The sun., 1897-09-21

quarters the marking mp OF bank accommoda-
tions 10 2iS y cent and a temporary spurt In
call money rates on the stock Exchange to
cent. were regarded as an approximately
stringent money market. Those who took this
view have forgotten, II indeed they ever knew,
that moro than one upward movement In prices
on the Stock Exchange has not only ignored the
legal rate OF interest, but a daily commission
besides. The Street has been accustomed so
long to get Its call money practically for moth.
ing and It's time money at abnormally low rates
that return to figures that merchants, man
ufRcturcrs, and other business interests
havo 10 pay for their accommodations dis.
tresses tho avaricious broker and alarms his
equally narrow minded and timid client. There
Is one phase OF this situation that is calculated
to stimulate the inquistivcness OF those inno-
cent of the ways OF Wall street, namely, why
the Spectator who is long Of stocks should be
apprehensive in a 8 or 4 . cent. money mar
ket, since the accommodations extended to him
by his broker are invariably at the legal rate Of
9 = cent.
The finale OF to.dey's opera bouffe perform
ance on the Stock Exchange wns the impor-
tance attached to dispatches fran San Sebas-
tian printed in q Paris newspaper and trans
mitted 10 this city of an impending crisis be-
tween the Cnitod States ana Spain. The effect
produced shows how great an influence an irre-
sponsible ponnv-a.liner can sometimes exert
upon feeble and susceptible minds. 1t cannot be
denied that speculative conditions at times
become unwholesome. and they may be 90 TO an
extent to-day. They probably are, or tho unm
portant considerations that have been enumcr
sted could not have been utilized as effectively
as they were by q handful Of room traders who
have not been in harmony with the upward
movement In prices, and who were this after
noon more solicitous than any one else that an
active money market and foreign complications
might result in general collapse OF a
speculation that lie substantially grounded upon
enormous and steadily increasing traffic re-
turns, which. together with the advancing
prices OF commodities and larger bank clear
ances. reflect an Improvement in every branch
OF trade and every industry. The character of
much of the selling to-day was indicated by tho
better borrowing demand for stocks at the close
OF business.
The dealin were slightly in excess OF half q
million shares and were we'll distributed.
Early in the day number OF stocks showed eN
ccptional strength. among them Rock Island.
which led the list in point OF activity; Chicago
G - and G., b. and Quincy. all OF which made
new high records. Other strong features were
Chicago Great Western Louisville and Nash
Vile, Union Pacific, and Bal imore and Ohio. The
market for Rock Island was influenced by the
NlTluaI certainty tnaL inc bLOCK VIII DC placed
up at least a y cent. basis this week and
that the policy adopted by the management
regarding divid nds will eventually result in
placing the stock upon much higher basis
The advance in Chicago Gas is explained by the
steady progress toward tho completion OF the
consolidation OF the constituent companies.
The movement in Louisville and Nashville
is explained by an increase OF over $4,000
in tho gross earnings OF the company for the
second week OF September. An equally good
showing was made by tho Southern Railway
Company for the same period. the increase as
compared with last year, being S354OO. Ofthe
usually less active stocks Buffalo. Rochester
and Pittsburs issues Chicago Grca, Western
preference shares. Evansville and Tcrro Haute,
Metropolitan Traction and Union Pacilc Den.
yer and Gulf were exceptionally strong. The
advance in the last named was on the IA king OF
definite steps toward the reorganization OF the
company. The noteworthy net declines other
than those in tho Granger sto. ks were IN 60.
| securities. Consolidate: Gas lost points and
Brooklyn Union 4. while those dealt In on tho
| curb sustained similar declines. The bond
market WIS relatively stronger than that for
stocks, and the volume OF business was fully up
the recent daily average.
Final sales compare with those OF Saturday a.
follows: