The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-10-17

sag lower, but we think the staple IS
selling for less than ut is worth, and we
do not believe that this condition can
last long. RlOEtDAN * ".
In Wall Street.
New ork, Oct. 16-There was nothing
to Indicate any urgent covering of sholt
contracts in today's market, such as is
very often characteristic of week OF
bear campaign. The days market show
ed a better tone during the greater part
of the trading, but the fluctuations Were
very narrow and the close was at small
declines from the best. There was de-
cline of "a in Manhattan on short sales
and a point in Chicago Gas, which was
the most striking demonstration by the
bears during the day. Both parties in
the market seemed equally apathetic.
There was good buying in the two lead
ing specialties, Chicago Gas and Sugar,
the former equally attributed to pur-
pose of inside interests to acquire stocks
and a manouvre to squeeze the stocks.
Missouri Pacific is offered Ito some ex-
tent, probably in sympathy with the
drive against Manhattan. Union Pacific
exhibited some depression on account of
the increase in the minimum bid to the
government and the agreement to the
foreclosure. London was q buyer on
balance today on small extent and af-
forded some support to the market.
None of the leading shares show impor-
tant changes, but most of these are
gains.
Experts have been watching the mar
ket now for signs that it has turned up
ward again. Such a process has appar-
emily been inaugurated twice during the
week, but the upward course came to
stop with the closing of short con-
tracts and reaction resumed its sway
The reactionary tendency has now con-
tdnued dominant for about a. month and
the average decline in that time is about
half as much as was the rise in the pre-
vious four months of the bull campaign.
Statistics might be cited of the propor-
tions of reaction to decline after previ-
Gus great bull markets, but precedents
are misleading and various. The main
fact is that even in the bull tide of con-
ditfons, which induce an advance in
prices of securities, it is invariably the
rule that a backward swing occurs, COW
emng a. material part, though not the
whole Of the advance. The professional
traders sold out their stocks a month
ago at the high prices, and they do not
care to buy again SO long as there is
prospect of causing further declines
During the market many holders of
stocks who have been persistent in hold
ing on for turn, have become disguised
and have liquidated on a large scale to
save further loss, thus giving material
assistance to the bear party. The mo-
tives assigned for the selling are vari-
Gus, but of little real force, as is DEM
onstrated by the fact that when the al
legged cause is removed there is no ces-
sation in the decline. The trade reviews
all report continued expansion in their
lines, the improvement in the iron in
dustry being especially marked. The in
crease in the output of pig iron aud the
decrease in stocks indicate that the rate
of consumption has increased abou, 40
per cent. since July l. Further engage
ments Of gold for import were expected
to have been made this week, but the
purchasers of exchange bills against
last weeks engagements have kept the
rate of exchange above the import point
The parity has also been lowered by the
advance in the price of gold bullion in
London, Paris and Berlin. A very
heavy movement of gold before the sea-
son ends is considered inevitable Lon
don has ceased to sell American securi--
ties in the New York market and this
week has been buyer. The government
report for September shows balance of
trade for the month in favor of this
country of over $62000,00O The move
ment Of cotton now but just gainang full
tide is expected to give a heavy balance
for October in this country's favor 1t
Is to be Borne In mind, however that
rhe low price OF cotton prevailing will
make a great difference in the amount
of exchange demand to pay for exports
Today's statement of imports at New
York for the week also show a striking
increase over last week of s., SS3.551, while
the exports from this port for this week
fell off 2,443,954. This much modifies the
International exchange situation to an
apprectable extent
The weeks declines have been heav-
lest in the specialties, Sugar and Tobacco
leading with 6h and 81, respectively.
Declines In the railway list range from
/ to 8 per cent. the grangers, southern
and southwesterns leading. Chicago Gas
sold as low as STU, but recovered to a.
Railroad bonds were less active and
weak In sympathy with stocks, but the
declines were less important. Total sales,
$1o.750.000. United States bonds have