The times., 1899-10-03
TIE MARKET DEPRESSED
The Critical Situation in South
Africa Affects Sock Trading.
The London Selling Account Heavy,
Producing Sharp Declines at the
NEUTRALITY-SUSPICIOUS. Small in Vol
ume, Weakening the Entire List
Continued Monetary Stringency.

NEW YORK, Oct. with the resump-
tion of business on the stock exchange to-
day attention was chiefly taken up with the
extremely critical situation in South Africa.
The gravity of the crisis was substantially
reflected in the London market, where an
unusually sharp decline in consols was re-
ported, and, furthermore the American
quarter was shown at declines which, in
some instances, were in excess of one point.
Foreign houses were sellers of stocks here
from the opening, the aggregate trans
actions on this account being upward OF
40, coo shares. Such heavy selling, in the
comparatively narrow market of the day,
was naturally followed by pronounced de-
clinss, although more severe losses were
reported in many stocks in which London
has no interest. Apart from the grave
South African situation, the continued
monetary stringency was the most Import
ant circumstance OF the day. There was
little abatement in the conditions that have
prevailed in the money market for the past
ten days. The sterling exchange market,
furthermore, grew firm on account of the
heavy foreign iquidations, and there was a
very sharp advance in the London money
market, both circumstances operating
against any further engagements OF gold
for shipment TO this country. Little atten-
ton was paid to such other features of the
day as the publication of a large number
of gratifying railway traffic returns, or the
very sharp advance which took place in
the cotton market. Notwithstanding the
extent OF the declines in various quarters
of the market the trading was wanting in
animation and there were, furthermore, no
evidences OF undue excitement or feverish-
ness in the dealings. AS noted the more
severe declines were in stocks wholly un-
affected by the selling for foreign account,
| including Brooklyn Rapid Transit, People
Gas, Manhattan, Sugar Refining, and Ten
nessee- Coal and Iron. In the standard Is
/ sues the declines averaged about one point
with the dealings the most active in st.
! Paul Burlington and Quincy, the Atchison
shares and Union Paefcs. The anthracite
/ coal stocks were comparatively firm, prob
ably because of the advance in selling
prices announced to take effect upon the
i first of the month Probably the weakness
shown by the local traction issues was
i owing to the fact that the new franchise
/ taxing law has now gone into effect, but in
regard to this matter there seems to be no
more definite understanding as TO the man
ner in which it will be executed than there
has been al any time since its passage.
The local money market was very firm,
with money on call early in the day COM
! manding from 6 to II per cent most OF
/ the loans being at II. The rates advanced
! sharply in the late afternoon apparently
! on an urgent demand from belated hor-
! rowers and ran up to 80 per cent There
was much shifting of bank loans. Some OF
! the calling of loans was incidental to the
+ interest and dividend payments now walt
| ing for the October quarter by various cor
pcrations The money thus called In viii
most of it again reach the banks in very
short time, those who get the interest and
/ dividend shares depositing them in the in
/ stitutions where they have accounts.
! Among the corporations making large dis
/ bursements of this sort are many OF the
recently organized industrial companies, a
number of these companies figuring as
I dividend payers for the first time. The
I payments of twenty nine OF the leading
I Industrial companies it was calculated to-
! day aggregated over S15, 600, coo. The heav-
| lest payment on single stock issue is
/ that by the Amalgamated Copper Com
pany. amounting to S1,500,000 represent
! ing regular quarterly dividend OF ! IL
| per cent. and an extra dividend OF IL OF
| per cent The business done at the
! banks today was said to have been the
! heaviest of the year. a great mass of mail
/ had accumulated over the holidays The
/ country banks were reported to be still
/ drawing money from this centre in great
volume Just how much money the Dewey
visitors had brought to this city, which
would get into the local banks, it was said
/ could not as vet be calculated.