The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-10-19

New York., Otober 16.-There was
nothing to indicate any urgent cover
ing or short contracts in today's mar
ket, such as is very often customary
at the close of the week and a bear
campaign. The days market showed a
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. They were
in sympathy with a break Of sc in
Manhattan on short sales and of a
point in Chicago Gas, which was the
most striking demonstration by the
bears during he 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 a
purpose of inside interests to acquire
stock and a maneuver to squeeze the
shorts. Missouri Pacific suffered to
some extern, probably in sympathy
with The drive against Manhattan. I'm
ion Pacific exhibited some depression
on account of the expressed criticisms
of the minimum bid agreed to by the
government for the satisfaction OF it's
claim n agreement to the foreclosure
sale. London was a buyer on balance
today to a small extent and afforded
some support to the market. None Of
the eading sticks show important net
changes, but most of these are gains.
Experts have been watching the mar
ket now for signs that it has turned up
wards again. Such a process has ap-
parently been inaugurated twice dur
ing the week, but the upward course
came to a stop with the closing of short
contracts and reaction resumed it's
rye Thn 0o To 80 ~ -
now continued dominant for about q
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 pro-
portions of reaction to decline after
previous great bull markets., but prece-
dents are misleading and various. The
main fact is that wen in the full tide
Of the conditions which induce an ad-
vance in prices Of securities it is in
variably the rule that a backward
swing occurs, covering 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 don't care to buy again 80
long a. there is prospect to causing
further declines. During the week
many holders Of stocks who have been
persistent in holding on for a turn have
l OSSSAAS uAo 0AlN hoV
m a large scale to save further loss
thus giving material assistance to tn
bear party. The motives for the sell.
ing are various and Of little real force
as is demonstrated by the fac ha.
when the alleged Is removed
there is no cessation in the decline.
Further engagements Of gold for i'm
port were expected to have been mad,
this week. but the purchases Of ex
change bills against last weeks en-
gagements have kept the rate Of ex
change above the import point. TIL
rance in h prices Of gold bullion Il
London anu by the rise in discoun
rates at London, Paris and Berlin. !
very heavy movement OF gold befOr
the season ends Is considered inevita
BILE.
London has ceased to sell American
securities in the New York market an,
this week has been a buyer. The gov
ernment's trade statement for Septem
Der shows a balance of trade for tn
month in favor of this country of owe
$62 900. 900. The movement of cotton
now but just gaining full tide. is ex
pected to give a heavy balance for DC
tober in this country's favor 1t Is I
be borne in mind, however. a tn
low price Of cotton prevailing VIII max
a great difference IN the amount of ex
change demand to pay for export
TodayS statement or imports at Ne'
York for the week also show a strik
. ing increase over last week of 81,
) $50. 551, while the exports from his POI
for his week fell off $2.454, 1874. Thi
2 must modify the internal exchange I
2 an appreciable extent. The weeks de
: clines have been heavier in specialties
. sugar and tobacco leading with 81
; and 5A respectively. Declines in rail
roads range from 1 to 3 per cent, tn
grangers, southern n Southwestern
roads leading. Chicago Gas sold a
low as SIN. but recovered to 81.
a., Railroad bonds were less active an
weak and in sympathy with stocks. bu
: the declines were les1 important Tots
{ sales were SO. $50. 900. United State
bonds ave been strong and higher
the new As coupons selling at 127h.
! new high record. The total sales {
3 stocks today were 1885, 500.