The herald., 1897-10-24
ON 'CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Oct. 23.-Todays security
market was intensely dull throughout. The
only business done was by professional
traders and this included some selling for
foreign account. Some of the selling rep
resented the placing of short contracts by
bear traders, who argued that the danger
of the Cuban insurrection leading TO
strained relationsw it'll Spain indicated that
prices would decline. The Sunday interval
before trading will be resumed made these
dealers cautions in their ventures for fear
of developments that may change the sit
uation before Monday. The disposition to
restrict operations for short turns was
very obvious and the only movement of
prices semes to be due to professional man
ipulation. The greater part of these sales
were of industrial specialties, the railway
list being decidedly neglected. Sugar dis
played some strength during the day and
closed with a small net gain. Union Pa
cific was weak on doubt cast upon the sue
cess of the reorganization plan by talk of
an opposition syndicate, which continues
to be talked of in an ill-defined way. Losses
are general, but reach point or over in
only a few cases. The increase of the
surplus of the banks of IS, 900 200 even with
the legal reserve point raised by an in
crease of deposits was not counted q ia
vorable factor in the stock market, though
1t naturally tends to ease in the money
market and to strengthen the position of
banks technically. The increase in the
holdings of actual cash was IS, 626, Geo. the
gold arriving from Europe last Friday and
Saturday being included. The liquidation
of this easy condition reached the large
total of s6,941,6oO. The quick move
ment of the grain crop has led to
for funds for that prpose and the
interruption of the movement of the cot
ton crop defers the demand from that
quarter. The release of funds in New York
as consequence of this condition has led
to a marked easing off in the money mar
ket call loans offered in abundance at 2
per cent and in some cases below that. The
money market is almost plethoric and the
falling off in the demands fort unds is not
looked upon in Wall street as an altogether
favorable indication of the progress of
business. 1t is reported that movement
is on foot among New York banks to reduce
the interest that they pay on the balances
of out-of-town banks from to ~ per cent.
This condition of the domestic market is
coupled with something very like stringen-
cy in the Berlin money market owing to
keen activity in the business and to a
stiffening of rates in the London market
as result of efforts by the Bank of Eng
land to prevent gold coming to the United
States these efforts consisted of raising the
price of gold bars and of American eagles
and on borrowing largely with a view to
bringing up the open market rate of dis
count to parity with that of the bank,
which remains at per cent. The open
market rate in London yesterday and today
had about reached that point and it is re-
ported that applications for loans are maxi
ing to the bank itself. The London rate of
discount has crossed the New York rate
and the disparity tends to increase SO thai
the present movement of gold has come to
a stop. in spite of the heavy trade balance
in favor of this country. Exchange is
being allowed to accumulate at this center.