The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-10-05
New York Stock Market.

New York, October 1.-THE marked
strength in stocks, which developed in
the late trading yesterday, was re-
sumed this morning in full force and
continued with only n momentary
pause from the opening until the close
of the short session. The buying was
eager n h covering of short con-
a put out during the two weeks
reaction in the market appeared to be
urgent. There was every indication
that the reaction had run it's course
and the agents employed by the lead
ers Of the former bull contingent were
buyers on a large scale. The stocks
hat have shown the sharpest declines
recently were foremost in the recov-
cry. Prices of Americans were ad-
vanced in London before opening here,
and a~rbitrage brokers bought for Lon
don account, The toe which were
favorites in the London buying were
those that nave recently suffered most
severely from liquidation Of foreign
holdings, rejecting a marked change
in foreign sentiment.
An additional fall in the rate Of ster-
ling exchange Of Nc for demand bills
to $4.S4k mSde it evident that addition
al gold imports n be long delayed
and probably helped the market, though
gold is so plentiful at this centre at
present that some of h banks are
settling their daily balances at the
clearing houses in that metal. The
weekly statement of the clearing house
banks was also interpreted favOrably.
The statement clearly reflected the
pains the banks have been at to pre-
vent any further heavy shrinkage in
their surplus reserves. The withdraw
ais of deposits, 1902, 800, is partially
offset by a contraction in loans OF $4,-
592, 900 making a total contraction for
drawels of deposits find al additional
reflection in the decrease in legal ten
ders Of 81, 442, 800, which was offset by a
net increase of $495, 500 in specie, so
that the actual decrease in cash was
only about 5 1000, 900. The more profit
able rates for money have induced an
increase in circulation Of 1921, 900. There
is no doubt that Withdrawals Of de-
posits would have been much larger
had it not been for a falling off in the
demand for currency shipments to the
| south, due to the Interference with the
movement of the cotton crop due to
the yellow fever guarantees. The de-
crease to the south has been offset by
| demand from the eastern and middle
states to meet October interest and
| dividend payments and by New York
requirements for payments Of taxes
Today's net gains in prices Of stocks
ran from / to 8 per cent, the advance
being in full tide when the market
closed.
Today sharp advances have gone fal
to reduce the net declines for the weef
and in some cases have wiped them ou'
entirely. The whole character of tn
speculation showed a marked change
the trading on the advance being ami
mated and the shorts covering heavily
The week has shown a subsistence o
the fears CT money stringency. not
withstanding a sudden rise in the cal
loan rate on Friday Of 5 per cent. Thi
was clearly understood to be due Il
temporary demand for the necessitie
Of the 1st OF October settlements
Bank clearings OF all the cities in tn
United States show a decrease from
last week Of over 3 per cent, thougl
the increase over last year IL still 2
! per cent, but compared with an In