The age-herald., 1897-10-24
In Wall Street.

In Wall Street.
 New York, Oct. 2S.-Today's security market was intensely dull throughout The only business done was by profss- sional traders, and this included some selling for foreign account Some of the selling represented the placing of short contracts by b:ar traders, who argued that the danger Of the Cuban question leading to strained relations with Spain indicated that prices would decline The Sunday interval between trading will be resumed, which made these operators very cautious In their ventures, for fear of developments that may change the situation before Mon day. The disposition to restrict opera tions for short turns was very obvious, and the only movement of prices seems to be due to professional manipulation. The total sales were less than 90,000 shares, a figure lower than for any Sat urday in months. The greater part of these sales were of shares of the indus trial speciafties, the railway list being decidedly neglected. Some firmness was manifest in the granger shares on the theory that they will benefit from favorable decision in the Nebraska max. mum Ire1SIL TdIc case, WHICH IS GA- pected from the supreme court on Mon- day--that is to say, decision denying the state of Nebraska to fix maximum freight charges by the railroads. Sugar displayed some strength during the day and closed with small net gain. Chi cago Gas and Union Pacific were the only stocks traded in to the extent of more than 10000 shares. The latter was
  of the reorganization plan by talk of an opposition syndicate, which continues to be talked of in an ill-denned way. Net losses are general, but reach point or over in only few cases.
 The increase of surplus reserve of the banks of sS,290.200, even with the legal reserve point raised by an increase in deposits. was not counted a favorable factor in the stock market, though it naturally tends to ease in the money market and to strengthen the position of the banks technically. The increase dn the holdings of actual cash was $S,- 626,600, the gold arriving from Europe last Friday and Saturday being in- cluded. The liquidation of loans In the face of this easy condition reach the large total of S6941 .OOO This was in large part due to the buying of commer- cial paper In this market by western banks, choice short paper having been placed with Chicago bank at 3% per cent, according to a prominent author ity. Numerous other western centers have offered money on New York, anG their deposits are reported to be high on account of the large payments of in- debtedness by farmers and western busi- ness men who have realized on tie grain crop The active 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 consequence of this condi- ton has led to marked easing of the money market, call loans yesterday and today being offered ir abundance at per cent, and in some cases below that. The money market is almost plsthoric. and the falling off for funds is not look ed upon in Wall street as an altogether favorable indication of the progress of general business. It is said that a movement is on foot among New York banks to reduce the interest they pay on the balances of out of town banks from to IF per cent. This condition of the domestic money market is cou- pied with something very like stringen- cy In the Berlin money market, owine. to keen activity in business and to a stiff fening of rates in the London market, as d result of efforts by the Bank of England to prevent gold coming to the United States. These efforts consisted of raising the price of gold bars and Of American ca; $ and of borrowing large ly with view lo bringing up the open market rate of discount 10 parity with that of the bank, which remains at per cent.
 The open market rate in London yes terday and today had about reached that point, and it is said that applications for loans are made to the bank itseM. The London rate of discount has crossoa the New York rate, and ths' disparity tends to increase 80 that the import movement of gold has come to a stop, in spite of the heavy trade balance in favor of this country. Exchange Is being al- lowed to accumulate at this center Ex-. change bankers sell stearing for future account at a rate which makes 1t profta- ble to buy, these futures and borrow