The times., 1899-11-02

NEW YORK. Nov. 1-Todays stock
market was comparatively duu and irreg-
uIar throughout The closing Of the Lon
don exchanges over the AN Saints Day
holiday removed one potent influence, and,
indeed. throughout the business session
trading was held in check by the uncer-
talnry as 10 how the Lordon market would
be affected by the developments in South
Africa. The monetary situation continued
also TO operate against active specula-
ticn as money on call commanded from
u 10 20 per cent throughout the morning.
II Is commonly expected that with the
completion of t0day's disbursements the
money market viii seek lower level, but,
on the other hand the banks report but lit
Tie dimiuutiun on the demands on them
for the South and West and the most
Trustworthy judges Of the situation do not
expect TO see money decline below the
legal rate for the remainder OF the year
Today's situation comprised a number OF
exceedingly gratifying statements Of rail-
way traffic for the month Of September,
although il could not be said that they
were particularly effective in influencing
the days speculative sentiment A num-
Der Of irregular movements were COM
prised in the days market. The trading
seemed TO be almost wholly for profession
al account and operations Of that Charac-
ter accounted sufficiently for the more pro-
nounced price changes.
Yesterdays rapid advance in the so-called
steel industrials was renewed at the open
ing Of business this morning but all OF
these stocks later reacted sharply on profit
realizing sales. This fact viii tend 10
verify the suggestion IN this column Of yes
terday that their rapid rise then was prob
ably owing to the covering OF short con-
tracts. stimulated by aggressive profes-
siOnai bullish operations for there was
nothing further bearing upon them today
that was not known then The TeaCt.onary
movement in the industrials was fairly
common and pronounced in American To-
bacco and Continental Tobacco. On the
other hand the United States Leather
shares scored a further remarkable ad-
vance for which no clearer explanation
could be assigned than the confusing and
not generally understood plan for the
Teadiustmenr Of the company's capltaliza-
ton. The grangzTs were very lightly dealt
in and moved within narrow limits, while
the Pacific stocks and the other middle
grade issues were comparatively firm.
A very sharp. but not maintained, rise
in Western Union attracted some atJen-
tior. and in connection with the advance
reports were current thar consolidation
OF some close working arrangement with
the opposition company was contemplated.
Apparently however. the movement re-
fecJed little more than the efforts of the
persistent short interest in the stock 10
reduce its outstanding contracts. There
was also a very sharp rise in c. c. C. and
ST. Louis preferred. which was explained
by the statement issued by the president
Of the company TO Inc effect that the stock
is not redeemable al par as has been
generally supposed and has been re-
pcatedly set forth in that accepted sU-
thprity the Financial Chronicle" II is
remarkable that a question Of such vital
importance TO the standing OF the stock
should have been left so long undeter-
mined. bat such has been the case.
After the requirement Of the early bor-
roNers had been supplied the money mar
ket eased on materially. and there were
ample offerings iu the afternoon al the
legal rate Of interest. This ciTc ms tanse
caused further general te-rear Of The
short interest. and seemed so TO induce
more outside buying 3 o3klyn Rapid
Transit advanced with particular Tapidity
on the complete refutation Of ruuor
which, while ID mas not attained currency
to that extent which would warrant its
recital. has nevertheless been emp Dyed
with a good deal OF effect in tea-ish opera
tions in the stock Among other OF the
days more pronounced mos ements nay be
noted a sharp advance in Standard RoEe
and TWiue. which was duplicated IN the
income bonds OF the same concern The
bond market while not pa-ticu arly acd e
was in the main. firm. q probable refiec-
tion OF the expected easier monetary ccudi-
uCus.