The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-09-28
New York Stock Market.

New York, September 25.-There was
a large and aggressive movement in
the stock market today and trading was
largely in the hands of the r~eactionists.
There We're a few feeble rallies during
h day, but the sagging tendency was
for the most part uninterrupted. Deal
ings were not on a large scale, nor We're
they as widely distributed as of late.
The rise at the opening in sympathy
with London served to restrict the net
decline in the International stocks and
London also was a buyer OF some stocks
during the day. There was nothing in
the general news to cause a recession
in prices and the heaviness of the mar
ket has no other explanation than the
withdrawal Of support and the contin-
lance of some offerings to realize pro-
fits. The bears did some short selling
in their efforts to uncover stop loss or
ders, but there was no aggressive gen.
eral selling manifest and much eau
ton was apparent in putting out
short sales. Trading halted af-
ter IL o'clock and waited for
the a n statement. The response was
not immediate when the statement ap-
peared, showing some hesitancy about
constituting it's character. An unfavor-
able view vas finally adopted and
prices drifted downward again, closing
in many cases at the lowest Of the day.
In some stocks, however, there was a
final rally of a fraction. Sugar cover
ed a range Of over 2 points, but closed
unchanged. Omaha lost 2 points, Con-
solidated Gas 2k and many other active
shares from 1 to 2 points.
Interest today centered in the week.
ly statement Of the clearing house
banks. The condition of the money
market. after the weeks development,
was looked upon as III salient factor
in determining the course Of speculation
in the immediate future. The most
notable feature of the statement is the
increase shown in deposits OF $40, 602, 500.
The actual loss in cash was IS, 54S, 300,
all in legal tenders, as the amount of
specie shows a small increase. The
heavy decrease in deposits probably re-
represents the demand from interior
banks which had funds on deposit in
New York banks for many months.
The proportions of the Withdrawals ac-
count for the sudden calling of loans
during the week, which was attributed
in speculative circles to a concentrated
effort to manipulate the none market.
The contraction in loans is stated at
81, 72S, 300 and this contraction served to
reduce by so muc the loss to the banks
in actual cash and to ave a corre-
spending additional decrease in the
surplus reserve. The fact that the de-
crease in the surplus reserve is not as
large as expected is due to this fac and
also to the fact that the legal reserve
is brought down g. $50, 625 by the enor-
Withdrawals OF deposits. The
contraction of loans in face Of the
speculative demand prevalent amply
accounts for the sinening OF money
rates and for the falling off in specula-
tive activity in the stock exchange. 1t
demonstrates hat the sudden rise in
money rates on Monday afternoon was
not a manipulative movement in the
bear interest, but was a natural refec-
ton of actual conditions. 1t points to
a speedy further fall in exchange and
to large additional imports Of gold, un-
less the money rate in n and
Paris rise to a point where 1t would be
more profitable for creditors here to
leave their funds there. 1t explains,
also, the action OF two Of the city
banks, not usually dealers in exchange,
in engaging gold for import early in
the week. in face Of the almost unani-
nous opinion of the foreign exchange
bankers IA the operation would yield
no profit. The first engagement of gold
was made by the largest OF the city
banks and was probably based on its
knowledge Of the conditions Of the
money supply. The calling and conse-
quent shifting Of loans at the higher
rate OF interest has been the predomi-
| nant influence in the stock market,
I which has been reactionary all week,
with the exception Of one day. The re-
action developed late on Monday, coin
| cidently with the rise in the money
rate and after stocks had touched the
highest price OF the yea earlier in the
day.
The reports OF the nature Of the
representation made to Spain on be-
half of the United States in regard to
Cuba by General Woodford, the United
States minister, ave a keen instru-
| ment into the hands Of the reactionists
and they used it, together with the
spread Of yellow fever. to good advan-
tage on Tuesday. On that day liquida-
ton resulted in sales Of nearly loo, 900
shares OF stocks The only recovery
was that of Wednesday. on the news
of the beginning OF the gold import
movement. There Is a feeling that the
reaction is a healthy one and was in
fact, overdue. 1t has served to shake
| out many weakly margined holders OF
stocks and has left them in possession
| of holders less likely to succomb to a
I causual reaction. 1t Is felt, also, that
the advance in prices had rather more
than discounted the Improvement in
business and the increase Of railroads.
a notable evidence Of which was AFFORD
ed by the increa sduring the week of
: b Rock Island Hidend from a 2 to
a 1 per cent baa Therefore. with all