The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-10-03

SATURDAY. Oct. 2.
The course of prices since yesterday morning
and the character Of q largo proportion Of the
buying of stocks during the last twenty-four
hours are calculated to confirm the suspicion
that existed while the reaction in prices
was taking place, that. important inter-
ests In the security market have been en-
gaRed in making what Is technically known as
q SCOOP" Tho temptation to sell stocks at
the enthusiastic advance Of two or three weeks
ago was probably yielded to by both specula-
tive and investing holders. Tho first named
doubtless realized that they had too
much company, and. besides. it was
apparent to every one that small dealers had
bought moro stocks than they were entitled to
carry. and that many brokers had undertaken to
finance larger lines than their capital warranted.
The reaction which apparently eliminated yes
terday morning corrected these excuses and
incidentally transferred a large part Of the
floating supply Of securities from weak to
strong hands. Small spectators have doubt
less sustained losses or been constrained to take
reduced profits; but they have no cause for COM
plant. The game that Is played upon the Stock
Exchange is hot q new one, and whoever fails to
win at 1t must charge his losses 10 his mex
perienco. defective judgment. or ~avarice.
Now that the market has begun to recover.
no attention whatever is paid to disturbing re-
ports ana peSSlmlbtlc views tnat apparently in
nuenced the speculation a few days ago. On
the contrary. serious consideration is accorded
to the favorable circumstances that have ex-
listed all along and which are steadily be-
coming moro pronounced. 1t Ii hardly neces-
sary to recount them. as every one interested
in business or speculation is familiar with
Thorn. They wero further accumulated to-day
by tho weekly statement Of averages of the
Associated Banks. which shows a smaller
loss In lawful money than for several
weeks past, q circumstance that indicates that
the West Is beginning to receive through
various channels returns for the breadstuffs
sold abroad. Within q short time those returns
will begin to como to hand in the form Of specie
exported by Europe. Another noteworthy
change In the bank statement this week is tho
decrease of nearly $4,000 900 in the loans. tho
| greater part Of which must, in the present con-
dition OF the money market. be regarded as en-
tirely voluntary. In consequence Of those two
| changes the deposits are sc. OOO. 900 smaller than
last week. requiring 81. 500. 900 less reserve.
so that the decrease in the surplus is compare
lively small. being less than $500. 0O0.
As important a feature as any OF the security
market this week 10 tho steady repurchase
of securities by London. European selling
was conspicuous during the advance that cul-
minated t"o weeks ago; but at the decline
foreign dealers have been moderate buy
ers. yet to an extent that has started re-
shipments OF ST. Paul, Erie, and other securi-
ties upon a moderate scale. Regarding st. Paul
it Is learned that foreign holdings have been
reduced during tho last few years from $40
OOO, 900 to So. 900, 900 par value. Since The
declaration of tho last dividend upon st. Paul
common Europe has shown fresh confidence in
the stock, and there is basis for tho statement
that as soon as tho transfer books reopen q good
many thousand shares will be shipped to the
other side. In considering The attitude of
Europe toward tho market for Amcri-
can securities ana also in considering
adviccs from abroad regarding possible in,
ternntional complications growing out OF
the condition OF affairs in Cuba. the fact should
not be lost sight OF that European nations as a
rule have become intensely jealous OF the in,
crcasing power and prosperity, particularly the
latter. OF the United = ties.
In spite OF the sLS !%caction in prices this
week the majority OF socks close higher to-day
than They did last Saturday. In Il number OF
cases tho net improvement is very decided.
The weekly trade reports toll OF AN increasing
volume OF business at advancing prices. Asser.
tIons to that effect are backed up by