The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-10-26

railways Sugar displayed some
strength during the day and closed with
q small net gain Chicago Gas and
Union Pacific were the only stocks
traded IN to the extent Of more than
10. 600. The latter was weak on the
doubt cast upon the success Of the re-
organization plan by talk of an oppo
sition syndicate which continues To BE-
talked OF. Net losses are general but
c a point or over In only a few
cases
The increase of the surplus reserve
OF the banks OF s.. go. 600. even with the
legal reserve point raised by an in
crease in deposits. was not counted q
favorable factor in the stock market
though 1t naturally tends TO ease In
the money market and to
the position Of the banks technically.
The increase in the holdings of actual
cash was ss.ses. 600. the goid arriving
from Europe last Friday and Saturday
being included. The liquidation OF
loans in a c OF this easy condition
reached the large total of 81. s4f. GOO.
This was in large part due to the buy
ing OF commercial paper in this market
by western ranks choice single named
short paper having beer placed with a
Chicago bank during the week a. 81
per cent. according TO a prominent au-
thority. Numerous other westernerx
have offered money In New York and
their deposits are reported to be nigh
on account of large payments OF in
deb;edness by farmers and western
business men who have realized on the
grain crop. The quick movement OF the
grain crop has led to an early cessation
OF demand for funds for that purpose
and the interruption OF the movement
Of the cotton crop defers the demand
from that quarter. The release of
FUNDS in New York as a
OF this condition has led To a marked
easing OF the money market, cal loans
yesterday and today being offered in
abundance at 2 per cent and In some
cases below that.
The money market Is almost ~plethoric
and the falling of for funds is not look
ed upon in Wall street as a favorable
indication OF the progress OF general
business. 1t is reported hat a move
ment is on foot among New York
banks To reduce the interest they nav
on the balances OF out OF town banks
from ? to liz per cent. This condition
or the domestic money market Is
oupled with something very ike strin-
gency in the Berlin money market,
owing to the keen activity In business
and TO a stiffening OF rates In the Lon
don market as a results of efforts by the
Bank of England to prevent gold
coming to the United States. These ef-
forts consisted CT raising the price OF
gold bars n OF American eagles and
OF borrowing largely with a view T.
brlnging up the open market rate OF
discount To a parity with that of the
bank which remains at 3 per cent. The
open market rate in London yesterday
and today had bou reached that poin,
and ii is reported that applications for
loans are making TO the bank Itself.
Railroad earnings continue large but
some questions has begun to arise
whether general traffic will keep up
earnings after the grain movements
and the arrearage Of soft coal rattle
have subsidized. Some speculative ac-
tivity has been shifted To the wheat
market with the fresh advance there.
Bonds LAY been moderately active
and nave held their advances NOR.
firmly than stocks, gains ranging up
to ) per cent. Total sales were 81, l00,-
600. United States new AS coupon have
sold t l2S, the highest on record.
The bid prices OF other issues have
moved up in consequence with the
ease in the money market.