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

count that few stocks have escaped with
less than point net loss. The course OF
the market yesterday had led many to sup
pose that the bear campaign had come to
an end, and that the market would prob
ably sink into inanimatlon for a time. The
usual end-of- -the-week covering of short
contracts was expected to stiffen prices
slightly. Quite the contrary occurred.
Prices did improve fraction in the first
hour on a very light volume of dealings.
Weakness developed in Chicago Gas and
checked the rise. Bears seized upon SELL
ing by houses with Washington connec-
tions as confirmation of mysterious
something pending in Washington that
must play havoc with values when 1t be-
came known. What it was, was not dis
closed. The stock market is particularly
sensitive to intimations from Washington
at this time. owing to conviction in
many minds that it Is only a question OF
time when the Cuban question shall lead
to a rupture with Spain. Much stress is
also laid by traders in stock upon the pend
ing decision of the supreme court upon the
Nebraska maximum freight rate case
against the Joint Traffic associatinon The
market was evidently unprotected by sup
porting orders, and the aggressive short
selling by the bears led to rapid decline
in light transactions.
Only two stocks on the list showed sales
as high as 10000 shares. These were Chi
cago Gas and Burlington. Chicago Gas,
Omaha, Manhattan, Missouri Pacific and
Burlington were conspicuous in the de-
cline. Consolidated Gas broke 91s points
at one time, but ending with recovery of
I3 points. There were slight recoveries in
some stocks just at the close. but most
stocks closed at the lowest. the prevailing
tone being very weak. Probably super
fetal view of the weekly statement of the
| NJ nj o,iro har xc ba
thing to do with today's selling movement
of stocks. The professional traders usual
ly accept a decrease in the surplus reserve
as a specific admonition to sell. Todays
decrease of 50 OS4 900 in that item was, in
fact, something of a surprise In view of the
rather strenuous efforts by the banks in
the last two weeks to prevent a further
surplus But the small decrease in loans
reported this week s262 800. indicates that
the banking authorities view with equan-
unity the decline in their reserve surplus.
confident in the strengthening force OF
the &c. $50. 900 in gold now in transit to New
York from England and France. The
gold arrivals for the week reelected In an
Increase in specie Of $1.5S34Oo, but are
more than offset by the decrease in legal
tenders of 1902 500 The demand for legal
tenders is very keen and the best efforts
of the banks and the United States treas
ury are not equal to fully providing a
supply.
New York sub-treasury has been obliged
to refuse to supply legal tenders in re-
turn for gold except for telegraphic trans
fer of currency to other sub-treasury
points.
The New York banks have been settling
balances at the clearing house during the
week in gold to large extent and the
prediction is made that the payments of
customs duties will soon be made in gold.
Chicago banks are reported also to be
presen ntdng gold at the sub-treasury there
with a request for legal tenders and the
'reasury at Washington Is beginn ny to
dec. use in legal tender in .he New York
bank reserve had amounted to s21, S51, 200,
and the specie has increased nearly ST.
100000 in the same time, Notwithstanding
large exchanges of specie for legal tenders
at the sub-treasury. The ample propor-
tions of the country's gold reserve has
doubtless had much to do with the i'm
port movement of gold which was fairly
inauguratedI yesterday and the day before,
the total amount of gold not in transit
amounting to $6.350,000 The stiffening of
exchange rates, consequent upon the pur-
chase Of bills against these imports, Is be-
lieved to be but temporary and the move
ment of gold is expected to continue stead
lily for some time to come The effect on
the money market of the gold engagements
has been to 1mpart a distinctly easier
tone, time money declining to per cent
for sixty days and up to per cent for
four months and longer periods. Outside
buyers of commercial papers have been
in the New York market during the week
and when the supply of paper has been
increasing in volume. rates have been
easy at 4A@5 per cent for prime grades.
The stock market has been singuarly
unaffected by the beginning of the gold
movement, which almost always has
marked sentimental effect on prices. The
resistance of the market to the effect of
heavy slumps in Chicago Gas on Thursday
and the hardening tendency on Friday on
the large shipments of gold announced on
that date, led to the supposition that the
reaction was at an end and a rally en-
sued. But today's market has completely
belied this expectation The market has
been dull and professional all the week,
sensational movements of special stocks
falling to have any marked effect on the
general market
Prices in bonds were relatively firm,
some small gains being shown. Transac-
tions were light compared with the recent
averages. Total sales. $S.O00000.
Government bonds are "a to NC higher.
The latter, the new fours coupon. This
issue sold during the week at 126%, a new
high record.
Money in Bank
NEW YORK, Oct. s.-The weekly bank
statement shows:' Surplus reserve de-