The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-10-16
Y1N1NuAE AND ooMllnRo11L

HAIULDkN. Ook 10.
The dealings IN ths stock market thls week
have been upon q moderate eoale OF aotitity.
and the trading has been chiefly for profess
sional account. The resultant price movement
has been remarkably small In the usually
aotive railway stocks. which. for the most part.
show only fractional changes Of an irregular
character. Or the other hand. the TRANSACT
lions IN bonds. which have been In fair volume.
have resulted IN the establishment OF . higher
range Of pricea. as q rule. The tendency
Of this division Of the market for securities
may reasonably be referred TO the steady
sharpening OF money In all the important
financial centres ~ . result Of the distribution
Of the Governments funds received through
tho war loan and the still heavy excess Of
Treasury disbursements. In addition to these
circumstances. nearly s2.000.O00 in gold has
been received from Europe this week, and these
additions to the supply Of loanablo funds have
offectually Offset In the local money market the
heavy shipments OF currency to the interior for
the purpose Of moving the crops. Apart from
the natural effect upon the bond market OF
low money rates, the weeks advance in stocks
OF the character Of 81. Paul preferred. Pull
mans Palace Car. and other hiGh-priced issues
may be cited In the same regard.
In addition to the effective influence Of cheap
money as regards tho stability Of the market
for securities, the weekly trade reports are
highly encouraging. The active state OF the
general trade of the country is shown In prac-
tically every quarter from which statistics are
procurable. including the bank clearanceS. the
trafio returns OF the railways. and the records
OF business insolvencies. Indeed. the record
in this last respect for the third quarter OF
the calendar year IL almost unprecedented
as regards tho number Of insolvencies and the
extent Of tho involved liabilities. The country's
bank clearances this week were 9 Y cent.
largerthan those for the corresponding week OF
last year and 40'H cent. heavier than those OF
1895. They are also over 8 q cent. larger than
for any corresponding week on record. Not
withstandlng the smaller grain and cotton
movement OF last month as compared with Sep-
tember. 1897, railways operating about one-half
OF the total mileage OF the country report gross
returns exceeding those Of last year bye y cent.
and the earnings of-1S98 by 20 q cent. A most
gratifying feature OF the general situation Is
the advance in wheat consequent upon the
heavy export demand. While this weeks ex-
portA Of the cereal were smaller by 100000
bushels than those for the same week last year.
they were well in excess OF the exports for
1895 and double the shipments for the same
period OF the preceding year.
As noted. these circumstances had received
only a feeble reflection In the weeks stock
market, which came to q close to-day with the
oCaAihBI ia - oCalO uohAAly lhShNiAACu "a
summer half holiday. Sugar Refining supplied
nearly % y cent. Of the total dealings. and
American Tobacco was the only other stock in
which the transactions were in excess of10.O00
shares. Indeed, with the exception Of Southern
Railway preferred and Northern Pacific COM
mon, no other stocks were dealt In to the extent
OF one-half of that amount. Southern Railway
preferred and Louisville and Nashville were the
1rmest features OF the days market on the re-
taxation Of the stringent quarantine heretofore
enforced in the Southern States against the
iever-infected districts. and Southern Rail-
way was also bought on reports in regard to
the dividend expected in January. American
Tobacco was under pressure throughout the
day and It closed at the lowest price reached.
with . net decline Of 3x . cent. This was the
only severe decline in the days sagging mar
ket and It was unexplained by any news or
rumors bearing upon the stock.
Little attention was paid to the weekly bond
statement Of average balances. or at least
e was not q factor In the market. The
most striking change shown was in the loan
account. which increased over ~$10.000.000.
This was believed to reflect. chiefly. recent
borrowings OF q foreign exchange incident to
the conditions in the international money
markets. and the shifting Of Government
funds into depository banks also accounts in
part for the rise In loans. The receipts of gold
from Europe and the Sub-Treasury disburse-
ments caused an increase in the banks cash
holdings OF over S. 1000; hence. notwith-
standing an increase In deposits OF S16.337.-
600. surplus reserves are $917.000 heavier
than they were last week. The banks now
hold $4,000. $50 in excess OF the lawful re-
Quirements. as against $14.614,5 500 at this
period last year.
As compared with the final prices OF last Sat-
urday. the majority OF stocks are lower. The
more important net declines are in American
Tobacco. Ok q cent. American Sugar Rein
ing and Kansas and Texas preferred. 2A each;
Metropolitan Street Railway. ~; Illinois Cen
trail. IL; Peoples Gas. / y: Reading 1st pre-
ferred. 1: U. s. Rubber. ~ Brooklyn Rapid
Transit and Cleveland, Cincinnati. Chicago and
81. Louis. Y each. and u. s. Leather preferred.
y y cent. The noteworthy advances are in
Hawaiian Commercial Sugar. 6A p cent; Pull
man's Palace Car. IN; SoutherniRailway pre-
ferred, IL; Louisville and Nashville. Il. and
Pennsylvania Railroad. y y cent.
New York Stock ExchanEe-sales Oct. 10.
rSITED STATES AND STATE BONDS TN 81. ooosl.
Rs Us 80. c........lo5HI / Us a. r. 1907. lloK
CLOSING PRICES OF UNITED STATES BONDS.
Tn ~ 7r,r. On $685..
atriofd 80 1e26."...l z l274
UH ss.I9os- I'm 81 r.
1918. !. ..1oAH lo6H 1904. III 114%ll2
rs 20. 1909 Un st5s, o.
1918. e,..lo6H 1o5Kl 1so4m.,.112H ll3H
Un tttS,r. Un St tear.
ISo7..,,.i1oh III lsS~O."...losK
IN ftls.o. U63.obS.r.
ipof....lll ll2 1924. Doll7H -
On tt4s.E. "Er interest.
lg25..,.le6h"l26Xl
RAiLRoAD AND oTHEB BONDS I'm S1.ooos).
8 AtOh adj a.. 1850 NY.c &stL ~. loAK
400 ..",."."". 7l% 2EY.o&wr4Slo2A
j q .....,....."... 7lptt 3.............1O2M
II Ateh Gnl a.. e3y 20 N Y.oE W on 6slo7K
90 ...,.."..... e3H 7oRkN+s.... oeN
10 .","-""..... e3hI 8 Orc 8 inc A.. 74k