Omaha daily bee., 1899-09-17

called. Tho volume Of liquidation indicated
clearly enough that many we're unable TO
get accommodations even at the higher
level. The bears sold SO industriously that
their demand 20 cover short contracts
worked a sharp rally on Wednesday, when
the banks ceased to call tn loans and the
But when the demand from the shorts was
satisfied the market fell back again. The
the refusal of the st. Paul directors to
extend the disbursement OF the large sur
plus earnings of the year beyond the regu-
lar dividend rate. The decision was calcu-
lated to have the more effect on the rail-
road stocks since many stocks have been
lifted on speculative buying based on ex-
pectation of increased dividends. Few of
these stocks can show as large a surplus of
current earnings as st. Paul and many are
In far more urgent need of expenditures on
structure and equipment in order to In
crease the operating efficiency. The an
nual report Of nearly every important rail-
road that comes to hand contains the
same story of diminishing rates for trans
portation. The ton-mile. revenue was never
so low before and Is still declining and the
further reductions in ton-mile cost of
operation. thus made necessary Is only TO
he achieved by enormous OUTLAWS OF capt.
tai for improving roadbeds and track
equipment and structures and cutting
down of grades so as TO make possible the
CARRYING Of heavier trainloads.
The relaxation OF the money stringeney
on account of loans led to an opt!mis ic
md-week view of the money outlook,
A somewhat exaggerated efrect was pro
duced on sentiment by the decision of the
Treasury department to anticipate the pay
ment of october l interest on government
bonds. Last years experience in a SIM, ar
period of stock market need of money
demonstrated that holders of. government
bonds were not inclined to avail themselves
of the offered privilege. The relief. at best,
would, be small and Is not Immediately
in sight, both from the treasury and from
Punishment is d!scernlble. Bankers, in
fact, express themselves as we'll content
with the existing rate for money and are
not disposed to seek means for the relief
of speculative borrowers, They hold the
view that a check on undue speculation and
a wedding out of weak speculative accounts
makes for the safety of the financial fabric.
change ee with n, rne T rates in New S;e YORK far
above the London level and a supposed
credit balance in our favor of many mil
ton. There are said to have been large re-
ceipts from abroad of securities, but selling
from that source has not been in evidence
houses in New York have lent money here
during the week. The purpose may be to
ease the money rate and so defer the pres
vaal crisis has resolved itself in some way.
The movement of cotton Is backward and
short sellers of sterling against expected
cotton bills have kept up the exchange
rate with a demand to cover, These causes
can operate only temporarily to keep up
the exchange rate. but for the present sur
plus money for stock market operations is
not in sight.
Bonds have moved in sympathy with
advanced u in the bid price.
The Commercial Advertisers London
financial cablegram says: The markets
here were dull in tone and weak, awaiting
the T~ransvaal reply. Bear covering brought
a fractional rally toward the close. Amer
leans opened weak, but closed above the
worst, showing fractional losses; Spanish
Is were 69s; tintos, 1855; Anacondas, II S-16;
Bostons, liz; Utahs, SIS. The bank bought
f42,0O in gold bars and Gl0O, 900 was taken
for the Cape.
The following are the closing quotations
for the leading stocks on the New York
exchange today.