The herald., 1897-09-25
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Sept 4-The reactionary
spirit resumed full sway today in the
stock market after brief period of higher
prices during the morning. due to SYM
pathy with sugar, which advanced at one
time 2 points over last nights close
Sugars strength was due to the belief
that the treasury department would de-
eide that Holland was, in effect, paying
an export bounty on sugar, and that coun-
|tervailing duties would, therefore, apply to
Dutch refined sugars. The rise in sugar
and some strength manifested by Man
haitian served to raise the general level Of
prices to a fractional extent, but proved
inadequate to sustain them, and the fall for
the remainder of the day was practically
continuous, though more rapid at some
times than others. There was nothing in
the news of the day to account for the de-
cline, all the reports of railroad earnings
continuing to show large increases and
advices of the growth of business activity
being uniformly encouraging from all
points. The outside public, however had
apparently ceased to buy. and the large
bull operators were no longer willing to
accept the heavy offerings Of stocks made
to them. Profit taking was the order of
the day. The market was dull compared
with the recent tone, but the decline was
unchecked. The bear inter-
est was well defined, and was constant in
activity during the day. The situation of
the money market continued to attract
attention. The features were the firm
ness of call money ON the basis of 2 per
|cent and considerable activity in the time
money market The exchange market also
hardened, actual rates advancing about
w in response to the gold shipments now
on the way to this country. Remittances
to the interior have continued on a large
SCALE and tomorrow's bank statement is
expected to show a large additional de-
crease in the surplus reserves. The banks
and the sub-treasury have been able to
meet all demands thus far for currency
but the demand upon them Is large. and
promises to increase. The treasury at
Washington found itself unable to accede
to the request of local banking firm,
which had received consignment of gold
at San Francisco to it's credit, to be al
lowed to withdraw legal tenders from the
sub-treasury in New York upon the deposit
of the gold in San Francisco. Amongst the
returns of railroad earnings for the third
week in September, Missouri Pacific show
ed an increase of Sill, coo; Denver and Rio
Grande, 1000, and Rio Grande Western,
$19,S00. For the second week. Northern
Pacific showed an increase of $126, ,755. New
Jersey Central for August showed an in
crease in net of $99, 1893. The stocks of soft
coal roads which have failed to share in
the late improvement, owing to the miners
strike, showed some activity today, and
were comparatively steady. The net losses
run all the way from fraction to points,
the latter Consolidated Gas, but in the
large majority of active shares it is be-
tween l and points. Susquehanna and
Western preferred lost AZ. and Sugar, Cot
ton OIL Delaware and Hudson and Omaha
over points. Illinois Steel rose 3A.
Bonds were weak. in sympathy with
stocks on a greatly diminished volume of
transactions. Total sales, 81, ,7O7 900.