The San Francisco call., 1897-09-26
NEW YoRK STOCK MARKET.

NEW YORK N Y, Sept 25.-There was no
large and aggressive element in the stock market
to-day and the trading was largely in the hands Of
the reactionists. They were persistent in seeking
for the weak spots in the market. trying to un-
cover stop loss orders. This they succeeded in
doing IN q number of stocks and accelerated the
decline. There were few feeble rallies during
tho day, but the sHggiug tendency was Tor the
most part uninterrupted. DeaIiGgs a
large , 2, nor were they as widely distributed as
OF ate Many Stocks showed no movement at all
during the day. The rise al the opening in 81 m
pathy with Lond on served 10 restrict the net de-
cIines IN Inc lnternaUohai SIocKS ana Lohuon
also was buyer of some stocks during the day.
here was nothing in the genera. news 10 cause
recession IN prices and the heavlness Of the ar
let has no other expl snation than the with
drawal of support ana the continuance of some
LR-rlngs 20 realize profits. The bears did some
snort selling In their efforts TO uncover stop loss
orders, but tnere was NO aggressive general selling
manifest and much caution was apparent in pu.-
ting short sales. Trading halted after II
O'Clock and waited for the bank statement The
r-snunsa was not imrnlneat when the statement
appeared, showing some besitancy about constru-
lug It's chara ,;er \ u nniaNorable view was fl
ally adopted ana prices dropped downward again,
closing Ia many Cases at the lowest If the day IN
s0me sticks, however, there was final rally OF
fraction. Sugar covered a range OF over peints,
but closed unchanged.
Interest to-day centered in the weekly STATE
ment o; he caring house ban s. The CONDITION
OF the money marker, the weeks development,
was iookeo upo3 as the saiient factor IN Geterlh-
ing The course OF speculation IL the Immediate
1u ure The most notab g featare oI the state
lent & is Inc decrease shown IN deposits OF $40
6O2 300. he actual loss Of cash was $e 54S $40,
ali in LEI al tender, the amount OF Spetie shows
a net increase. 1ne heavy decrease IN deposits
represents the demands from interior banks,
which have had furds on deposit in Aew ork
banks for many months
The proportion of the Withdrawals accounts for
ihr sudden failing OF loans during the week, and
was attibu ed IN suecu atiVe circles 20 concerted
effort 10 manipulate the money marke,- The
traction loans Is stated 81, 7ZS 3OJ and this
contraction served 10 reduce by 50 muca the loss
10 the banks in actual cash ana TO save CORE
spending additional DECREASE in he surplus
3 rye The fact that the decrease IN. the Surplus
reserve is not as large expected IS due TO This
fact and also the fact tbat The legal reserve is
brought down 81, $50, ,625 by the enormous vi h
drawal Of ePosits.
The contraction OF loans in face of the active
speculative demand prevalent amply couuts for
the 8, ffening OF money rates and be failing ch il
speculHtIve activity o. the stock exchange. II
demonstrates that the sudden rise IN money rates
on Monday was not a manipulauVe movement IN
The bear interest but was ifai uraf reflection or
actual conditions. IL points TO speedy further
tail in exchange and 70 the large additional ln-
portg Of god, unless the money ral ~ London
and Paris rises to point vheTe II would be more
profitable Tor creditors here TO leave heir Innds
there u explains also the action OF two or Ihe
{ Y banks usually dealers in exchange n en-
gasdng gold Tor i'm port early in th9weeS IN race or
the almost unanimous oplufon of the forelgn eA-
change bankers that The operation would yieid no
p oft
1he first engagement OF god was made by the