The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-09-24
NAVAL STORES.


New York. September 22.-The result
OF the transactions on the stock ex-
change today vas the recovery Of the
greater part Of the LOSSES sustained in
yesterdays sharp reaction, many stocks
closing tonight higher than Monday
night. During the early part Of the
day, the market vas extremely irregu-
ar and uncertain in tone, a number Of
s~pecialities continuing to show marked
weakness even after the railroad list
had recovered from it's reactionary ten
dency. Blu by the second hour Of trad
ing the bears had practically abandon
ed their efforts to work a reaction and
the whole market was tending strongly
upward. The manifest disposition Of
London operators and Of commission
house customers to buy stocks at a de-
cline here afforded a support to the
market hat discouraged the bears.
The over the hardening of
the rates for money also largely sub
sided, as the shifting of loans develop
ed more accurately the true level Of the
money market. The rates for call
money continued to run as high as 4
per cent, but as fast as rates were
marked up to this figure, there was
abundant supply offered at as low as
2 per cent. This was not regarded as
indicating a stringent condition Of the
market. The higher rate was not felt
to be justified by the condition OF the
market and the failure Of the exchange
market to respond with any marked
weakness to the 4 per cent. asking rate
went to confirm the same view. There
was a marked reaction at n time dur
ing the day, due to the sharp profit-tak-
ing in Rock Island IN the announce
ment of the declaration of a 1 per cent.
quarterly dividend. The recent sharp
rise in Rock Island vas accompanied
by some irresponsible rumOrs that the
dividend rate would be increased to 5
per cent. Some Of the sellers Of the
stock professed disappointment that the
rate was made only 4 per cent. and the
bears used this as material for a drive
! against the market; but the strong re-
cOvery in Consolidated Gas and Brook
lyn Union, the formed rising IL points
and the later 6A, tended to steady the
market. The reports Of an engagement
of gold were vague and not definitely
confirmed until the close of the market,
but the rumor served to rally the whole
market strongly, and bring prices to the
best Of the day at h close, the net
| gains in all of the active stocks, rang
, ing from 1 to 2 points. Foreign bankers
| are generally agreed that there Is no
profit in the importation Of gold at the
ruling rates of exchange here and OF
gold abroad, and the banking house
which has engaged the gold for import
intimates that it has been able to do so
owing to some special advantage Sc
| cured, though it was affirmed that it was
made in the regular course OF exchange
business. The engagement Is not con-
| sidered as indicating that a further
movement Of gold will Immediately fol-
low. without a further decline in the
exchange market. The total sales OF
| stocks today were 624, 600 shares.
The bond market showed some falling
| off in activity, but prices were strong
except in the Standard Rope issue. OF
these, the 6's lost 6 points and the in
comes 1k. The total sales were $4,000,
900.