The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-10-12

! that n banking authorities view with
equanimity the decline In their re-
serve surplus. confident in the strength
ening force Of the IS. $50. 600 in gold now
in transit TO New York from England
and France. The gold arrivals OF the
week are reflected in an increase in
specie OF i.5SS. AGO. but arc more than
offset by the decrease in legal tenders
Of 81. 5e2. 800. The demand for legal ten
ders Is very keen and the best efforts
OF the banks and the United States
treasury are not equal to fully provs6s
ing a supply. The New York rub
treasury has been Obliged & refuse tn
supply legal tenders in return for gold
except for telegraphic transfer OF cur
rency TO other s~ub-treasury points.
The New York banks have been set
lin their balances at the clearing
house during the week In gold to q
large extent and the prediction Is
made that h payments OF Qrstoms
duties will soon be made in gold. Chi
cago banks are reported also e be
presenting gold at the s~ub-trcasury
there with a request for legal tenders
and the treasury at Washington Is be-
ginning to find itself embarrassed To
supply all those demands upon II. Since
September 11th. the decrease in legal
tender in the New York banks reserve
has amounted to SCI, ISL, 800 an the
specie has increased nearly SIS o 600
in the same time. Notwithstanding large
exchanges OF specie for legal tenders at
the su~b-treasury. The ample proper
ton Of the country's gold reserve has
doubtless had much TO do in deferring
the import movement OF gofd, which
was fairly inaugurated yesterday. The
stinening OF exchange rates, consequent
upon the purchase OF bills against these
imports is believed TO be but temper
airy and the movement OF gold is ex-
pected TO continue steadily for some
time to come. The effect on the money
market of the gold engagements has
been To impart n distinctly easier tone,
time money declining to 3 per cent. for
sixty days and 1 per cent. for four
months and longer periods. Outside
buyers OF commercial paper have been
in the New York market during the
week and though the supply OF paper
has been in increasing volume. rates
have been easier and are at A.. to 5 per
cent. for prime grades.
The stock market has been singular
ly unaffected by the beginning of the
gold movement, which almost always
has n marked sentimental effect on
prices. The resistance OF the market
TO the effect OF the heavy slump i'm
Chicago Gas on Thursday and the
hardening tendency on Friday OH the
iarSe shipments OF SOlu announced on
that day led to the suppositiou that the
reaction was at an end and tina a rally
would ensue; but today's market has
completely belied this expectation.
The unprecedented gross earnings OF
the railroads for September and the
handsome net returns for August.
which have been reported during the
week, have been as Intellectual as the
gold movement in checking the reac-
ton and prices are with few exceptions
lower, the losses i'm the grangers cx-
tending up to 4 per cent. in Omaha and
3b per cent. in Burlington.
Prices in bonds were relatively firm.
some small gains being shown. Trans
actions were light, compared with re-
cent averages. Total sales We're $4,000
600. Government bonds are &c to &c
higher, the latter, the new As coupon.
This issue sold during the week at
| 126%, a new high record. The sales OF
| stocks today were la, 600 shares.