The age-herald., 1897-10-10
Tn W all Street.

New York, Oct. 9.|The bears renewed their raid on the market to such good account chat few stocks have escaped with less than a point to the loss. The covering of the market yesterday in the face of extraordinary dullness has led many to suppose tha,. the bear campaign had come to am end and the market would probably sink into inanimsltfon for a long time. The usual end week coyer- ing of short contracts was expected to niffen prices slightly Quite the con trary occurred. Prices did improve after a reaction in the early hours tradLrg The bears raided Chicago Gas and ch5ck- ed the rise The room traders soon after wards deitected selling by houses with 1Ylashington's connection and bears seized upon this aspect of inside action of mysterous something impending tn Washington that might play havoc with values when 1t becomes krown. What the mysterious something is was not dis closed. The tsock market is peculiarly sensitive ito iHI.amatiens from Washing ton at this time, owing Ito a conviction in many minds that it is only a question of time when the Cuban question shall lead to rupture with Spain. Much stress is laid also by the traders in stocks upon the pending decision of the supreme court upon the Nebraska freght rate case alnd the case against the Joint Traffic association. The market was evidently unprotected by supporting orders and the aggressive short selling by the bears led to rapid declines in light trans actions. Only two stocks in the list show sales as light as 10, ,000 These are Chicago Gas and Burlington. Chicago Gas, Omaha, Manhattan, Missouri Pacific and Bur ainguon were conspicuous in ehe decline. Consolidated Gas nuctuated in ts chaTac- teristic way, breaking 9k points ai. one time, but ending with a recovery of 3 points. There were slight recoyerdes in some stocks just at the close, but most stocks closed alt Ithe lowest, the prevail ing tome being very weak.
 Probably a superficial view of the weekly statement of the New York clearing house banks had something to do with today's sering movement of stocks. The professional trader usually accepts a decrease in the surplus re- serve as a specific admonition to sell. Today's decrease of $2,064,900 in that item was, in fact something of a sur prise in view of the rather strenuous efforts by the banks in the last two weeks to prevent a further shrinkage in their surplus. But the small decrs ase dn loans reported this week, $262,300, irl- dicates that the banking authorities view with equanimity the decline in their reserve surplus confident in the strenethening force of the $6,350,0O0 in goods now in transit to New York from Enssand and Frarce. Tine gold arrivals of the week reflected an increase of specie of $1,5S3.SOO, but are more than offset by the decrease in legal tenders of s4. 032 300. The demand for legal ten ders is very keen and the best efforts of the banks and the United States treas ury are not equal to fully provide sup ply. The sub-treesury has been obliged to refuse to supply legal tenders in re- turn for gold except for teieg raphic transfers of currency to other sub- Urea sury points.
 rrhe New York banks have been set Hing their balances at the clearing house during the week in gold to large extent and the prediction is made that the payment of customs duties will soon be made in gold. Chicago banks are reported also to be paying gold into the sub b-treasury there with request for negal tenders and the treasury at Wash ington is beginning to find itself enl- barrassed to suppy all these demands upon it. Since Sept. Il the decrease in legal tender in the New York banks reserve had amounted to S1, 351 300, and the specie has increasad nearly $1,800O0O an the same time, notwithstanding large exchanges of specie for legal tenders at the sub-treasury. The ample propor- tons of the country's gold reserve has doubtlessly had much to do in deferring the import movement of gold, which was fairly inaugurated yesterday. The stiff fleming of exchange rates, consequent upon the purchase of bills against these imports is believed to be but temporary, and the movement of gold is expected to continue steadily for some time to come. The effect on tine market of gold engagements has been to impart a ds- tinctiy easier tone. time money declining to 3'per cent for sixty days, and to 4