The herald., 1897-10-15

were achieved without affecting any mark
ed change in the general level of prices,
and the upward course soon resulted in
an almost stagnant condition. There
would be a spirit of activity whenever
the bears renewed their raid and APP
parently the desire to sell only ceased
when the bears ceased in setting the ex-
ample by short selling. Chicago gas con-
tinues to occupy by far the largest share
Of attention, and ranged over 4ss points
during the day. Sugar. which came next
in point of activity, was also uncer very
heavy pressure, and declined, at one time
three points below last nights level. The
frmest tone of the market during the day
was in the last hour, and it looked as
though prices would be allowed to recover
within a fraction of last nights close.
but d renewed drive in the last ten min
utes of trading knocked the toilsome
climbers again. Net losses ranged from
l12 to per cent in the most active stocks
in the list. There was no reflection of any
development in affairs of the day in the
course of prices. the market being wholly
professional. The fact was demonstrated
with sufficient clearness that yesterdays
recovery was not a resumption of a sus-
tanned upward course of prices. but was
simply due to professional manipulation
to forge covering of the short contracts
which had been freely put out for day
Or two previously. The gold which was
shipped from Europe last week began to
arrive today, $4,000 being deposited in the
assay offices and $15O000 in the clearing
house vaults. The money market contin-
ues easy. though with no apprecable
change in rates. Sterling exchange was
steady. In spite of the advance to per
cent in the Bank of England's rate of
discount. No further engagements of gold
for import are announced, but they are
considered likely before the week closes,
and the sharp fall in the rate of exchange
of Paris leads to the suppostion that the
next shipments will be from there. The
trade statement for September, issued by
the government. makes it likely that the
excess of exports over imports for that
month will be found to foot up nearly $685.
100000, against nearly S41. 900 900 for August
and over $17 100000 for July. The delayed
cotton movement. which has not yet at
tained its full force, insures an additional
heavy trade balance in favor of this coun-
try for the month. The movement of gold
for the season is therefore considered GER
tain to be heavy, unless the rates for
money in forign financial circles shall ad-
vance so far as to MAKE 1t more profitable
not to draw on these foreign credits for
gold shipments. Dealings in bonds were
on reduced scale and the tone was weak,
though fluctuations were unimportant
lotdi SuitS @loouUDu United states OlQ
As were advanced II bid.
There was quite a speculative stir in the
local corn market today. accompanying
a cent drop In prices. The break was
caused by heavy unloading of stuff bought
some time ago. when all indications point
ed to strong bull movement in this cereal
Wall street parties hold lot of corn. and it
was understood that a part. at least of
these important holdings was tapped by
toady's break. December was hammered
down from s2M to 31ss. closing at the lowest
figures. All other grain markets were af-
fected by the drop in corn. wheat losing
%G1A for the day, and oats 1.0ss in spite
of liberal export dealings in both markets.
Tn fact practically all the news in wheat
today was bullish but of little avail when
opposed to the Generalization noted in
corn. December wheat sold from 95& to
935s closing at a37s.