The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-10-30
rrNlNorAL ANp coAMERcAL.
SATURDAY, Oct 20.

days have been twice as large as theywere
during the previous week. Final prices
In both departments OF the STOCK Ex-
change are generally higher than AZ
the close Of business last Saturday, and
In a large number OF cases the net advances
are important. The week opened with n rather
sharp decline In prices. caused chiefly By the
foreign war scare, but since Monday prices
have made steady progress toward q hiRher
level. The European war scare has been OF value
in demonstrating the increasing strength OF
the homo market for American securities. the
FIRST indication OF the ability OF our market
to act Independently OF European operators
and investors was plainly discernible tmme-
diately after the last PRESIDENTIAL election
On several occasions since then. notably In
the summer OF last year. this market mas
absorbed at advancing prices large amounts OF
American securities SOLD oy european holderS'
The comparatively heavy selling By LONDON.
which practically ceased early this week. did not
AFFECT prices materially. but In conjunction with
local causes simply held the market IN check.
The rise In prices NAT mas taken place since
Monday has to no appreciable extent been que
20 repurchases by Europe. though there mas
been some extensive covering OF shorts py
local operators. who were induced to change
their position by evidence tnat tho Market
had become oversold. Inc improvement IN
prices. however, cannot Dc attributed chleny
70 the covering OF shorts. me large increase
In the transactions In bonds SHOWS that IN
vestors are becoming more conndeht ana arc
probably anticipating the heavy interest pay
ments that will be made NOV 1. unusual ais
bursements oy the treasury ana turtner re-
ceipts OF specie from Europe. Australia ana
the klondike. toRether with smaller move
ments than usual OF currency to the West ana
South Incidental TO tho marketing OF staple
crops. have kept the money Market upon
. low level. while diacount rates NJ EURO
pean centres have advanced. rms conditlon
OF anairs has not only stimulated investment
in securities. but. as was Inc case a year ago
has resulted In the Lending OF q consid-
cradle amount OF money 10 Europe through
tho machinery OF the foreign exchange
market. BORROWINGS on Ions exchange are
doubtless responsible for a large part OF the
increase OF $10.OOo.OOO In their average loan.
which the Associated Banks report To-day.
Other noteworthy changes In the oank STATE
ment are the increase OF $o.o24.ooo In lawful
money. the greater part OF It In specie. ana the
increase OF over fifteen and three-quarter mill
lions In the deposits. resulting from the TWO
changes already noted. The net result is anin-
crease In the surplus reserve which brings that
item up to more than S2o.oOO.oOo. Inc state
ment had no effect upon the market for securi-
ties. because the speculative community at
tached greater importance to the report OF
the Chicago, Burlington and Quincy Company
for September. which was made public shortly
before the bank statement. 1t had been gener-
ally understood that the Burlington report
would not compare favorably with that for the
same month OF last year; but the showing was
more unfavorable than had been expected.
In consequence traders sold Chicago. Bur-
lington and Quincy agGressiVely. and q net
decline OF nearly a point and a half In that
stock influenced the market for the entire
Granger group. As a matter OF fact, the entire
railway list was adversely affected to the ex-
tent OF small fractions.
Prior to the publication OF the Burlington
statement the market was strong. under the
lead OF American Tobacco and Federal Steel
ISSUES. CONSTRUCTING JnO uuEhJlOu Oh INC
market. Federal Steel issues were more
,HSas "e.s, u0 a. ~. tbn 20 nuinu. A.
a reaction of TX per cent. from the highest
~ ea,nta ill., than aostorde" Tbo onI.