The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-10-01

New York. September 2g.-Today's
stock market still further demonstrated
the changed character Of the specuia-
ton and the entire subsistence OF the
recent rampant bull spirit. The bears
were more aggressive than at any time
hitherto n met with scarcely any op-
position They seemed somewhat APP
prehensive over their own success and
bought quite steadily during the after
noon OF the same stocks that had been
sold short in the morning. The result
was to make net changes quite irregu-
lar. But the largest figures were on the
side Of the losses. The bears succeed
ed in dislodging a number of stop loss
orders or weekly margined speculative
holdings and there seemed to be more
lon selling than has beek the case
heretofore. The declines extended from
l to 4 points and with very few excep-
tons affected every active stock on the
list. The bears were apparently salts
fed to realize on short turn and not
leave accounts open even over night.
1t was a notable fact, however. that
whatever animation was shown was
during the decline and the recovery was
slow and hating and on much dimin-
ished volume Of trading. The centres
OF the bears attacks were stocks of
such uncertain value as Sugar and Chi
cago Gas and the local gas stocks which
have lately proved SO easily subject to
manipulation. The evidence of a reac-
tionary tone of the speculation was
shown in the ready credence given to
all rumors Of an unfavorable factor.
The cessation of the late pool buying
on a large scale calls attention to the
large amount Of stocks which are spec
ulatively held, n to the danger that
would ensue from any accident that
would precipitate a sharp decline and
bring a flood of selling on a falling
market. Such occurrences Of those to-
day do muc to eliminate these ele-
ments of weakness and are creating a
short interest which would be a stimu-
liant upon any recurrence of a bull
movement. Meantime prices are nee
e~Ssarily in course of adjustment to the
advanced money rate which means
lower prices even for substantial invest
ment stocks. There was no change to-
day in the character of the news bear
ing on the general situation. London
continued to show a disposition to put
money into American securities on n
decline. Railroad earnings continue
to show Improvement. An incident of
the day was the lowering of the actual
rates Tor SterllnS Ac, ana a
fall in the Paris rate of exchange on
London. Each of these incidents indi-
Gated a recurrence Of the pressure Of
the demand on London for gold. Near
the close of trading on the exchange it
was reported that offers were made Of
call loans at 1 per cent. Slight signifi-
canoe was attached to the offer as hav-
ing any bearing on the money market,
in which rates continued firm. Owing
to the late rally, prices of the grangers,
the Vand0rbilts and most of the other
leading stocks show Insignificant net
changes, losses, however, predominant
ing.
The bond market did not yield so
rapidly as stocks. but prices Of the most
active isues declined a sharp fraction.
United States As coupon advanced &c
bid. Total sales were 81, OOO, 900. The
total sales of stool today were 491, 600
shares.