The herald., 1897-10-17
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Oct. 16.-There was nothing
to indicate any urgent covering of short
contracts in today's market, such as is
very often customary at the close of a week
of bear campaign. The days market
showed firm tone during the greater part
of the days trading but the fluctuations
were very narrow and the close was at
small declines from the best. These were
in sympathy with break of ss in Manhat-
tan on sales and of 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 leading
specialties, Chicago Gas and sugar, the
former equally attributed to a purpose of
inside interests to acquire stock and
vancouver to squeeze the shorts. Mis-
souri, Pacifcs offered to some extent, prob
ably in sympathy with the drive against
Manhattan. Union Pacific also exhibited
some depression on account of the express
sed criticisms of the minimum bid agreed
to by the government for the satisfaction
of its claim and agreement to the fore
closure sale. London was a buyer on bal
ance today to small extent and afforded
some support to the market. None of the
leading stocks show important net changes
but most of these are gains. Experts have
been watching the market now for signs
that 1t has turned upwards again. Such a
process has apparently been inauguarted
twice during the week but the upward
course came to a stop with the closing of
short contracts and reaction resumed its
sway. The reactionary tendency has now
continued dominant for about a month
and the average decline in that time is
about half as much as was the rise in the
previous four months Of the bull market.
Statistics might be cited of the proper
tions of reaction to decline after previous
leading and various. The main fact Is that
even in the full tide of the conditions which
induce an advance of prices of securities,
it is invariably the rule that backward
swing occurs covering material part,
though not the whole of the advance. The
professional traders sold out their stocks
g. 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 tho week many holders of stocks
who have been persistent in holding on for
a. turn have become disguised and have
liquidated on q large scale to save further
loss, thus giving material assistance to the
bear party. The trade reviews all report
continued expansion in their lines, the i'm
rrovement in the iron industry being espe-
cially msrked. The increase in the outlook
of pig iron and the decrease in the stocks
Indicate that the ra.e Of consumption has
increased about 40 per cent since July 1st.
Further engagements for gold for import
w+ro expected to have been made this
week. but the purchase of exchange bills
| against last weeks engagements have kept
he rate of exchange above the import
point. This has also been lowered by the
ldva1ce in the price of gold bullion in
London and by the rise in discount rates
at London, Paris and Berlin. A very
heavy movement Of gold before the season
ends 10 considered inevitable. London has
ceased to soil American securities in the
New York market and this weak has been
a buyer. This governments trade state
| mont Cor September shows balance OF