The times., 1899-09-26

NEW YORK, Sept. 25.-Today's stock
market was wanting alike in animation and
in well defined tone. Recessions and ral-
lies followed each other irregularly from
the opening, and apart from few partic-
ular stocks the trading was more restricted
than at any time in a number of days.
1t was rather difficult to ascertain the chief
points with which speculative interest was
concerned. The initial weakness appeared
to be owing to the further disappointment
felt in regard TO Saturdays bank state
ment, but, as against this, the money mar
ket was comparatively easy throughout
the day. Wall Streets view of Saturdays
bank statement seemed to be based entirely
upon the further loss in actual cash hold
ings. but this had been plainly foreshad-
owed in the known movements of money
during the week, and there was no real
reason why there should have been any
surprise in the respect noted. Some atten-
ton seemed to be also directed toward the
situation in South Africa, which had the
effect of bringing speculation in the Lon
don market to a practical standstill, ac-
cording to the early cable adyices but the
declines shown were limited, and on ball
ance very little was done here for foreign
account Aside from the attention devoted
to the monetary situation and to the South
African complications there was nothing of
general Importance that developed with the
course OF the day. The railway earnings
reported were chiefly those of number OF
minor roads, but the showings were salts
| factory, with the single exception of the
Florida Central and Peninsula. The foreign
exchange market was fairly steady at the
slight decline made in the past week, but
there were renewed rumors that special
importations OF gold were arranging. These
rumorS had however, and logically but
little direct influence in the dealings in the
market.
AS noted, the market lacked well-de-
fined tone but in the main the standard
issues were disposed to sag. although their
tendency in this respect was punctuated
by frequent rather feeble recoyeries. But
dealings in Brooklyn Rapid Transit were
again disproportionately large, in view of
the days total transactions. There was
nothing new bearing on the stock which
would account for the violent fluctuations
noted there and it was, perhaps, note
worthy that the recent rumors regarding
the transfer Of the control OF the corpora
ton were much less positive than they have
been OF late. Apart from Brooklyn Rapid
Transit, there were wide and erratic fluc-
tuations in American Tobacco, Sugar Re-
fining, and Tennessee Coal and Iron. but
these were also wanting in any other than
purely technical trading explanations AS
was TO be expected, the prolonged sus-
pension of business at the close of the
week caused good deal of closing up of
contracts on both sides of the account, and
this circumstance was, perhaps, the chief
factor in the markets noted irregularity.
In the last hour the market developed
somewhat pronounced and general weak
ness, chiefly because of the appearance of
higher rates for money. The furry in the
money market under which rates advanced
to II per cent was regarded as having no
particular significance, and reflected little
more than the urgent demand from belated
borrowers By far the greater part of the
money loaned during the day was at and
below the legal tender rate of interest.