attract the greatest
share of interest, as the future course Of
speculation is felt to largely depend on the
supply Of money. The tone of the market
was somewhat easier today, but owing to
the lack of animation in the stock market,
there was little demand. Shipments of
currency to the interior continue in large
volume, and 1t is believed this demand will
not be exhausted for some time vet. It
Is believed that further contraction Of
loans to considerable amount will be
necessary to provide against Withdrawals
for use in the interior. In looking for re-
lief from possible strihgency in the imports
of gold, 1t is felt that the comparative ease
of the money market must be considered
as in some sort fictitious, the rate being
down with the purpose Of aiding the In
dian government In floating its loan. Rus
sia and Austria Hungary continue in act
i've competition for gold, and there is q
large BALANCE in the Bank Of England
which Japan has the power to withdraw
London, in fact, fears dear money and 1t
Is believed withdrawals Of gold on large
scale for shipment to the United States
will preciptate sharp rise in the rates
for money and would thus induce the
Jumping of funds there by American cred
itors, unless the increase in money rates
here was sufficient to counteract this con-
dition. The foreclosure sale of the Union
Pacific and it's withdrawal of $50, 900, 900 or
$40, 100000 of cash, which it will necessitate
is matter that looms in the perspective
OF the money situation. Under these condi-
tions 1t is believed there will be no resump-
tion of activity in stock speculation such
as has characterized the market for many
months past. Today's advances run from
a fraction over point in the active shares
consolidated gas rising ~ and sugar 8.
po{ {Ivvynw t~Nr <J<~I I>-I H.
thy with stocks, but recovered later. Total
sales. $2.500,OO0.
United States As. coupons,of 1s47, ad-
vanced Y bid.